地产微观：数据透视与结构格局

Group 1 - The real estate market is undergoing a structural differentiation, with significant variations across city tiers and product types, indicating a new market layout logic that requires detailed data observation [1] Group 2 - From January to October, national real estate development investment decreased by 14.7% year-on-year, with residential investment down by 13.8% and new construction area declining by 19.8%, reflecting the cautious strategies of real estate companies focused on "ensuring delivery and controlling new starts" [2] - Sales data shows a trend of "overall pressure with endogenous improvement," with commodity housing sales area and sales amount down by 6.8% and 9.6% year-on-year, respectively, but the decline has narrowed by 9.0 and 11.3 percentage points compared to the same period last year [2] - The inventory reduction is progressing steadily, with the area of unsold commodity housing decreasing for eight consecutive months, down by 3.22 million square meters at the end of October compared to September, although the total inventory remains relatively high with a year-on-year increase of 3.3% [2] Group 3 - There is a growing differentiation at the city level, with core cities showing resilience that supports market recovery; for instance, new home prices in first-tier cities fell only by 0.8% year-on-year, while Shanghai saw a 5.7% increase [3] - The "dual screening" mechanism at the product and enterprise levels is reshaping the industry landscape, with mid-range residential products showing better resilience compared to entry-level products due to stronger purchasing power and product quality [3] - The trend of quality resources concentrating among leading enterprises is evident, with state-owned and financially stable private companies increasing their market share and achieving project average sales rates 15-20 percentage points higher than the industry average [3]