Hua Yuan Zheng Quan·2025-08-13 10:54Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - Since September 2024, the central government's clear requirement has been to "stabilize the real estate market and the stock market" to boost social expectations and facilitate domestic demand circulation. The emphasis on building quality housing and high-quality residential projects is expected to lead to a development wave in this sector [5][51] - The report suggests focusing on real estate companies with strong land acquisition capabilities and product strength in core cities, as well as second-hand housing intermediaries and property management companies [5] Market Performance - The Shanghai Composite Index rose by 2.1%, the Shenzhen Component Index by 1.2%, the ChiNext Index by 0.5%, and the CSI 300 Index by 1.2%. The real estate sector (Shenwan) increased by 2.2% during the week [5][8] - The top five stocks in terms of growth were: Heimu Dan (+18.1%), *ST Rong Control (+16.7%), Yatong Co. (+14.9%), Huali Family (+13.5%), and Shangshi Development (+12.9%). The bottom five were: Zhujiang Co. (-6.8%), Haitai Development (-3.5%), *ST Jinke (-2.1%), Jintou Chengkai (-1.7%), and Hainan Airport (-1.0%) [5][8] Data Tracking New Housing Transactions - In the week of August 2-8, 2025, 42 key cities saw a total new housing transaction of 1.41 million square meters, a decrease of 31.2% week-on-week and a decrease of 19.2% year-on-year. The cumulative new housing transaction for August (up to the week of August 8) was 1.64 million square meters, down 11.2% month-on-month and down 22.3% year-on-year [5][15][22] - In the same week, first-tier cities accounted for 330,000 square meters, second-tier cities for 825,000 square meters, and third and fourth-tier cities for 259,000 square meters [15] Second-Hand Housing Transactions - In the week of August 2-8, 2025, 21 key cities recorded a total second-hand housing transaction of 1.72 million square meters, a decrease of 7.8% week-on-week and a decrease of 4.4% year-on-year. The cumulative second-hand housing transaction for August (up to the week of August 8) was 2.02 million square meters, down 5.8% month-on-month and down 3.2% year-on-year [5][33][37] Industry News - Beijing has canceled the purchase limit for properties outside the Fifth Ring Road and optimized the housing provident fund policy in four aspects: first home recognition, second home quota, accumulation speed, and down payment usage. Shanghai is promoting high-quality urban development through discussions on the "14th Five-Year Plan" [47] - The Jiangsu provincial government held a special meeting to promote consumption, focusing on stabilizing the real estate market and enhancing the supply of quality housing [47] - New regulations in Hunan Province limit the height of high-rise residential buildings to 26 floors and set a maximum floor area ratio of 3.1. Chengdu has introduced guidelines for quality housing design, while Suzhou has implemented new regulations for the self-renewal of private housing [47]