第11周成交回升，倒逼存量盘活有利推动供需平衡

Investment Rating - The report maintains an "Overweight" rating for the industry [2][3]. Core Insights - The recent issuance of the "Notice on Further Ensuring the Guarantee of Natural Resource Elements" is expected to drive the revitalization of existing stock and promote market supply-demand balance, supporting the industry's high-quality development [3][4]. - New home sales in major cities showed a week-on-week increase, with 1.54 million square meters sold in the 30 major cities during the 11th week of 2026, representing a 4.74% increase from the previous week, although down 4.83% year-on-year [4]. - The report highlights a significant increase in sales in first-tier cities, with a week-on-week rise of 64.1%, while second-tier cities saw a decrease of 23.1% [4]. Summary by Sections Sales Performance - In the 11th week of 2026, new home sales in first-tier cities reached 490,000 square meters, while second-tier cities recorded 700,000 square meters, and third-tier cities 350,000 square meters [4]. - Cumulative sales from March 1 to March 12, 2026, in 30 cities totaled 2.24 million square meters, reflecting a 1.37% increase from February [4]. Land Transactions - Land supply in the 100 major cities amounted to 14.03 million square meters, with land transaction area at 14.45 million square meters, resulting in a supply-to-sales ratio of 0.97 [4]. - The total land transfer revenue was 29.9 billion yuan, with a year-on-year decrease of 29.3% [4]. Inventory and Market Dynamics - The inventory clearance cycle in 35 cities increased to 27.19 months, indicating a rise in the time required to sell available properties [4]. - The report notes that the available housing stock in February 2026 was 31.25 million square meters, down 0.26% month-on-month and 0.88% year-on-year [4].