持续巩固房地产市场稳定态势

Investment Rating - The industry is rated as "Leading the Market - A" indicating an expected investment return that will exceed the CSI 300 index by 10% or more over the next six months [7]. Core Views - The report emphasizes the ongoing stabilization of the real estate market, driven by improved sales, stabilized new home prices, and a rebound in second-hand housing transactions. The political bureau meeting has set a loose policy direction, which is expected to enhance the industry's fundamentals and create investment opportunities [1][2]. - The report suggests focusing on companies that are reversing their difficulties, such as China Vanke and New Town Holdings, as well as leading firms maintaining land acquisition intensity like China Merchants Shekou, Greentown China, Poly Developments, and Binjiang Group. Additionally, local state-owned enterprises with diversified operations like Pudong Jinqiao and Waigaoqiao are recommended for stable development [1]. Sales Review (April 19-25) - A total of 14,103 units were sold across 32 monitored cities, representing a week-on-week increase of 9.1%. Cumulatively, 249,000 units have been sold in 2025, reflecting a year-on-year decrease of 2.9%. Specifically, first-tier cities sold 4,251 units (up 4.9% week-on-week), second-tier cities sold 8,452 units (up 13.3%), while third-tier cities sold 1,400 units (down 1.3%) [15][20]. Land Supply (April 13-20) - The planned land supply for residential land across 100 cities is 2.5 million square meters, with a cumulative supply of 57.58 million square meters in 2025, showing a year-on-year decrease of 9.3%. The average floor price for land supply is 5,154 CNY per square meter, with a recent four-week average of 7,552 CNY per square meter, reflecting a week-on-week increase of 0.2% and a year-on-year increase of 28.7% [3][24][26]. Land Transactions (April 13-20) - The total planned area for residential land transactions across 100 cities is 1.91 million square meters, with a cumulative transaction area of 52.97 million square meters in 2025, indicating a year-on-year increase of 5.7%. The average transaction floor price for residential land is 3,022 CNY per square meter, with an overall premium rate of 5% [4][31][33].