“金九”成色初显

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The property market continued a mild recovery this week, with second - hand housing outperforming new housing. However, the recovery momentum weakened on a weekly basis, and there was a significant divergence in transaction heat among cities at different tiers [1][3]. - The "Golden September" effect was initially shown at the aggregate level, but the policy focus may shift to second - tier cities to boost market confidence [3]. 3. Summary by Relevant Catalogs 3.1 Market Overview - This week (September 19 - 25), the second - hand housing market in 15 cities had a transaction area of 2.18 million square meters, a 1% week - on - week decline but with six consecutive weeks of year - on - year growth. The new housing market in 38 cities had a transaction area of 2.56 million square meters, a 7% week - on - week increase, but only one week of year - on - year growth in the past 16 weeks [1]. - From September 1 - 25, the second - hand housing transactions in 15 cities increased by 26% year - on - year, and the new housing transactions in 38 cities increased by 9% year - on - year, reversing the decline in August [3]. 3.2 Market Performance by City Tiers Second - hand housing market - First - tier cities had stable growth overall, with Beijing and Shanghai performing well (7% and 5% week - on - week growth, 15% and 29% year - on - year growth respectively), while Shenzhen showed a decline (31% week - on - week and 6% year - on - year) [2]. - Second - tier cities had a 3% week - on - week and 15% year - on - year growth, but the sustainability of the recovery needed further observation [2]. - Third - tier cities experienced a significant cooling, with a 21% week - on - week decline and a year - on - year change from 14% to - 8% [2]. New housing market - First - tier cities were the only ones with year - on - year growth, with a 23% year - on - year increase this week. Shanghai and Beijing were strong performers (74% and 26% year - on - year growth respectively) [2]. - Second - and third - tier cities faced significant year - on - year declines, 13% and 31% respectively [2]. 3.3 Key City Observations First - tier cities - For second - hand housing from September 19 - 25, Beijing and Shanghai increased by 7% and 5% week - on - week, while Shenzhen decreased by 31%. Year - on - year, Shanghai and Beijing increased by 29% and 15%, while Shenzhen decreased by 6% [20]. - For new housing from September 19 - 25, Shanghai, Beijing, and Shenzhen increased by 17%, 10%, and 5% week - on - week respectively, while Guangzhou decreased by 21%. Year - on - year, Shanghai and Beijing increased by 74% and 26%, while Shenzhen and Guangzhou decreased by 26% and 22% respectively [21]. Other key cities - In Hangzhou, second - hand housing increased by 8% and new housing decreased by 1% week - on - week, equivalent to 45% and 22% of the annual high respectively [21]. - In Chengdu, second - hand housing increased by 22% and new housing increased by 5% week - on - week, equivalent to 86% and 60% of the annual high respectively [21]. 3.4 Housing Price Observation - From September 15 - 21, the weekly listed prices of second - hand housing in Shanghai, Beijing, and Shenzhen decreased by 0.33%, 0.03%, and 0.61% week - on - week respectively. Compared with the week before the "924" policy last year, they still decreased by 2.1%, 8.5%, and 8.0% respectively [46].