行业周报：新房二手房成交面积环比增长，西安公积金直付新房首付款-20250622

Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Viewpoints - The new and second-hand housing transaction area has increased month-on-month, with policies in Xi'an allowing provident fund payments for new home down payments, which is expected to stimulate market activity [4][5] - The report indicates a weak recovery trend in the new housing market, with a focus on stabilizing the real estate market through supportive fiscal and monetary policies [4][6] - The report highlights that land transaction areas have increased month-on-month, with a notable performance in the Shanghai land auction market [6][37] Sales Sector Summary - In the 25th week of 2025, the transaction area of residential properties in 68 major cities was 2.48 million square meters, a year-on-year decrease of 23% but a month-on-month increase of 7% [18][32] - The cumulative transaction area from the beginning of the year to date in 68 cities reached 58.75 million square meters, with a year-on-year decline of 6% [18] - The transaction area of second-hand homes in 20 cities was 2.09 million square meters, with a year-on-year growth rate of -5% [32] Investment Sector Summary - In the 25th week of 2025, 100 major cities launched land planning areas totaling 23.36 million square meters, with a transaction area of 20.71 million square meters, reflecting a year-on-year decrease of 3% [37] - The average transaction premium rate was 1.5%, with notable land sales in cities like Shanghai and Guangzhou [37] Financing Sector Summary - In the 25th week of 2025, the issuance of credit bonds reached 7.88 billion yuan, a year-on-year increase of 126% [45] - The cumulative issuance of credit bonds was 178.75 billion yuan, showing a year-on-year decrease of 16% [45]