Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The core insight indicates that high-quality housing in prime locations shows strong resilience, with the average new residential price in 100 cities rising by 0.30% month-on-month and 2.56% year-on-year to 16,815 CNY per square meter [4] - The average price for second-hand residential properties in May was 13,794 CNY per square meter, reflecting a month-on-month decline of 0.71% and a year-on-year decrease of 7.24% [4] - The average rental price for residential properties in 50 key cities fell to 35.0 CNY per square meter per month, down 0.34% month-on-month and 3.44% year-on-year [4] Industry Fundamentals Tracking New Housing Transactions and Inventory - In the last week, the new housing transaction area in 30 major cities was 141.72 million square meters, with a cumulative year-to-date transaction area of 3,902.12 million square meters, showing a year-on-year increase of 0.1% [5] - The average transaction area in the last four weeks for first-tier cities was 55.25 million square meters, up 12.5% year-on-year, while second-tier cities saw a decline of 20.5% year-on-year [5][14] - The inventory of sellable residential properties in 14 cities was 79,330.7 million square meters, down 13.91% year-on-year [18] Second-Hand Housing Transactions and Listings - In the last week, the transaction area for second-hand housing in 20 cities was 194.29 million square meters, with a cumulative year-to-date transaction area of 5,096.17 million square meters, reflecting a year-on-year increase of 26.3% [6][23] - The listing index for second-hand housing was 15.63, down 2.1% month-on-month [25] Land Market Transactions - In the last week, 100 major cities saw 68 new residential land supply and 27 transactions, with an average transaction price of 7,035.25 CNY per square meter and a premium rate of 5.23% [28] Market Review - The A-share real estate index rose by 0.86%, while the CSI 300 index increased by 0.88%, indicating a slight underperformance of the real estate index [31] - The Hang Seng property services and management index increased by 0.03%, underperforming the Hang Seng composite index, which rose by 2.2% [31]