百强房企2024年1-10月销售数据点评：房企销售显著回暖，主流央国企表现更优

Investment Rating - The report maintains a "Positive" outlook for the real estate industry, indicating an expectation of better performance compared to the market benchmark [1]. Core Insights - The sales performance of the top 100 real estate companies showed a significant recovery, with state-owned enterprises (SOEs) and national enterprises outperforming mixed ownership and private enterprises [1]. - In the first ten months of 2024, the total sales amount for the top 100 real estate companies reached 33,258.1 billion yuan, reflecting a year-on-year decline of 34.8%, which is an improvement from the 38.6% decline observed in the first nine months [1][4]. - The median year-on-year sales growth for 35 key tracked companies was -41.9%, with SOEs and national enterprises showing a median growth of -23.8%, while mixed ownership and private enterprises had a median growth of -44.6% [1][9]. Summary by Sections Sales Performance - The total sales amount for the top 10 companies was 15,992.8 billion yuan, with a year-on-year decline of 28.5% [4]. - The sales performance of the top 100 companies by segment showed varying declines: top 11-20 at -40.4%, top 21-30 at -40.4%, top 31-50 at -38.6%, and top 51-100 at -39.4% [5]. Monthly Sales Growth - In October 2024, the 35 key companies experienced a median year-on-year sales growth of 4.9%, with SOEs and national enterprises achieving 29.5% growth, while mixed ownership and private enterprises saw a decline of 29.0% [1][11]. - The month-on-month sales growth for these companies was 65.6%, with SOEs and national enterprises at 97.9% and mixed ownership and private enterprises at 47.2% [1][11]. Future Outlook - The report suggests that the central government's policy focus is shifting from stabilizing to promoting stability in the real estate market, indicating a willingness to support a recovery in the sector [1]. - Continuous attention to investment opportunities in the real estate sector is recommended due to the positive policy environment and improving market conditions [1].