房地产行业数据点评：新政短期效果显现，沪广深成交回暖

Investment Rating - The report maintains an "Overweight" rating for the real estate industry, focusing on companies with strong financing channels, land acquisition capabilities, and reasonable land reserve layouts [8][19]. Core Insights - The new policies implemented in Shanghai, Guangzhou, and Shenzhen have shown immediate effects, particularly in stimulating demand for second-hand housing in Shanghai, which saw a significant increase in transaction volume [5][19]. - The report emphasizes that while the effects of the new policies are likely to continue into June, the sustainability of transaction volume recovery remains to be observed, as consistent volume stabilization is necessary to support prices and alter public expectations regarding price declines [19]. Summary by Sections Shanghai - Following the policy adjustments on May 17, Shanghai experienced a notable increase in second-hand housing transactions, with average daily sales rising from 660 units to 853 units, marking a 29.2% increase [5][10]. - The new policies included a reduction in the social security requirement for non-local buyers and significant cuts in down payment ratios and loan interest rates, which have stimulated short-term demand [5][10]. Guangzhou - Guangzhou's new policies, effective from May 28, significantly relaxed purchase restrictions, reducing the social security requirement for non-local families from 2 years to 6 months, the most lenient among the four first-tier cities [6][15]. - New home transactions increased by 23.4% from April, while the second-hand market saw a rise in listings due to the removal of the 2-year sales restriction, which may lead to price pressures but also increased transaction activity [6][15]. Shenzhen - Shenzhen optimized its purchase restrictions on May 6, resulting in a 19% increase in second-hand home transactions in the week following the policy change [7][15]. - The subsequent policy adjustments on May 28 did not significantly alter new home sales, but the market remains at a relatively high level, with expectations for gradual recovery in June [7][15].