交银国际每日晨报-20250616

Core Insights - The report indicates a continuous adjustment in policies aimed at stabilizing the real estate market, focusing on "stopping the decline and stabilizing" [1][2] - In May 2025, the total sales amount reached 317.7 billion yuan, a month-on-month increase of 2.9% from April's 308.9 billion yuan, with a 17.6% increase in sales for 21 major listed developers [1] - The market share of state-owned enterprises in contract sales slightly decreased to 72.8% in the first five months of 2025 [1] Real Estate Industry Summary - The National Bureau of Statistics reported a narrowing decline in new residential prices in April 2025, with a year-on-year drop of 4.5% and a month-on-month decrease of 0.1% for new homes, while second-hand home prices improved slightly with a year-on-year decline of 6.8% [1] - The report anticipates continued market recovery due to ongoing supportive policies and positive expectations [1] - The demand in the secondary market is expected to improve, while the primary real estate market will remain stable [2] - State-owned enterprise projects are projected to outperform others in sales performance in the second half of 2025 [2] - Long-term investment recommendations include China Resources Land (1109 HK) and Yuexiu Property (123 HK), both of which have demonstrated strong sales performance and execution capabilities in recent years [2]