行业月报：TOP100房企9月销售数据点评：单月销售环比微增，政策发酵“银十”可期

Investment Rating - The report maintains a positive outlook on the real estate industry, suggesting that recent policy easing and improved industry structure will highlight the value of quality companies [3][24]. Core Insights - In September 2024, the top 100 real estate companies experienced a slight month-on-month sales increase of 0.2%, with total sales amounting to RMB 251.71 billion, although this represents a year-on-year decline of 37.7% [8][27]. - From January to September 2024, the top 100 companies' sales reached RMB 2.63 trillion, down 36.6% year-on-year, with equity sales at RMB 2.08 trillion, also down 36.2% year-on-year [27][28]. - The sales threshold for the top 1-10 companies dropped significantly by 49.7% year-on-year, indicating a challenging market environment [12][28]. Summary by Sections 1. Monthly Sales Performance - The top 100 companies achieved a total sales amount of RMB 2.5171 trillion in September 2024, with a year-on-year decline of 37.7% [8][27]. - The top 50 companies recorded a total sales amount of RMB 2.2755 trillion from January to September 2024, down 36.0% year-on-year [8][12]. 2. Year-on-Year Growth - Only 9 out of the top 50 companies achieved positive year-on-year growth in September 2024, with Fudi Group leading at 135.6% growth [17][29]. - The highest monthly sales in September were recorded by Greentown China at RMB 21.6 billion, followed by Poly Developments at RMB 19.4 billion [17][21]. 3. Investment Recommendations - The report recommends focusing on quality companies in the sector, including A-Shares like China Vanke and Poly Developments, and H-Shares like China Overseas Land & Investment [3][24]. - Specific sectors to watch include development, commercial and residential, property services, and cultural tourism [24][29].