证券-中国房地产：主要城市的二手房市场成交量走软，但库存...

Key cities'secondary home market volumesoftens,but inventoryalso going down IndustryOverview 04 November 2024 Key cities'secondaryhome transaction volumesoftens EquityChinaReal Estate/Property According to our ground checks with agencies, real-time secondary home transactionvolumes in key cities (Beijing, Shenzhen, Guangzhou, Chengdu and Hangzhou) edgeddown by c.10% during recent few days vs. that during a week before. Despite somesoftness observed in the transaction volume, the listing volume for existing homes alsocontinued edging down WoW in 18 cities we are tracking. As a result, the householdconfidence level as measured by % of homeowners revising up listing price remainsstable WoW Karl Choi, CFA >>Research AnalystMerill Lynch (Hong Kong)+852 3508 3108karl.choi@bofa.com Eric Du >>Research AnalystMerill Lynch (Hong Kong)+85235083329eric.du@bofa.com Registeredsalesvolumepickingup up in late Oct and Nov. in 30 key cities we track; the primary home sales volumeregistered was up by 23% YoY during the past week and was up by 3% YoY post theGolden Week. In 4 tier 1 cities, primary home sales volume registered was up by 100%YoY during the past week and was up by 34% YoY post the Golden Week. Secondaryhome transaction volume registered was up by 38% YoY during the past week and wasup by 29% YoY post the Golden Week. Summer Wang, CFA >>ResearchAnalystMerrill Lynch (Hong Kong)+852 3508 4351summer.wang@bofa.com Yoyo Pang >>Research AnalystMerrill Lynch (Hong Kong)+852 3508 7607yoyo.pang@bofa.com Exhibit 1: registered home sales summary in key cities >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 4 to 6.12758210 Physicalmarketperformance Exhibit 2: Primary home sales volume in 30 cities (7-day rollingaverage)in sqm Exhibit 3: Secondary home sales volume in 11 cities (7-day rollingaverage) in sqmH Sales registration rebounded post the Golden Week holiday Sales registration rebounded post the Golden Week holiday Source: Wind; BofA Global Research Source: Wind; BofA Global Research Exhibit 5: Tier 1 cities' secondary home sales units (7 days movingaverage) Exhibit 4: Tier 1 cities’ primary home sales units (7 days movingaverage) Sales registration rebounded post the Golden Week holiday Sales registration rebounded post the Golden Week holiday Source: Wind; BofA Global Research Source: Wind; BofA Global Research Disclosures Important Disclosures FUNDAMENTAL EQUITY OPINION KEY: Opinions include a Volatility Risk Rating, an Investment Rating and an Income Rating. VOLATILITY RISK RATINGS, indicatorsof potential price fluctuation, are: A - Low, B - Medium and C - High. INVESTMENT RATINGS reflect the analyst's assessment of both a stock's absolute total returnare expected to have a total return of at least 10% and are the most attractive stocks in the coverage cluster; 2 - Neutral stocks are expected to remain flat orincrease in value and are less attractive than Buy rated stocks and 3 - Underperform stocks are the least attractive stocks in a coverage cluster. An investment ratingof 6 (No Rating) indicates that a stock is no longer trading on the basis of fundamentals. Analysts assign investment ratings considering, among other things, the O-12 month total return expectation for a stock and the firm's guidelines for ratings dispersions (shown in the table below). The current price objective for a stockshould be referenced to better understand the total return expectation at any given time. The price objective reflects the analyst's view of the potential priceappreciation (depreciation) INCOME RATINGS, indicators of potential cash dividends, are: 7 - same/higher (dividend considered to be secure), 8 - same/lower (dividend not considered to be secure)and 9 - pays no cash dividend. Coverage Cluster is comprised of stocks covered by a single analyst or two or more analysts sharing a common industry, sector,region or other classification(s). A stock's coverage cluster is included in the most recent BofA Global Research report referencing the stock. BofA Global Research personnel (including the analyst(s) responsible for this report) receive compensation based upon,among otherfactors, the overall profitability of Bank of AmericaCorporation, including profits derived from investment banking The analyst(s) responsible for this report may also receive compensation based upon, among other factors, the overallpro