Investment Rating - The report does not explicitly state an investment rating for the real estate sector Core Insights - The second-hand housing market in 100 cities saw a total listing of 2.3717 million units in February 2025, representing a year-on-year increase of 33.2% [13] - The listing volume increased across all city tiers, with first-tier cities up by 29.6%, new first-tier cities by 26.0%, second-tier cities by 37.7%, and third and fourth-tier cities by 47.6% [13] - The housing search heat index for the second-hand market rose by 5.6% year-on-year in February 2025, with first-tier cities increasing by 10.0%, new first-tier cities by 7.9%, second-tier cities by 6.2%, and third and fourth-tier cities by 4.3% [20] - The average listing price per square meter in first-tier cities was 49,841 yuan, down 8.6% year-on-year, while new first-tier cities saw an average of 17,266 yuan, down 9.9% [12][20] Summary by Sections Listing Volume - In February 2025, the listing volume in first-tier cities was 746,000 units, new first-tier cities 594,000 units, second-tier cities 253,000 units, and third and fourth-tier cities 80,000 units [8][13] Search Heat Index - The search heat index for first-tier cities was 68.1, new first-tier cities 71.2, second-tier cities 71.5, and third and fourth-tier cities 75.2, showing increases across all categories [10][20] Listing Duration - The average listing duration was 112.3 days for first-tier cities, 94.9 days for new first-tier cities, 95.5 days for second-tier cities, and 104.2 days for third and fourth-tier cities, with year-on-year increases of 14.6%, 4.9%, 2.8%, and 6.0% respectively [11][29] Average Listing Price - The average listing price per square meter in first-tier cities was 49,841 yuan, new first-tier cities 17,266 yuan, second-tier cities 12,824 yuan, and third and fourth-tier cities 8,227 yuan, all showing year-on-year declines [12][20]

Core Viewpoint - The second-hand housing market in first-tier cities is rapidly recovering, with significant increases in transaction volumes observed in Beijing, Guangzhou, and Shenzhen [1][2][4]. Group 1: Beijing Market - In February 2025, Beijing's second-hand housing transaction volume reached 11,876 units, a year-on-year increase of 87.6% compared to 6,332 units in February 2024 [4]. - The market is experiencing a "small spring" phenomenon, with weekend transactions exceeding 1,000 units daily in late February [5]. - Despite an increase in listings from 146,000 before the Spring Festival to 153,000 after, about 50% of second-hand homes have seen price increases, while some are still adjusting [5]. Group 2: Guangzhou Market - Guangzhou's second-hand housing market saw a transaction volume of 6,278 units in February 2025, marking a year-on-year growth of 29.04% [8]. - The average daily transactions from February 17 to 25 reached 381 units, with expectations for March to exceed 10,000 units [9]. - The cumulative transaction volume for January and February was 16,316 units, reflecting a year-on-year increase of 22.53% [9]. Group 3: Shenzhen Market - Shenzhen's second-hand housing transactions have shown a continuous growth trend for three weeks, with recorded transactions of 824, 1,261, and 1,408 units in consecutive weeks [11]. - The market has returned to pre-holiday levels, with a significant recovery attributed to the resumption of work post-Spring Festival [12]. - The overall sentiment in core cities indicates a strong recovery momentum, with an increasing number of properties seeing price increases [12].