地产行业周报四月楼市平稳收官，关注高价项目去化表现

Group 1 - Industry investment rating: Real estate sector rated as "Outperform" [2][33] - Core viewpoint: In April, the average daily transaction volume of new homes in 50 key cities decreased by 27.3% year-on-year, with a decline of 8.7% in the operating amount of the top 100 real estate companies [3][6] - The land auction market is heating up, and concerns about the gross profit margins and sales performance of quality real estate projects are rising. High-priced projects in cities like Shanghai are expected to enter the market in May, which may boost market confidence if they achieve high sales and profit margins [3][6] Group 2 - Market performance: The average daily transaction volume of new homes in April for 50 key cities was 0.5 million units, a decrease of 69.7% week-on-week, while the average daily transaction volume for second-hand homes in 20 key cities was 0.9 million units, down 59.3% week-on-week [3][6] - Inventory status: The inventory in 16 cities remained stable at 9,164 million square meters, with a de-stocking period of 20.7 months [10][6] - Capital market monitoring: The real estate sector saw a decline of 3.04% last week, underperforming the CSI 300 index, which fell by 0.43%. The current PE ratio for the real estate sector is 39.93 times, placing it in the 96.96 percentile over the past five years [21][6] Group 3 - Individual stock recommendations: Focus on companies with lighter historical burdens and strong product capabilities, such as China Resources Land, China Overseas Development, and Greentown China. Also, consider companies with valuation recovery potential like New Town Holdings and Vanke A [3][6] - Policy environment: Multiple regions have announced new housing policies, including increased housing provident fund loan limits [5][6] - Company performance: Poly Development reported a 9% increase in revenue to 54.272 billion yuan in Q1 2025, while other companies like New Town Holdings and Vanke A saw declines in revenue [29][6]