Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4][6] Core Insights - The real estate market is showing positive signals, particularly in core cities, with Shanghai's second-hand housing transactions nearing recent highs. In March 2026, the number of second-hand homes sold in Shanghai, Beijing, and Shenzhen were 27,733, 17,153, and 4,671 respectively, with year-on-year changes of +4.5%, -1.3%, and -17.0% [1][11] - The new housing market in 30 cities recorded a transaction area of 2.277 million square meters this week, a month-on-month increase of 16.1% but a year-on-year decrease of 6.7%. The first-tier cities accounted for 546,000 square meters, with a month-on-month increase of 9.1% and a year-on-year decrease of 10.2% [2][34] - The report emphasizes the importance of observing real estate data over a longer cycle and the transmission chain from second-hand to new housing [1][11] Summary by Sections Second-hand Housing Market - In March 2026, Shanghai's second-hand housing transactions are expected to exceed 30,000 units, with a significant daily transaction peak of 1,585 units on March 28, the highest since 2022 [1][11] - The average daily transaction volumes for Shanghai, Beijing, and Shenzhen are 991, 613, and 167 units respectively [1][11] New Housing Market - The new housing transaction area in first-tier cities was 546,000 square meters, while second-tier cities saw 1.248 million square meters, and third-tier cities recorded 482,000 square meters [2][34] - Cumulative new housing transaction area for the first 12 weeks of the year in 30 cities is 1,538.9 million square meters, reflecting a year-on-year decrease of 29.6% [2][34] Credit Bond Market - A total of 14 credit bonds were issued by real estate companies this week, amounting to 10.301 billion yuan, a decrease of 5.33 billion yuan from the previous week [3][49] - The net financing amount was -4.885 billion yuan, indicating a significant increase in the repayment volume [3][49] Investment Recommendations - The report suggests focusing on real estate-related stocks due to the expected policy support and improving competitive landscape, particularly favoring first-tier and select second-tier cities [4][6]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The government is implementing a series of policies in multiple fields, including macro - economic, fiscal, monetary, financial regulation, real estate, and international trade, to promote economic development, maintain financial stability, and enhance international cooperation [1][2][3][4]. - In the macro - economic field, efforts are being made to stimulate service consumption, promote high - quality development, and implement key work tasks [8][9][10]. - Fiscal policy focuses on three key points, strengthens local government debt management, and establishes a negative list for fiscal subsidies [14][15]. - Monetary policy aims to maintain the stability of financial markets, keep liquidity abundant, and support the cross - border operations of enterprises [18][19][20]. - Financial regulatory policies are being strengthened to prevent financial risks, improve the quality of the financial industry, and promote the healthy development of the financial market [22][23][24]. - Real estate policies adjust land use and mortgage policies to promote the stable development of the real estate market [31][32][33]. - In international trade, China is actively engaged in Sino - US economic and trade consultations to maintain the stability of bilateral economic and trade relations [34][35]. 3. Summary According to the Directory 3.1 Macro - economic Tone - Encourage service consumption and implement key work tasks. The government promotes the expansion of inbound consumption through policies, and emphasizes the implementation of key work such as the construction of a unified national market and the development of new - generation intelligent manufacturing [8][9][10]. - Advocate positive competition and oppose malicious competition. China's industrial competitive advantage comes from continuous reform and innovation - driven development [8]. 3.2 Fiscal Policy - Focus on three key points: expanding domestic demand, investing in people, and open sharing. Strengthen local government debt management and implement a more proactive fiscal policy [14]. - Establish a negative list for local fiscal subsidies to maintain a fair and competitive market order [15]. 3.3 Monetary Policy - Maintain the stability of financial markets such as stocks, bonds, and foreign exchange. Implement a moderately loose monetary policy and use various monetary policy tools to keep liquidity abundant [18][19]. - Increase the macro - prudential adjustment coefficient for overseas lending by domestic enterprises to meet the cross - border capital needs of enterprises [20]. - Conduct a net injection of 500 billion yuan through MLF in March to maintain the liquidity of the banking system [20]. 3.4 Financial Supervision - Strengthen financial reform and resolve the financial risks of small and medium - sized enterprises. Focus on serving the development of new - quality productive forces and strengthen regulatory law enforcement [22][23]. - Promulgate the draft financial law to build a modern central bank system and comprehensively strengthen financial supervision [24]. - Revise the information disclosure and format guidelines for public funds to improve the quality of information disclosure [25]. - Issue the Interim Measures for the Regulatory Rating of Wealth Management Companies to standardize the supervision of wealth management companies [26]. - More than 80 banks have announced capital increases this year, and the capital replenishment of small and medium - sized banks has accelerated [27]. - The impact of the "Solvency II" Phase II is gradual, and there is no systematic pressure for insurance funds to reduce positions [28]. 3.5 Real Estate Policy - Newly added construction land is generally not used for commercial real estate development, giving priority to major projects and people's livelihood undertakings [31]. - Shanghai adjusts the minimum down - payment ratio for commercial housing loans to not less than 30% [31]. - Employees in Shenzhen can voluntarily increase their individual housing provident fund contribution ratio, with a maximum of 12% [33]. 3.6 Sino - US Tariffs - Sino - US economic and trade consultations focus on tariff issues, with limited incremental information. The two sides will continue to maintain the consultation process [34]. - Trump's visit to China has been postponed, and the two sides are maintaining communication on this matter [35].

