房地产行业跟踪周报：公积金贷款利率下调，市场有望逐步企稳

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Viewpoints - The recent reduction in public housing loan rates is expected to stabilize the market gradually, with a projected annual savings of over 20 billion yuan in loan interest for residents [1][8] - The report highlights that the current policy environment recognizes the necessity of a stable and healthy real estate market for economic transformation, marking a potential turning point in the current cycle [8] Summary by Sections 1. Industry Trends - The real estate sector (CITIC) experienced a weekly change of +0.7%, underperforming compared to the Shanghai and Shenzhen 300 index, which saw changes of +2.0% and +2.3% respectively [53] - New housing sales in 36 cities totaled 1.583 million square meters last week, reflecting a week-on-week decrease of 26.5% and a year-on-year decrease of 6.9% [13][21] - The second-hand housing market saw a total transaction area of 1.225 million square meters across 15 cities last week, with a week-on-week decrease of 8.2% and a year-on-year decrease of 15.3% [21] 2. Real Estate Market Conditions - Cumulative new housing sales from January 1 to May 9, 2025, reached 34.796 million square meters, showing a year-on-year decrease of 0.2% [13] - The inventory of new homes in 13 cities stands at 77.74 million square meters, with a month-on-month decrease of 0.4% and a year-on-year decrease of 11.8% [28] 3. Land Market Conditions - The land transaction area in 100 cities from May 5 to May 11, 2025, was 1.085 million square meters, reflecting a month-on-month decrease of 4.8% and a year-on-year decrease of 59.0% [46] - The average land price was 985 yuan per square meter, with a month-on-month decrease of 65.4% and a year-on-year increase of 5.0% [46] 4. Investment Recommendations - For real estate development, recommended companies include China Resources Land, Poly Developments, and Binjiang Group, with a suggestion to pay attention to Greentown China [8] - In property management, recommended companies are China Resources Vientiane Life, Greentown Service, Poly Property, and Yuexiu Services [8] - For real estate brokerage, the report recommends Beike and suggests paying attention to Wo Ai Wo Jia [9]