Guotai Junan Securities: Second-hand housing transactions tend to stabilize.

Guojin Securities research report indicates that the sales area of new and existing residential properties in core cities has stabilized by 2025, with the improvement in existing home transactions mainly due to the "seesaw effect" with demand for new homes. Looking ahead, with the arrival of the peak sales season in April and May, transactions for new and existing residential properties may once again reverse, as the introduction of high-quality supply will drive an increase in sales volume of new homes while transactions for existing homes tend to stabilize.