待售面积持续收缩，国内贷款延续正增

Investment Rating - The industry investment rating is "Outperform the Market" [10] Core Viewpoints - The report indicates that the area of unsold properties continues to decrease, and domestic loans maintain positive growth, suggesting a gradual stabilization in the real estate market [8][9] - National real estate investment and sales data for January to July 2025 show a decline in sales area and sales amount, with a year-on-year decrease of 4% and 6.5% respectively, although the decline is narrowing compared to the previous year [8] - The report emphasizes the need for stronger policy support to ensure a more robust recovery in the real estate sector, highlighting that while the market is moving towards stabilization, the foundation remains fragile [8][9] Summary by Sections Sales Performance - In July, the national sales area of commercial housing was 57.09 million square meters, down 7.8% year-on-year, with a sales amount of 532.5 billion yuan, a year-on-year decrease of 14.1% [8] - The cumulative sales area and sales amount from January to July 2025 show a year-on-year decline of 4% and 6.5%, with the decline slightly widening compared to the first half of the year [8] Investment Trends - Real estate investment in July decreased by 17.1% year-on-year, with new construction down 15.4% and completions down 29.4%, indicating a continued contraction in investment [8] - Despite the overall decline, domestic loans have shown a slight positive growth of 0.1%, reflecting a relatively loose financing environment [8][9] Market Outlook - The report suggests focusing on high-quality properties in core areas that are gradually stabilizing, and recommends companies with strong land acquisition and product capabilities [8][9] - Specific companies to watch include China Overseas Development, Binjiang Group, and China Merchants Shekou, which are expected to benefit from the ongoing trends in the industry [8]