房地产行业数据点评：10月销售显著回暖，投资端仍然承压

Investment Rating - The industry investment rating is maintained as "Buy" [7][10][40] Core Insights - October sales area and amount have significantly narrowed in decline, with total sales area from January to October 2024 at 779 million square meters (YoY -15.8%), and sales amount down 20.9% YoY [4][14] - The report highlights that the recent policy stimulus at the end of September has positively impacted sales, leading to the smallest monthly decline since May 2023 [4][10] - The report suggests that the real estate sector is experiencing a turning point, with favorable policies being implemented to stabilize the market and improve the fundamentals [10][40] Summary by Sections Sales Performance - In October, the sales area for commercial housing was 76 million square meters (YoY -1.62%), marking the smallest decline since May 2023, although it remains the lowest for the same period since 2009 [4][14] - From January to October, residential sales area was 654 million square meters (YoY -17.7%), with a narrowing decline of 1.5 percentage points compared to the previous month [4][14] - Sales amount for commercial housing from January to October was down 20.9% YoY, with a notable improvement in October's single-month performance [4][14] Funding and Financials - From January to October, the total funds received by real estate companies decreased by 19.2% YoY, with a significant improvement in October where the decline was only 10.8% [5][22] - The report indicates that the decline in personal mortgage loans and pre-sales has narrowed, reflecting a recovery in sales [5][22] Construction and Development - Real estate development investment from January to October decreased by 10.3% YoY, with new construction area down 22.6% [6][27] - The report notes that while new construction remains low, the completion rate has slightly improved, indicating ongoing challenges in the construction sector [6][27] Land Transactions - The supply and transaction area of residential land in 100 major cities decreased by 28% and 26% YoY respectively, with the decline in transaction area showing signs of narrowing [32][40] - The report highlights that the transaction amount for residential land has decreased by 40%, but the decline is less severe than in previous months [32][40]