房地产行业报告（2025.06.09-2025.06.15）：更大力度推动止跌回稳，预期政策再发力

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The report highlights that from January to May 2025, the national new residential property sales area was 35,315 million square meters, a year-on-year decrease of 2.9%, with a sales value of 34,091 billion yuan, down 3.8%. The decline in sales has expanded compared to the previous month, indicating a need for policy intervention to stabilize the market [5] - The report indicates that the average transaction area for new homes in 30 major cities was 173.64 million square meters last week, with a cumulative year-on-year change of 0%. However, the average transaction area for first-tier cities showed a year-on-year increase of 9.3%, while second-tier cities experienced a decline of 15% [6][14] - The second-hand housing market saw a cumulative year-on-year increase of 25.4% in transaction area, with 20 cities reporting a transaction area of 228.53 million square meters last week [7][24] - The land market showed that 100 major cities had 51 new residential land supplies and 43 transactions last week, with an average floor price of 6,409 yuan per square meter and a premium rate of 5.35% [29] Summary by Sections 1. Industry Fundamentals Tracking - New home transaction area in 30 major cities was 173.64 million square meters last week, with a cumulative year-on-year change of 0%. The average transaction area for first-tier cities was 55.99 million square meters, up 9.3% year-on-year [6][14] - The second-hand housing market in 20 cities reported a transaction area of 228.53 million square meters, with a cumulative year-on-year increase of 25.4% [7][24] - The land market saw 51 new residential land supplies and 43 transactions, with an average floor price of 6,409 yuan per square meter [29] 2. Market Review - The A-share real estate index fell by 1.76%, underperforming the CSI 300 index, which fell by 0.25%. The report notes that the real estate index lagged behind the CSI 300 by 1.51 percentage points [32] - The Hong Kong property service and management index rose by 3.15%, outperforming the Hang Seng Composite Index, which increased by 0.89% [32]