第10周成交回升，保障和改善民生有利释放刚改需求

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [2][4]. Core Insights - The recent increase in transaction volume is attributed to the government's focus on stabilizing the real estate market and enhancing the well-being of citizens, which is expected to release pent-up demand [2][4]. - In the week of March 5, 2026, the transaction area for new homes in 30 major cities reached 1.47 million square meters, a week-on-week increase of 243.4% and a year-on-year decrease of 12.4% compared to the same week in 2025 [4]. - The report highlights that first-tier cities saw a sales area of 300,000 square meters, up 200.6% week-on-week but down 38% year-on-year, while second-tier cities experienced a sales area of 910,000 square meters, up 274% week-on-week and up 7% year-on-year [4]. - The cumulative transaction area for new homes from March 1 to 5, 2026, was 700,000 square meters, reflecting a 27.8% decrease compared to February 2026 and a 24.2% decrease year-on-year [4]. - The report notes a recovery in the transaction volume of second-hand homes, with a total area of 1.9 million square meters in 24 cities, marking a week-on-week increase of 149.5% but a year-on-year decrease of 25.4% [4]. Summary by Sections New Home Transactions - In the week of March 5, 2026, the new home transaction area in 30 major cities was 1.47 million square meters, with significant increases in second-tier cities [4]. - The report indicates a substantial recovery in transaction volumes compared to previous weeks, driven by government policies aimed at stabilizing the market [4]. Second-Hand Home Transactions - The second-hand home transaction area in 24 cities reached 1.9 million square meters, showing a notable week-on-week increase but a decline year-on-year [4]. - First-tier cities reported a transaction area of 789,000 square meters, reflecting a week-on-week increase of 212.3% but a year-on-year decrease of 23.3% [4]. Land Transactions - The report states that land supply in the week of February 23 to March 1, 2026, was 7.54 million square meters, with land transaction area reaching 11.36 million square meters [4]. - The land premium rate was reported at 17.6%, indicating a recovery in land transaction dynamics [4].