Real Estate - In January-February 2026, the supply of residential land in 100 cities decreased by 17% year-on-year, while the transaction area dropped by 34%, and the average transaction floor price fell by 24% year-on-year [5] - In the core 30 cities, 9 plots of land were sold with a premium rate exceeding 20%, accounting for 11.1%, while 68 plots were sold at zero premium, making up 84.0% [5] - The article emphasizes the need to improve and stabilize real estate expectations, with ongoing policies further deepening regional differentiation [5] Chow Tai Fook (1929.HK) - Chow Tai Fook, the largest gold and jewelry company in China, faced challenges in retail due to weak consumer demand and rising gold prices, leading to a noticeable reduction in franchise stores [5] - The company is optimizing inefficient stores to enhance efficiency, and by the second half of 2025, same-store sales in mainland China showed positive year-on-year growth [5] Zijin Mining (601899.SH) - Zijin Mining announced its 2025 annual report, achieving revenue of 349.1 billion yuan, a 15% year-on-year increase, and a net profit attributable to shareholders of 51.8 billion yuan, up 62% year-on-year [5] - The company plans to increase its production of gold, copper, and lithium carbonate by 50%, 42%, and 1057%, respectively, by 2028 compared to 2025 [5] Sinopec (600028.SH/0386.HK) - Sinopec reported total revenue of 2.7836 trillion yuan in 2025, a decrease of 9% year-on-year, with a net profit attributable to shareholders of 31.8 billion yuan, down 37% year-on-year [7] - The company expects net profits for 2026-2028 to be 40.3 billion, 47.1 billion, and 55.6 billion yuan, respectively, with anticipated growth as new production capacity comes online and investments in the new energy sector materialize [7] China National Glass (600176.SH) - In 2025, China National Glass achieved revenue of 18.88 billion yuan, a year-on-year increase of 19.1%, and a net profit attributable to shareholders of 3.29 billion yuan, up 34.4% [7] - The company plans to distribute a cash dividend of 1.43 billion yuan, with a dividend payout ratio of 44% and a dividend yield of 2.1% [7] Jinhuijiu (603919.SH) - Jinhuijiu reported total revenue of 2.918 billion yuan in 2025, a decline of 3.4% year-on-year, with a net profit of 354 million yuan, down 8.7% [8] - The company saw growth in revenue from products priced over 100 yuan, indicating ongoing optimization of its product structure [8] Tongrentang (300146.SZ) - Tongrentang achieved revenue of 6.27 billion yuan in 2025, a decrease of 8.4% year-on-year, while net profit attributable to shareholders rose by 19.8% to 780 million yuan [8] - The company is focusing on stabilizing its online channels and improving its product structure, aiming for double-digit revenue growth in 2026 [8]

Investment Rating - The report maintains a rating of "Accumulate" for the real estate sector [5] Core Insights - In January and February 2026, the transaction area of residential land in 100 cities decreased by 34% year-on-year, with the average transaction floor price down by 24% year-on-year [1][20] - The supply of residential land in 100 cities was 17.5 million square meters, a year-on-year decrease of 17.2%, while the transaction area was 19.19 million square meters, a year-on-year decrease of 34.1% [1][20] - The report highlights a significant decline in land transaction volumes and prices across different city tiers, indicating a challenging market environment [2][4] Summary by Sections 1. Supply and Demand of Land/Residential Land in 100 Cities - In January and February 2026, the total land supply in 100 cities was 175 million square meters, with a year-on-year increase of 2.7%, while the transaction area was 142 million square meters, a year-on-year decrease of 18.3% [10] - The supply of residential land in first-tier cities was 1.36 million square meters, a year-on-year decrease of 9.3%, and the transaction area was 1.11 million square meters, a year-on-year decrease of 34.4% [30] - In second-tier cities, the supply of residential land was 7.45 million square meters, a year-on-year decrease of 40.0%, and the transaction area was 5.65 million square meters, a year-on-year decrease of 44.6% [40] 2. Transaction Prices of Land/Residential Land in 100 Cities - The average transaction floor price for residential land in 100 cities was 5,457 yuan per square meter, a year-on-year decrease of 23.9% [58] - In first-tier cities, the