Core Viewpoint - The real estate sector is experiencing a seasonal decline in transaction volume due to the Spring Festival holiday, but there are signs of potential recovery in the coming months driven by policy support and market stabilization efforts [1] Group 1: Stock Performance - Major real estate stocks have shown significant gains, with Country Garden (02007) up 6.45% to HKD 0.33, CIFI Holdings (01908) up 5.59% to HKD 15.67, Xuhui Holdings (00884) up 4.82% to HKD 0.087, and Longfor Group (00960) up 4.49% to HKD 10.23 [1] Group 2: Market Analysis - Tianfeng Securities reports that the transaction volume of commercial housing in 30 major cities is seasonally declining due to the traditional off-peak period during the Spring Festival [1] - Local government meetings prior to the holiday have emphasized "stabilizing the real estate market," with multiple regions focusing on market stability and urban renewal initiatives [1] Group 3: Future Outlook - Bank of China International indicates that the real estate industry still faces significant pressure, with a focus on risk prevention in the sector [1] - The market's downward trend and pervasive bearish sentiment may prompt quicker policy responses [1] - For the year 2026, there are expected opportunities for profit in the real estate sector, with two potential turning points identified: a "policy turning point" around the end of Q1 and a "fundamental turning point" around Q4 [1]

Investment Rating - The report maintains an "Accumulate" rating for the real estate industry [1] Core Views - The real estate market is showing signs of recovery with both new and second-hand housing sales increasing in several regions due to policy relaxations [1][8] - The report highlights a significant increase in second-hand housing transactions, indicating a shift in buyer confidence towards existing properties [9] Summary by Sections 1. Market Overview - The real estate sector saw a decline of 2.9% last week, underperforming compared to the Shanghai and Shenzhen 300 index, which fell by 0.4% [62] - New housing sales in 36 cities reached 2.154 million square meters, up 24.0% month-on-month and 20.7% year-on-year [13] - Second-hand housing sales in 15 cities totaled 1.334 million square meters, down 30.6% month-on-month but up 53.1% year-on-year [20] 2. Inventory and Absorption - The cumulative inventory of new homes in 13 cities stands at 78.039 million square meters, with a year-on-year decrease of 11.6% [31] - The absorption period for new homes is 17.2 months, reflecting a slight increase from the previous month but a decrease of 5.1 months year-on-year [31] 3. Land Market - The land transaction volume in 100 cities was 6.309 million square meters, down 68.2% month-on-month and 18.8% year-on-year [48] - The average land price reached 3,246 RMB per square meter, showing a month-on-month increase of 60.5% and a year-on-year increase of 44.9% [48] 4. Investment Recommendations - For real estate development, companies such as China Resources Land, Poly Developments, and Binjiang Group are recommended [8] - In property management, the report suggests China Resources Vientiane Life, Greentown Service, and Poly Property [8] - For real estate brokerage, the report recommends Beike and suggests paying attention to Wo Ai Wo Jia [9]