行业周报：新房二手房成交面积环比增长，住建部强调促进地产市场供需平衡-20251221

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that the real estate market is moving towards stabilization, supported by various policies aimed at balancing supply and demand. Despite potential minor fluctuations in housing prices, the overall trend is expected to be stable due to proactive fiscal and monetary policies [3][56]. Summary by Sections 1. Policy Initiatives - The Ministry of Housing and Urban-Rural Development (MOHURD) is promoting a balanced real estate market by establishing a mechanism that links population changes to housing demand, land supply, and financial resource allocation [4][12]. - Guangzhou is fully promoting green buildings, aiming for all new civil buildings to meet at least a two-star green building standard by 2035 [13]. 2. Sales Performance - In the 51st week of 2025, the transaction area of new homes in 68 major cities increased by 30% month-on-month but decreased by 32% year-on-year, totaling 2.82 million square meters. Year-to-date, the cumulative transaction area is 115.54 million square meters, down 18% year-on-year [5][17]. - The transaction area for second-hand homes in 20 cities was 1.90 million square meters, with a year-on-year decline of 25% but a month-on-month increase [34]. 3. Investment Trends - In the 51st week of 2025, the land transaction area in 100 major cities reached 8.13 million square meters, a year-on-year increase of 12%, with a transaction premium rate of 1.7% [38]. - First-tier cities saw a slight decrease in land transaction area by 1%, while second-tier cities increased by 37% [39]. 4. Financing Conditions - The issuance of domestic credit bonds decreased significantly, with a total of 4.33 billion yuan issued in the 51st week, down 57% year-on-year and 68% month-on-month [44][56]. 5. Market Performance - The real estate index fell by 0.41% during the week, underperforming compared to the broader market, which saw the CSI 300 index decline by 0.28% [49].