行业点评报告：新房价格环比降幅扩大，二手房价环比降幅持平

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the new housing sales prices in 70 cities have seen a month-on-month decline, while the year-on-year decline has narrowed. The first-tier cities have experienced an expanded decline in new housing prices. For second-hand housing, the month-on-month decline has remained stable, but the year-on-year decline has also narrowed. The overall real estate market is moving towards stabilization, supported by various policies aimed at halting the decline [8][29]. Summary by Sections New Housing Price Trends - In September 2025, the month-on-month decline in new housing prices for first, second, and third-tier cities was -0.3%, -0.4%, and -0.4% respectively, with the overall decline for 70 cities at -0.4%, which is an increase of 0.1 percentage points compared to August. Year-on-year, the declines for first, second, and third-tier cities were -0.7%, -2.1%, and -3.4%, with the overall year-on-year decline for 70 cities narrowing by 0.3 percentage points to 2.7% [5][15][17]. Second-Hand Housing Price Trends - The month-on-month decline in second-hand housing prices for 70 cities was -0.6%, remaining stable compared to the previous month. Year-on-year, the decline was -5.2%, which is a reduction of 0.3 percentage points. The first, second, and third-tier cities saw year-on-year declines of -3.2%, -5.0%, and -5.7% respectively, with all declines narrowing compared to August [6][21][24]. Investment Recommendations - The report suggests focusing on companies with strong credit ratings that can cater to improving customer demand, such as Greentown China, China Merchants Shekou, China Overseas Land & Investment, and others. It also recommends companies benefiting from both residential and commercial real estate recovery, such as China Resources Land and Longfor Group. Additionally, it highlights quality property management firms under the "Good House, Good Service" policy [8][30][32].