房地产行业月报：开发投资降幅收窄，市场逐步探底向稳

Investment Rating - The report maintains an "Overweight" rating for the real estate industry, indicating a positive outlook for the sector in the next six months [1]. Core Insights - Development investment decline has narrowed, with new construction and completion continuing to adjust. In January-February 2026, cumulative real estate development investment reached 961.2 billion yuan, a year-on-year change of -11.1%, with the decline narrowing by 6.1 percentage points compared to the entire year of 2025 [8]. - Sales show marginal improvement, with a reduction in the month-on-month decline of housing prices. In January-February 2026, the national commodity housing sales area was 92.93 million square meters, a year-on-year change of -13.5%, with the decline narrowing by 2.1 percentage points compared to December 2025 [19]. - Funding pressure remains, but the decline in self-raised funds has narrowed. In January-February 2026, the cumulative amount of funds in place for real estate development enterprises was 1.3 trillion yuan, a year-on-year change of -16.5%, with the decline expanding by 3.1 percentage points compared to the entire year of 2025 [31]. Summary by Sections 1. Development Investment and Construction - Development investment decline has narrowed, with a cumulative year-on-year change of -11.1% for January-February 2026 [8]. - New construction area continues to adjust, with a cumulative year-on-year change of -23.1% for January-February 2026 [9]. - Completion area continues to adjust, with a cumulative year-on-year change of -27.9% for January-February 2026 [16]. 2. Sales and Housing Prices - Sales decline has narrowed, with a cumulative year-on-year change of -13.5% in sales area for January-February 2026 [19]. - Housing price decline has slowed, with a month-on-month change of -0.3% in February 2026 for new homes [23]. 3. Funding Situation - Funding pressure remains, with a cumulative year-on-year change of -16.5% in funds in place for January-February 2026 [31]. - The decline in self-raised funds has narrowed, with a year-on-year change of -5.9% [38]. 4. Investment Recommendations - The report recommends several companies for investment: for real estate development, it suggests China Resources Land, New Town Holdings, and China Merchants Shekou, while also advising to pay attention to Poly Developments [43].