一线城市近一周新房、二手房成交承压

Investment Rating - The industry investment rating is maintained as "Buy" [2][7] Core Insights - The real estate market is experiencing a traditional off-season, with both new and second-hand housing transactions showing a year-on-year decline due to high base effects from the previous year [7] - In major cities, new housing transaction volumes are under pressure, with significant declines observed in Beijing, Shanghai, and Shenzhen [4][5][6] Summary by Sections New and Second-Hand Housing Transactions - In Beijing, the average daily transaction of second-hand homes decreased to 448 units, down 25.2% year-on-year, while new homes saw a drop to 80 units, down 51.7% year-on-year [4] - In Shanghai, second-hand home transactions averaged 730 units, down 17% year-on-year, and new homes averaged 268 units, down 21% year-on-year [4] - In Shenzhen, second-hand home transactions averaged 159 units, down 40% year-on-year, and new homes averaged 65 units, down 77% year-on-year [5] Market Performance - The new housing transaction area in 30 major cities decreased by 43% year-on-year for the week of November 2-8, and by 47.3% year-on-year for the month of November [6] - Cumulatively, from January to November, the transaction area decreased by 9.2% year-on-year [6] Investment Recommendations - The report suggests focusing on leading real estate companies with strong land acquisition capabilities and land reserves in core cities, such as Poly Developments [7] - It also highlights the potential for valuation recovery among leading intermediary firms benefiting from an increase in second-hand housing transactions, such as I Love My Home [7]