房地产行业周报：北京放松五环外限购，新房二手房成交环比下降-20250813

Investment Rating - The report maintains a "Recommend" rating for the real estate industry [2] Core Insights - The real estate sector index increased by 2.2% in the 32nd week, ranking 16th among 31 primary industry sectors [8][10] - New home sales in 20 monitored cities decreased by 21% year-on-year, while second-hand home sales remained flat [18][21] - Effective policies are crucial for stabilizing the market, with expectations for further progress in urban renewal and land acquisition [29] Summary by Sections Industry Basic Data - The total number of listed companies in the real estate sector is 107, with a total market capitalization of 1,198.27 billion and a circulating market capitalization of 1,148.68 billion [2] Sales Performance - In the 32nd week, the average daily transaction area for new homes in 20 cities was 20.5 million square meters, with a total transaction area of 143 million square meters, reflecting a 22% decrease from the previous week and a 21% decrease year-on-year [18][20] - For second-hand homes, the total transaction area in 11 cities was 171 million square meters, with a daily average of 24.4 million square meters, showing a 2% decrease from the previous week but remaining flat year-on-year [21][22] Policy News - Various local governments are implementing measures to stabilize the real estate market, including adjustments to housing fund policies and new regulations to encourage private housing updates [13][14][16] Investment Strategy - The report suggests focusing on companies with strong product moats, stable rental income from quality commercial real estate, and the direction of existing housing intermediary businesses. Key companies to watch include Greentown China, China Resources Land, Swire Properties, China Resources Mixc Life, and Beike-W [29]