房地产行业统计局数据点评：销售环比下滑，基本面压力仍大

简称股价（元）保利发展招商蛇口招商积余华润万象生活38.95保利物业报告摘要及时。 房地产评级：分析师：由子沛执业证书编号：S0740523020005Email：youzp@zts.com.cn分析师：侯希得执业证书编号：S0740523080001Email：houxd@zts.com.cn基本状况上市公司数行业总市值(亿元)行业流通市值(亿元)行业-市场走势对比相关报告1、《各地新政稳楼市，一手房成交量环比上升》2025-06-022、《城市更新稳楼市，周度一二手房成交环比略有增长》2025-05-253、《中央发文推进城市更新，不同能级城市销售分化》2025-05-17 增持（维持）11,106.9810,690.57 102 内容目录1.行业宏观数据汇总..................................................................................................32.销售持续修复，政策发力效果逐步显现................................................................43.投资持续承压，新开工仍弱，竣工节奏略放缓.....................................................64.到位资金同比仍降，融资改善空间可期................................................................75.政策继续放松，房价同比增速放缓........................................................................76.板块龙头企稳向上，估值修复空间可期................................................................87.投资建议.................................................................................................................98.风险提示.................................................................................................................9图表目录图表1：行业宏观数据汇总.......................................................................................3图表2：各都市圈宏观数据汇总（2025年1-4月，分城市月度数据滞后全国数据）....................................................................................................................................3图表3：房地产销售面积与销售金额累计同比增速..................................................4图表4：30大中城市成交面积同比增速...................................................................4图表5：销售均价及当月同比增速............................................................................5图表6：各都市圈销售面积累计同比增速.................................................................5图表7：库存总面积及同比增速................................................................................5图表8：各类商品房库存面积同比增速....................................................................5图表9：分地区销售面积增速...................................................................................5图表10：PSL新增投放与累计同比增速..................................................................5图表11：房地产开发投资完成额与新开工累计同比................................................6图表12：土地购置与成交情况.................................................................................6图表13：100大中城市住宅类用地成交溢价率........................................................6图表14：房屋新开工、施工、竣工面积累计同比....................................................6图表15：房地产开发到位资金累计同比增速...........................................................7图表16：住房贷款利率走势.....................................................................................7图表17：70城房价指数当月同比............................................................................7图表18：全国住宅库销比.........................................................................................7图表19：M2同比增速..............................................................................................8图表20：A股地产板块市盈率.................................................................................8图表21：H股地产板块市盈率.................................................................................8 -2-请务必阅读正文之后的重要声明部分 -3-1.行业宏观数据汇总2025年1-4月，商品房销售面积为28262万平方米，同比下降2.8%，较2025年1-3月增速回升0.2个百分点。其中，住宅销售面积下降2.1%，办公楼销售面积下降6.7%，商业营业用房销售面积下降6.4%。商品房销售额为27035亿元，同比下降3.2%，较1-3月增速下滑1.1个百分点。其中，住宅销售额下降1.9%，办公楼销售额下降12.3%，商业营业用房销售额下降13.3%。2025年1-4月，全国房地产开发投资完成额为27730亿元，同比下降10.3%，较1-3月增速下降0.4个百分点。其中，住宅投资为21179亿元，同比下降9.6%，较1-3月增速下降0.6个百分点，住宅投资占房地产开发投资的比重为76.4%。图表1：行业宏观数据汇总累计值占比累计同比相比上月变化百分点累计值21,869100.0%-3.0%2.128,26218,48184.5%-2.0%1.423,8535162.4%-10.6%18.96641,2625.8%-8.1%7.71,64420,798100.0%-2.1%0.527,03518,36288.3%-0.4%0.023,8666613.2%-12.6%12.98391,1605.6%-16.0%3.81,521房地产开发投资完成额（亿元）19,904100.0%-9.9%-0.127,73015,13376.0%-9.0%0.221,1798194.1%-17.0%-2.11,1081,4387.2%-9.4%2.91,98212,996100.0%-24.4%5.217,8369,49273.0%-23.9%5.013,1643482.7%-34.9%-3.54848936.9%-14.2%17.21,1188,455100.0%-53.8%-0.810,0527,591100.0%-47.7%-0.89,16624,729100.0%-3.7%-0.132,5964,44118.0%-2.3%3.85,61910.0%-83.2%7.4168,16833.0%-5.8%-3.710,9537,33529.7%-1.1%-0.29,6833,37313.6%-7.0%4.74,5182025年1-3月图表2：各都市圈宏观数据汇总（2025年1-4月，分城市月度数据滞后全国数据） 请务必阅读正文之后的重要声明部分占比累计同比相比上月变化百分点当月值当月环比当月同比当月值当月环比当月同比100.0%-2.8%0.211,1233.5%-1.6%6,392-42.5%-2.9%84.4%-2.1%-0.19,2740.7%-1.2%5,372-42.1%-3.5%2.3%-6.7%3.932672.4%4.6%148-54.7%10.1%5.8%-6.4%1.767715.7%-0.7%382-43.6%-1.7%100.0%-3.2%-1.110,5392.7%-2.3%6,237-40.8%-7.1%88.3%-1.9%-1.59,2020.5%-1.0%5,503-40.2%-7.2%3.1%-12.3%0.341467.7%-3.0%177-57.2%-11.2%5.6%-13.3%2.760910.6%-12.6%360-40.8%-4.2%100.0%-10.3%-0.49,184-14.3%-10.3%7,825-14.8%-11.5%76.4%-9.6%-0.67,077-12.1%-8.8%6,046-14.6%-11.2%4.0%-16.7%0.3327-33.4%-20.3%289-11.7%-16.6%7.1%-8.3%1.1656-16.1%-6.6%544-17.2%-5.4%100.0%-23.8%0.66,383-3.5%-18.7%4,839-24.2%-22.3%73.8%-22.3%1.64,671-3.1%-18.6%3,672-21.4%-17.9%2.7%-30.6%4.3131-39.5%-40.1%1353.2%-16.5%6.3%-22.2%-848116.8%9.2%225-53.2%-43.6%100.0%-53.4%0.41,0234.0%-58.5%1,59756.1%-51.6%100.0%-48.4%-0.71,5303.0%-50.8%1,5753.0%-51.3%100.0%-4.1%-0.49,152-41.2%-3.6%7,866-14.0%-5.8%17.2%0.8%3.11,487-49.7%5.5%1,178-