房地产行业报告（2025.08.04-2025.08.10）：北京五环外继续松绑，成交或迎阶段性放量

Industry Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - Recent policy adjustments in Beijing, such as the removal of purchase limits for eligible families outside the Fifth Ring Road, are expected to lead to a temporary increase in transaction volumes, further stabilizing the market [1] - The cumulative new housing transaction area in 30 major cities has reached 54.92 million square meters this year, with a year-on-year decrease of 4.2% [2][11] - The average transaction area for new homes in first-tier cities has decreased by 23.2% year-on-year, while second-tier cities have seen a 10.4% decline [2][11] Summary by Sections 1. Industry Fundamentals Tracking - New housing transaction area in 30 major cities last week was 1.22 million square meters, with a cumulative area of 54.92 million square meters this year, down 4.2% year-on-year [2][11] - The average transaction area for new homes in first-tier cities was 0.41 million square meters, down 23.2% year-on-year, while second-tier cities recorded 0.69 million square meters, down 10.4% [2][11] - The available residential area in 14 cities was 79.96 million square meters, down 9.93% year-on-year, with a de-stocking cycle of 17.37 months [14] 2. Market Review - The A-share real estate index rose by 2.16% last week, outperforming the CSI 300 index by 0.93 percentage points [4][27] - The Hong Kong property service and management index also increased by 2.16%, outperforming the Hang Seng Composite Index [4][27] - In the A-share market, real estate ranked 16th among 31 first-level industries last week [28]