稳步推进城中村改造

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the real estate sector [7]. Core Viewpoints - The central urban work conference emphasized the need to steadily advance the transformation of urban villages and dilapidated housing, shifting the focus from large-scale expansion to improving existing stock [1]. - The report suggests that the current push for urban village transformation aims to enhance the quality and efficiency of existing projects rather than generating new demand, indicating a more cautious approach compared to previous years [1]. - The report recommends focusing on companies that are likely to reverse their current difficulties, 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 12-18) - A total of 11,000 units were sold across 32 monitored cities, representing a week-on-week decrease of 4.8%. Cumulatively, 452,000 units have been sold in 2025, down 5.9% year-on-year [2][13]. - In first-tier cities, 3,875 units were sold, up 28.2% week-on-week, with a cumulative total of 130,000 units sold in 2025, reflecting a year-on-year increase of 5.3% [2][14]. - Second-tier cities saw sales of 5,743 units, down 20.4% week-on-week, with a cumulative total of 270,000 units sold in 2025, down 10.4% year-on-year [2][14]. - Third-tier cities recorded 1,351 units sold, up 5% week-on-week, with a cumulative total of 52,000 units sold in 2025, down 6.5% year-on-year [2][14]. Land Supply (July 7-13) - The planned construction area for residential land supply across 100 cities was 3.82 million square meters, with a cumulative supply of 11,756 million square meters in 2025, down 12.1% year-on-year [3][22]. - The average floor price for land supply across 100 cities was 4,293 yuan per square meter, with a recent four-week average of 4,846 yuan per square meter, reflecting a week-on-week decrease of 1.7% and a year-on-year decrease of 4.3% [3][24]. Land Transactions (July 7-13) - The planned construction area for residential land transactions across 100 cities was 2.5 million square meters, with a cumulative total of 10,272 million square meters sold in 2025, up 6.9% year-on-year [4][46]. - The average transaction floor price for residential land across 100 cities was 5,933 yuan per square meter, reflecting a week-on-week increase of 4% and a year-on-year decrease of 27.7% [4][48].