地产及物管行业周报：核心城市土拍热度持续提升，央行再次表示择机降准降息-2025-03-30

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [2][28]. Core Insights - The core cities are experiencing increased land auction activity, and the central bank has indicated a willingness to lower interest rates and reserve requirements as needed [2][28]. - New home sales in 34 key cities increased by 31% week-on-week, with first and second-tier cities seeing a 34% increase and third and fourth-tier cities a 37% increase [3][5]. - The report highlights a continued trend of inventory reduction in the new housing market, with a current sales-to-launch ratio of 1.56 times [21][28]. Industry Data Summary New Home Sales - Weekly new home sales in 34 cities reached 399 million square meters, up 31% from the previous week, and up 72.5% compared to the average weekly sales in the current year [3][5]. - Year-on-year, March new home sales in 34 cities decreased by 1%, with first and second-tier cities up by 2% and third and fourth-tier cities down by 20% [5][6]. Second-Hand Home Sales - Second-hand home sales in 13 cities increased by 10% week-on-week, with March sales up 22% year-on-year [11][28]. Inventory Levels - In 15 cities, 105 million square meters were launched last week, with a total available inventory of 89.5 million square meters, reflecting a 0.7% decrease [21][28]. Policy and News Tracking - The State Council's State-owned Assets Supervision and Administration Commission emphasized the need for macroeconomic stability and growth, indicating a focus on maintaining positive growth in the first quarter and throughout the year [28][29]. - The central bank's stance on maintaining a moderately loose monetary policy was reiterated, with plans to lower interest rates and reserve requirements as necessary [28][29]. Company Performance Overview - Major companies reported varied performance for 2024, with China Resources Land's revenue at 278.8 billion yuan (+11%) and net profit at 25.6 billion yuan (-19%) [34][35]. - Greenland Holdings reported a revenue of 158.5 billion yuan (+21%) and a net profit of 1.6 billion yuan (-49%) [34][35].