控增量、去库存，11月末商品房库存环比再减301万平方米

Core Viewpoint - The national real estate market in China is experiencing significant declines in investment and sales, but a reduction in unsold housing inventory is seen as a positive sign for future market stabilization [1][2][11]. Group 1: Investment and Sales Data - From January to November, national real estate development investment reached 7.86 trillion yuan, a year-on-year decrease of 15.9% [5]. - New residential property sales amounted to 7.51 trillion yuan, down 11.1% year-on-year, with sales area decreasing by 7.8% [10]. - The construction area for real estate projects fell to 6.56 billion square meters, a decline of 9.6% year-on-year, with new construction area down 20.5% [5]. Group 2: Inventory and Market Dynamics - As of the end of November, the unsold housing inventory was 7.53 billion square meters, a reduction of 301 million square meters from the end of October, marking nine consecutive months of decline [1][11]. - The reduction in unsold inventory is viewed as a sign of improving supply-demand dynamics, which may eventually benefit the second-hand housing market [2][11]. - The ongoing decline in new construction and investment is seen as a necessary adjustment to alleviate inventory pressure and stabilize prices [6]. Group 3: Policy and Future Outlook - Local governments are implementing policies to revitalize existing resources, such as optimizing housing usage and improving loan conditions [10]. - The central economic work conference emphasized controlling new supply and reducing inventory, indicating a tightening supply signal [11]. - Projections for 2026 suggest a continued decline in new housing sales and construction, but at a slower rate, indicating potential structural opportunities in favorable markets [11].