行业周报：新房成交面积环比增长，支持城市存量设施更新改造-20251130

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The new housing transaction area has increased month-on-month, supporting the renovation and upgrading of existing urban facilities. The overall real estate market in China is moving towards stabilization, with potential for slight fluctuations in housing prices during this process. The expectation is for further stabilization of the real estate market under the influence of various supportive policies [5][64]. Summary by Sections 1. Support for Urban Facility Upgrades - The National Development and Reform Commission will support cities in enhancing parking facility planning and upgrading existing facilities, as well as improving the charging infrastructure network [6][14]. 2. Sales Performance - In the 48th week of 2025, the transaction area of new homes in 68 major cities reached 2.43 million square meters, a year-on-year decrease of 49% but a month-on-month increase of 5%. Cumulatively, the transaction area from the beginning of the year to date is 10.829 million square meters, down 16% year-on-year [19][29]. - The transaction area of second-hand homes in 20 cities was 1.88 million square meters, with a year-on-year growth rate of -19% [37]. 3. Investment Performance - In the 48th week of 2025, the planned land area for sale in 100 major cities was 94.7 million square meters, with a transaction area of 40.72 million square meters, down 3% year-on-year. The transaction premium rate was 0.9% [43][46]. 4. Financing Performance - In the 48th week of 2025, the issuance of credit bonds was 17.84 billion yuan, an increase of 27% year-on-year and 279% month-on-month. The cumulative issuance of credit bonds reached 379.47 billion yuan, up 2% year-on-year [51][55]. 5. Weekly Market Review - The real estate index rose by 0.72%, underperforming the CSI 300 index, which increased by 1.64%. The real estate sector ranked 23rd among 28 sectors in terms of performance [56][58].