地产行业周报：“对等”关税下，地产还有哪些政策值得期待

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][33] Core Insights - The report highlights the need for more supportive policies in the real estate sector due to the impact of Trump's "reciprocal" tariff policy, which may lead to short-term challenges for domestic exports. Housing consumption and real estate investment are crucial for stabilizing the economy and growth [3] - There is still room for further relaxation of purchase restrictions in core cities, potential interest rate cuts, and adjustments to housing provident fund rates to stimulate housing demand [3] - The report notes a short-term constraint on new home sales due to insufficient quality supply, with some developers still aiming for growth targets in 2025 despite a 3% year-on-year decline in new home transactions in 50 key cities [3] - The report suggests that the real estate sector presents certain speculative opportunities, with recommendations for specific companies based on their financial health and market positioning [3] Market Monitoring - New home transactions in 50 key cities decreased by 27.2% week-on-week, with a total of 20,000 units sold. The average daily transaction volume for new homes in March showed a 3% year-on-year decline but a 50% increase month-on-month [9][12] - The inventory of unsold properties decreased by 0.9%, with a depletion cycle of 20.7 months, indicating a slight improvement in market conditions [12] Capital Market Monitoring - The real estate sector saw a 0.9% decline in stock prices, outperforming the Shanghai and Shenzhen 300 index, which fell by 1.37%. The current price-to-earnings ratio for the real estate sector is 35.46, placing it in the 91.6th percentile over the past five years [23][24] - The issuance of real estate bonds reached 3.72 billion yuan, with a net financing amount showing a slight increase [20]