[Table_Date] 2025 年 07 月 05 日 [Table_Title] 二手房销售同比连降四周 [Table_Title2] able_Summary] 地产周速达 二手房成交环比由升转降，同比连降四周，本周降幅扩大。本周（6 月 27 日-7 月 3 日），15 城二手房成交 面积 218 万平，略低于过去四周 224-240 万平区间，环比下滑 9%。同比来看，本周 15 城二手房成交表现较 弱，下滑 12%，降幅扩大 8 个百分点。 分城市层级看，一线城市二手房周成交面积连跌六周后小幅转升，本周环比增长 6%。其中深圳增幅较高， 环比增长 21%，成交面积 15 万平，过去四周介于 11-15 万平；上海环比增长 5%，成交面积 41万平，过去四周 介于 39-48 万平；北京环比增长 4%，成交面积 39 万平，略高于过去四周的 34-38 万平区间。同比来看，一线 城市连跌四周，本周下滑 13%，降幅较上周扩大 2 个百分点，其中北京和上海分别下滑 13%和 18%，而深圳增 长 5%。 二线、三线二手房环比均由升转降，本周环比分别下滑 18%、21%。二线城市中，青岛、南宁跌幅居前 ...

证券研究报告|固收点评报告 [Table_Date] 2025 年 06 月 28 日 [Table_Title] 6 月二手房销售再下台阶 [Table_Title2] able_Summary] 地产周速达 二手房成交环比小幅增长，而同比持续转弱。本周（6 月 20-26 日），15 城二手房成交面积 240 万平，略高 于过去四周 224-235 万平区间，环比小幅增长 3%。同比来看，本周 15 城二手房成交表现较弱，下滑 4%；月度 来看，二手房成交由前几个月的增长态势转为小幅下滑，6 月初以来累计同比下滑 1%，而 5 月、4 月和 3 月分别 增长 4%、20%、38%，6 月增速继续下台阶。 分城市层级看，一线城市二手房周成交面积连跌六周，本周环比小幅下滑 1%。其中深圳环比下滑 8%，成 交 13 万平，过去四周介于 11-15 万平；上海环比下滑 3%，成交面积 39 万平，低于过去四周的 41-48 万平；北 京表现相对较好，环比增长 5%，成交面积 38 万平，处于过去四周 34-38 万平区间的上限附近。 风险提示 地产政策出现超预期调整。 SAC NO：S1120524030004 ...

证券研究报告|固收点评报告 [Table_Date] 2025 年 06 月 21 日 [Table_Title] 一线二手房销售五连跌 [Table_Title2] able_Summary] 地产周速达 二手房成交环比小幅增长，而同比由增转降。本周（6 月 13-19 日），15 城二手房成交面积 234 万平，在过 去四周 224-255 万平区间内波动，环比小幅增长 3%。同比来看，本周 15 城二手房成交下滑 5%，偏弱，6 月以 来增幅收窄至 1%，5 月、4 月和 3 月分别增长 4%、20%、38%。 分城市层级看，一线城市二手房环比连续五周下滑。一线城市成交面积环比下滑 2%，其中深圳环比下滑 10%，成交 14 万平，仍处于过去四周 11-16 万平的较高位；上海环比下滑 4%，成交面积 41 万平，略低于过去 四周的 42-48 万平；北京表现相对较好，环比增长 5%，成交面积 36 万平，过去四周介于 34-38 万平之间。 二线、三线二手房环比均连续两周增长，环比增速分别为 4%、14%。二线城市中，南宁环比增幅较大，达 81%，青岛和成都分别增长 7%、5%，而杭州、苏州和厦门环比 ...

