2026春节假期楼市运行情况：平稳筑基，静待春晖

Investment Rating - The report indicates a stable outlook for the real estate market, suggesting a potential "small spring" recovery in key cities during 2026 [3][5]. Core Insights - The real estate market is entering a new phase focused on stabilizing expectations and shortening adjustment periods, with a gradual release of pent-up demand expected as holiday factors dissipate [5][7]. - During the 2026 Spring Festival, key cities experienced typical seasonal low transaction volumes, with new residential sales in 21 major cities totaling approximately 100,000 square meters, showing a slight decrease of 2% compared to the previous year [4][7]. - Various promotional activities were launched by real estate companies during the holiday, contributing to a buildup of market momentum for the upcoming recovery [4][5]. Summary by Relevant Sections Market Performance - In Shanghai, new home sales increased significantly due to favorable policies and strong promotional efforts by developers [4][13]. - Beijing's core projects maintained high interest, while second-hand home viewings were affected by travel and returning home for the holidays [12][13]. - In Guangzhou, over 140 projects offered promotions, leading to increased visitor numbers, particularly from returning residents [14]. - Shenzhen saw over 30 new projects with substantial discounts and promotional offers, attracting interest from both local and Hong Kong buyers [14]. - Chengdu's market remained subdued, with limited new supply and a focus on promotional activities for returning home buyers [16]. - Wuhan initiated a "Warm Home" campaign to stimulate demand, but overall market activity was cautious [17]. - In Tianjin, the new home market focused on inventory digestion, while the second-hand market showed signs of recovery driven by school district demand [19]. - Zhengzhou's market saw increased activity due to promotional efforts and favorable weather conditions, with core areas performing well [19].