房地产：开发投资降幅缩窄，单月销售环比增长

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - Real estate development investment in the first nine months of 2024 decreased by 10.1% year-on-year, with a cumulative investment of 78,680 billion [3][4] - In September, real estate development investment reached 9,396 billion, showing a month-on-month increase of 11.8% and a year-on-year decrease of 9.4% [3][4] - The sales area and sales amount of new commercial housing in the first nine months decreased by 17.1% and 22.7% year-on-year, respectively, but the decline has narrowed [4][6] - The month of September saw a significant month-on-month increase in sales area (50.0%) and sales amount (43.2%) [4][6] - The construction area in the first nine months decreased by 12.2% year-on-year, while new construction area fell by 22.2%, but the decline in new construction has narrowed [5][6] - The total amount of funds in place for real estate development in the first nine months was 78,898 billion, down 20.0% year-on-year, with a month-on-month increase of 11.6% in September [6] Summary by Sections Development Investment - Cumulative real estate development investment for January to September 2024 was 78,680 billion, down 10.1% year-on-year, with a slight narrowing of the decline [3][4] - September's investment was 9,396 billion, reflecting an 11.8% month-on-month increase and a 9.4% year-on-year decrease [3][4] Sales Performance - The sales area of new commercial housing for the first nine months was 70,284 million square meters, down 17.1% year-on-year, while sales amount was 68,880 billion, down 22.7% [4][6] - In September, the sales area increased by 50.0% month-on-month, and the sales amount increased by 43.2% [4][6] Construction Activity - The total construction area for the first nine months was 71.60 billion square meters, down 12.2% year-on-year, with new construction area at 5.61 billion square meters, down 22.2% [5][6] - The decline in new construction has narrowed compared to previous periods [5] Funding Sources - Total funds in place for real estate development in the first nine months were 78,898 billion, down 20.0% year-on-year, with a month-on-month increase of 11.6% in September [6]