6月地产环比改善，销售规模环比改善

Investment Rating - The industry investment rating is "Leading the Market - A" and the rating is maintained [9] Core Viewpoints - The real estate sector shows a significant month-on-month improvement in June, but year-on-year comparisons remain weak. The cumulative sales area of commercial housing from January to June is 460 million square meters, down 3.5% year-on-year, while sales revenue is 4.4 trillion yuan, down 5.5% year-on-year [2] - The construction sector is experiencing weak starts but strong completions, with ongoing downward pressure on construction activities. The cumulative construction area is 6.33 billion square meters, down 9.1% year-on-year, while new construction area in June shows a month-on-month increase of 34.3% [3] - Real estate development investment continues to face pressure, with a cumulative investment of 4.7 trillion yuan from January to June, down 11.2% year-on-year. However, June's investment shows a month-on-month increase of 22.7% [4] - The funding sources for the industry are under pressure, with total funds in place at 5 trillion yuan, down 6.2% year-on-year. Domestic loans have turned positive, showing a slight increase of 0.6% year-on-year [5] Summary by Sections Sales Performance - In June, the sales area reached 110 million square meters, a month-on-month increase of 49.4%, but still down 5.5% year-on-year. The sales revenue for June was 1 trillion yuan, up 43.8% month-on-month but down 10.8% year-on-year, with residential sales revenue down 12.6% year-on-year [2] Construction Activity - The cumulative new construction area from January to June is 300 million square meters, down 20.0% year-on-year, but June's new construction area shows a month-on-month increase of 34.3%. The completion area in June is 40 million square meters, up 52.8% month-on-month, with a cumulative completion area of 230 million square meters, down 14.8% year-on-year [3][4] Investment Trends - The real estate development investment for the first half of 2025 is 4.7 trillion yuan, down 11.2% year-on-year, with residential investment at 3.6 trillion yuan, down 10.4%. The month of June saw a 22.7% increase in investment compared to May [4][6] Funding Sources - The total funds in place for the industry are 5 trillion yuan, down 6.2% year-on-year. Domestic loans have increased by 0.6% year-on-year, while other funding sources, including deposits and prepayments, have decreased by 7.8% [5]