Soochow Securities·2025-05-26 14:23Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - The real estate market is showing signs of stabilization, with policies recognizing the need for a healthy market as essential for economic transformation [8] - New home sales in 36 cities increased by 12.5% week-on-week and 3.0% year-on-year, indicating a positive trend [13] - The second-hand housing market is recovering faster than the new home market, with a year-on-year increase of 22.8% in transaction volume [19] Summary by Sections 1. Sector Views - Real estate development is seen as crucial for economic stability, with recommendations for strong local state-owned enterprises and quality private companies like China Resources Land and Poly Developments [8] - In property management, companies with market expansion capabilities and service diversification are expected to outperform [8] - The second-hand housing market is expected to continue its recovery, with recommendations for leading real estate transaction platforms like Beike [9] 2. Real Estate Fundamentals and High-Frequency Data - New home sales in 36 cities reached 230.6 million square meters, with a cumulative total of 3,915.3 million square meters for the year, down 0.6% year-on-year [13] - The second-hand housing market saw transactions of 181.9 million square meters, with a cumulative total of 3,225.6 million square meters for the year, up 22.8% year-on-year [19] - New home inventory in 13 cities stands at 7,775.4 million square meters, with a de-stocking period of 18.3 months [29] 3. Land Market Situation - Land transactions in 100 cities totaled 1,287 million square meters, down 47.5% week-on-week and 35.8% year-on-year [46] - The average land price was 920 yuan per square meter, reflecting a 25.5% increase week-on-week but a 16.0% decrease year-on-year [46] - Cumulative land transactions for 2025 reached 40,968.5 million square meters, down 5.8% year-on-year [46] 4. Financing Situation in the Real Estate Industry - In the past week, real estate companies issued 4 credit bonds totaling 4.3 billion yuan, a 19.4% increase week-on-week [48] - The total amount of credit bonds issued in 2025 so far is 189.68 billion yuan, up 5.8% year-on-year [48] 5. Market Review - The real estate sector saw a decline of 1.5% last week, underperforming compared to the Shanghai Composite Index and the Wind All A Index [53]