房地产行业报告（2025.12.29-2026.1.4）：2026年地产市场企稳值得期待

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The real estate market is expected to stabilize in 2026, with a significant shift in policy focus from fragmented regulation to systematic efforts to improve market expectations [5] - In 2025, the total equity sales of the top 100 real estate companies amounted to approximately 25,209 billion, a year-on-year decline of 18.4% compared to 30,887 billion in 2024 [5] - The total land acquisition amount for the top 100 real estate companies in 2025 was 9,640 billion, reflecting a year-on-year increase of 3.9% [5] Summary by Sections Industry Fundamentals Tracking - New home transaction area in 30 major cities last week was 223.16 million square meters, with a cumulative year-on-year decline of 16.3% [6] - The average transaction area over the past four weeks in these cities was 247.51 million square meters, down 27.6% year-on-year, but up 4.9% month-on-month [6] - The average transaction area for first-tier cities was 53.41 million square meters, down 38.5% year-on-year, while second-tier cities saw an average of 149.37 million square meters, down 23% year-on-year [6][14] - The inventory of available residential properties in 14 cities was 7,967.2 million square meters, down 5.45% year-on-year [17] Market Review - The A-share real estate index fell by 0.69% last week, underperforming the CSI 300 index, which declined by 0.59% [31] - The Hong Kong property service and management index decreased by 0.82%, while the Hang Seng Composite Index rose by 1.71%, indicating a relative underperformance of the property sector [31] - In terms of rankings, the A-share real estate sector was positioned 19th among 31 primary industries, while the Hong Kong real estate and property services ranked 7th and 11th respectively [32]