Core Viewpoint - The real estate market in Zhaotong City is gradually stabilizing, supported by government policies aimed at enhancing housing quality and meeting diverse housing needs [2][5]. Group 1: Market Conditions - In 2024, Zhaotong City completed real estate investments of 8.568 billion yuan, a year-on-year decrease of 36.7%, and the sales area of commercial housing was 1.3965 million square meters, down 23.1% year-on-year [6]. - The area of land sold for ordinary commercial housing in 2024 was 694.2 hectares, an increase of 182% compared to the previous year, with the sale price reaching 1.524 billion yuan, up 70% year-on-year [7]. - The average selling price of commercial housing in Zhaotong City in 2024 was 5,158 yuan per square meter, a slight decrease of 0.21% year-on-year [8]. Group 2: Sales and Inventory - The total available area of commercial housing for sale in 2024 was 4.4329 million square meters, with a de-inventory cycle of 32 months [9]. - In 2024, a total of 13,420 units were sold, amounting to 1.573 million square meters, with 12,062 units sold to buyers from within the province [10]. Group 3: Future Outlook - In the first quarter of 2025, real estate investment in Zhaotong City achieved positive growth, totaling 1.839 billion yuan, a year-on-year increase of 14.5% [11]. - The area of land sold for ordinary commercial housing in the first quarter was 78.5 hectares, a year-on-year increase of 183.39%, with a sale price of 205.016 million yuan, up 150.79% [12]. - The average selling price of commercial housing in the first quarter was 5,266 yuan per square meter, a year-on-year increase of 1.27% [14]. Group 4: Policy Measures - The government is focusing on a dual-track supply system of "market + guarantee," expanding the supply of affordable housing and encouraging the development of high-quality housing products [18][19]. - A mechanism linking "people, housing, land, and finance" is being established to optimize housing supply based on population trends and urbanization rates [20]. - The government aims to enhance the quality of housing and community development, promoting a shift from quantity to quality in real estate [25].

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 2 、商品房住宅销售仍偏弱。 我们统计的 67 个城市， 3 月前四周，地产成交较去年 -6.8% 。 2 月全月同比 +3% 。 3 、贸易：国内高频量价齐跌。量， 3 月 16 日当周，我国监测港口集装箱吞吐量环比 -3.3% ，前值 +9.6% ；四周累计同比为 16.5% ，高于 1-2 月八周累计同比 10.3% 。 价 ， 3 月 21 日，上海出口集装箱运价综合 指数环比 -2.0% ，前值 -8.1% 。欧洲、北美、南美航线运价均回落。 联系人： 陆银波（15210860866） 报告摘要 景气向上 1 、华创宏观 WEI 指数有所回升： 截至 3 月 23 日，该指数为 5.16% ，较 3 月 16 日上行 0.76% 。同 9 月 底相比，同比增速仍然回升的分项涉及：基建（沥青开工率）、服务消费（电影票房）、耐用品消费（乘 用车批零）、地产（商品房成交面积）、工业生产（钢厂线材产量、秦皇岛煤炭吞吐量）。 同 9 月底相 比，同比增速持平甚至回落的分项涉及 ：外需（ BDI ）、工业生产（ PT ...