房地产行业数据点评：受清明假期影响，新房、二手房成交环比下降

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Viewpoints - The new and second-hand housing transaction areas have decreased on a month-on-month basis due to the Qingming holiday, with new housing transactions in 30 major cities at 1.59 million square meters (down 42% month-on-month, down 52% year-on-year) [3][8] - First-tier cities saw new housing transactions of 470,000 square meters (down 36% month-on-month, down 45% year-on-year), while second-tier cities recorded 870,000 square meters (down 41% month-on-month, down 52% year-on-year) [3][8] - Second-hand housing transactions in 13 cities amounted to 1.43 million square meters (down 34% month-on-month, down 17% year-on-year), with the decline attributed to the holiday [3][8] Summary by Sections New and Second-hand Housing Sales Data - New housing transaction area in 30 major cities was 1.59 million square meters, marking a month-on-month decline of 42% and a year-on-year decline of 52% [3][8] - First-tier cities recorded 470,000 square meters (down 36% month-on-month, down 45% year-on-year), second-tier cities 870,000 square meters (down 41% month-on-month, down 52% year-on-year), and third-tier cities 240,000 square meters (down 54% month-on-month, down 61% year-on-year) [3][8] - Second-hand housing transactions in 13 cities were 1.43 million square meters (down 34% month-on-month, down 17% year-on-year) [3][8] Key City Transaction Data - In Shanghai, second-hand housing daily average transactions were 551 units (down 42% month-on-month, down 21% year-on-year), while new housing daily average transactions were 253 units (down 43% month-on-month, down 58% year-on-year) [4][17] - In Guangzhou, new housing daily average transactions were 116 units (down 28% month-on-month, down 36% year-on-year), and second-hand housing transactions were 1,833 units (down 28.6% month-on-month) [4][21] - In Shenzhen, second-hand housing daily average transactions were 157 units (up 42% year-on-year, down 29% month-on-month), while new housing daily average transactions were 62 units (down 45% month-on-month) [5][25] - In Beijing, second-hand housing daily average transactions were 478 units (down 25% month-on-month, down 34% year-on-year), and new housing daily average transactions were 161 units (down 10% month-on-month, down 22% year-on-year) [5][27] Investment Recommendations - The report suggests focusing on leading real estate companies with land acquisition capabilities and reasonable land reserves, such as Poly Developments, and benefiting from active second-hand housing transactions, such as I Love My Home [6][30]