房地产统计局1-10月数据点评：10月新房销售、到位资金同比降幅均明显收窄

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - In October, the year-on-year decline in new home sales and funds received significantly narrowed, indicating a potential stabilization in the real estate market [3][4] - The cumulative sales area of commercial housing from January to October 2024 showed a year-on-year growth rate of -15.8%, an improvement from -17.1% in the previous period [1] - The cumulative sales amount for the same period decreased by -20.9%, compared to -22.7% previously, with October's sales area and amount showing declines of -1.6% and -1.0% respectively [1] - The average sales price in October increased by 0.2% year-on-year, contrasting with a decline of -5.9% in the previous month [1] Summary by Sections Sales - The cumulative sales area for January to October 2024 is -15.8%, improving from -17.1% [1] - October's sales area decline was -1.6%, compared to -11.0% previously [1] - The cumulative sales amount decreased by -20.9%, with October showing a decline of -1.0% [1] - The average sales price in October increased by 0.2% year-on-year [1] Development Investment - The cumulative new construction area from January to October 2024 decreased by -22.6%, slightly worsening from -22.2% [2] - The cumulative completion area showed a year-on-year decline of -23.9%, an improvement from -24.4% [2] - Development investment decreased by -10.3% cumulatively, compared to -10.1% previously [2] - In October, the new construction area declined by -26.7%, while the completion area decreased by -20.1% [2] Funds Received - The cumulative funds received by real estate developers decreased by -19.2%, improving from -20.0% [3] - In October, the year-on-year decline in funds received was -10.8%, compared to -18.4% previously [3] - Domestic loans showed a decline of -8.8%, improving from -14.4% [3] - Personal mortgage loans also decreased by -8.8%, an improvement from -26.0% [3] Investment Recommendations - The report suggests that the central government's policy focus has shifted from stabilization to promoting stability, which is expected to positively impact the core city markets [3] - High-quality real estate companies in core cities, such as Poly Developments, China Merchants Shekou, and China Resources Land, are likely to benefit from this shift [3] - The report highlights that the increased support for high-quality real estate companies with market capabilities will provide good credit support [3]