地产及物管行业周报：地方继续出台地产支持政策，碧桂园重新被纳入港股通-20250914

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [4]. Core Views - The report indicates that the broad housing demand in China has reached a bottom, although the volume and price have not yet entered a positive cycle. It anticipates that the overall real estate market will continue to stabilize, with policies aimed at preventing further declines being introduced [4]. - The report highlights that the real estate market in core cities is at a turning point and is expected to lead the recovery. It also emphasizes the emergence of new development tracks for quality housing, which will enhance market penetration in core cities [4]. - The report recommends several companies based on their product strength and valuation recovery potential, including those in the second-hand housing intermediary and property management sectors [4]. Industry Data Summary New Housing Transactions - In the week of September 6-12, 2025, new housing transactions in 34 key cities totaled 1.949 million square meters, a week-on-week decrease of 11.9%. Year-on-year, the transaction volume increased by 10.3% compared to August [4][5]. - The report notes that first-hand housing transactions in first and second-tier cities decreased by 12.1% week-on-week, while third and fourth-tier cities saw a decrease of 7.9% [5]. Second-Hand Housing Transactions - In the same week, second-hand housing transactions in 13 key cities totaled 1.167 million square meters, reflecting a week-on-week increase of 22.7%. Cumulatively, transactions in September showed a year-on-year increase of 24.3% compared to August [4][13]. Inventory and Market Dynamics - The report states that 15 cities had a total of 790,000 square meters of new housing launched, with a transaction-to-launch ratio of 0.96. The total available residential area in these cities was 89.347 million square meters, with a slight week-on-week increase of 0.03% [4][22]. Policy and News Tracking - The report outlines several recent policy initiatives aimed at supporting the real estate market, including a directive from the State Council to improve land resource allocation efficiency and various local measures to enhance housing consumption [4][29]. - Specific measures include a reduction in mortgage rates for second homes in Shenzhen and increased housing fund loan limits in Anhui [4][30]. Company Performance Tracking - The report provides detailed sales performance for major real estate companies in August 2025, noting significant declines in sales volume for companies like Yuexiu Property and Longfor Group, while highlighting the re-inclusion of Country Garden in the Hong Kong Stock Connect list [4][35]. - It also mentions the financial performance of China Jinmao, which reported a 14.3% year-on-year increase in total revenue for the first half of 2025 [4][36].