房地产行业周报：二手房成交环比下滑，新城控股发行10亿中期票据-20250805

Investment Rating - The report maintains a "Recommendation" rating for the real estate sector [2] Core Insights - The real estate sector index fell by 3.4%, ranking 29th among 31 industry sectors [8] - New home sales in 20 monitored cities increased by 16% week-on-week, but year-on-year sales decreased by 21% [19] - Second-hand home sales in 11 monitored cities decreased by 8% week-on-week and 4% year-on-year [23] - The report highlights the importance of effective policies and fiscal measures to stabilize the market [32] Summary by Sections Industry Basic Data - Total number of stocks: 107 - Total market value: 1,159.996 billion - Circulating market value: 1,111.33 billion [2] Sales Performance - New home sales in the 31st week amounted to 184 million square meters, with a daily average of 26.3 million square meters [19] - Year-to-date new home sales in 20 cities totaled 60.97 million square meters, down 8% year-on-year [19] - Second-hand home sales in the 31st week totaled 174 million square meters, with a daily average of 24.9 million square meters [23] Financing Activities - New City Holdings issued 1 billion in medium-term notes with a coupon rate of 2.68% [28] - The majority of bond issuances this week were from local state-owned enterprises [31] Investment Strategy - The report suggests focusing on companies with strong product moats and stable rental income from quality commercial real estate [32] - Key companies to watch include Greentown China, China Resources Land, Swire Properties, China Resources Vientiane Life, and Beike-W [32]