Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The new housing transaction area has increased month-on-month, continuously consolidating the stability of the real estate market. In the 17th week of 2025, the new housing transaction area in 68 cities increased by 14% month-on-month but decreased by 23% year-on-year. The total transaction area from the beginning of the year to date is 39.57 million square meters, a year-on-year decrease of 4% [4][18][55] - The central government emphasizes the need to prevent and resolve risks in key areas of the real estate sector, implement urban renewal actions, and accelerate the construction of a new development model for real estate [4][5][55] Summary by Sections Sales Sector - In the 17th week of 2025, the new housing transaction area in 68 major cities was 2.12 million square meters, a year-on-year decrease of 23% and a month-on-month increase of 14%. Cumulatively, the transaction area from the beginning of the year to date is 39.57 million square meters, with a year-on-year decrease of 4% [6][18] - The transaction area of second-hand houses in 20 cities was 2.33 million square meters, with a year-on-year growth rate of 6% and a cumulative transaction area of 33.55 million square meters, reflecting a year-on-year growth of 18% [33] Investment Sector - In the 17th week of 2025, the total planned land area launched in 100 major cities was 19.15 million square meters, with a transaction area of 13.14 million square meters, a year-on-year decrease of 31%. The average transaction premium rate was 4.3% [39] - Specific cities like Nanjing and Hangzhou saw significant land transactions, with Nanjing selling 8 residential plots for a total of 8.457 billion yuan [39] Financing Sector - In the 17th week of 2025, the issuance of credit bonds was 11.65 billion yuan, a year-on-year decrease of 29% but a month-on-month increase of 21%. The cumulative issuance of credit bonds was 133.76 billion yuan, a year-on-year decrease of 24% [45][55] Market Performance - The real estate index fell by 1.31% in the week of April 21-25, 2025, underperforming compared to the Shanghai and Shenzhen 300 index, which rose by 0.38% [50]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The new housing transaction area has increased month-on-month, continuously consolidating the stability of the real estate market. In the 17th week of 2025, the new housing transaction area in 68 cities increased by 14% month-on-month but decreased by 23% year-on-year. The total transaction area from the beginning of the year to date is 39.57 million square meters, a year-on-year decrease of 4% [4][18] - The central government emphasizes the need to prevent and resolve risks in key areas of the real estate sector, implement urban renewal actions, and accelerate the construction of a new development model for real estate [4][5] - The financing side shows a month-on-month increase in domestic credit bond issuance, with a total issuance of 11.65 billion yuan in the 17th week, a year-on-year decrease of 29% but a month-on-month increase of 21% [45] Summary by Sections 1. Market Stability and Policy Support - The central government and local governments are implementing policies to support the real estate market, including optimizing housing provident fund policies in Hangzhou to support employees in purchasing affordable housing [4][5][14] 2. Sales Performance - The new housing transaction area in 68 major cities decreased by 23% year-on-year but increased by 14% month-on-month. The second-hand housing transaction area in 20 cities increased by 6% year-on-year but decreased by 7% month-on-month [6][33] 3. Investment Trends - The total land transaction area in 100 major cities decreased by 31% year-on-year, with a transaction premium rate of 4.3%. The land transaction area in first-tier cities decreased by 74% year-on-year [39][40] 4. Financing Conditions - The issuance of domestic credit bonds has shown a month-on-month increase, with a total issuance of 116.5 billion yuan in the 17th week, despite a year-on-year decrease of 29% [45][47] 5. Weekly Market Review - The real estate index fell by 1.31%, underperforming the broader market, which saw the CSI 300 index rise by 0.38% [50]

