行业周报：新房成交面积同环比下降，加大闲置存量土地回收力度-20250713

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Viewpoints - The new housing transaction area has decreased both year-on-year and month-on-month, prompting an increase in the recovery of idle land [4][59] - The sales performance has shown initial stabilization in 2025, with supportive policies expected to continue, aiding the industry's steady development [4][59] Summary by Sections Sales Performance - In the 28th week of 2025, the transaction area of new residential properties in 68 cities was 169 million square meters, a year-on-year decrease of 19% and a month-on-month decrease of 44% [6][18] - The cumulative transaction area from the beginning of the year to date in 68 cities reached 67.28 million square meters, with a year-on-year decrease of 9% [6][18] - The transaction area of second-hand houses in 20 cities was 186 million square meters, with a year-on-year growth rate of -8% [35] Investment Performance - In the 28th week of 2025, 100 major cities launched land planning with a total area of 29.91 million square meters, and the transaction area was 26.68 million square meters, a year-on-year increase of 49% [38] - The premium rate for land transactions was 4.9% [38] - The land market in Wuhan was active, with four residential land parcels sold, one of which had a premium of over 15% [4][59] Financing Performance - In the 28th week of 2025, the issuance of credit bonds was 15.4 billion yuan, a year-on-year increase of 61% and a month-on-month increase of 72% [47] - The cumulative issuance of credit bonds reached 200.5 billion yuan, a year-on-year decrease of 13% [47] Market Overview - The real estate index rose by 6.12% in the week of July 7-13, 2025, outperforming the Shanghai and Shenzhen 300 index, which increased by 0.82% [52][54] - The real estate sector ranked first among 28 sectors in terms of performance [52][54]