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 Q1 2025, with sales continuing to bottom out and the decline in sales narrowing. However, the recovery in supply-side constraints is expected to be limited, with both investment and construction activities still on a downward trend. The macroeconomic environment is significantly impacted by trade tensions, increasing uncertainty in external demand, and highlighting the necessity to stabilize domestic demand. The stability of the real estate sector is becoming increasingly crucial for achieving domestic economic goals. Supportive policies for the real estate sector 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: 1) quality central and state-owned enterprises benefiting from supply-side clearing; 2) stocks related to storage policies; 3) stocks with turnaround expectations under the anticipated stabilization of the industry [1][2][3]. Summary by Sections Investment - Real estate development investment in Q1 2025 decreased by 9.9%, a narrowing of 0.7 percentage points compared to the full year of 2024, and a slight increase of 0.1 percentage points compared to January-February. The investment growth rate in March fell by 10.3%, widening by 0.8 percentage points from 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 value. In Q1, the total transaction value 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 larger decline than previous values. The premium rate for land transactions in March was 13.24%, which has been consistently rising this year [2]. Construction - The decline in new construction has narrowed month-on-month but remains at a low level. In Q1, the new construction area decreased by 24.4% year-on-year, a narrowing 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, improving by 1.3 percentage points from January-February [2]. Sales - The decline in sales has continued to narrow. In Q1, the sales area and sales amount decreased by 3% and 2.1% year-on-year, respectively, improving by 2.1 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 of 3.9 and 0.59 percentage points from previous values. The average sales price increased by 0.9% year-on-year in Q1, while the March sales price showed a year-on-year decline of 0.8% [3]. Funding - In Q1, the total funds received saw a slight decline, with improvements in domestic loans and personal mortgages. The total funds received 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, with changes of +3.8, -3.7, and -0.2 percentage points compared to previous values [3].