（原标题：4月百城新建住宅均价环比上涨 杭州领涨） 中指研究院的最新数据显示，4月，百城新建住宅均价为16764元/平方米，受部分城市优质改善项目入 市带动，环比结构性上涨0.14%，同比上涨2.50%。其中，杭州新房价格环比上涨0.95%，居百城首位； 上海新房价格环比上涨0.61%，居百城第二位。 数据显示，4月，一二线城市新房价格环比上涨，沪杭涨幅居百城前列。一线城市新房价格环比上涨 0.37%，其中，上海在象屿苏河琹庐、浦发莲园等改善项目入市带动下，新房价格环比上涨0.61%，居 百城第二位。二线城市新房价格环比上涨0.10%，其中，杭州环比上涨0.95%，居百城首位，部分低密 加推项目如晴澜轩、滨江潮语映月轩等触发摇号机制。三四线城市新房价格环比下跌0.11%。 二手房方面，核心城市二手房市场维持一定活跃度，但在挂牌量较高情况下，"以价换量"仍是市场主 流，4月，百城二手住宅均价为13892元/平方米，环比下跌0.69%，同比下跌7.23%。 分城市看，一线城市二手住宅价格环比下跌0.36%，整体保持稳定，其中，上海二手房市场保持较高活 跃度，购房需求释放带动业主预期修复，4月二手住宅价格环比跌幅收 ...

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The Politburo meeting on April 25 emphasized the importance of implementing more proactive macro policies, including potential interest rate cuts and maintaining liquidity to support the real economy. The inclusion of "commodity housing acquisition policy" in the meeting's summary indicates an increasing importance of government storage as a macro-control tool [10][11] - The report highlights the need for urban renewal actions and optimizing commodity housing acquisition policies, suggesting that future real estate policies will continue to focus on both demand and supply sides [11] - The report notes that the real estate sector is a key component of domestic demand, which is expected to gain further importance amid external pressures [10] Summary by Sections Market Review - The weekly performance of the Shenwan Real Estate Index showed a decline of 1.3%, underperforming the CSI 300 Index by 1.69 percentage points, ranking 30th among 31 Shenwan first-level industries [13] New and Second-hand Housing Transactions - In the past week, new housing transaction area across 30 cities was 1.68 million square meters, a month-on-month increase of 11.5% but a year-on-year decrease of 18.3%. First-tier cities accounted for 469,000 square meters, with a month-on-month increase of 6.4% and a year-on-year decrease of 26.0% [23] - The total transaction area for second-hand housing in 14 sample cities was 2.447 million square meters, with a month-on-month increase of 0.4% and a year-on-year increase of 22.6% [32] Investment Recommendations - The report suggests focusing on real estate-related stocks due to several reasons: the policy response to the economic fundamentals is expected to be stronger than in previous cycles, real estate serves as an early economic indicator, and the competitive landscape is improving, favoring leading state-owned enterprises and quality real estate companies [4] - Recommended companies include: - H-shares: Greentown China, Jianfa International Group, China Resources Land, China Overseas Development, Yuexiu Property - A-shares: Binjiang Group, China Merchants Shekou, Poly Developments, Huafa Group, Jianfa Shares [4]

Investment Rating - The report rates the real estate industry as "Outperforming the Market" [1] Core Insights - The central political bureau meeting on April 25, 2025, emphasized the importance of "urban renewal" as a significant factor for the real estate market, indicating that stabilizing the real estate market is crucial for expanding domestic demand [1][5] - The meeting highlighted the need to accelerate the implementation of urban renewal actions, effectively and orderly promote the renovation of urban villages and dilapidated housing, and increase the supply of high-quality housing [5][8] - The report anticipates that the demand for "good houses" will drive sustainable development in the industry, with a focus on safety, comfort, and green living standards [5][8] Summary by Sections Policy and Market Dynamics - The report discusses the implementation of more proactive macro policies, including the issuance of local government special bonds and the potential for interest rate cuts to maintain liquidity [5][8] - It notes that as of April 10, 2025, approximately 850 projects for acquiring idle land have been proposed, covering over 40 million square meters and amounting to 128.2 billion yuan [5] Urban Renewal and Housing Quality - The report emphasizes that urban renewal will be a key policy focus for the year, with a significant portion of the existing housing stock eligible for renovation [5][8] - It states that about 31.9% of the existing urban residential stock was built before 2000, indicating substantial potential for urban renewal projects [5] Market Stability and Investment Opportunities - The report indicates that the real estate market has shown signs of stabilization, with average sales prices for commercial housing increasing by 0.7% and 0.9% year-on-year in Q4 2024 and Q1 2025, respectively [5][8] - It suggests that the market's stability will depend on the effective implementation of supportive policies in the second quarter of 2025 [5][8] - The report identifies four main investment lines: companies with strong fundamentals in core cities, smaller firms with significant breakthroughs, companies with strategic changes, and real estate brokerage firms benefiting from the recovery of the second-hand housing market [5]

文 ｜ 陈聪 张全国 刘河维 李俊波 ▍ 三重制约因素如果逐步放开，有望推动可收购房屋规模持续放大。 2 0 2 5年《政府工作报告》中提到，在收购存量商品房方面给予城市政府更大自主权。此前收购存 量商品房落地进展较慢，主要是由于资金、用途、定价三个制约因素。三大制约因素的逐渐打开 有望推动可收购房屋规模增大。对于企业，收购存量商品房有助于缓解企业不良资产问题，盘活企 业库存，实现资金正循环。对于房地产行业和全社会物价水平，收购存量商品房有助于房价止跌 通过财富效应提振居民消费，促进物价温和回升。 ▍ 收购存量商品房落地进展不快，主要因为三重制约因素。 根据中国房地产报，截至2 0 2 4年年末，全国有超过6 0个城市表态支持存量房收购工作，但仅有约 1 4个城市城有项目落地，收购总量约1 5 . 6万套。相比存量土地盘活，收购现房的进展是比较慢 的。我们认为，这主要是因为存在三重制约。第一，是资金制约。地方财政偏紧，保障性住房再 贷款使用率较低，根据中国房地产报，截至2 0 2 4年9月末使用率仅约5%。第二，是用途制约。收 购存量商品房作为保障性住房，但保障性住房需求是有限的。第三，是定价制约。按照各地公 ...