Investment Rating - The industry investment rating is "stronger than the market" (maintained) [2][31] Core Viewpoints - The popularity of "good houses" is expected to continue, with accelerated product iteration, improved quality-price ratio, and development speed becoming important competitive advantages for real estate companies in the medium term [4] - The market is gradually recognizing the good sales of "good houses," but there are concerns about sustainability as supply increases. However, the supply of "good houses" remains relatively limited compared to existing old regulations and second-hand houses since 2024 [4] - The future real estate market may trend towards differentiation and quality improvement, similar to the evolution path of third and fourth-tier cities, with a focus on optimizing supply [4] - Emphasis on mid-term certainty and embracing companies with strong inventory structure, land acquisition, and product capabilities [4] Summary by Sections Market Monitoring - New housing transactions in key 50 cities reached 13,000 units, a week-on-week increase of 5.7%, while second-hand housing transactions in key 20 cities reached 16,000 units, a week-on-week increase of 1.9% [4] - As of August 15, the inventory in 16 cities was 91.28 million square meters, with a slight week-on-week increase of 0.1% and a de-stocking cycle of 20 months [4][15] Capital Market Monitoring - The real estate sector rose by 3.94%, outperforming the CSI 300 index, which increased by 2.37%. The current PE (TTM) for the real estate sector is 45.46 times, at the 99.84 percentile of the past five years [5][22] - This week, the issuance of domestic real estate bonds was 7.8 billion yuan, with a net financing amount of 1.91 billion yuan [5][20] Key Companies - China Resources Land: Benefits from the stabilization of "good houses," providing stable dividend income with a dividend yield of 4.35% as of August 15, 2025 [7] - Beike-W: Expected to benefit from the recovery of second-hand housing transactions, with a projected net profit growth of 15% in 2025 [7] - Jianfa International Group: Maintains a stable dividend of over 2 billion yuan from 2022 to 2024, with a dividend yield of 5.81% as of August 15, 2025 [7] - China Overseas Development: A leading central enterprise with a low valuation of 0.38 times PB and a dividend yield of 4.2% [7] - Greentown China: A quality benchmark benefiting from the stabilization of "good houses," with a market value to sales ratio of 16% as of August 15, 2025 [7][28]