从全国销售面积与金额来看，3 月份的住宅销售金额回暖带动商品房销售企稳。一线城市房价更加稳定，3 月份同比微涨。二三线城市房价同比有所下滑，但二线城市房价环比增速最高。我们认为，在政策支持，经济转暖和积压购房需求释放之下，带动一季度销售规模有所修复。拆分结构来看，销售均价较高的东部地区销售面积同比显著回升。当前政策正在形成合力，销售市场正在走向触底回升。2023 年3 月商品房销售面积同比-3.46%，前值-3.63%；销售额同比-6.34%，前值-0.07%。从分城市能级的70 大中城市房价指数来看，2023 年3 月一线城市、二线城市、三线城市的新建商品住宅价格同比增速分别为1.70%、-0.20%、-2.70%，前值分别为1.70%、-0.70%、-3.30%；环比增速分别为0.30、0.60%、0.30%，前值分别为0.20、0.40%、0.30%。

1. 房地产开发景气度................................................................................................................................................................................... 9
   1.1 地产景气度概述：景气度继续小幅回升，但仍处于较低水平 ................................................................................................ 9
   2. 新房销售面积与金额 .............................................................................................................................................................................. 9
   2.1 新房销售情况概述：需求端政策持续向好之下，销售额同比转增 ........................................................................................ 9
   2.2 全国：新房销售面积与金额数据汇总 ...................................................................................................................................... 11
   2.3 分区域：新房销售面积与金额数据汇总 ..................................................................................................................................13
   2.4 分城市能级：新房销售面积数据汇总 ......................................................................................................................................14
   2.5 分都市圈：新房销售面积数据汇总 ..........................................................................................................................................15
   3. 新房销售价格.........................................................................................................................................................................................16
   3.1 新房销售价格概述：新房价格上涨的城市数量显著上升，房价企稳回升的趋势较为明显 ..............................................16
   3.2 全国：新房销售均价数据汇总 ..................................................................................................................................................17
   3.3 分区域：新房销售均价数据汇总 ..............................................................................................................................................19
   3.4 70 大中城市：新房价格数据汇总 ..............................................................................................................................................20
   3.5 分城市能级：70 大中城市新房价格数据汇总 .........................................................................................................................21
   3.6 分户型大小：70 大中城市新房价格数据汇总 .........................................................................................................................21
   3.7 分涨跌城市数：70 大中城市新房价格数据汇总 .....................................................................................................................22
   4. 二手房销售面积与价格 ........................................................................................................................................................................23
   4.1 二手房销售面积与价格概述：二手房销售热度仍在延续 ......................................................................................................23
   4.2 跟踪8 城：二手房销售面积数据汇总 ......................................................................................................................................24
   4.3 70 大中城市：二手房价格数据汇总 ..........................................................................................................................................24
   4.4 分城市能级：70 大中城市二手房价格数据汇总 .....................................................................................................................25
   4.5 分户型大小：70 大中城市二手房价格数据汇总 .....................................................................................................................25
   4.6 分涨跌城市数：70 大中城市二手房价格数据汇总 .................................................................................................................26
   5. 新房库存及二手房挂牌量 ....................................................................................................................................................................27
   5.1 新房库存及二手房挂牌量概述：中期库存水平和去化周期下降，二手房挂牌量增幅收窄 ..............................................27
   5.2 新房中期库存数据汇总 ..............................................................................................................................................................28
   5.3 新房短期库存数据汇总 ..............................................................................................................................................................29
   5.4 二手房挂牌量数据汇总 ..............................................................................................................................................................29
   6. 新开工与竣工.........................................................................................................................................................................................32
   6.1 新开工与竣工概述：新开工疲软，竣工大幅改善 ..................................................................................................................32
   6.2 施工面积数据汇总 ......................................................................................................................................................................32
   6.3 新开工面积数据汇总 ..................................................................................................................................................................33
   6.4 竣工面积数据汇总 ......................................................................................................................................................................34
   6.5 净停工面积数据汇总 ..................................................................................................................................................................35
   7. 开发投资.................................................................................................................................................................................................36
   7.1 开发投资概述：设备购置降幅扩大之下，开发投资降幅有所扩大 ......................................................................................36
   7.2 开发投资：全国数据汇总 ..........................................................................................................................................................37
   7.3 开发投资：分项目数据汇总 ......................................................................................................................................................37

2. 7.4 开发投资：分类型数据汇总 ......................................................................................................................................................38
   7.5 开发投资：分区域数据汇总 ......................................................................................................................................................39
   8. 土地市场.................................................................................................................................................................................................39
   8.1 土地市场概述：土地成交降幅较上月小幅收窄，但同比降幅依然较大 ..............................................................................39
   8.2 房地产开发企业：土地购置数据汇总 ......................................................................................................................................41
   8.3 建设用地：成交面积数据汇总 ..................................................................................................................................................43
   8.4 建设用地：供需比数据汇总 ......................................................................................................................................................44
   8.5 建设用地：成交出让金数据汇总 ..............................................................................................................................................44
   8.6 建设用地：成交均价数据汇总 ..................................................................................................................................................46
   8.7 建设用地：溢价率 ......................................................................................................................................................................46
   9. 到位资金.................................................................................................................................................................................................47
   9.1 到位资金概述：银行信贷支持和销售回暖之下，到位资金同比转正 ..................................................................................47
   9.2 房企到位资金及应付工程款 ......................................................................................................................................................48
   10. 居民存贷款 ..........................................................................................................................................................................................50
   10.1 居民存贷款概述：居民存款意愿继续增强，但短期和中期贷款意愿都有所提升 ............................................................50
   10.2 金融机构存贷款余额 ................................................................................................................................................................51
   10.3 中长期贷款、按揭贷款与住宅销售 ........................................................................................................................................52
   10.4 金融机构贷款利率 ....................................................................................................................................................................54
   11. 投资策略...............................................................................................................................................................................................55
   12. 风险提示 ..............................................................................................................................................................................................5