行业点评报告：新房杭州环比领涨，二手房价同比降幅缩小

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The real estate market in China is moving towards stabilization, with new housing prices showing a decrease in month-on-month (MoM) rates but a reduction in year-on-year (YoY) declines. The overall new housing price YoY decline has narrowed to 4.1% [8][14] - The second-hand housing prices have also shown a narrowing YoY decline of 6.3%, although the MoM decline has expanded to -0.5% [21][8] - The report highlights that the market is expected to stabilize further due to supportive fiscal and monetary policies, alongside ongoing urban renewal projects [8] Summary by Sections New Housing Prices - In May 2025, new housing prices in first, second, and third-tier cities decreased MoM by -0.2%, -0.2%, and -0.3% respectively, with the overall decline across 70 cities being -0.2%, an increase in the decline compared to April [14][16] - YoY, new housing prices in first, second, and third-tier cities decreased by -1.7%, -3.5%, and -4.9% respectively, with the overall YoY decline narrowing by 0.4 percentage points to 4.1% [14][16] Second-Hand Housing Prices - The second-hand housing prices in May 2025 decreased MoM by -0.5%, with first, second, and third-tier cities showing declines of -0.7%, -0.5%, and -0.5% respectively [21][23] - YoY, second-hand housing prices across 70 cities decreased by -6.3%, with first, second, and third-tier cities showing declines of -2.7%, -6.1%, and -6.9% respectively, indicating a narrowing of the decline by 0.5 percentage points [21][23] Investment Recommendations - The report recommends focusing on companies with strong credit ratings and good urban fundamentals, such as Greentown China, China Overseas Development, and China Merchants Shekou [8][29] - It also suggests companies benefiting from both residential and commercial real estate recovery, including China Resources Land and Longfor Group [8][29] - Additionally, it highlights property management firms with high service quality under the "Good House, Good Service" policy, such as China Resources Mixc Life and Greentown Service [8][29]