房地产行业2024年7-8月公司月报：销投表现维持低位，板块估值有所修复

Investment Rating - The report assigns a "Buy" rating for the real estate industry [2]. Core Insights - The real estate sector has shown a marginal decline in sales performance, with major companies experiencing a drop in sales amounts for July and August 2024, with year-on-year decreases of 20.5% and 27.8% respectively [9]. - The land acquisition efforts by real estate companies have reached a historical low, with a significant decrease in land acquisition amounts in August 2024, down 87% year-on-year [2]. - Financing for real estate companies has shown a slight recovery, with total financing amounts increasing to 1,416 billion in August 2024, a 4% rise from the previous month [2]. Summary by Sections 1. Sales Performance - The sales amounts for the top 100 real estate companies were 3,028 billion and 2,725 billion for July and August 2024, reflecting year-on-year declines of 20.5% and 27.8% respectively [9]. - The sales performance of major listed companies showed a similar trend, with sales amounts of 1,839 billion and 1,794 billion, down 24.1% and 28.2% year-on-year [9]. 2. Land Acquisition - The land acquisition amounts for July and August 2024 were 296 billion and 91 billion respectively, marking a year-on-year decrease of 37% and 87% [2]. - The land acquisition intensity reached a historical low in August, with only 5% of sales amounts being reinvested in land [2]. 3. Financing - Total financing for real estate companies was 1,357 billion in July and increased to 1,416 billion in August 2024, indicating a marginal recovery [2]. - The average financing cost for domestic bonds remained low at 2.48% and 2.49% for July and August respectively [2]. 4. Valuation and Investment Recommendations - The report notes a recovery in the valuation of the real estate sector, with differentiated progress among companies [2]. - The investment suggestion remains positive, with a focus on companies that are expected to perform better in the current market conditions [2].