房地产行业快评报告：3月行业数据跟踪点评：销售端降幅持续收窄

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the real estate industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market over the next six months [7]. Core Insights - The real estate industry remains in a weak state in the first quarter, with sales continuing to bottom out and the decline in sales narrowing. However, the recovery in supply-side constraints is expected to be limited, and both investment and construction activities are still on a downward trend. The macroeconomic environment is impacted by trade wars, increasing uncertainty in external demand, and the necessity to stabilize domestic demand is becoming more pronounced. The stability of the real estate sector is crucial for achieving domestic economic goals, and supportive policies are expected to continue, with potential for further macroeconomic easing to boost domestic demand and facilitate housing demand release. In the secondary market, it is recommended to focus on high-quality state-owned enterprises benefiting from supply-side clearing, stocks related to storage policies, and trading opportunities in stocks with expectations of turnaround amid industry stabilization [1][2][3]. Summary by Sections Investment - Real estate development investment in Q1 2025 decreased by 9.9%, a narrowing of the decline by 0.7 percentage points compared to the full year of 2024, while the decline expanded by 0.1 percentage points compared to January-February. The investment growth rate in March fell by 10.3%, with a widening decline of 0.8 percentage points compared to January-February. Due to the lagging nature of the land market and the current low transaction scale, the investment sector is expected to remain weak in the short term [2]. Land - Real estate companies are focusing on acquiring land in core cities, leading to an increase in premium rates and a year-on-year rise in total transaction prices. In the first quarter, the total transaction price of land in 100 cities increased by 3.9% year-on-year, while the planned construction area decreased by 15.1% year-on-year, with a widening decline compared to previous values. The premium rate for land transactions in March was 13.24%, which has been continuously rising this year [2]. Construction - The decline in new construction area has narrowed month-on-month but remains at a low level. In Q1, the new construction area decreased by 24.4% year-on-year, with a narrowing decline of 5.2 percentage points compared to January-February. The decline in completed construction also narrowed, with a year-on-year decrease of 14.3% in Q1, showing a slight improvement compared to January-February [2]. Sales - The decline in sales continues to narrow, with sales area and sales amount decreasing by 3% and 2.1% year-on-year in Q1, respectively, showing improvements of 2.1 percentage points and 0.5 percentage points compared to January-February. In March, the sales area and sales amount decreased by 1.6% and 2.3%, respectively, with a narrowing decline compared to previous values. The average sales price increased by 0.9% year-on-year in Q1, while in March, it decreased by 0.8% year-on-year [3]. Funding - In Q1, the funding received saw a slight decline, with improvements in domestic loans and personal mortgages. The total funding sources decreased by 3.7% year-on-year, with domestic loans, self-raised funds, deposits, and prepayments decreasing by 2.3%, 5.8%, 1.1%, and 7.0%, respectively, showing changes compared to previous values [3].