2月统计局房地产数据追踪：房地产行业：新房销售延续下行，开发投资仍在探底

Investment Rating - The report maintains an "Outperform" rating for the real estate industry [3] Core Insights - New home sales continue to decline, with a total sales amount of 0.82 trillion yuan in January-February 2026, representing a year-on-year decrease of 20.2% [4][9] - The second-hand housing market is experiencing a price adjustment, with first-tier cities seeing a year-on-year price drop of 7.6% [25] - Real estate development investment is still on a downward trend, with a cumulative year-on-year decrease of 11.1% in January-February 2026 [49] Summary by Sections New Homes - The traditional sales season in January-February saw a continued decline in market transactions, with sales area at 0.93 billion square meters, down 13.5% year-on-year [4][12] - The number of new homes approved for sale in February was 30,200 units, a decrease of 1.91% year-on-year [13] Second-Hand Homes - The second-hand housing market is seeing a price adjustment, with prices in first-tier cities down 7.6% year-on-year, while second and third-tier cities saw declines of 6.2% and 6.3% respectively [25] - The transaction volume of second-hand homes in major cities continues to decline, with Beijing, Shanghai, and Shenzhen experiencing year-on-year decreases of 4.16%, 2.8%, and 0.47% respectively [22] Development Investment - Real estate development investment continues to decline, with a cumulative year-on-year decrease of 11.1% in January-February 2026 [49] - New construction and completion areas are also seeing significant declines, with new construction down 23.1% year-on-year [55] Investment Recommendations - Focus on developers with sufficient new value in core areas, such as China Resources Land and Greentown China [58] - Pay attention to commercial developers with strong operational capabilities, such as Hang Lung Properties and Swire Properties [58] - Consider opportunities in intermediary agencies like Beike and Wo Ai Wo Jia as second-hand home transactions increase [58]