地产行业周报：成交环比回升，政策效应渐显

Investment Rating - Industry investment rating: Stronger than the market (maintained) [2][45] Core Viewpoints - Weekly perspective: Transaction volume has rebounded on a month-on-month basis, with policy effects becoming apparent. In April, real estate investment decreased by 10.3% and sales area fell by 2.8%. However, following the introduction of a package of financial policies in early May, new home transactions in 50 key cities have increased for two consecutive weeks, with the average daily transaction volume from May 1 to May 23 rising by 0.7% compared to April [3] - Confidence remains firm amid fluctuations, emphasizing that "good products" and "core areas in first and second-tier cities" are stabilizing first. The report suggests that the current adjustment in the real estate market has had sufficient time and space, and recent interest rate cuts have further alleviated home-buying pressure [3] - Short-term market may remain volatile, but investors are advised to focus on medium-term positioning. The report indicates that while there are doubts about the sustainability of market recovery, the trend of "good products" and "core areas" stabilizing has not changed [3] Market Monitoring - Transaction volume has rebounded, with new home transactions in 50 key cities reaching 21,000 units, a month-on-month increase of 16.8%. The average daily transaction volume for new homes in May (up to the 23rd) decreased by 12.6% year-on-year but increased by 0.7% month-on-month [3][22] - Inventory has slightly increased, with a de-stocking period of 20.6 months. The inventory in 16 cities reached 9,138 million square meters, a month-on-month increase of 0.03% [3][25] - The real estate sector saw a decline of 1.47% this week, underperforming the CSI 300 index, which fell by 0.18%. The current PE ratio for the real estate sector is 39.04 times, placing it in the 95.64 percentile over the past five years [3][35] Company Performance - In 2024, the main nine real estate companies reported a revenue growth of 0.5% year-on-year, while their net profit attributable to shareholders decreased by 32.9% [4][10] - The gross profit margin for these companies continues to decline, reflecting ongoing challenges in the market [5][6] - The companies have maintained positive operating cash flow and reduced inventory levels in 2024 [11][13]