证券研究报告|固收点评报告 [Table_Date] 2025 年 05 月 18 日 [Table_Title] 二手房同比增速明显放缓 [Table_Title2] able_Summary] 地产周速达 因假期周数据通常低于正常周，本周环比与节前一周相比，而非与五一假期周相比。 分城市层级看，一二三线新房成交环比同样都在下滑，而一线降幅较大。一线、二线、三线环比分别降 32%、16%、11%。一线城市中，北京、上海和深圳分别下滑 28%、33%和 34%。二线的苏州和武汉降幅较 大，分别下滑 32%和 33%。 同比来看，本周一线城市下滑 10.5%，降幅与 4月的 12.5%差别不大。二线城市下滑 22.9%，降幅较 4月的 10.1%明显扩大。三线城市下滑 8.6%，降幅较 4 月的 17.4%有所收窄。 风险提示 地产政策出现超预期调整。以旧换新政策落地不及预期。 [Table_Author] 分析师：肖金川 分析师：黄晓曦 联系人：洪青青 SAC NO：S1120524030004 SAC NO：S1120524040002 邮箱：xiaojc@hx168.com.cn 邮箱：huangxx1@ ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The real - estate market shows a mixed performance in the week from April 18 - 24, 2025. The second - hand housing market has a slight recovery in some areas, while the new housing market continues to decline [1][3] - There are significant differences in the performance of different - tier cities in both the second - hand and new housing markets [2][3] Summary by Related Catalogs Second - hand Housing Market - **15 - city overall situation**: The weekly transaction area of second - hand housing in 15 cities increased by 2% week - on - week this week (April 18 - 24), after three consecutive weeks of decline. The year - on - year growth was 21%, and the monthly growth from April 1 - 24 was also 21%. The performance was slightly weaker than the same period last year [1] - **City - tier performance**: Beijing, Shanghai, and Shenzhen's weekly transaction area decreased by 2% week - on - week, with Shanghai and Shenzhen down 6% and 7% respectively, and Beijing up 5%. Second - tier cities increased by 5% week - on - week, and third - tier cities increased by 8% week - on - week. Year - on - year, Beijing, Shanghai, and Shenzhen increased by 29% (with the growth rate narrowing), second - tier cities increased by 17% (with the growth rate expanding), and third - tier cities increased by 15% (with the growth rate expanding) [2] - **Specific city performance**: In Beijing, Shanghai, and Shenzhen, the monthly growth from April 1 - 24 was 22%, 39%, and 51% respectively. Hangzhou's second - hand housing transaction area decreased by 3% week - on - week for four consecutive weeks, and Chengdu's increased by 4% week - on - week for three consecutive weeks [15] New Housing Market - **50 - city overall situation**: The weekly transaction area of new housing in 50 cities decreased by 3% week - on - week, for the fourth consecutive week. The decline was narrower than last week. The year - on - year decline was 20% compared to 2024 and 51% compared to 2023. The monthly decline from April 1 - 24 was 15% compared to the past two years [3] - **City - tier performance**: Beijing, Shanghai, and Shenzhen's weekly transaction area increased by 7% week - on - week, with Beijing and Shanghai up 24% and 6% respectively, and Shenzhen down 13%. Second - tier and third - tier cities decreased by 5% and 11% week - on - week respectively. Year - on - year, Beijing, Shanghai, and Shenzhen decreased by 25%, second - tier cities decreased by 15%, and third - tier cities decreased by 25% [3] - **Specific city performance**: In Beijing and Shanghai, the monthly decline from April 1 - 24 was 10% and 20% respectively, and Shenzhen was basically flat. Hangzhou's new housing transaction area increased by 4% week - on - week after three consecutive weeks of decline, and Chengdu's decreased by 9% week - on - week for three consecutive weeks [15] Housing Price Observation - **Second - hand housing price**: From April 14 - 20, the weekly listing prices of second - hand housing in Beijing, Shanghai, and Shenzhen decreased by 0.3%, 0.02%, and 0.23% respectively week - on - week. Compared with the week before the "924" policy last year, they still decreased by 4.2%, 0.5%, and 2.4% respectively [38]