房地产行业报告（2026.3.2-2026.3.8）：两会定调着力稳定房地产市场，供需两端同发力

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The government work report emphasizes the need to stabilize the real estate market, indicating a consistent focus on this area. Policies will encourage the acquisition of existing properties for affordable housing and promote the revitalization of existing land and commercial properties [3] - Demand-side policies are expected to support first-time homebuyers and families with multiple children, aligning housing policies with population growth strategies [3] Industry Fundamentals Tracking - New Home Transactions and Inventory: In the last week, the new home transaction area in 30 major cities was 958,300 square meters, with a cumulative year-to-date transaction area of 11,945,200 square meters, reflecting a year-on-year decrease of 21.3%. The average transaction area over the past four weeks was 845,100 square meters, down 46.6% year-on-year and 7.5% month-on-month [4][12] - Second-Hand Home Transactions and Listings: In the last week, the transaction area for second-hand homes in 20 cities was 154,740 square meters, with a cumulative year-to-date area of 1,746,780 square meters, showing a year-on-year decrease of 7.7% [5][17] - Land Market Transactions: In the last week, 21 residential land plots were newly supplied in 100 major cities, with 14 plots sold. The average floor price for residential land was 7,017.25 yuan per square meter, with a premium rate of 7.28%, reflecting a month-on-month increase of 0.54 percentage points [25] Market Review - Last week, the A-share real estate index fell by 4.09%, while the CSI 300 index decreased by 1.07%, indicating that the real estate index underperformed the CSI 300 by 3.03 percentage points [28]