着力稳定房地产市场，关注3月成交表现

Investment Rating - The industry maintains a "Buy" rating [7] Core Insights - The real estate market is showing signs of stabilization, with a focus on March transaction performance [1] - Key cities are experiencing a gradual recovery in second-hand housing transactions, with Shanghai's new policies beginning to show effects [2] - Nationally, new and second-hand housing transactions are gradually recovering post-Spring Festival, although year-on-year comparisons show declines [3] Summary by Sections Key Cities - In Beijing, the average daily transaction of second-hand homes was 494 units (down 18.4% year-on-year), while new homes saw 70 units (down 40.9%) [2] - Shenzhen reported 139 second-hand homes (down 28%) and 39 new homes (down 51%) [2] - Shanghai's second-hand homes averaged 723 units (down 18%) and new homes 213 units (down 15%), with significant increases compared to the previous lunar year [2] National Overview - In 30 major cities, new home transaction area decreased by 23.3% year-on-year, but increased by 11% compared to the previous lunar year [3] - The cumulative transaction area from January to March shows a decline of 24.4% year-on-year [3] - Second-hand homes in 14 cities saw a 24.7% year-on-year decrease, but a 10.4% increase compared to the previous lunar year [3] Investment Recommendations - The traditional peak season for real estate transactions is in March and April, with Shanghai's new policies expected to release pent-up demand [4] - The report suggests focusing on leading real estate companies with land reserves in core cities and high-end products, such as Poly Developments [4] - It also highlights the potential for valuation recovery in leading intermediary agencies as the proportion of second-hand transactions continues to rise [4]