Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Views - The real estate market is experiencing continued pressure with both investment and sales declining. In the first nine months of 2025, national real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9%, with the decline rate widening by 1 percentage point compared to the previous month. The sales area of new commercial housing was 65,835 million square meters, down 5.5% year-on-year, and the sales amount was 63,040 billion yuan, down 7.9% [4][5][6] Summary by Sections Industry Fundamentals Tracking - New Housing Transactions and Inventory: In the last week, the new housing transaction area in 30 major cities was 198.09 million square meters, with a cumulative year-to-date transaction area of 70,689.5 million square meters, down 4.9% year-on-year. The average transaction area over the past four weeks was 165.43 million square meters, down 18.1% year-on-year, but up 5.9% month-on-month [5][13] - Second-hand Housing Transactions and Listings: In the last week, the transaction area of second-hand housing in 20 cities was 215.09 million square meters, with a cumulative year-to-date transaction area of 8,859.15 million square meters, up 13.4% year-on-year [19][21] - Land Market Transactions: In the last week, 100 major cities saw 101 new residential land supplies and 32 transactions. The average floor price for residential land was 5,539.5 yuan per square meter, with a premium rate of 2.92% [26] Market Review - Last week, the A-share real estate index fell by 2.35%, underperforming the CSI 300 index, which fell by 2.22%. The real estate index lagged behind the CSI 300 by 0.12 percentage points [32][34]
房地产行业报告（2025.10.13-2025.10.19）：投资与销售双降，楼市调整压力持续
China Post Securities·2025-10-20 08:39