房地产行业周报（2026年7-8周）：春节前后新房与二手房成交面积同比减少，中海新增香港九龙牛头角地块

Investment Rating - The report maintains a recommendation for the real estate industry [2] Core Views - The real estate market is experiencing a decline in new and second-hand housing transaction volumes, with new housing transaction area down by 28% year-on-year during the Spring Festival period [19][23] - The report highlights three main issues in the real estate market: a decline in new housing demand, unresolved inventory issues, and the negative impact of land finance on the economy [31] Summary by Sections Industry Basic Data - The total number of listed companies in the real estate sector is 107, with a total market capitalization of 12,627.81 billion and a circulating market capitalization of 12,094.33 billion [2] Relative Index Performance - The absolute performance of the real estate sector is 0.9% for one month, 3.7% for six months, and 5.7% for twelve months, while the relative performance is 3.0%, -7.9%, and -13.7% respectively [3] Sales Data - New housing transaction area in 20 cities decreased by 28% year-on-year during the Spring Festival, with a total transaction area of 181 million square meters [19] - Second-hand housing transaction area in 11 cities decreased by 22% year-on-year during the same period, with a total transaction area of 156 million square meters [23] Policy News - Local policies include a housing subsidy program in Quzhou, providing up to 80,000 yuan for families with multiple children, and new measures in Huizhou to enhance housing fund support and optimize credit policies [13][16] Company Dynamics - Longfor Group reported a contract sales amount of 24.5 billion yuan in January, with a total sales area of 300,000 square meters [17] - China Overseas Development acquired land in Hong Kong for 18.688 billion HKD, designated for residential use [18] - China Resources Land reported a total contract sales amount of approximately 116.5 billion yuan, with a year-on-year growth of 0.4% [18]