土地市场月度跟踪报告（2025年2月）：2月重点城市土拍热度延续，核心30城宅地整体溢价率16%

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [6] Core Viewpoints - The real estate market is experiencing a recovery due to a series of policy optimizations introduced in 2024, leading to increased market activity in the fourth quarter of 2024 [4] - The report anticipates that high-tier cities will gradually stabilize, while regional and city-level differentiation will deepen in 2025 [4] - Two main investment themes are highlighted: focusing on leading real estate companies with comprehensive development capabilities and those with strong commercial real estate operations [4] Summary by Sections Land Supply and Demand - In January-February 2025, the total residential land transaction area in 100 cities increased by 7.8% year-on-year, totaling 29.47 million square meters [1][19] - The average transaction floor price for residential land in 100 cities rose by 20.4% year-on-year, reaching 7,159 yuan per square meter [1][59] - In first-tier cities, the supply of residential land decreased by 34.3% year-on-year, while the average transaction price surged by 82.2% [1][29] Top 50 Real Estate Companies - The top 50 real estate companies saw a 45% year-on-year increase in the value of newly acquired land reserves, totaling 194.1 billion yuan [2] - The area of newly acquired land reserves decreased by 6.8% year-on-year, amounting to 19.08 million square meters [2] Core 30 Cities Land Transactions - In February 2025, the overall premium rate for residential land transactions in the core 30 cities was 16.1%, an increase of 9 percentage points year-on-year [3] - The total transaction area for residential land in these cities reached 6.06 million square meters, a year-on-year increase of 67.8% [3] Investment Recommendations - The report suggests focusing on robust leading real estate companies that are actively involved in urban renewal and have a strong reputation, such as China Overseas Development and Poly Developments [4] - It also recommends investing in commercial public REITs with diverse operational capabilities and rich resources in existing commercial real estate [4]