静待政策宽松

Investment Rating - The report maintains an investment rating of "Leading the Market - A" [7] Core Insights - The real estate market is experiencing a significant decline in sales, with new home transactions in key cities dropping by 50.5% week-on-week, reaching a new low since the Chinese New Year [1][2] - The report suggests that the market is awaiting policy easing, with a focus on the upcoming Politburo meeting to determine the direction of new real estate policies [1] - Companies that may benefit from a turnaround include those in distress such as China Vanke and New Town Holdings, as well as leading firms maintaining land acquisition intensity like China Merchants Shekou, Greentown China, Poly Developments, and Binjiang Group [1] Sales Review (July 5-11) - Total new home transactions in 32 monitored cities amounted to 12,000 units, a 50.5% decrease from the previous week; cumulative transactions for 2025 reached 441,000 units, down 5.4% year-on-year [2][13] - First-tier cities saw transactions of 3,022 units, down 54.7% week-on-week, with a cumulative total of 126,000 units for 2025, reflecting a 6.2% year-on-year increase [2][14] - Second-tier cities recorded 7,192 units sold, a 52.5% decrease week-on-week, with a cumulative total of 264,000 units for 2025, down 9.8% year-on-year [2][14] - Third-tier cities had 1,287 units sold, an 8.9% decrease week-on-week, with a cumulative total of 51,000 units for 2025, down 6.3% year-on-year [2][14] Land Supply (June 30 - July 6) - The planned land supply for residential land in 100 cities was 5.51 million square meters, with a cumulative supply of 11.368 million square meters for 2025, down 12.9% year-on-year [3][22] - The average listing price for land in 100 cities was 4,717 yuan per square meter, with a recent four-week average of 4,934 yuan per square meter, reflecting a 9.5% decrease week-on-week but a 3.4% year-on-year increase [3][24] Land Transactions (June 30 - July 6) - The total area of residential land transactions in 100 cities was 4.95 million square meters, with a cumulative total of 10.005 million square meters for 2025, up 6.7% year-on-year [4][45] - The average transaction price for residential land was 5,708 yuan per square meter, down 33.7% week-on-week but up 50.8% year-on-year, with an overall premium rate of 5.8% [4][47]