湘财证券晨会纪要-20260330

Group 1 - The real estate industry in core cities shows active second-hand housing transactions in March, with Shanghai experiencing a relatively smaller decline in new housing transactions [2][3] - In Beijing, the average daily transaction of second-hand houses from March 20 to March 26 was 730 units (up 15.1% year-on-year), while new housing transactions saw a significant decline of 47.4% [2] - Shanghai's second-hand housing transactions averaged 1,086 units daily during the same period (up 15% year-on-year), with expectations that March's second-hand transactions will reach around 30,000 units [2][5] Group 2 - Shenzhen's second-hand housing transactions averaged 198 units daily (down 3% year-on-year), with new housing transactions averaging 60 units (down 36%) [3] - Nationwide, the new housing transaction area in 30 major cities decreased by 10.2% year-on-year for the week of March 20-26, with a cumulative decline of 18.9% for the first three months [4][5] - The first-tier cities are experiencing a significant decline in new housing transactions due to last year's high base and reduced supply this year, while second-hand housing transactions remain strong [5] Group 3 - The investment recommendation maintains a "buy" rating for the industry, focusing on leading real estate companies with land reserves in core cities and high-end improvement products, such as Poly Developments [6] - The report suggests that leading intermediary institutions, like I Love My Home, are expected to see valuation recovery as the proportion of second-hand housing transactions continues to rise [6]