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]

证券研究报告：房地产|行业周报 发布时间：2025-05-21 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 2033.24 | | 52 周最高 | 2656.47 | | 52 周最低 | 1627.84 | 行业相对指数表现 -26% -21% -16% -11% -6% -1% 4% 9% 14% 19% 2024-05 2024-08 2024-10 2024-12 2025-03 2025-05 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 《优化房企融资制度有望进一步促进 地产企稳》 - 2025.05.13 房地产行业报告（2025.5.12-2025.5.18） ⚫ 行业基本面跟踪 （1）新房成交及库存：上周 30 大中城市新房成交面积为 184.3 万方，本年累计新房成交面积为 3341.85 万方，累计同比+1.4%。30 大中城市近四周平均成交面积为169.14万方，同比-5.3%，环 ...