房地产：北京定向松绑五环外限购

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [1] Core Insights - The second-hand housing market is under increasing pressure, with Beijing's second-hand housing transaction area at 266,900 square meters, a week-on-week decrease of 1.14%, nearing levels seen in May 2024. Shanghai's second-hand housing transaction area is 366,500 square meters, close to levels in October 2024 [5][10] - The targeted easing of purchase restrictions outside the Fifth Ring Road in Beijing is expected to help reduce inventory in that area, signaling a positive outlook. Continuous monitoring of policy developments in Shanghai and Shenzhen is advised [5] - In the new housing market, developers are expected to increase supply towards the end of August to prepare for the "Golden September." High-quality products in core areas are likely to see stable sales, benefiting brands like China Resources Land, Binjiang Group, and Jianfa International Group [5] - The real estate sector outperformed the market indices, with the Shanghai Composite Index rising by 2.11%, the CSI 300 Index by 1.23%, and the real estate sector by 2.16%, outperforming the Shanghai Composite by 0.05 percentage points and the CSI 300 by 0.93 percentage points [10] Market Performance - The report highlights that the real estate sector has shown resilience, with key A-share real estate stocks such as Heimu Dan, *ST Rongkong, and Yatong shares leading in gains [10] - In the Hong Kong market, companies like Huayin International Holdings, Shun Tak Holdings, and Hongyang Real Estate also showed significant gains [10] - The report notes that the transaction area for new homes in 30 major cities decreased week-on-week, with a cumulative year-on-year decline of 3.71% [5][39] Policy Changes - Beijing's adjustment to purchase restrictions allows eligible families to buy an unlimited number of properties outside the Fifth Ring Road, which includes both new and second-hand homes [5] Sales Trends - The report indicates that new home sales in 30 major cities have decreased, with a total sales area of 1.2645 million square meters last week, reflecting a year-on-year decline of 3.71%. First-tier cities saw a slight increase in sales, while second-tier cities experienced a more significant decline [5][39] Company Valuations and ETF Performance - The report provides a detailed valuation of key real estate companies, highlighting their market capitalization and expected earnings per share (EPS) for 2025 to 2027 [85] - It also reviews the performance of real estate ETFs, noting weekly returns and net inflows for various funds [88]