average transaction floor price was 30,662 yuan per square meter, a year-on-year decrease of 30.4% [68] - In second-tier cities, the average transaction floor price was 4,688 yuan per square meter, a year-on-year decrease of 40.9% [71] 3. Top 50 Real Estate Companies' Land Acquisition - In January and February 2026, the top 50 real estate companies saw a 60% year-on-year decrease in the value of newly acquired land reserves, totaling 777 billion yuan [84] - The top three companies by newly acquired land value were Yuexiu Property (26.2 billion yuan), China Resources Land (2.2 billion yuan), and China Communications Construction (2.2 billion yuan) [90] - The total area of newly acquired land by the top 50 companies decreased by 35% year-on-year [87] 4. Transaction Situation of Residential Land in Core 30 Cities - In January and February 2026, the transaction area of residential land in the core 30 cities decreased by 55% year-on-year, with a total transaction area of 561 million square meters [98] - The average transaction floor price in these cities was 11,391 yuan per square meter, a year-on-year decrease of 14.8% [98] - The overall premium rate for land transactions in the core 30 cities was 10.4%, a decrease of 5.6 percentage points year-on-year [98] 5. Investment Recommendations - The report suggests focusing on three main lines: 1. Real estate companies with comprehensive development capabilities and strong credit advantages, such as China Jinmao [116] 2. Public REITs with rich stock resources and strong operational brand competitiveness, such as China Resources Land [117] 3. Long-term development potential in property services, recommending companies like China Merchants Shekou [117]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The cost of logs has increased, leading to a rise in prices. The government in 2026 aims to stabilize expectations, adjust the structure, prevent risks, and promote reforms in its work report. The GDP growth target has been adjusted to a more realistic range of 4.5% - 5.0%, and the scale of policy - based financial instruments has been increased. Shanghai has optimized its real estate policies [1][3] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Futures Data**: The closing prices of 2605, 2607, and 2609 contracts all showed an upward trend on March 17, 2026, with daily increases of 0.4%, 0.4%, and 0.6% respectively, and weekly increases of 2.7%, 2%, and 2% respectively. The trading volume of the 2605 contract increased by 5.8% daily and 79% weekly, while the 2607 contract decreased by 20.4% daily but increased by 65% weekly, and the 2609 contract decreased by 33.9% daily and 63% weekly. The positions of all three contracts increased, with daily increases of 14.3%, 2.4%, and 2.5% respectively, and weekly increases of 35%, 23%, and 9% respectively [1] - **Spread Data**: The spreads between different contracts also changed. For example, the spread between 2605 - 2607 increased by 50.0% daily and decreased by 73% weekly [1] - **Spot Market Data**: Most of the log and wood square spot prices remained stable, with only a few showing slight changes. For example, the 3 - meter radiation pine wood square in Rizhao decreased by 1.6% daily and weekly, and the 4 - meter radiation pine wood square in Rizhao decreased by 0.8% daily and weekly [1] 2. Macro and Industry News - The 2026 government work report focuses on stabilizing expectations, adjusting the structure, preventing risks, and promoting reforms. The GDP growth target is adjusted from "around 5%" to "4.5% - 5.0%", and the scale of policy - based financial instruments is increased. Shanghai has optimized its real estate policies since February 26, 2026 [3] 3. Trend Intensity - The trend intensity of logs is 0, indicating a neutral trend [4]

Investment Rating - The industry maintains an "Overweight" rating [4][6] Core Views - The decline in real estate development investment has narrowed significantly to 11.1% year-on-year, but the overall trend remains negative, indicating continued weakness in sales and construction indicators [1][12] - The report anticipates a full-year development investment decline of 10.9% for 2026, based on current trends and leading indicators [1][11] - The report emphasizes that the real estate sector serves as an early economic indicator, suggesting that investments in this sector reflect broader economic trends [4] Summary by Sections Investment Data - In January-February, national