Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Viewpoints - The new housing transaction volume has shown a mixed trend, with new housing sales area increasing month-on-month but declining year-on-year, while second-hand housing transactions have improved slightly [3][6] - The Shanghai "Good House" standard has been implemented, which is expected to enhance the quality of new housing products and improve living experiences for buyers [3] - The overall market remains under pressure due to declining prices, rising inventory, and weak consumer confidence, despite some signs of recovery in transaction volumes [7] Summary by Sections 1. Key City New Housing Market, Second-hand Housing Market, and Inventory Tracking - In the week of September 20-26, new housing transaction volume in 40 cities was 21,000 units, a month-on-month increase of 11.6% but a year-on-year decrease of 9.0% [16][18] - The new housing sales area was 2.299 million square meters, with a month-on-month increase of 23.0% and a year-on-year decrease of 7.7% [25][17] - The inventory of new housing in 12 cities was 11,434 million square meters, with a month-on-month increase of 0.7% and a year-on-year decrease of 12.7% [41][47] 2. Land Market Tracking - The total land transaction area across 100 cities was 1,761.6 million square meters, with a month-on-month increase of 57.2% and a year-on-year increase of 41.8% [61][67] - The total land transaction price was 44.71 billion yuan, with a month-on-month increase of 210.7% and a year-on-year increase of 43.5% [63][67] - The average land price was 2,538.2 yuan per square meter, with a month-on-month increase of 97.6% and a year-on-year increase of 1.2% [62][67] 3. Policy Overview - The report highlights the implementation of new policies aimed at improving housing quality and stabilizing the real estate market, particularly in major cities like Shanghai [3][4] 4. Company Performance Review - The report suggests focusing on companies with stable fundamentals and high market share in core cities, as well as those that have shown significant breakthroughs in sales and land acquisition since 2024 [7]
房地产行业第39周周报:本周新房二手房成交同比成交均转弱,上海“好房子”标准细则正式落地-20250929
Bank of China Securities·2025-09-29 07:55