房地产行业重大事项点评：百强房企销售投资回升，后续仍待观察华创证券研究所

Investment Rating - The report indicates a "Recommended" investment rating for the real estate industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [30][32]. Core Insights - The cumulative sales amount of the top 100 real estate companies reached 24,283 billion yuan from January to October, a year-on-year decrease of 32.2%. However, in October, the sales amount was 3,433 billion yuan, showing a year-on-year increase of 9.9% and a month-on-month increase of 46% [1][2]. - The sales performance in October marked the first positive year-on-year growth in 2023, attributed to various policy measures aimed at stabilizing the real estate market and improving consumer expectations [2][4]. - The cumulative land acquisition value for the top 100 companies was 1.53 trillion yuan, down 40% year-on-year, with the total land acquisition amount at 712.8 billion yuan, a decrease of 42% [1][8]. Summary by Sections Sales Performance - In October, the top 100 companies' sales amount was 3,433 billion yuan, with a year-on-year increase of 9.9%, marking a significant recovery in market activity [2][4]. - The sales growth in October was driven by policy changes, including a reduction in the Loan Prime Rate (LPR) and adjustments to mortgage rates, which effectively stimulated sales [2][9]. Land Acquisition - The land acquisition activity showed a decline, with a cumulative land acquisition value of 1.53 trillion yuan from January to October, down 40% year-on-year [1][8]. - Despite the overall decline, there was a slight recovery in land acquisition activity in October, with the monthly land acquisition value and amount showing a narrowing of the decline [14][20]. Company Performance - Among the top 30 real estate companies, 19 reported positive year-on-year sales growth in October, with notable increases from companies like China State Construction and Sunac China [9][12]. - The report highlights a continued differentiation in sales performance between state-owned enterprises and private companies, with state-owned enterprises capturing a larger share of sales [7][9]. Market Outlook - The report suggests that the recent policy measures are expected to create conditions for stabilization in the real estate market, with ongoing monitoring of sales performance necessary [24][25]. - The focus on high-quality land parcels and the adjustment of land use policies are anticipated to influence future market dynamics, particularly in core urban areas [22][24].