房地产行业：春节楼市观察—长三角&珠三角：分化态势明显，杭州“独立行情”能否持续？

Investment Rating - The report indicates a mixed investment rating for the real estate markets in the Yangtze River Delta and Pearl River Delta regions, with specific cities showing varying degrees of recovery and challenges [3][17]. Core Insights - The report highlights a significant divergence in the real estate markets of the Yangtze River Delta and Pearl River Delta, with cities like Hangzhou showing a relatively better performance while others like Nanjing and Shenzhen face ongoing challenges [3][6][18]. - The report emphasizes that buyer sentiment has shifted towards a more cautious and rational approach, with many potential buyers adopting a wait-and-see attitude due to economic uncertainties and market conditions [5][19]. - The analysis suggests that while some cities may experience a mild recovery, the overall market sentiment remains subdued, and the recovery trajectory will depend on various local factors and policy adjustments [6][12][21]. Summary by Relevant Sections Yangtze River Delta - Hangzhou: The city has shown resilience with a 10% year-on-year increase in new home sales, driven by favorable policies and a strong local economy. However, buyer sentiment is cautious, with a 27.1% decrease in registration for public lottery draws, indicating a shift towards a more conservative purchasing approach [5][6]. - Nanjing: The new home market faces significant pressure with a 20% year-on-year decline in sales volume. The city has a high inventory level, leading to a projected clearing period of 23.1 months [6][8]. - Other Cities: Cities like Suzhou and Yangzhou continue to experience market adjustments, with varying levels of buyer interest and policy impacts. The overall sentiment remains cautious, with a focus on improving product quality and buyer confidence [11][12]. Pearl River Delta - Shenzhen: The new home market has seen a 39.4% increase in supply but a 6.8% decline in sales, indicating a challenging market environment. The focus has shifted to the second-hand housing market, which has seen a 55.6% increase in transactions [18][19]. - Guangzhou: Recent policy adjustments have eased some restrictions, leading to a slight improvement in buyer sentiment. However, the market remains cautious, with expectations of a "small spring" in the central areas post-holiday [19][21]. - Foshan and Zhuhai: Both cities are experiencing shifts in buyer demographics, with a growing focus on local buyers and improved product offerings. The market remains competitive, with developers enhancing product quality to attract buyers [21][24].