Investment Rating - The report indicates a warming trend in the new housing market, with a 3.9% increase in daily housing search heat compared to the previous period, although it remains 10.3% lower year-on-year [4][5]. Core Insights - The new housing market shows signs of recovery, with a notable increase in daily online housing search heat during the May Day holiday period, despite a year-on-year decline [4][5]. - The report highlights a significant divergence in market performance across different cities, with some cities experiencing a decline of over 10% compared to last year [5][7]. - The second-hand housing market has seen a sharp decline in search heat, dropping 15.3% year-on-year, marking the lowest level in six years [15][16]. Summary by Sections New Housing Market - The average daily search heat for new homes increased by 3.9% compared to the previous five days and 2.5% compared to the entire month of April [4]. - Among the 66 monitored cities, only a few cities like Chongqing and Changchun maintained stable search heat compared to last year [4][7]. - First-tier and new first-tier cities showed relatively smaller declines in search heat, with Shanghai and Guangzhou having high interest in premium projects [7][8]. Second-Hand Housing Market - The search heat index for second-hand homes fell to 0.38, a decrease of 15.3% compared to the same period last year, with first-tier cities experiencing the most significant drop of 20.8% [15][16]. - The decline in second-hand housing market heat is attributed to a fundamental shift in the policy environment and reduced market stimulation [16]. Consumer Behavior - The report notes that consumer spending has shifted towards short-term entertainment experiences, impacting housing demand during the holiday period [5][16]. - The number of domestic travelers reached 314 million during the holiday, reflecting a 6.4% increase year-on-year, which contributed to the diversion of potential homebuyers [5][16].