Soochow Securities·2025-04-08 00:30Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - The real estate market is showing signs of improvement with sales continuing to recover and various policy relaxations being introduced across multiple regions [1] - The report highlights a significant increase in year-on-year sales for both new and second-hand homes, indicating a positive trend in the market [1][2] Summary by Sections 1. Market Overview - The real estate sector saw a decline of 1.3% last week, outperforming the Shanghai Composite Index and the Wind All A Index, which fell by 1.8% and 2.0%, respectively [62] - In the new housing market, 36 cities recorded a total transaction area of 2.355 million square meters, a month-on-month decrease of 28.4% but a year-on-year increase of 17.0% [13] - The second-hand housing market in 15 cities saw a transaction area of 1.619 million square meters, down 21.7% month-on-month but up 56.9% year-on-year [21] 2. Inventory and Absorption - The cumulative inventory of new homes in 13 cities is 76.621 million square meters, with a month-on-month decrease of 0.7% and a year-on-year decrease of 12.6% [35] - The absorption cycle for new homes in these cities is 15.8 months, showing a slight improvement compared to previous periods [35] 3. Land Market - From March 31 to April 6, 2025, the land transaction area across 100 cities was 1.974 million square meters, reflecting a month-on-month decrease of 15.5% but a year-on-year increase of 103.0% [50] - The average land price was 825 RMB per square meter, down 69.0% month-on-month and 12.4% year-on-year [50] 4. Investment Recommendations - For real estate development, the report recommends companies such as China Resources Land, Poly Developments, and Binjiang Group, with a focus on companies with strong shareholder backing [8] - In property management, recommended companies include China Resources Vientiane Life, Greentown Service, and Poly Property [8] - For real estate brokerage, the report suggests focusing on leading platforms like Beike and regional leaders like I Love My Home [9]