Investment Rating - The industry investment rating is "Leading the Market - A" [6] Core Views - The central bank emphasizes the implementation of previously announced financial policies to stabilize the real estate market, focusing on revitalizing existing assets and stabilizing market expectations [1] - The report suggests that the acceleration of supply in core cities and the easing of regulatory policies will likely enhance the progress of existing projects and land reserves, as well as urban renewal policies [1] - Recommended companies include distressed recovery firms such as Jindi Group and New Town Holdings, leading firms maintaining land acquisition intensity like Greentown China and China Jinmao, and local state-owned enterprises with stable diversified operations like Pudong Jinqiao and Waigaoqiao [1] Sales Review (9.20-9.26) - Total transactions in 32 monitored cities reached 16,000 units, a week-on-week increase of 15.1%; cumulative transactions for 2025 stand at 593,000 units, a year-on-year decrease of 6.1% [2][12] - First-tier cities recorded 4,816 transactions, up 3.4% week-on-week, with a cumulative total of 169,000 units for 2025, reflecting a year-on-year increase of 0.5% [2][12] - Second-tier cities saw 9,563 transactions, a week-on-week increase of 24.5%, with a cumulative total of 353,000 units for 2025, down 8.9% year-on-year [2][12] - Third-tier cities had 1,453 transactions, up 2.7% week-on-week, with a cumulative total of 70,000 units for 2025, down 6.7% year-on-year [2][12] Land Supply (9.15-9.21) - Planned residential land supply across 100 cities is 5.68 million square meters, with a cumulative supply of 17.408 million square meters for 2025, down 16% year-on-year [3][37] - The average floor price for land supply across 100 cities is 6,879 yuan per square meter, with a recent four-week average of 5,264 yuan per square meter, reflecting a week-on-week increase of 15.4% and a year-on-year decrease of 1.1% [3][39] Land Transactions (9.15-9.21) - Residential land transaction area across 100 cities is 4.75 million square meters, with a cumulative total of 13.908 million square meters for 2025, down 3.7% year-on-year [4][64] - The average transaction floor price for residential land across 100 cities is 3,433 yuan per square meter, down 50.5% week-on-week and down 50.3% year-on-year, with an overall premium rate of 2.8% [4][66]