房地产行业周报：新房成交面积同环比下降，城市更新示范城市扩容

Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Viewpoints - New housing transaction area has decreased both year-on-year and month-on-month, while the expansion of demonstration cities for urban renewal is expected to accelerate the destocking process [5][57] - The Ministry of Finance announced the results of the 2025 urban renewal action review, with 35 cities included in the urban renewal initiative [6][57] - The real estate market is expected to stabilize with continued supportive fiscal and monetary policies, which will help improve the existing housing supply-demand relationship [5][57] Summary by Sections Urban Renewal and Land Supply - The Ministry of Finance has included 35 cities in the urban renewal action, with 20 new cities added this year [6][14] - Shenzhen has significantly increased its industrial land supply to 514 hectares, up from 313 hectares in 2024 [6][14] Sales Performance - In the 23rd week of 2025, the new housing transaction area in 68 major cities was 182,000 square meters, a year-on-year decrease of 24% and a month-on-month decrease of 38% [20][57] - The cumulative transaction area for new housing in these cities from the beginning of the year is 53.91 million square meters, with a year-on-year decline of 5% [20][57] Investment Performance - In the 23rd week of 2025, 100 major cities launched land planning with a total area of 35.95 million square meters, with a transaction area of 23.41 million square meters, a year-on-year decrease of 18% [40][57] - Beijing successfully auctioned four residential land parcels, generating a total revenue of 13.06 billion yuan [40][57] Financing Trends - In the 23rd week of 2025, the issuance of credit bonds was 8.1 billion yuan, a month-on-month increase of 65% [45][57] - The cumulative issuance of credit bonds reached 160.43 billion yuan, a year-on-year decrease of 22% [45][57] Market Overview - The real estate index rose by 0.86% in the week of June 3-6, 2025, underperforming compared to the broader market [51][57] - The report highlights the performance of individual stocks within the real estate sector, with notable gains from companies like Zhongrun Resources and Haitai Development [54][57]