房地产行业报告（2025.10.27-2025.11.2）：推进现房销售制，短期预计拿地将进一步下滑

Industry Investment Rating - The investment rating for the real estate industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report indicates that the current policy is promoting the sale of existing homes, which is expected to lead to a further decline in land acquisition by real estate companies due to risk cost control [4] - In October 2025, the top 100 real estate companies achieved a sales amount of 253 billion yuan, a month-on-month increase of 0.1% but a year-on-year decrease of 41.9% [4] - The average premium rate for land transactions in October was 2.7%, the lowest of the year [4] Summary by Relevant Sections 1. Industry Fundamentals Tracking - New home transaction area in 30 major cities last week was 198.27 million square meters, with a cumulative area of 7,469.89 million square meters this year, showing a year-on-year decrease of 6.8% [5][13] - The average transaction area for new homes in first-tier cities over the past four weeks was 48.72 million square meters, down 42.5% year-on-year [5][13] - The inventory of available residential properties in 14 cities was 79.93 million square meters, down 7.93% year-on-year [16] 2. Secondary Housing Transactions and Listings - The transaction area for second-hand homes in 20 cities last week was 216.37 million square meters, with a cumulative area of 9,303.71 million square meters this year, reflecting a year-on-year increase of 11.2% [19][21] - The listing index for second-hand homes nationwide was 5.46, down 12.6% month-on-month [23] 3. Land Market Transactions - In the last week, 194 residential land plots were newly supplied in 100 major cities, with 84 plots successfully sold [28] - The average floor price for residential land transactions was 5,464.25 yuan per square meter, with a premium rate of 3.1% [28] 4. Market Review - The A-share real estate index fell by 0.7% last week, underperforming the CSI 300 index, which decreased by 0.43% [31] - The real estate sector ranked 26th among 31 first-level industries in A-shares last week [32]