土地收储持续提速，地产数据底部震荡

Investment Rating - The report indicates a weak investment sentiment in the real estate sector, but new home sales data shows signs of bottoming out and recovery [7] Core Insights - The real estate market is experiencing a bottoming phase, with new home sales showing a week-on-week increase of 16% and a year-on-year increase of 9% in 47 cities [4][50] - The land market has seen a decline in activity, with a total of 493,000 square meters of residential land sold in the week of May 17-23, representing a 6% week-on-week increase but a 34% year-on-year decrease [44] - Special bonds for land acquisition have accelerated, with over 350 billion yuan allocated for the purchase of idle land across nearly 3,000 plots [5][14] Summary by Sections Real Estate Market Overview - The A-share real estate sector declined by 1.5% this week, ranking 23rd among all sectors, while the Hong Kong real estate sector fell by 0.7%, ranking 11th [30] - The property service and management index in Hong Kong decreased by 1.8%, while the Hang Seng China Enterprises Index increased by 1.4% [38] New Home Sales - In the week of May 17-23, new home sales totaled 404,000 square meters, with a 16% increase from the previous week and a 9% increase year-on-year [4][50] - Sales in first-tier cities saw a slight increase of 1% week-on-week but a decrease of 1% year-on-year [50] Second-Hand Home Sales - Second-hand home transactions totaled 284,000 square meters, with a 4% week-on-week increase and a 10% year-on-year increase [58] - First-tier cities experienced a 2% decrease week-on-week but a 25% increase year-on-year [58] Land Market Activity - The total area of residential land sold in 300 cities reached 131.98 million square meters year-to-date, with a year-on-year decrease of 1.5% [44] - The average premium rate for land sales was 13% during the week [44] Investment Recommendations - Developers are advised to focus on first-tier and core second-tier cities, emphasizing improved products and maintaining land acquisition capabilities [7] - Real estate agencies with strong competitive advantages, such as Beike, are recommended due to increasing market activity [7]