房地产行业第34周周报：本周新房成交同比降幅扩大，国务院再提房地产，释放积极信号-20250826

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Views - The report emphasizes that the current goal of the real estate industry is to stabilize the market and prevent further declines, with a focus on urban renewal as a key task [5][6] - The report highlights that the sales and investment data in the real estate sector have weakened significantly since Q2 2025, indicating a need for policies to support market recovery [6] Summary by Sections 1. Key City New Housing Market, Second-hand Housing Market, and Inventory Tracking - New housing transaction area increased by 14.0% month-on-month but decreased by 11.3% year-on-year, with a notable decline in first-tier cities [18][19] - Second-hand housing transaction area increased by 7.6% month-on-month and rose by 5.1% year-on-year, indicating a positive shift [48] - New housing inventory area increased by 0.3% month-on-month but decreased by 14.7% year-on-year, with an average de-stocking period of 19.0 months [43][49] 2. Land Market Tracking - The total area of land transactions across 100 cities was 760.7 million square meters, down 51.6% month-on-month and 40.5% year-on-year, while the total land price was 199.4 billion, down 20.4% month-on-month and 7.4% year-on-year [62][68] - The average floor price of land was 2,621.8 yuan per square meter, up 64.5% month-on-month and 55.7% year-on-year [64][68] 3. Policy Overview - The report outlines various local government policies aimed at stabilizing the housing market, including measures to support housing loans and improve public fund efficiency [93][94] 4. Investment Recommendations - The report suggests focusing on four main lines of investment: companies with stable fundamentals in core cities, smaller firms with significant breakthroughs, companies with strategic changes, and real estate brokerage firms benefiting from the recovery in the second-hand housing market [6]