房地产行业数据点评：政策效果初显，10月一二手房销售显著改善

Investment Rating - The industry rating is "Buy" (maintained) [4][5] Core Views - In October, both new and second-hand housing sales showed significant improvement, with inventory levels and the de-stocking cycle decreasing [2][20] - The policy environment for the real estate industry continues to improve, indicating a potential turning point for the fundamentals, with medium to long-term valuation recovery space [5][20] Summary by Sections Sales Performance - In October, the transaction area of commercial housing in 30 major cities decreased by 5.9% year-on-year but increased by 43% month-on-month, with the year-on-year decline narrowing by 27 percentage points [2][8] - For the first ten months, the cumulative transaction area was down 31% year-on-year, with a 3 percentage point reduction in the decline compared to the first nine months [2][8] - The transaction area for first, second, and third-tier cities in October showed year-on-year changes of +29%, -29%, and +22%, respectively, with month-on-month increases of +68%, +32%, and +36% [2][8] Inventory and De-stocking - As of the end of October, the available area of commercial housing in the top ten cities was 83.82 million square meters, a year-on-year decrease of 0.6% and a month-on-month decrease of 2%, with a de-stocking cycle of 21 months, down about 2 months from the previous month [2][13] Top 100 Real Estate Companies - In October, the total sales amount for the top 100 real estate companies reached 495.5 billion yuan, with a month-on-month increase of 67% and a year-on-year increase of 11% [3][16] - The cumulative sales amount for the first ten months was 3.46 trillion yuan, down 34.7% year-on-year, but the decline narrowed by 4 percentage points compared to the previous month [3][16] Investment Recommendations - The report suggests focusing on high-quality developers with strong financing capabilities, land acquisition abilities, and reasonable land reserve layouts, as well as top second-hand housing intermediaries benefiting from improved transaction conditions [5][20]