PDH(SH:600048) Mei Ri Jing Ji Xin Wen·2025-10-09 12:38Core Insights - The new housing market in September showed strong performance, with many real estate companies experiencing month-on-month sales growth [1][2] - The top 100 real estate companies achieved a sales turnover of 252.78 billion yuan in September, representing a month-on-month increase of 22.1% and a year-on-year increase of 0.4% [1][2] - Despite the month-on-month recovery, the overall sales scale remains at historically low levels [2][3] Sales Performance - In the first nine months of the year, the total sales amount for the top 100 real estate companies was 2.60659 trillion yuan, a year-on-year decrease of 12.2%, with the decline narrowing by 1.1 percentage points compared to the first eight months [1][2] - Poly Developments achieved a total sales amount of 201.7 billion yuan, becoming the first company to exceed 200 billion yuan in sales this year [2] - In September, 72 of the top 100 real estate companies reported month-on-month sales growth, with 45 companies experiencing growth rates exceeding 30% [3] Market Dynamics - September, traditionally a peak sales month, saw a significant increase in new housing supply, with a 55% month-on-month rise in 30 monitored cities [4] - The transaction volume in first-tier cities reached 1.6 million square meters in September, up 16% month-on-month and 1% year-on-year [5] - Core cities are optimizing demand-side policies, which is expected to support market stability, although many cities still face adjustment pressures [5][6] Future Outlook - The new housing transaction volume is expected to remain low, with potential further declines in year-on-year comparisons due to high base effects from last October [5] - The market is anticipated to continue showing differentiation, with core cities maintaining higher activity levels while other cities may struggle with low absorption rates [5][6] - The overall policy environment is expected to remain accommodative, focusing on stabilizing the market and expediting the implementation of existing policies [5][6]