行业周报：新房成交面积同环比增长，1-8月房地产开发投资同比下降-20250921

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [1] Core Viewpoints - The new housing transaction area has shown a month-on-month increase, while the year-on-year decline in second-hand housing prices has narrowed. The overall real estate market is moving towards stabilization due to various supportive policies [5][61] - In the first eight months of the year, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9%, with residential investment at 46,382 billion yuan, down 11.9% [5][61] Summary by Sections 1. Investment Rating - The report maintains a "Positive" rating for the real estate industry [1] 2. Sales Performance - In the 38th week of 2025, the transaction area of residential properties in 68 major cities reached 1.88 million square meters, a year-on-year increase of 12% and a month-on-month increase of 9%. However, the cumulative transaction area from the beginning of the year to date is 85.96 million square meters, showing a year-on-year decline of 10% [19][30] - The transaction area of second-hand houses in 20 cities was 1.81 million square meters, with a year-on-year growth rate of 66% [37] 3. Investment Performance - The land transaction area in 100 major cities decreased by 43% year-on-year, with a transaction premium rate of 2.2% [41][44] - In the 38th week of 2025, the land planning area launched in 100 major cities was 2,361 million square meters, with 1,771 million square meters successfully transacted [41] 4. Financing Conditions - The issuance scale of domestic credit bonds decreased by 54% month-on-month, totaling 3.04 billion yuan, while the cumulative issuance scale was 2,940.7 billion yuan, a year-on-year decrease of 4% [50][54] 5. Market Outlook - The report anticipates that with more proactive fiscal policies and moderately loose monetary policies, the existing housing supply-demand relationship is expected to improve, accelerating the stabilization process of the real estate market [5][61]