Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors [3]. Core Insights - The real estate market is showing signs of stabilization, particularly in core cities, with policies aimed at boosting demand and optimizing supply [3][28]. - Two significant opportunities are identified: the rise of favorable housing policies and the strong performance of quality commercial enterprises during a monetary easing cycle [3]. - The report recommends several companies across different categories, including commercial real estate, quality housing companies, undervalued firms, property management, and second-hand housing intermediaries [3]. Industry Data Summary New Housing Transaction Volume - In the week of December 20-26, 2025, 34 key cities recorded a total new housing transaction volume of 3.63 million square meters, a week-on-week increase of 17.3% [4]. - Year-on-year, December's transaction volume in these cities decreased by 29%, with first and second-tier cities down by 28.4% and third and fourth-tier cities down by 35.7% [6][7]. Second-Hand Housing Transaction Volume - In the same week, 13 key cities saw a total second-hand housing transaction volume of 1.22 million square meters, a week-on-week increase of 2.4% [11]. - Year-to-date, the total transaction volume is down by 3.1% compared to the previous year [11]. New Housing Inventory - In the week of December 20-26, 2025, 15 key cities had a total of 1.29 million square meters of new housing launched, with a sales-to-launch ratio of 0.79 [22]. - The total available residential area in these cities was 90.67 million square meters, reflecting a week-on-week increase of 0.3% [22]. Policy and News Tracking Real Estate Industry - The Ministry of Housing and Urban-Rural Development has emphasized city-specific policies to stabilize the real estate market, with measures including inventory reduction and support for reasonable demand [28]. - Recent policy adjustments in Beijing include relaxing purchase restrictions and optimizing credit conditions for homebuyers [28][29]. Company Dynamics - Poly Developments has received approval for a convertible bond issuance of up to 5 billion yuan [35]. - China Jinmao successfully sold its 100% stake in the Ritz-Carlton Hotel in Sanya for 2.26 billion yuan [36]. Sector Performance Review - The SW Real Estate Index rose by 1.91%, underperforming the Shanghai and Shenzhen 300 Index, which increased by 1.95% [42]. - The report highlights the performance of individual stocks within the real estate sector, noting both top gainers and laggards [42].
地产及物管行业周报（2025/12/20-2025/12/26）：住建部明确因城施策稳定房地产市场，北京进一步放松限购政策-20251228
Shenwan Hongyuan Securities·2025-12-28 07:57