样本城市周度高频数据全追踪：1-5月300城拿地均价同比增幅扩大-20250602

Investment Rating - The report maintains a "Recommendation" rating for the industry [1] Core Insights - The average land acquisition price in 300 cities has seen an increase in year-on-year growth rate [1] - The new housing and second-hand housing transaction areas have shown a narrowing decline in year-on-year comparisons as of May 30 [2][9] - The overall market sentiment index for 50 cities has shown a narrowing year-on-year increase [54] Summary by Sections Industry Scale - The industry comprises 256 stocks with a total market value of 2,669.6 billion and a circulating market value of 2,523.6 billion [7] Industry Index - The absolute performance over 1 month is 2.5%, while the 6-month performance is -7.4%, and the 12-month performance is 13.1% [8] New Housing Transactions - The year-on-year decline in new housing transactions has narrowed, while the month-on-month figures are at a relatively high level compared to the past five years [9][12] Second-Hand Housing Transactions - The year-on-year decline in second-hand housing transactions has expanded, with month-on-month figures at a lower level compared to the past five years [15][17] Land Acquisition - From January to May, the cumulative transaction area for land in 300 cities has seen a year-on-year decline, while the average transaction price has increased by 31% [22][26] Inventory - The inventory and de-stocking cycles for unsold properties have shown a marginal increase compared to March [33][36] Forward-Looking Indicators - As of May, the liquidity outlook indicates a widening macro-level liquidity easing [51]