行业周报：新房二手房成交面积环比增长，完善房地产金融基础性制度-20251116

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the transaction area of new and second-hand houses has increased on a month-on-month basis, while year-on-year figures show a decline. The report emphasizes the need to improve the financial infrastructure of the real estate sector and highlights the implementation of supportive financial policies by the central bank to stabilize the market [3][4][57] Summary by Sections Financial Infrastructure Improvement - The central bank aims to establish a multi-level and diversified pension financial system to support high-quality development of the silver economy and address the challenges of an aging population. It emphasizes enhancing financial support to boost consumption and implementing policies to help individuals restore credit [4][12] - The government of Hangzhou has introduced measures to optimize land resource allocation, focusing on precise configuration of new land and effective activation of existing land [4][12] Sales Performance - In the 46th week of 2025, the transaction area of new residential properties in 68 major cities reached 1.93 million square meters, showing a year-on-year decline of 36% but a month-on-month increase of 15%. Cumulatively, the transaction area from the beginning of the year to date is 10,337 million square meters, with a year-on-year decline of 15% [5][15] - The transaction area of second-hand houses in 20 cities was 1.88 million square meters, with a year-on-year decline of 16% and a month-on-month increase of 6%. The cumulative transaction area for the year is 8,630 million square meters, showing a year-on-year increase of 3% [32] Investment Performance - In the 46th week of 2025, the planned land area released in 100 major cities was 6,292 million square meters, with a transaction area of 1,189 million square meters, reflecting a year-on-year decline of 41%. The average transaction premium rate was 1.4% [38] - The transaction area of land in first-tier cities decreased by 19% year-on-year, while second-tier cities saw a slight decline of 0.3%, and third-tier cities experienced a significant drop of 61% [38] Financing Conditions - The issuance of domestic credit bonds in the 46th week of 2025 was 2.62 billion yuan, representing a year-on-year decrease of 46% and a month-on-month decrease of 64%. The cumulative issuance for the year reached 354.92 billion yuan, showing a year-on-year increase of 2% [6][46] Market Performance - The real estate index increased by 2.7% during the week, outperforming the Shanghai and Shenzhen 300 index, which fell by 1.08%. This indicates a relative performance advantage for the real estate sector [51]