国泰海通｜地产：第36周成交回落，深圳放松政策刺激需求

Core Viewpoint - The real estate market in major cities has shown a decline in transaction volume, but policy adjustments in Shenzhen are expected to stimulate demand and stabilize the market trend for the year, maintaining an "overweight" rating for the industry [1]. Group 1: New Housing Transactions - In the week of 2025, the new housing transaction area in 30 major cities was 1.65 million square meters, a decrease of 3.35% week-on-week, but an increase of 8.37% year-on-year [2]. - First-tier cities saw a sales area of 470,000 square meters, down 11.8% week-on-week and down 4% year-on-year [2]. - Second-tier cities recorded a sales area of 830,000 square meters, down 13.1% week-on-week but up 5% year-on-year [2]. - Third-tier cities had a sales area of 360,000 square meters, up 5.5% week-on-week and up 41.1% year-on-year [2]. Group 2: Second-Hand Housing Transactions - The second-hand housing transaction volume in 24 cities for the week was 1.85 million square meters, down 8.97% week-on-week and up 11.15% year-on-year [2]. - First-tier cities had a transaction area of 747,000 square meters, down 4.7% week-on-week and up 6.3% year-on-year [2]. - Second-tier cities recorded a transaction area of 726,500 square meters, down 13.7% week-on-week and up 5.1% year-on-year [2]. - Third-tier cities had a transaction area of 375,000 square meters, down 7.5% week-on-week and up 39.4% year-on-year [2]. Group 3: Land Transactions - The land supply area for the week was 22.39 million square meters, with a transaction area of 13.13 million square meters, resulting in a supply-to-sales ratio of 1.70 [2]. - The total land transfer amount was 30.8 billion yuan, with a cumulative land supply area of 49.8 million square meters for the year, down 15% year-on-year [2]. - The cumulative land transaction area was 46.177 million square meters, down 4.7% year-on-year, and the cumulative land transfer amount was 1,388.4 billion yuan, up 9.1% year-on-year [2]. Group 4: Inventory and Clearance Cycle - The available housing inventory in 35 cities was 31.387 million square meters, up 0.64% month-on-month but down 4.42% year-on-year [3]. - The inventory clearance cycle for August 2025 was 22.09 months, an increase of 1.89% month-on-month and a decrease of 4.91% year-on-year [3].