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [13]. Core Insights - Increasing the supply of high-quality housing is expected to positively impact consumer demand and stabilize land finance. Housing serves as both an investment and a consumer good, with high-quality housing representing a new consumption category that can alleviate pressures from oversupply and income expectations [2][10]. - The policy goal of stabilizing the market is becoming more proactive, with improved market expectations. The rapid decline in industry volume and price may have passed, highlighting structural opportunities in core areas and quality properties [6][10]. - The report emphasizes the importance of high-quality housing supply in opening up new market space amid weak overall supply-demand dynamics, which is crucial for boosting consumer demand and stabilizing land finance [10]. Market Performance - The Yangtze River Real Estate Index decreased by 1.13% this week, underperforming the CSI 300 by 1.51%, ranking 30 out of 32 industries. Year-to-date, the index is down 3.74%, with a slight outperformance of 0.02% relative to the CSI 300 [7][16]. - The performance of the development sector was primarily negative, while property management and rental sectors saw some gains [7]. Policy Developments - The Central Political Bureau meeting highlighted the need to increase the supply of high-quality housing and optimize existing property acquisition policies. Local policies, such as Xiamen's new housing voucher initiative, aim to enhance flexibility and efficiency in housing choices [8][18]. - The report notes that the focus on urban renewal and the construction of a new real estate development model is crucial for maintaining market stability [10][18]. Sales Data - In sample cities, new home sales showed a year-on-year decline of 6.8%, while second-hand home sales increased by 20.1%. Year-to-date, new home sales are up 1.0%, and second-hand sales are up 29.3% [9][19]. - The report indicates that the sales performance of new homes is under pressure, while second-hand homes are performing relatively well [9][19].

2025年第16周 Weekly 0 1 政策动态 国常会要求持续稳定股市楼市 商务部将家政人员纳入保租房保障范围 中央层面，在本周召开的国常会上，会议指出要深入贯彻中央经济工作会议部署，加力落实《政府工作报 告》明确的政策措施，要持续稳定股市，持续推动房地产市场平稳健康发展。在此之前的国务院专题学习 中，李强总理也强调，要要把握政策力度，必要时敢于打破常规，打好"组合拳"。以此来看，2025年中央 政策面还将继续保持力度，持续发力促进行业平稳发展，加快构建行业发展新模式。商务部等9部门印发 关于促进家政服务消费扩容升级的若干措施，将符合条件的家政从业人员纳入公租房、保障性租赁住房保 障范围。在进一步促进就业渠道丰富的同时，也明确拓宽了住房保障体系的保障对象，助力城市经济发展 与常住人口增长协调共进。 地方层面，11个省市13次发布稳市场政策。北京、成都、上海发布了保障房相关政策，北京明确了保障房 工作任务，全年建设筹集保障性租赁住房5万套(间)，竣工各类保障性住房8万套(间)。成都发布保障房管理 办法，明确了保障房定义是指由政府主导规划筹集，限定套型面积、销售价格、使用和处分权利，面向符 合条件的居民配售并 ...

资料图。 万科全年亏损近500亿，新管理层规划未来 王琳 3 月 31 日晚间 ， 万科集团发布 2024 年度业绩公告 ， 也是新管理层入驻后的首份成绩单 。 根据年报数据 ， 2024 年 ， 万科实现营业收入 3431.8 亿元，同比下降 26.3% ；归属于上市 公司股东的净利润亏损 494.8 亿元，同比下降 506.8% 。 这是万科自 1991 年上市以来首次 出现 年度 业绩亏损 ， 且亏损额巨大 。 与此同时 ，万科还发出一则公告：因工作调整原因，刘肖申请辞去公司执行副总裁、首席运 营官等职务。刘肖辞去上述职务后，仍在公司工作，联系战略投资业务。 这也是继今年 1 月 万科管理层大换血之后的又一次高管变动 。 尽管没有像往年一样召开业绩说明会 ， 不过 ，万科 在 31 日晚间发布 了 一份 分析师会议 问答实录 ，董事会主席辛杰、执行副总裁郁亮、财务负责人韩慧华、董事会秘书田钧等 管 理层参加了此次会议 ， 并 围绕万科 的 业绩亏损原因、债务偿还计划等议题展 开 讨论。 在交流会中，万科管理层表达了坚定的信心，相信行业已 度过 最困难时期，房地产市场将 回到稳定健康发展轨道。 分业务类型 ...