Shenwan Hongyuan Securities·2025-06-22 03:12Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3][29]. Core Insights - The real estate market is experiencing a mixed recovery, with new home sales showing a month-on-month increase of 11% in key cities, but year-on-year sales are down by 11% [3][4]. - The report emphasizes the need for stronger policy support to stabilize the market, indicating that the current trend of "stabilizing and recovering" is expected to continue [3][29]. - Key recommendations include focusing on high-quality real estate companies with strong product capabilities and inventory management [3][29]. Summary by Sections Industry Data - New home sales in 34 key cities reached 248 million square meters last week, up 11% week-on-week, with first and second-tier cities increasing by 10% and third and fourth-tier cities by 26% [3][4]. - Year-to-date, new home sales are down 10.2% compared to the previous year, with first and second-tier cities also showing a decline of 11% [6][12]. Policy and News Tracking - From January to May 2025, national real estate development investment totaled 362.34 billion yuan, down 10.7% year-on-year, with new residential sales area decreasing by 2.9% [29][30]. - Local governments are implementing various measures to stimulate the market, such as allowing families with multiple children to receive home purchase subsidies and optimizing housing loan policies [29][30]. Company Announcements - Poly Developments has received approval for a 5 billion yuan short-term financing bond registration [37]. - China Jinmao has undergone management changes, with new appointments to its board of directors [37].