行业周报：新房成交面积同环比下降，建立可持续城市更新模式-20251012

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The new housing transaction area has decreased both year-on-year and month-on-month, prompting the establishment of a sustainable urban renewal model. The Ministry of Housing and Urban-Rural Development emphasizes innovation in mechanisms to accelerate the establishment of this new model, with pilot projects expected to be launched in collaboration with local governments [5][6][61] - The overall real estate market in China is moving towards stabilization, with policies aimed at preventing further declines. However, slight fluctuations in housing prices may still occur during this stabilization process [5][61] Summary by Sections 1. Sustainable Urban Renewal Model - The Ministry of Housing and Urban-Rural Development aims to establish a sustainable urban renewal model, with multiple cities already implementing urban renewal documents. The focus is on renovating existing old housing and launching pilot projects with local governments [6][14][61] 2. Sales Sector - In the 41st week of 2025, the transaction area of new residential properties in 68 major cities was 1.32 million square meters, a year-on-year decrease of 52% and a month-on-month decrease of 32%. Cumulatively, the transaction area from the beginning of the year to date is 91.74 million square meters, reflecting an 11% year-on-year decline [19][36] - The transaction area of second-hand houses in 20 cities was 1.01 million square meters, with a year-on-year growth rate of -45% [36] 3. Investment Sector - In the 41st week of 2025, the planned building area of land released in 100 major cities was 47.78 million square meters, with a transaction area of 11.89 million square meters, representing a year-on-year decrease of 9%. The transaction premium rate was 4.8% [41][42] 4. Financing Sector - In the 41st week of 2025, the issuance of credit bonds was 0.94 billion yuan, a year-on-year decrease of 64% and a month-on-month decrease of 55%. The cumulative issuance of credit bonds was 314.86 billion yuan, remaining stable year-on-year [48][50] 5. Weekly Market Review - The real estate index fell by 0.82%, underperforming the Shanghai and Shenzhen 300 index, which decreased by 0.51%. The real estate sector ranked 20th among 28 sectors in terms of performance [53][55]