9月房地产行业月报：累计销售同比降幅收窄，投资开工略有修复

Investment Rating - The report maintains a "Recommended" rating for the real estate industry [3]. Core Insights - Cumulative sales in the real estate sector have shown a narrowing year-on-year decline, with a 17.10% decrease in sales area from January to September 2024, which is a 0.9 percentage point improvement from the previous month [11][12]. - In September 2024, the monthly sales area was 96.82 million square meters, reflecting a 10.98% year-on-year decline but a 50.04% increase month-on-month [11]. - The report highlights that various supportive policies introduced in late September are expected to positively impact the market performance in October [11][12]. Sales Summary - From January to September 2024, the total sales area was 70,284 million square meters, with a corresponding sales amount of 68,880 billion yuan, marking a year-on-year decline of 22.70% [11][12]. - The average sales price for the first nine months was 9,800 yuan per square meter, down 6.76% year-on-year [11][12]. Investment Summary - Real estate development investment from January to September 2024 totaled 78,680 billion yuan, down 10.10% year-on-year, with a slight improvement in the decline rate [16][23]. - New construction area from January to September 2024 was 56,051 million square meters, reflecting a 22.20% year-on-year decline, but the decline rate has narrowed [18][21]. Funding Summary - Total funds received by real estate companies from January to September 2024 amounted to 78,898 billion yuan, a year-on-year decrease of 20.20%, with a slight narrowing in the decline rate [23][24]. - Domestic loans for the same period were 11,466 billion yuan, down 6.20% year-on-year, while personal mortgage loans saw a significant decline of 34.90% [23][24]. Investment Recommendations - The report suggests a positive outlook for leading real estate companies such as China Merchants Shekou, Poly Developments, Longfor Group, Vanke A, and others, highlighting their operational management capabilities and financial advantages [34][35]. - It also recommends paying attention to quality developers like Greentown China and China Resources Land, as well as quality property management firms [34][35].