新房成交环比四连增

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints - The new - home market shows signs of marginal repair with four consecutive weeks of环比 growth, but the year - on - year readings are under pressure due to high - base effects. The second - hand housing market has certain resilience, though it also experiences fluctuations [1][2]. - There are significant structural differences in the real - estate market across different city tiers. First - tier cities have a mixed performance in new - and second - hand housing, while second - and third - tier cities also show different trends in new - and second - hand housing transactions [3][6]. - The second - hand housing listing prices show a differentiated trend among different city tiers, with first - tier cities stabilizing, and second - and third - tier cities continuing to decline [7]. 3. Summary by Relevant Catalogs 3.1 Weekly Data - New Homes: In the week from November 28 to December 4, the transaction area of new homes in 38 cities reached 2.92 million square meters, a 5%环比 increase, and the absolute scale is higher than the past four weeks, indicating a gradual recovery [1]. - Second - hand Homes: The transaction area of second - hand homes in 15 cities was 2.14 million square meters, a 3%环比 decline after two weeks of high - level consolidation. However, the trading volume in the past four weeks remained relatively stable [1]. - Year - on - year: Affected by high - base effects, both new - and second - hand home transactions declined year - on - year, with the decline in second - hand homes expanding significantly [1]. 3.2 Monthly Data - New Homes: In November, the transaction area of new homes in 38 cities decreased by 35% year - on - year, a further decline from the 27% drop in October, mainly due to the high - base effect of the same period last year [2]. - Second - hand Homes: In November, the transaction area of second - hand homes in 15 cities decreased by 20% year - on - year, the same as in October, showing stronger resilience compared to the new - home market [2]. 3.3 First - tier City Performance - New Homes: The new - home market in first - tier cities continued to recover, with a 7%环比 increase in weekly transactions, but the growth rate narrowed. There was significant differentiation among cities, with Beijing showing a large increase due to a low - base effect, while Guangzhou and Shenzhen declined [3]. - Second - hand Homes: The second - hand housing market cooled down, with a 4%环比 decline in the combined transactions of Beijing, Shanghai, and Shenzhen. All three cities experienced declines [3]. - Year - on - year: Both new - and second - hand home transactions in first - tier cities declined year - on - year, with the decline in second - hand homes expanding significantly. Shenzhen was particularly affected by the high - base effect [4]. 3.4 Second - and Third - tier City Performance - Second - tier Cities: New - home transactions increased slightly by 6%环比, but the recovery momentum was weak. Second - hand home transactions decreased by 7%环比 [6]. - Third - tier Cities: New - home transactions increased for three consecutive weeks, with a 3%环比 increase this week. Second - hand home transactions increased by 11%环比, approaching the annual high [6]. - Year - on - year: In second - tier cities, the decline in both new - and second - hand home transactions expanded. In third - tier cities, the decline in new - home transactions narrowed marginally [6]. 3.5 Housing Price Observation - Overall: From November 24 to December 1, the listing prices of second - hand homes in first - tier cities stabilized, while those in second - and third - tier cities continued to decline [7]. - First - tier Cities: Shenzhen's listing price rebounded, while other first - tier cities declined. Guangzhou had the deepest year - on - year decline [7]. - Second - tier Cities: Xi'an and Wuhan had relatively strong环比 performance, but their long - term prices were still in a downward adjustment channel. Hangzhou was relatively resistant to decline [7].