统计局70城房价数据点评：4月一线城市二手房环比转跌，二三线城市二手房继续下行

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - In April, first-tier cities saw a month-on-month decline in second-hand housing prices, while second and third-tier cities continued to experience downward pressure [1][2] - The new residential sales price index for 70 large and medium-sized cities showed a month-on-month growth rate of -0.1% in April, consistent with the previous value [1] - The year-on-year decline in new and second-hand housing prices across all city tiers has narrowed in April compared to March [2] Summary by Sections Housing Price Trends - In April, the month-on-month growth rate for new residential sales prices in first-tier cities was 0.0%, with specific cities like Beijing and Shanghai showing slight increases of 0.1% and 0.5% respectively [1] - The second-hand housing price index for 70 cities decreased by 0.4% month-on-month, with first-tier cities experiencing a decline of 0.2% [1] Year-on-Year Price Changes - The year-on-year growth rate for new residential sales prices in April was -4.5%, an improvement from -5.0% in March [2] - First-tier cities reported a year-on-year decline of -2.1%, with Beijing and Guangzhou showing declines of -5.0% and -6.3% respectively [2] Investment Recommendations - Short-term focus on policy-driven valuation recovery opportunities, while long-term focus should be on leading companies with quality product resources and real estate operational capabilities in core cities [3] - Recommended companies include Poly Developments and New Town Holdings, with potential benefits for China Resources Land and Longfor Group [3]