房地产：26年第1周成交涨跌互现，跨年市场稳健有利开局

Investment Rating - The industry investment rating is "Increase" [2][18] Core Insights - The report indicates that the real estate market has shown mixed results in transaction volumes, with a stable and fluctuating trend expected to continue due to ongoing accommodative policies [2][3] - The report anticipates that the policy environment will remain supportive, which will help stabilize the market in 2026 [3] Summary by Sections Transaction Data - In the first week of 2026, the new housing transaction area in 30 major cities was 3.15 million square meters, a week-on-week increase of 5.2% but a year-on-year decrease of 20.6% [3] - First-tier cities saw a sales area of 710,000 square meters, up 31.0% week-on-week but down 24% year-on-year [3] - Second-tier cities recorded a sales area of 1.98 million square meters, a week-on-week increase of 2.83% and a year-on-year decrease of 15% [3] - Third-tier cities had a sales area of 470,000 square meters, down 12.3% week-on-week and down 34.5% year-on-year [3] Cumulative Transaction Data - As of January 1, 2026, the cumulative transaction area in 30 cities was 90,000 square meters, down 61.8% year-on-year [3] - Cumulative transaction areas for first-tier, second-tier, and third-tier cities were 30,000 square meters, 40,000 square meters, and 10,000 square meters respectively, with significant year-on-year declines [3] Land Transaction Data - The land supply area was 1.028 million square meters, with a transaction area of 3.33 million square meters, resulting in a supply-to-sales ratio of 0.31 [3] - The total land transfer amount was 121.8 billion yuan, with a year-on-year decrease of 15.9% [3] Inventory and Clearance Cycle - The inventory clearance cycle in 35 cities increased to 24.54 months, up 6.64% month-on-month and down 12.09% year-on-year [3]