Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that from January to November 2025, the total land acquisition amount for the top 100 companies reached 847.8 billion yuan, representing a year-on-year increase of 14.1%, although the growth rate has significantly narrowed compared to the previous months [4] - The average price of second-hand residential properties in 100 cities in November was 13,143 yuan per square meter, showing a month-on-month decline of 0.94% and a year-on-year decrease of 7.95% [4] - The report indicates that many regions are exploring policies to support the sale of existing homes, which may temporarily suppress real estate investment but will help restore residents' confidence in home buying in the long term [4] Summary by Sections Industry Fundamentals Tracking - New home transaction area in 30 major cities last week was 2.4177 million square meters, with a cumulative new home transaction area of 82.3198 million square meters for the year, down 9.8% year-on-year [5] - The average transaction area for new homes in first-tier cities over the past four weeks was 475,700 square meters, down 41.2% year-on-year, while second-tier cities saw an average of 1.0945 million square meters, down 26.5% year-on-year [5][13] - The available inventory of commodity residential properties in 14 cities was 80.3458 million square meters, down 6.52% year-on-year, with a de-stocking cycle of 19.14 months [16] Market Review - Last week, the A-share Shenwan first-level real estate industry index rose by 0.72%, while the CSI 300 index increased by 1.64%, indicating that the real estate index underperformed the CSI 300 by 0.92 percentage points [29] - The report notes that the A-share real estate sector ranked 24th among 31 Shenwan first-level industries last week [30]
房地产行业报告（2025.11.24-2025.11.30）：有序推进现房销售试点，恢复居民购房信心
China Post Securities·2025-12-03 12:05