房地产行业2025年3月70个大中城市房价数据点评：70城二手房房价环比跌幅收窄，一线城市新房、二手房房价环比均上涨

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [29]. Core Insights - In March 2025, new home prices in 70 major cities decreased by 0.1% month-on-month, while second-hand home prices fell by 0.2%. The number of cities with declining new home prices was 41, a decrease of 4 from February, with an average decline of 0.29% [6][17]. - First-tier cities saw a month-on-month increase in both new and second-hand home prices, with new home prices rising by 0.1% and second-hand home prices increasing by 0.2% [6][20]. - Second-tier cities experienced stable new home prices, while second-hand home prices saw a reduced decline of 0.2% [6][20]. - Third-tier cities had a narrowing decline in new home prices of 0.2% and a decrease in second-hand home prices by 0.3% [6][20]. - The report suggests that from mid-April, attention should be focused on the real estate sector, as measures to stabilize the market are expected to accelerate, with potential policy easing in core cities [6][20]. Summary by Sections Price Trends - In March 2025, new home prices in 70 major cities decreased by 0.1%, while second-hand home prices fell by 0.2%. The number of cities with declining new home prices was 41, with an average decline of 0.29% [6][17]. - First-tier cities showed a month-on-month increase in new home prices by 0.1% and second-hand home prices by 0.2% [6][20]. - Second-tier cities had stable new home prices, while second-hand home prices decreased by 0.2% [6][20]. - Third-tier cities saw a decline in new home prices by 0.2% and second-hand home prices by 0.3% [6][20]. Investment Recommendations - The report recommends focusing on four main lines: 1. Companies with stable fundamentals and high market share in core cities, such as Greentown China and China Resources Land [6]. 2. Smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate Group [6]. 3. Companies with operational or strategic changes, such as Gemdale Corporation and Longfor Group [6]. 4. Real estate brokerage firms benefiting from the recovery in the second-hand housing market, like Beike-W and Wo Ai Wo Jia [6].