房地产行业2025年5月70个大中城市房价数据点评：70城房价环比跌幅扩大，一线城市二手房房价环比跌幅明显走扩

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [25]. Core Viewpoints - In May 2025, the housing price decline pressure increased, with new home prices in 70 major cities decreasing by 0.2% month-on-month, and second-hand home prices decreasing by 0.5% month-on-month. The number of cities experiencing price declines has also increased [6][10]. - The number of cities with declining new home prices rose to 53 in May, an increase of 8 from April, with an average decline of 0.37% [6]. - The first-tier cities saw a shift in new home prices from stable to a decline of 0.2%, with significant declines in second-hand home prices, particularly in cities like Beijing and Guangzhou [6][10]. - The government has indicated a more urgent need to stabilize the real estate market, with expectations of further policy support to stimulate demand and stabilize prices [6][10]. Summary by Sections Housing Price Trends - In May 2025, new home prices in first-tier cities decreased by 0.2%, while second-hand home prices saw a more significant decline of 0.7% [6][10]. - Second-tier cities experienced a similar trend, with new home prices declining by 0.2% and second-hand home prices decreasing by 0.5% [6][10]. - Third-tier cities also faced price declines, with new home prices down by 0.3% and second-hand home prices down by 0.5% [6][10]. Market Outlook - The report suggests that the government will likely implement more aggressive policies to stabilize the real estate market, especially in light of the weak sales and investment data observed in the second quarter [6][10]. - Key investment opportunities are identified in companies with strong fundamentals in core cities, smaller firms showing significant breakthroughs, and companies benefiting from the recovery in the second-hand housing market [6][10].