房地产行业周报：二手房成交活跃，新房修复偏慢-20260327

Investment Rating - The industry investment rating is maintained as "Buy" [3][8]. Core Insights - In March, second-hand housing transactions in key cities like Beijing and Shanghai showed significant improvement, while new housing transactions remained sluggish [5][6][8]. - In Beijing, the average daily transaction of second-hand homes was 730 units (up 15.1% year-on-year), while new homes saw a decline of 47.4% year-on-year [5]. - In Shanghai, the average daily transaction of second-hand homes was 1,086 units (up 15% year-on-year), with expectations of reaching around 30,000 units for March [6][8]. - Shenzhen experienced a decline in both second-hand and new home transactions, with second-hand homes down 3% year-on-year [6]. - Nationwide, new home transactions showed a clear divergence, with first-tier cities experiencing a significant drop in transaction volume compared to second and third-tier cities [7]. - The report highlights that the increase in second-hand home transactions is partly due to policy stimuli and reflects that some property prices are now at reasonable levels [8]. Summary by Sections Key Cities Performance - Beijing: Second-hand home transactions increased by 3.9% year-on-year, while new homes decreased by 42.3% [5]. - Shanghai: Second-hand home transactions increased by 4.5% year-on-year, while new homes decreased by 8.7% [6]. - Shenzhen: Second-hand home transactions decreased by 1.1% year-on-year, and new homes decreased by 17.2% [6]. National Trends - New home transaction area in 30 major cities decreased by 10.2% year-on-year, with a total transaction area decline of 18.9% for the first three months [7]. - Second-hand home transactions in 13 cities showed a decrease of 1.5% year-on-year, with a cumulative decline of 7% for the first three months [7]. Investment Recommendations - The report suggests focusing on leading real estate companies with land reserves in core cities and high-end improvement products, such as Poly Developments [8]. - It also recommends paying attention to leading intermediary agencies that are likely to see valuation recovery due to the increasing proportion of second-hand home transactions, such as I Love My Home [8].