房地产行业统计局1~3月数据点评：3月新房销售与新开工面积降幅均显著收窄

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - In March 2025, the decline in new home sales area significantly narrowed, with a year-on-year decrease of -0.9%, compared to -5.1% in the previous month. The cumulative sales area for January to March 2025 showed a year-on-year growth rate of -3%, improving from -5.1% [1] - The cumulative new construction area for January to March 2025 experienced a year-on-year decline of -24.4%, an improvement from -29.6% previously. The cumulative investment in development showed a year-on-year decrease of -9.9% [2] - The funding received by real estate developers saw a year-on-year decline of -3.7% for January to March 2025, with a notable drop in self-raised funds by -11.7% [3] - Short-term investment opportunities are focused on valuation recovery due to policy easing, while long-term focus is on leading companies with core city resources and real estate operation capabilities [3] Summary by Sections Sales Data - In March 2025, the new home sales area showed a year-on-year decline of -0.9%, with a cumulative sales area for January to March 2025 at -3% [1] - The sales amount for March 2025 decreased by -1.6% year-on-year, with the average sales price showing a monthly decline of -0.7% [1] Development Investment - The cumulative new construction area for January to March 2025 decreased by -24.4%, while the cumulative investment in development showed a year-on-year decline of -9.9% [2] - In March 2025, the new construction area declined by -18.1% year-on-year, and the investment amount decreased by -10% [2] Funding Situation - The cumulative funding received by real estate developers for January to March 2025 decreased by -3.7%, with self-raised funds declining significantly by -11.7% [3] - Domestic loans increased by 6.2% year-on-year, while personal mortgage loans showed a slight increase of 0.3% [3] Investment Recommendations - Recommended companies include Poly Developments, China Resources Land, China Merchants Shekou, Greentown China, and Yuexiu Property, which are expected to benefit from market stabilization and continued financing support [3]