房地产行业研究：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, with a focus on stabilizing sales data and improving land acquisition strategies [7] Core Insights - The real estate market is showing signs of bottoming out, with new home sales increasing on a week-on-week basis and year-on-year comparisons turning positive [4][58] - The land market has seen a decline in activity, with a notable drop in transaction volumes compared to previous years [5][44] - Special bonds for land acquisition have accelerated, with over 350 billion yuan allocated for purchasing idle land, which may help stabilize housing prices in the future [5][14] Summary by Sections Market Overview - The A-share real estate sector experienced a decline of 1.5%, ranking 23rd among all sectors, while the Hong Kong real estate sector fell by 0.7%, ranking 11th [30] - The property service index in Hong Kong decreased by 1.8%, contrasting with a 1.4% increase in the Hang Seng China Enterprises Index [38] Land Transactions - In the week of May 17-23, the total area of residential land sold across 300 cities was 493 million square meters, reflecting a 6% week-on-week increase but a 34% year-on-year decrease [44] - The average premium rate for land transactions was 13%, with a cumulative area of 13,198 million square meters sold since the beginning of the year, showing a 1.5% year-on-year decline [44][48] New Home Sales - New home sales across 47 cities totaled 404 million square meters, marking a 16% increase week-on-week and a 9% increase year-on-year [50] - Sales in first-tier cities showed a slight increase of 1% week-on-week but a 1% decrease year-on-year, while second-tier cities saw a 16% week-on-week increase and a 4% year-on-year decrease [50] Second-Hand Home Sales - Second-hand home transactions in 22 cities totaled 284 million square meters, with a 4% week-on-week increase and a 10% year-on-year increase [58] - First-tier cities experienced a 2% week-on-week decrease but a 25% year-on-year increase in second-hand home sales [58] Investment Recommendations - Developers are advised to focus on first-tier and core second-tier cities, emphasizing improved product offerings and maintaining land acquisition capabilities [7] - Real estate agencies with strong competitive advantages, such as Beike, are recommended due to the increasing activity in both new and second-hand housing markets [7]