第 6 周成交分化，房企减少拿地改善新房市场预期

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [2][4]. Core Insights - The real estate market is experiencing a divergence in transaction volumes, with a steady reduction in land acquisition by developers, which is expected to improve the new housing market outlook [2][4]. - New housing transaction volumes in major cities have shown a week-on-week increase, with a total of 1.49 million square meters sold in the top 30 cities during the 5th week of 2026, representing a 12.15% increase from the previous week [4]. - The report highlights that the supply-demand relationship for new homes is improving due to the continued reduction in land purchases by developers [4]. Summary by Sections - Transaction Data: In the 5th week of 2026, new home sales in first-tier cities reached 430,000 square meters (up 8.3% week-on-week), second-tier cities 730,000 square meters (up 11.7%), and third-tier cities 330,000 square meters (up 18.7%) [4]. - Year-on-Year Comparisons: Cumulative sales for the first five days of February 2026 in the 30 cities amounted to 990,000 square meters, down 16.05% compared to January [4]. - Land Supply and Sales: In the week of January 26 to February 1, 2026, land supply was 9.91 million square meters, with land sales reaching 12.05 million square meters, resulting in a supply-to-sales ratio of 0.82 [4]. - Inventory and Clearance Cycles: The report notes that the inventory clearance cycle in 35 cities increased to 26.45 months in January 2026, reflecting a 0.82% rise month-on-month [4].