real estate development investment totaled 961.2 billion yuan, down 11.1% year-on-year, an improvement of 6.1 percentage points from the previous value [2][12] - Residential, office, and commercial property investments were 728.2 billion, 40.7 billion, and 64 billion yuan, with year-on-year declines of 10.7%, 17.3%, and 18.2% respectively [2][18] New Construction - The cumulative new construction area in January-February was 50.84 million square meters, down 23.1% year-on-year, with residential, office, and commercial areas declining by 23.3%, 22.7%, and 29.0% respectively [2][24] Completion Data - The total completed area in January-February was 63.2 million square meters, a decrease of 27.9% year-on-year, with residential, office, and commercial completions down by 26.9%, 52.4%, and 37.4% respectively [2][27] Sales Performance - The cumulative sales amount for commercial housing in January-February was 818.6 billion yuan, down 20.2% year-on-year, while the sales area decreased by 13.5% [3][38] - Residential sales saw a year-on-year decline of 21.8% in amount and 15.9% in area [3][45] Funding Situation - The total funds available to real estate companies in January-February amounted to 1.3047 trillion yuan, down 16.5% year-on-year, with significant declines in personal mortgage loans and pre-sale funds [3][57] - Domestic loans, foreign investment, self-raised funds, pre-sale deposits, and personal mortgage loans saw year-on-year changes of -13.9%, +560.0%, -5.9%, -21.5%, and -41.9% respectively [3][57]

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [4][6] Core Views - The decline in real estate development investment has narrowed significantly to 11.1% year-on-year, but the overall trend remains negative, indicating continued weakness in sales and construction indicators [1][12] - The report anticipates a full-year development investment decline of 10.9% for 2026, based on current trends and leading indicators [1][11] Summary by Sections Investment Data - In January-February, national real estate development investment totaled 961.2 billion yuan, down 11.1% year-on-year, an improvement of 6.1 percentage points from the previous value [2][12] - Residential, office, and commercial property development investments were 728.2 billion, 40.7 billion, and 64 billion yuan, with year-on-year declines of 10.7%, 17.3%, and 18.2% respectively [2][18] New Construction - The cumulative new construction area in January-February was 50.84 million square meters, down 23.1% year-on-year, with residential, office, and commercial areas declining by 23.3%, 22.7%, and 29.0% respectively [2][24] Completion Data - The cumulative completion area for January-February was 63.2 million square meters, down 27.9% year-on-year, with residential, office, and commercial completions declining by 26.9%, 52.4%, and 37.4% respectively [2][27] Sales Performance - The cumulative sales amount for January-February was 818.6 billion yuan, down 20.2% year-on-year, while the sales area decreased by 13.5% [3][38] - Residential sales saw a decline of 21.8% in amount and 15.9% in area, while office sales turned positive with a 3.9% increase [3][45] Funding Situation - The total funds available to real estate companies in January-February amounted to 1.3047 trillion yuan, down 16.5% year-on-year, with significant declines in personal mortgage loans and pre-sale deposits [3][57]

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views - The report provides trend forecasts for various commodities in the black series, including iron ore, rebar, hot-rolled coils, ferrosilicon, silicomanganese, coke, coking coal, thermal coal, and logs. The trends include near-term strength and long-term weakness for iron ore, wide fluctuations for most commodities, and price corrections for thermal coal and logs due to supply and demand changes [2][4][7][11][13][16][18]. 