行业周报：新房成交面积环比增长，多地公积金政策优化-20250629

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - New housing transaction area has increased month-on-month, while the year-on-year decline continues. The housing provident fund policies have been optimized in multiple regions [5][6] - The land transaction area has increased year-on-year, with a hot land auction market in Hangzhou, where all six residential land parcels sold at over 20% premium [5][42] - The issuance scale of domestic credit bonds has decreased year-on-year, indicating a tightening financing environment [8][47] Summary by Sections 1. Housing Market - In the 26th week of 2025, the transaction area of commercial residential properties in 68 cities was 3.62 million square meters, a year-on-year decrease of 37% but a month-on-month increase of 41%. Cumulatively, the transaction area from the beginning of the year to date is 62.44 million square meters, down 8% year-on-year [19][30] - The transaction area of second-hand houses in 20 cities was 2.12 million square meters, with a year-on-year growth rate of -5% [36] 2. Investment Sector - In the 26th week of 2025, 100 major cities launched land planning with a total area of 20.85 million square meters, and the transaction area was 23.18 million square meters, an increase of 1% year-on-year. The average transaction premium rate was 7.3% [42] - In Hangzhou, six residential land parcels were auctioned, totaling 178,983 square meters, with a total planning area of 388,218.2 square meters and a starting price of 11.585 billion yuan. All parcels were sold at over 20% premium, with three parcels exceeding 50% premium, generating a total revenue of 15.115 billion yuan [5][42] 3. Financing Sector - In the 26th week of 2025, the issuance of credit bonds was 4.49 billion yuan, a year-on-year decrease of 38% and a month-on-month decrease of 37%. The cumulative issuance scale was 175.16 billion yuan, down 20% year-on-year [8][47] 4. Market Performance - The real estate index rose by 3.07% in the week of June 23-27, 2025, outperforming the CSI 300 index, which increased by 1.95% [53]