房地产统计局1-5月数据点评：5月新房销售金额与新开工面积降幅均有所收窄

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - In May 2025, the decline in new home sales area year-on-year has widened, but the sales price has rebounded month-on-month, leading to a narrowing of the year-on-year decline in sales amount [1] - Cumulative sales area of commercial housing from January to May 2025 has a year-on-year growth rate of -2.9%, while the cumulative sales amount has a year-on-year growth rate of -3.8% [1] - The cumulative new construction area from January to May 2025 has a year-on-year growth rate of -22.8%, and the cumulative completion area has a year-on-year growth rate of -17.3% [2] - The cumulative funds received by real estate development enterprises from January to May 2025 have a year-on-year growth rate of -5.3%, with a significant decline in domestic loans [3] Summary by Sections Sales - In May 2025, the year-on-year growth rate of new home sales area was -3.3%, and the sales amount had a year-on-year growth rate of -6% [1] - The average sales price in May showed a year-on-year growth rate of -2.8% and a month-on-month growth rate of 2.5% [1] Development Investment - The cumulative new construction area from January to May 2025 has a year-on-year growth rate of -22.8%, while the cumulative completion area has a year-on-year growth rate of -17.3% [2] - The cumulative development investment amount from January to May 2025 has a year-on-year growth rate of -10.7% [2] Funding - The cumulative funds received by real estate development enterprises from January to May 2025 have a year-on-year growth rate of -5.3% [3] - In May 2025, the year-on-year growth rate of funds received was -10.1%, with domestic loans showing a year-on-year growth rate of -13.1% [3] Investment Recommendations - Short-term focus on policy-driven valuation recovery opportunities, while long-term focus on leading companies with quality product resources and real estate operation capabilities in core cities [3] - Recommended companies include Poly Development and New Town Holdings, with potential benefits for China Resources Land and Longfor Group [3]