房地产行业月报：多项指标降幅收窄，市场筑底回稳可期

Investment Rating - The report maintains an "Outperform" rating for the real estate sector, indicating that the market's growth environment remains unchanged and that high-quality companies will increasingly stand out compared to other real estate firms [4][52]. Core Insights - The report highlights that from January to September 2024, the cumulative year-on-year decline in real estate development investment was 10.1%, a slight narrowing of the decline compared to the previous month [4][11]. - In September 2024, the industry development investment reached 939.6 billion yuan, an increase of 11.76% compared to August 2024, while the sales amount of commercial housing was 915.7 billion yuan, up 43.23% month-on-month [4][11]. - The report notes a trend of narrowing declines in new construction area and sales volume, suggesting a potential stabilization in the market [4][12]. Summary by Sections 1. Investment Situation (January to September 2024) - Cumulative real estate development investment was 7868 billion yuan, down 10.1% year-on-year, with a narrowing decline compared to the previous month [4][16]. - New construction area decreased by 22.2% year-on-year, but the decline was less severe than in previous months [4][19]. - The cumulative sales area of commercial housing was 703 million square meters, down 17.1% year-on-year, with a narrowing decline compared to the previous month [4][26]. 2. Funding Sources - Total funding sources for real estate reached 7.89 trillion yuan, with a year-on-year decline of 20.0%, which is a slight improvement from the previous month [4][45]. - Domestic loans accounted for 14.53% of funding sources, while self-raised funds made up 36.35% [4][49]. 3. Sales Performance - The cumulative sales amount of commercial housing was 6.89 trillion yuan, down 22.7% year-on-year, with a narrowing decline compared to the previous month [4][26]. - Sales in first-tier cities showed a larger decline, while second and third-tier cities experienced a narrowing of their sales decline [4][33]. 4. Policy Outlook - The report suggests that recent government policies aimed at stabilizing the real estate market will likely enhance the sector's economic role, indicating potential for value reassessment in the market [4][12].