房地产1-10月月报：投资低位、销售改善，本轮政策效果显现

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating optimism about future performance [2][4]. Core Insights - The investment side remains weak, with cumulative investment from January to October down by 10.1% year-on-year, while new starts and completions have also seen significant declines [2][4][16]. - Sales have shown signs of improvement, with a notable narrowing of declines in October, where sales area decreased by only 1.6% year-on-year, compared to a 15.8% decline for the first ten months [2][17]. - Funding sources have also improved, with a reduction in the decline of financing funds, indicating a potential easing of financial constraints in the sector [2][17]. Summary by Sections Investment Side - Cumulative investment from January to October 2024 was 863.09 billion yuan, down 10.1% year-on-year, with new starts down 22.7% and completions down 23.9% [2][4][16]. - In October alone, investment was down 10.1% year-on-year, with new starts declining by 27.4% [2][4][16]. Sales Side - Cumulative sales area for the first ten months was 780 million square meters, down 15.8% year-on-year, while sales amount was 7.7 trillion yuan, down 20.9% [2][17]. - In October, the sales area decreased by 1.6% year-on-year, and the sales amount was 797.5 billion yuan, also down 1.4% [2][17]. Funding Side - Cumulative funding sources from January to October were down 19.2% year-on-year, with October showing a smaller decline of 10.8% [2][17]. - Domestic loans and self-raised funds saw reduced declines, indicating a potential improvement in funding conditions [2][17]. Future Outlook - The report forecasts a recovery in investment and sales, with expectations of a 12.1% increase in investment and a 19.9% decrease in sales amount for 2024 [2][4][16].