Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Insights - The report emphasizes a continued "stabilizing expectations" policy from both central and local governments, with measures aimed at revitalizing idle land and housing while prohibiting their use for commodity housing construction [5] - Core city second-hand housing prices are showing improvement, indicating a recovery in confidence in the second-hand market, with better listing and negotiation conditions leading to an upward shift in transaction structures [5] Industry Fundamentals Tracking New Housing Transactions and Inventory - Last week, the new housing transaction area in 30 major cities was 123.24 million square meters, with a cumulative year-to-date transaction area of 870.59 million square meters, reflecting a year-on-year decrease of 3.6% [6] - The average transaction area over the past four weeks in these cities was 131.24 million square meters, down 18.5% year-on-year but up 0.8% month-on-month [6] - First-tier cities saw a significant year-on-year increase of 33.7% in average transaction area, while second-tier cities increased by 16.8% [6] Second-Hand Housing Transactions and Listings - In the last week, the second-hand housing transaction area in 20 cities was 221.16 million square meters, with a cumulative year-to-date area of 1,330.26 million square meters, showing a year-on-year increase of 27.8% [20] - The average transaction area over the past four weeks in these cities was 233.48 million square meters, also reflecting a year-on-year increase of 27.8% [22] Land Market Transactions - Last week, 100 major cities saw 23 new residential land supplies and 34 residential land transactions, with an average transaction price of 4,501 yuan per square meter and a premium rate of 2.21% [27] - The average transaction price for commercial land was 2,813.75 yuan per square meter, with a premium rate of 2.76% [27] Market Review - Last week, the A-share real estate index rose by 0.01%, outperforming the CSI 300 index, which fell by 1.33%, resulting in a relative outperformance of 1.34 percentage points [29] - In the Hong Kong market, the Hang Seng Property Services and Management Index fell by 0.78%, while the overall Hang Seng Index dropped by 3.22%, with the property services index outperforming the overall index by 2.44 percentage points [29]

证券研究报告：房地产|行业周报 发布时间：2025-11-24 | 行业基本情况 | | --- | | 收盘点位 | | 2271.52 | | --- | --- | --- | | 52 | 周最高 | 2506.48 | | 52 | 周最低 | 1870.99 | 行业相对指数表现 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 21% 2024-11 2025-02 2025-04 2025-06 2025-09 2025-11 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 行业投资评级 强于大市|维持 《地产数据加速下滑 政策放松预期升 温》 - 2025.11.17 房地产行业报告 （2025.11.17-2025.11.23） 量价承压 信心与预期仍待修复 ⚫ 投资要点 当前房地产行业仍处于调整周期，销售端整体同比延续下滑态 势，政策层面持续加码城市更新与存量盘活，成为推动行业转型的关 键抓手。我们认为目前市场信心 ...

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Views - The real estate market is experiencing continued pressure with both investment and sales declining. In the first nine months of 2025, national real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9%, with the decline rate widening by 1 percentage point compared to the previous month. The sales area of new commercial housing was 65,835 million square meters, down 5.5% year-on-year, and the sales amount was 63,040 billion yuan, down 7.9% [4][5][6] Summary by Sections Industry Fundamentals Tracking - **New Housing Transactions and Inventory**: In the last week, the new housing transaction area in 30 major cities was 198.09 million square meters, with a cumulative year-to-date transaction area of 70,689.5 million square meters, down 4.9% year-on-year. The average transaction area over the past four weeks was 165.43 million square meters, down 18.1% year-on-year, but up 5.9% month-on-month [5][13] - **Second-hand Housing Transactions and Listings**: In the last week, the transaction area of second-hand housing in 20 cities was 215.09 million square meters, with a cumulative year-to-date transaction area of 8,859.15 million square meters, up 13.4% year-on-year [19][21] - **Land Market Transactions**: In the last week, 100 major cities saw 101 new residential land supplies and 32 transactions. The average floor price for residential land was 5,539.5 yuan per square meter, with a premium rate of 2.92% [26] Market Review - Last week, the A-share real estate index fell by 2.35%, underperforming the CSI 300 index, which fell by 2.22%. The real estate index lagged behind the CSI 300 by 0.12 percentage points [32][34]