房地产行业2025年6月70个大中城市房价数据点评：70城房价环比跌幅持续扩大，一线城市二手房价跌幅大于二、三线城市

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [25]. Core Insights - The report highlights that the housing price decline pressure has intensified, with new home prices in 70 major cities decreasing by 0.3% month-on-month in June 2025, and second-hand home prices dropping by 0.6% [4][7]. - The number of cities experiencing a decline in new home prices has increased, with 56 cities reporting a month-on-month decrease, up by 3 from May [4][12]. - The report anticipates that the upcoming political bureau meeting in July may lead to more positive statements, potentially creating a trading opportunity in the sector [4]. Summary by Sections Housing Price Trends - In June, new home prices in first-tier cities fell by 0.3%, with Shanghai being the only city to see a price increase of 0.4% [4][9]. - Second-hand home prices in first-tier cities decreased by 0.7%, remaining higher than the declines in second and third-tier cities [4][13]. - Second-tier cities saw new home prices remain stable with a 0.2% decline, while second-hand home prices dropped by 0.6% [4][13]. Investment Recommendations - The report suggests focusing on four main lines of investment: 1. Real estate companies with stable fundamentals and high market share in core cities, such as Binhai Group and China Resources Land [4]. 2. Smaller companies that have made significant breakthroughs in sales and land acquisition since 2024, like Poly Real Estate Group [4]. 3. Companies with operational or strategic changes, including New Town Holdings and Longfor Group [4]. 4. Real estate brokerage firms benefiting from the recovery in the second-hand housing market, such as Beike-W and Wo Ai Wo Jia [4].