样本城市周度高频数据全追踪

Investment Rating - The industry maintains a "Recommended" rating, indicating a positive outlook for the industry fundamentals and expectations for the industry index to outperform the benchmark index [7]. Core Insights - The average land acquisition price in 300 cities has increased year-on-year, with a notable rise in transaction prices [23][28]. - New housing and second-hand housing transaction volumes show a mixed trend, with new housing transaction volume declining at a slower rate while second-hand housing transactions have seen an expanded decline [4][15]. - The overall market sentiment index has shown a narrowing year-on-year increase, indicating a cautious recovery in the real estate market [54]. Summary by Sections New Housing Transactions - As of May 30, the year-on-year decline in new housing transaction volume has narrowed to -10%, with a significant recovery in first-tier cities showing a positive growth of 10% [4][9]. - The overall new housing transaction volume in sample cities is at a relatively high level compared to the same period over the past five years [12]. Second-Hand Housing Transactions - The year-on-year decline in second-hand housing transactions has expanded to -9%, with a notable contraction in second-tier cities [4][15]. - The transaction volume for second-hand housing is currently at a low level compared to the same period over the past five years [17]. Land Acquisition - From January to May 2025, the cumulative land transaction area in 300 cities has seen a year-on-year decline of -7%, while the average transaction price has increased by 31% [23][28]. - The land premium rate has decreased by 3.6 percentage points compared to the previous month, indicating a potential easing in land acquisition costs [28][31]. Market Sentiment and Indicators - The liquidity outlook has shown an expansion in macro-level liquidity, which may support demand for both new and second-hand housing [5][51]. - The confidence index for transaction volumes in new and second-hand housing has shown a marginal decline, reflecting ongoing market uncertainties [53]. Inventory and Supply Dynamics - The inventory levels for unsold properties have increased, leading to a longer absorption cycle, particularly in the context of new housing supply [33][36]. - The market is entering a phase where high-quality residential supply is expected to improve, potentially leading to a marginal recovery in the new housing market [5][37].