3. Summary by Commodity Iron Ore - **Price and Position Data**: The closing price of I2605 was 809.0 yuan/ton, down 2.5 yuan/ton (-0.31%). The position decreased by 12,644 hands. Spot prices of imported and domestic ores showed different changes, with some prices falling and others rising. The basis and spreads also changed [4]. - **Macro and Industry News**: Near-term, the escalation of the US-Iran conflict and potential restrictions on BHP iron ore purchases drove up the price of near-term iron ore contracts. The 2026 government work report aimed to stabilize expectations, adjust the structure, prevent risks, and promote reform. The GDP growth target was adjusted from "around 5%" to "4.5%-5.0%", and the scale of policy-based financial instruments was increased. The daily average pig iron output of 247 steel enterprises decreased by 6.39 tons [4][5]. - **Trend Intensity**: The trend intensity of iron ore is 1 [5]. Rebar and Hot-Rolled Coils - **Price and Position Data**: The closing price of RB2605 was 3,140 yuan/ton, down 1 yuan (-0.03%), and the position decreased by 52,715 hands. The closing price of HC2605 was 3,299 yuan/ton, up 1 yuan (0.03%), and the position decreased by 14,370 hands. Spot prices in different regions remained mostly stable, with some minor changes. The basis and spreads also changed [7]. - **Macro and Industry News**: In February 2026, the prices of commercial residential buildings in 70 large and medium-sized cities continued to narrow their month-on-month decline and decreased year-on-year. From January to February, real estate development investment decreased by 11.1% year-on-year, industrial added value increased by 6.3% year-on-year, and fixed asset investment increased by 1.8% year-on-year. Steel production, inventory, and demand data showed different changes. Import and export data of steel and iron ore also changed. The CPI increased by 1.3% year-on-year, and the PPI decreased by 0.9% year-on-year. The Politburo meeting proposed to implement more proactive macro policies. Shanghai optimized real estate policies. The steel inventory of key steel enterprises increased [8][9]. - **Trend Intensity**: The trend intensity of rebar and hot-rolled coils is 0 [10]. Ferrosilicon and Silicomanganese - **Price and Position Data**: The closing price of ferrosilicon 2605 was 5,872 yuan/ton, down 16 yuan, and the position was 172,137 hands. The closing price of silicomanganese 2605 was 6,162 yuan/ton, down 14 yuan, and the position was 364,751 hands. Spot prices and spreads also changed [11]. - **Macro and Industry News**: Iron alloy online provided price information for ferrosilicon and silicomanganese in different regions. Yunnan Qujing Chenggang finalized the purchase price of 72 ferrosilicon [11]. - **Trend Intensity**: The trend intensity of ferrosilicon and silicomanganese is 0 [12]. Coke and Coking Coal - **Price and Position Data**: The closing price of JM2605 was 1,181 yuan/ton, up 3 yuan (0.3%), and the position decreased by 4,391 hands. The closing price of J2605 was 1,746 yuan/ton, up 8.5 yuan (0.5%), and the position decreased by 1,090 hands. Spot prices of coking coal and coke remained mostly stable, with some minor changes. The basis and spreads also changed [13]. - **Macro and Industry News**: On March 16, the CCI metallurgical coal index showed stable prices. The coking coal online auction had a 27% failure rate, and the average premium was 34.33 yuan/ton. After the Two Sessions, the supply and demand of coking coal increased simultaneously, and the market sentiment improved [13]. - **Trend Intensity**: The trend intensity of coke and coking coal is 0 [15]. Thermal Coal - **Price Data**: The prices of thermal coal in different regions and ports showed different changes. The long-term agreement price also changed [16]. - **Macro and Industry News**: On March 16, the northern port market was stable with a weak trend. The upstream quotes were basically stable, and the downstream inquiries increased, but the acceptance of high prices was low. The market transaction was light. The inventory in the northern ports continued to accumulate, which may suppress price increases. From January to February 2026, the national raw coal output decreased slightly by 0.3% year-on-year [17]. - **Trend Intensity**: The trend intensity of thermal coal is -1 [17]. Logs - **Price and Position Data**: The closing prices, trading volumes, and positions of log futures contracts showed different changes. Spot prices in different regions remained mostly stable, with some minor changes. The basis and spreads also changed [18]. - **Macro and Industry News**: On the demand side, the port departure was slow, and on the supply side, the port arrival increased rapidly, leading to an accumulation of port inventory and a price correction for logs. The 2026 government work report aimed to stabilize expectations, adjust the structure, prevent risks, and promote reform. Shanghai optimized real estate policies [20]. - **Trend Intensity**: The trend intensity of logs is 0 [21].

