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房地产行业第40-41周周报：十一假期成交量同比下滑，9月百强房企权益销售额同比增速转正-20251015
Bank of China Securities·2025-10-15 08:09

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The transaction volume of new and second-hand homes declined year-on-year during the National Day holiday period. However, the sales growth rate of the top 100 real estate companies turned positive in September [1] - New home transaction area turned negative month-on-month and the year-on-year decline expanded. The transaction area of second-hand homes also turned negative both month-on-month and year-on-year [1] - New home inventory area decreased month-on-month, with a narrowing year-on-year decline. The de-stocking cycle turned positive month-on-month [1] Summary by Sections 1. Key City New Home Market, Second-hand Home Market, and Inventory Tracking - In the 40th and 41st weeks, the new home transaction area in 40 cities was 3.114 million square meters, a month-on-month decrease of 25.3% and a year-on-year decrease of 17.1% [5][16] - The transaction area of second-hand homes in 18 cities was 154.6 million square meters, with a month-on-month decrease of 52.5% and a year-on-year decrease of 24.0% [46][52] 2. Land Market Tracking - The total land transaction area in 100 cities was 34.13 million square meters, a month-on-month increase of 18.4% but a year-on-year decrease of 8.2% [59][60] - The total land price was 88.28 billion yuan, a month-on-month increase of 49.4% but a year-on-year decrease of 8.6% [59][60] 3. Industry Policy Review - On October 9, the Chongqing Municipal Housing and Urban-Rural Development Committee introduced a series of innovative measures to support housing consumption, focusing on various groups such as graduates and new citizens [1] 4. Weekly Industry Performance Review - The absolute return of the real estate industry was -0.8%, a decrease of 3.8 percentage points compared to the previous week [13] - The relative return compared to the CSI 300 was -0.3%, a decrease of 1.3 percentage points compared to the previous week [13] 5. Company Bond Issuance Situation - The total bond issuance in the real estate industry was 0.94 billion yuan, a month-on-month decrease of 87.2% and a year-on-year decrease of 89.0% [54][56]