2024年10月房企销售数据点评：10月新房销售同比转正，止跌回稳强目标下政策开始见效

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating an optimistic outlook for future performance [2]. Core Insights - In October 2024, new home sales showed a year-on-year increase, marking a stabilization in the market. The sales amount for 50 real estate companies reached 336.4 billion yuan, a month-on-month increase of 67% and a year-on-year increase of 3% [2]. - The report highlights that recent government policies aimed at stimulating demand have begun to take effect, contributing to the recovery of the real estate market [2]. - The cumulative sales amount from January to October 2024 was 2.4397 trillion yuan, reflecting a year-on-year decline of 35%, but the rate of decline has narrowed compared to previous months [2]. Summary by Sections Sales Performance - In October 2024, the top three companies by sales were Poly Developments (42.3 billion yuan, YOY +28%), China Overseas (41.6 billion yuan, YOY +66%), and China Resources (31.0 billion yuan, YOY +12%) [2]. - A total of 13 companies achieved sales exceeding 10 billion yuan in October, an increase from the previous year [2]. Policy Impact - Recent policies include lowering existing mortgage rates and adjusting the minimum down payment ratio, which are expected to further support the market [2]. - The report notes that the focus of policies has shifted from supply-side to demand-side measures, aiming to stabilize and improve the real estate market [2]. Investment Recommendations - The report recommends focusing on companies with strong product capabilities such as Binhai Group, Poly Development, and China Resources, as well as those with potential for valuation recovery like Xincheng Holdings and Yuexiu Property [2]. - It also suggests monitoring second-hand housing intermediaries and property management firms for potential investment opportunities [2].