Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - The report indicates a decline in new housing sales area and sales revenue in the first four months of 2025, with new housing sales area at 28,262 million square meters, down 2.8% year-on-year, and sales revenue at 27,035 billion yuan, down 3.2% year-on-year. Real estate development investment reached 27,730 billion yuan, a decrease of 10.3% year-on-year. However, new housing prices in first and second-tier cities remained stable [4][5] - The report anticipates specific policies to stabilize the real estate industry to be released by the end of June [4] Summary by Sections Industry Fundamentals Tracking - New housing transaction area in 30 major cities last week was 1.843 million square meters, with a cumulative year-to-date area of 33,418.5 million square meters, showing a year-on-year increase of 1.4%. The average transaction area over the past four weeks was 1.6914 million square meters, down 5.3% year-on-year but up 5.5% month-on-month [5][13] - The second-hand housing transaction area in 20 cities last week was 250.33 thousand square meters, with a cumulative year-to-date area of 4,436.71 million square meters, reflecting a year-on-year increase of 31% [6][16] - In the land market, 89 residential land plots were newly supplied in 100 major cities, with 20 plots sold. The average floor price for residential land was 7,517.25 yuan per square meter, with a premium rate of 7.24% [21] Market Review - The A-share real estate index fell by 0.31% last week, while the CSI 300 index rose by 1.12%, indicating that the real estate index underperformed the CSI 300 by 1.43 percentage points [23][25]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The report indicates that the real estate market is stabilizing, with expected policy releases to further support this stabilization by the end of June [4] - April data shows a decline in new housing sales area and sales value, with a year-on-year decrease of 2.8% and 3.2% respectively [4] - The report highlights that new housing prices in first and second-tier cities remained stable, while third-tier cities experienced a slight decline [4] Industry Overview New Housing Transactions and Inventory - In the last week, the new housing transaction area in 30 major cities was 1.843 million square meters, with a cumulative year-to-date area of 33.4185 million square meters, reflecting a year-on-year increase of 1.4% [5] - The average transaction area in first-tier cities over the past four weeks was 549,400 square meters, up 9.4% year-on-year [5] - The inventory of available residential properties in 14 cities was 79.6436 million square meters, down 12.97% year-on-year [5][13] Second-Hand Housing Transactions and Listings - The transaction area for second-hand housing in 20 cities was 2.5033 million square meters, with a cumulative year-to-date area of 44.3671 million square meters, showing a year-on-year increase of 31% [6] - The listing index for second-hand housing was 16.64, down 0.5% from the previous period [6][17] Land Market Transactions - In the last week, 89 new residential land plots were supplied in 100 major cities, with 20 plots successfully sold [21] - The average transaction price for residential land was 7,517.25 yuan per square meter, with a premium rate of 7.24% [21] Market Review - The A-share real estate index fell by 0.31%, underperforming the CSI 300 index, which rose by 1.12% [23] - The report notes that the real estate sector ranked 25th among 31 first-level industries in A-shares [25]