房地产行业周报：多地优化住房公积金政策，新房成交累计降幅扩大-20250827

Investment Rating - The report maintains a "Recommendation" rating for the real estate industry [2] Core Insights - The real estate index increased by 0.5% in the 34th week, ranking 31st among 31 primary industry sectors [8] - New housing transactions in 20 monitored cities decreased by 28% year-on-year, while second-hand housing transactions increased by 5% year-on-year [21][26] - Effective policies are crucial for driving market recovery, with a focus on broad fiscal measures and urban village renovations [34] Industry Basic Data - Total number of stocks: 107 [2] - Total market capitalization: 1,198.27 billion [2] - Circulating market capitalization: 1,148.68 billion [2] Sales Performance - In the 34th week, new housing transaction area was 1.47 million square meters, with a daily average of 210,000 square meters, reflecting a 5% increase week-on-week but a 28% decrease year-on-year [21][25] - Cumulative new housing transaction area from the beginning of the year in 20 cities was 65.28 million square meters, down 9% year-on-year [21] - Second-hand housing transaction area in 11 cities was 1.85 million square meters, with a daily average of 265,000 square meters, showing a 7% increase week-on-week and a 5% increase year-on-year [26][30] Policy Developments - Beijing announced support measures for employees affected by flooding, allowing them to withdraw housing provident fund for rent payments [16] - Guangzhou implemented a temporary policy for converting commercial loans to housing provident fund loans, with specific conditions for eligibility [16] - Chengdu optimized housing provident fund policies, including lowering down payment ratios and increasing loan limits [16] Company Dynamics - Longfor Group acquired a residential land plot in Chengdu at a starting price of 14,200 yuan per square meter [19] - CIFI Holdings reported total revenue of 12.281 billion, a year-on-year decrease of 39.22% [20] - Greentown China reported total revenue of 53.368 billion, a year-on-year decrease of 23.49% [20] Investment Strategy - Focus on companies with strong product moats that are likely to exhibit strong alpha characteristics [34] - Emphasis on the stability of rental income from quality commercial real estate companies [34] - Attention to the stock brokerage business in the existing housing market [34]