行业周报：二手房成交面积环比增长，打造公平公正市场竞争环境-20260111

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The transaction area of second-hand houses has increased month-on-month, creating a fair and just market competition environment. The overall real estate market in China is moving towards stabilization, with potential for slight fluctuations in housing prices during this process [6][62]. Summary by Relevant Sections Market Performance - In the second week of 2026, the transaction area of new residential properties in 68 major cities was 1.7 million square meters, a year-on-year decrease of 32% and a month-on-month decrease of 39%. Cumulatively, the transaction area since the beginning of the year reached 4.47 million square meters, with a year-on-year decrease of 29% [18][28]. - The transaction area of second-hand houses in 20 cities was 2.08 million square meters, with a year-on-year growth rate of -6% and a month-on-month growth [35]. Investment Side - In the second week of 2026, the total planned land area launched in 100 major cities was 22.58 million square meters, with a transaction area of 24.89 million square meters, a year-on-year decrease of 19%. The transaction premium rate was 0.5% [41][43]. Financing Side - In the second week of 2026, the issuance of credit bonds was 2.88 billion yuan, a year-on-year decrease of 73%, with an average weighted interest rate of 2.51%, which increased by 30 basis points month-on-month [50][55]. Investment Recommendations - The report maintains a "Positive" rating for the industry, indicating expectations for the real estate market to stabilize further under the influence of various supportive policies [62].