Dongxing Securities·2025-04-16 09:53Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - In March 2025, the decline in new home sales and new construction area significantly narrowed, indicating a potential recovery in the real estate market [1][2] - The cumulative sales area of commercial housing from January to March 2025 showed a year-on-year growth rate of -3%, an improvement from -5.1% previously, while the cumulative sales amount decreased by -2.1% compared to -2.6% previously [1] - The cumulative new construction area from January to March 2025 had a year-on-year growth rate of -24.4%, improving from -29.6% previously, and the cumulative completion area showed a decline of -14.3%, also an improvement from -15.6% [2] - The funding for real estate development companies saw a year-on-year growth rate of -3.7% from January to March 2025, slightly worsening from -3.6% previously, with a notable decline in self-raised funds [3] Summary by Sections Sales Data - In March 2025, the sales area of new homes showed a year-on-year growth rate of -0.9%, improving from -5.1% previously, while the sales amount decreased by -1.6% compared to -2.6% previously [1] Development Investment - The cumulative development investment from January to March 2025 had a year-on-year growth rate of -9.9%, slightly worsening from -9.8% previously, with March showing a single-month decline of -10% [2] Funding Sources - The year-on-year growth rate of funding for real estate development companies in March 2025 was -3.9%, worsening from -3.6% previously, with self-raised funds declining by -11.7% [3] Investment Recommendations - Short-term focus on valuation recovery opportunities due to policy easing, and long-term focus on leading companies with core city resources and real estate operation capabilities, such as Poly Developments, China Resources Land, and others [3]