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Views - The report emphasizes that the current policy environment is being driven by fundamental economic pressures, suggesting that the policy response may exceed the levels seen in 2008 and 2014 [4] - Real estate is viewed as an early-cycle indicator, serving as a barometer for economic trends, making it a strategic investment focus [4] - The competitive landscape in the industry is improving, with leading state-owned enterprises and select mixed-ownership and private firms expected to benefit more in the future [4] - The report continues to favor investment in first-tier cities and select second- and third-tier cities, which have shown better performance during early sales rebounds [4] - Supply-side policies, including land storage and management of idle land, are highlighted as critical areas to monitor, with first- and second-tier cities likely to benefit more [4] Summary by Sections 1. Performance of Long-term Loans - In the first two months of 2026, new long-term loans to residents totaled 165.4 billion yuan, a year-on-year decrease of 213.1 billion yuan [10] - The social financing scale increased by 9.6 trillion yuan in the same period, a year-on-year increase of 316.2 billion yuan [10] - The report indicates a continued decline in the real estate market, with residents becoming more cautious about leveraging for home purchases [10] 2. Market Review - The real estate index decreased by 0.5% this week, underperforming the CSI 300 index by 0.72 percentage points, ranking 14th among 31 sectors [3] - A total of 10 corporate bonds were issued this week, with a total issuance of 7.09 billion yuan, a decrease of 11.38 billion yuan from the previous week [3] 3. New and Second-hand Housing Transaction Tracking 3.1 New Housing Transactions - In the latest week, new housing transaction area in 30 cities was 1.724 million square meters, a week-on-week increase of 40.2% and a year-on-year increase of 2.0% [26] - First-tier cities saw a new housing transaction area of 501,000 square meters, with a week-on-week increase of 61.6% and a year-on-year increase of 15.0% [26] - Cumulatively, the new housing transaction area in the first 10 weeks of the year was 11.154 million square meters, a year-on-year decrease of 36.5% [30] 3.2 Second-hand Housing Transactions - In the latest week, second-hand housing transaction area in 15 sample cities totaled 2.136 million square meters, a week-on-week increase of 17.8% but a year-on-year decrease of 4.5% [35] - The cumulative second-hand housing transaction area over the first 10 weeks was 16.846 million square meters, a year-on-year decrease of 2.3% [35]

Investment Rating - The report maintains an "Overweight" rating for the real estate industry [4] Core Insights - The report highlights that the real estate market remains sluggish, with a significant decline in new long-term loans for residents, indicating cautious leverage use for home purchases [10][12] - The report emphasizes the importance of policy-driven changes in the industry, suggesting that the current policy measures may exceed those of previous years [4] - The competitive landscape is improving, with leading state-owned enterprises and select private firms expected to benefit more in the future [4] Summary by Sections 1. Performance of Long-term Loans - In January-February 2026, new long-term loans for residents totaled 165.4 billion yuan, a year-on-year decrease of 213.1 billion yuan [10] - The social financing scale increased by 9.6 trillion yuan in the same period, reflecting a cautious approach from residents towards mortgage borrowing [10] 2. Market Review - The real estate index decreased by 0.5% this week, underperforming the CSI 300 index by 0.72 percentage points, ranking 14th among 31 sectors [3][14] - A total of 10 credit bonds were issued by real estate companies this week, amounting to 7.09 billion yuan, a decrease of 11.38 billion yuan from the previous week [3] 3. New and Second-hand Housing Transactions - In the week of March 3-9, new housing transaction area in sample cities was 1.321 million square meters, down 13.6% year-on-year, while second-hand housing transactions increased by 6.6% [12] - For the week, new housing transactions in 30 cities reached 1.724 million square meters, a week-on-week increase of 40.2% and a year-on-year increase of 2.0% [26] - Cumulatively, new housing transactions in the first 10 weeks of the year totaled 11.154 million square meters, a year-on-year decrease of 36.5% [30] 4. Investment Recommendations - The report suggests focusing on real estate-related stocks, particularly in first-tier and select second-tier cities, as these areas are expected to perform better [4] - Recommended stocks include major developers such as Greentown China, China Overseas Land & Investment, and Poly Developments [4]