上海土地市场热度回升

Investment Rating - The industry investment rating is maintained at "Outperform the Market - A" [7] Core Insights - The Shanghai land market is experiencing a resurgence, with the sixth batch of land auctions yielding a total of 28.957 billion yuan from 8 plots, indicating strong demand for core urban land [1] - The report suggests that under a backdrop of loose liquidity, the entry of core land in major cities is expected to restore market confidence and stabilize the real estate sector [1] - The report highlights potential investment opportunities in distressed real estate companies such as JinDi Group and New Town Holdings, as well as leading firms maintaining land acquisition intensity like China Merchants Shekou and Poly Developments [1] Sales Review (July 19-25) - A total of 13,042 units were sold across 32 monitored cities, representing an 18.5% week-on-week increase; however, cumulative sales for 2025 stand at 465,000 units, down 6.2% year-on-year [2][13] - First-tier cities sold 3,431 units, down 11.5% week-on-week, while second-tier cities saw a significant increase of 47% with 8,491 units sold [2][14] - The second-hand housing market also showed growth, with 23,343 units sold across 18 monitored cities, a 2.5% increase week-on-week, and a cumulative year-on-year increase of 10.4% [17] Land Supply (July 14-20) - The planned construction area for residential land supply across 100 cities is 4.8 million square meters, with a cumulative supply of 12.261 million square meters for 2025, reflecting an 11.7% year-on-year decline [3][21] - The average floor price for land supply across 100 cities is 5,376 yuan per square meter, with a 0.5% increase week-on-week and a 9.8% increase year-on-year [3][22] Land Transactions (July 14-20) - The total planned construction area for residential land transactions across 100 cities is 2.28 million square meters, with a cumulative total of 10.516 million square meters for 2025, showing a 5.1% year-on-year increase [4][43] - The average transaction floor price for residential land is 5,899 yuan per square meter, reflecting a 1.7% week-on-week increase and a 9.4% year-on-year increase, with an overall premium rate of 10.7% [4][45]