华泰证券：房地产销售延续回暖 投资相对承压

Group 1 - The core viewpoint indicates that the real estate market in China is showing signs of marginal recovery in December, following a trend that began in November, with sales area and amount increasing by 38% and 41% month-on-month respectively [2] - The decline in housing prices is slowing down, with first-tier cities maintaining a month-on-month increase [2] - Investment, new construction, and completion have seen a slight narrowing in year-on-year decline, but remain relatively weak [2] Group 2 - The cash flow of real estate companies is under pressure, as indicated by a year-on-year decrease in funds received by these companies [2] - The real estate market in 2024 is expected to follow policy trends, with initial signs of stabilization in the fourth quarter, although it will face challenges during the traditional off-season [2] - Companies with more resources in core cities and stable operations are viewed more favorably, along with property management companies that demonstrate resilience and stable cash flow [2]