房地产行业点评：销售延续修复，融资持续宽松

Investment Rating - The industry investment rating is "Outperform the Market" [36] Core Viewpoints - The sales performance in the real estate sector continues to recover, with the introduction of quality products aiding in stabilizing the market [5][6] - In March, the national sales area and sales amount of commercial housing were 1.1 million square meters and 1.1 trillion yuan, showing a year-on-year decline of 0.9% and 1.6%, respectively, but the decline has narrowed compared to January-February [5] - The average sales price of commercial housing in March was 9,475 yuan per square meter, remaining stable compared to the previous months [5] - The report anticipates a potential year-on-year increase in sales in April due to a low base from the previous year and the entry of quality products into the market [5] - The financing environment for real estate companies remains loose, with domestic loans showing a year-on-year increase of 6.2% in March, marking a positive shift [6] Summary by Sections Sales Performance - In the first quarter, the national sales area and sales amount showed a year-on-year decline of 3% and 2.1%, respectively, indicating a continued recovery trend [5] - The sales performance in March indicates a narrowing decline, suggesting a potential stabilization in the market [5] Investment and Construction - In March, real estate investment was 918.4 billion yuan, down 10% year-on-year, while new construction and completion rates also showed a decline but at a reduced rate compared to earlier months [6] - The land transaction premium rate reached 13.2%, the highest since June 2021, indicating a positive outlook among developers for core city land [6] Financing Environment - The report highlights a continued improvement in the financing environment for real estate companies, with a year-on-year decrease in funds available to developers of 3.9% in March, consistent with earlier months [6] - The increase in personal mortgage loans by 0.3% year-on-year in March further supports the recovery narrative [6] Investment Recommendations - The report suggests focusing on companies with lighter historical burdens and strong product capabilities, such as China Overseas Development and China Resources Land [6] - It also recommends attention to companies undergoing valuation recovery, such as New Town Holdings and Vanke A [6]