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房地产行业第23周周报：本周新房二手房成交面积同环比均走弱，土拍溢价率持续下滑-20250609
Bank of China Securities·2025-06-09 09:14

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - New home transaction area has turned negative on a month-on-month basis, with a year-on-year decline expanding. The transaction area for second-hand homes has also decreased, with both month-on-month and year-on-year declines widening [6][17] - The inventory of new homes has decreased on a year-on-year basis, while the de-stocking cycle has increased month-on-month and decreased year-on-year [6][42] - The land market shows a decrease in premium rates month-on-month, while total land transaction area has increased significantly [6][42] Summary by Sections 1. New Home Market Tracking - In the week of May 31 to June 6, 2025, new home transaction volume in 40 cities was 18,000 units, a month-on-month decrease of 30.6% and a year-on-year decrease of 16.6% [18] - The new home transaction area was 189.5 million square meters, with a month-on-month decline of 32.7% and a year-on-year decline of 16.6% [29] - Transaction volume and area for first, second, and third/fourth-tier cities showed significant declines [20][23] 2. Land Market Tracking - Total land transaction area across 100 cities was 1,819.7 million square meters, with a month-on-month increase of 76.4% and a year-on-year increase of 11.8% [6][42] - The total land transaction price was 37.24 billion yuan, reflecting a month-on-month increase of 44.4% and a year-on-year increase of 6.9% [6][42] - The average floor price of land decreased by 18.2% month-on-month and 4.4% year-on-year [6][42] 3. Policy Overview - Local governments are implementing various measures to stabilize the real estate market, including tax support and housing policies aimed at boosting consumption and optimizing housing supply [2] 4. Company Performance and Recommendations - The report suggests focusing on companies with stable fundamentals and high market share in core cities, as well as those showing significant breakthroughs in sales and land acquisition since 2024 [7]