房地产百强房企1-9月销售数据点评：楼市金九缺席，百强房企销售延续低迷

Investment Rating - The report maintains a "positive" investment rating for the real estate industry, indicating an expectation of a stronger performance compared to the market benchmark [1][17]. Core Insights - The report highlights a shift in central government policy towards stabilizing and promoting the real estate market, suggesting that future policies will be more proactive and sustained [1][2]. - The sales performance of the top 100 real estate companies from January to September 2023 shows a significant year-on-year decline of 38.6%, with the top 10 companies experiencing the smallest drop [2][5]. - The report emphasizes the importance of monitoring investment opportunities within the real estate sector due to the anticipated positive policy changes [1][2]. Summary by Sections Sales Performance - The total sales amount for the top 100 real estate companies reached 28,604.6 billion yuan from January to September 2023, reflecting a year-on-year decrease of 38.6% [2][4]. - The median year-on-year sales growth for 36 key tracked companies was -44.0%, with state-owned enterprises showing a median decline of -31.1% compared to -47.2% for mixed ownership and private enterprises [2][8]. Future Industry Developments - The report anticipates significant industry events in the next 3-6 months, with a focus on data from October 2024 [2][3]. - The report suggests that the central government's policy objectives are transitioning from maintaining stability to actively promoting stability in the real estate market [1][2]. Company-Specific Insights - The report provides detailed sales data for various segments of the top 100 companies, indicating that the top 10 companies accounted for 47.9% of total sales, while the remaining segments showed varying degrees of decline [4][5]. - The report includes specific sales performance metrics for notable companies, highlighting the challenges faced by different ownership structures within the industry [8][10].