房地产行业报告（2025.09.22-2025.09.28）：地方“因城施策”深化，向“品质提升”延伸

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - New home sales have seen a month-on-month increase due to low base and localized demand release, but year-on-year figures remain low. The second-hand housing market shows resilience, with core cities experiencing a year-on-year increase in transactions. Future real estate policies are expected to be introduced to stimulate demand, particularly in several new first-tier cities [4][5] - Local policies are transitioning from "demand stimulation" to "supply quality enhancement," which is expected to benefit long-term industry structure optimization, although price pressures remain and consumer sentiment is still cautious [4] Summary by Sections Industry Fundamentals Tracking - New Home Sales and Inventory: Last week, the new home sales area in 30 major cities was 203 million square meters, with a cumulative new home sales area of 66.1023 million square meters this year, down 3.6% year-on-year. The average sales area over the past four weeks was 159.27 million square meters, up 1.4% year-on-year and 2.9% month-on-month. First-tier cities saw a year-on-year increase of 10.8% [5][13] - Second-hand Home Sales and Listings: Last week, the second-hand home sales area in 20 cities was 237.64 million square meters, with a cumulative sales area of 84.2915 million square meters this year, up 15.8% year-on-year. The average sales area over the past four weeks was 209.74 million square meters, up 19.1% year-on-year and 4.1% month-on-month [6][18] - Land Market Transactions: Last week, 107 residential land plots were newly supplied in 100 major cities, with 85 plots sold. The average floor price for residential land was 5240.5 yuan per square meter, with a premium rate of 3.11% [25] Market Review - Last week, the A-share real estate index fell by 0.16%, while the CSI 300 index rose by 1.07%, indicating that the real estate index underperformed the CSI 300 by 1.22 percentage points. The Hong Kong Hang Seng property services and management index dropped by 3.48% [32][34]