样本城市周度高频数据全追踪：2月推盘未售去化周期较1月上升-20260322

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [8]. Core Insights - The report highlights that the sales decline in new homes has narrowed, while the decline in second-hand homes has expanded, with both categories experiencing low levels compared to the same period in the past five years [9][14]. - The liquidity outlook for March 2026 suggests an increase in macro-level liquidity, with a reduction in tightening measures compared to the previous year [49]. - The report notes a rise in the unsold inventory cycle for new homes in February compared to January, indicating a potential challenge in inventory management [32]. Industry Scale - The industry comprises 257 listed companies, with a total market capitalization of 2,966.1 billion and a circulating market capitalization of 2,812.4 billion [1]. Industry Index Performance - The absolute performance of the industry index shows a decline of 6.7% over one month, 4.1% over six months, but a positive increase of 7.6% over twelve months [2]. New Home and Second-Hand Home Transactions - As of March 19, 2026, the year-on-year decline in new home transaction area is reported at -13%, while the second-hand home transaction area shows a decline of -15% [4][5]. - The average number of viewings for second-hand homes in 12 sample cities has turned negative, indicating a significant drop in buyer interest [43]. Land Acquisition Trends - In January-February 2026, the area of land transactions decreased by 30% year-on-year, while the average transaction price saw a smaller decline of 21% [20]. - The report indicates a decrease in the number of unsold new homes in first and second-tier cities, while third and fourth-tier cities saw an increase in unsold inventory [35].