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房地产行业研究周报 ：进一步优化房地产政策，一二手房环比成交改善
ZHONGTAI SECURITIES·2024-03-31 16:00

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1]. Core Insights - The report highlights improvements in transaction volumes for both new and second-hand homes due to further optimization of real estate policies [1][5]. - The report suggests that investors should focus on stable-performing real estate companies such as Yuexiu Property, Huafa Group, Poly Developments, China Merchants Shekou, and Greentown China [5][6]. Weekly Market Review - The Shenwan Real Estate Index decreased by 1.74%, while the CSI 300 Index fell by 0.21%, indicating underperformance of the sector compared to the broader market [3][4]. - The top five performing real estate stocks included China International Trade, Beijing Investment Development, Tibet City Investment, Daming City, and Longfor Properties, while the bottom five included Dima Shares, Lushang Development, Tianjin Songjiang, Huangting International, and Beichen Real Estate [3]. Industry Fundamentals New Home Transaction Analysis - In the week of March 22-28, a total of 40,067 new homes were sold across 58 key cities, reflecting a year-on-year decrease of 36.2% but a month-on-month increase of 31.5% [12][19]. - The total transaction area for new homes was 442.8 million square meters, with a year-on-year decrease of 38.8% and a month-on-month increase of 37.8% [12][19]. - Transaction volumes in first-tier, second-tier, and third/fourth-tier cities showed year-on-year decreases of 42.9%, 33%, and 35.2%, respectively [13]. Second-Hand Home Transaction Analysis - In the same week, 22,079 second-hand homes were sold in 15 key cities, with a year-on-year decrease of 22.4% and a month-on-month increase of 4.9% [21]. - The total transaction area for second-hand homes was 206.7 million square meters, showing a year-on-year decrease of 24.6% and a month-on-month increase of 6.5% [21]. - First-tier cities experienced a year-on-year decrease of 17.3% in transaction volumes, while second-tier and third/fourth-tier cities saw decreases of 22% and 31.1%, respectively [21].