10月房地产行业月报：销售均价环比提升，开工降幅扩大

Investment Rating - The report maintains a "Recommended" rating for the real estate industry [5]. Core Insights - The cumulative sales area of commercial housing in China from January to October 2024 is 77,930 million square meters, with a year-on-year decline of 15.80%, but the decline has narrowed by 1.3 percentage points compared to the previous month [2][19]. - The cumulative sales amount for the same period is 76,855 billion yuan, down 20.90% year-on-year, with a reduction of 1.8 percentage points from the previous month [2][19]. - The average sales price for the first ten months of 2024 is 9,862 yuan per square meter, a year-on-year decrease of 6.06%, but it has increased by 0.63% month-on-month [2][19]. - In October 2024, the sales area was 7,645.97 million square meters, down 1.62% year-on-year and down 21.03% month-on-month [2][19]. - The report highlights that various supportive policies have been introduced since late September, which are expected to gradually show positive effects on the market [2][5]. Sales Summary - The cumulative sales area and sales amount for January to October 2024 show a narrowing decline compared to the previous month [5]. - The average sales price in October 2024 increased by 0.64% year-on-year and 10.29% month-on-month, indicating a recovery trend [2][5]. Investment Summary - Real estate development investment from January to October 2024 is 86,309 billion yuan, down 10.30% year-on-year, with a slight narrowing of the decline by 0.2 percentage points compared to the previous month [3][29]. - The new construction area for the same period is 61,227 million square meters, down 22.60% year-on-year, with the decline expanding by 0.4 percentage points [3][31]. - The report notes a decrease in the willingness of real estate companies to invest, impacting the scale of new construction [3][31]. Funding Summary - The total funds received by real estate companies from January to October 2024 is 87,235 billion yuan, down 19.20% year-on-year, with a reduction of 0.80 percentage points compared to the previous month [4][41]. - Domestic loans for the same period amount to 12,400 billion yuan, down 6.40% year-on-year, while prepayments and deposits decreased by 27.70% [4][41]. - The report indicates that the decline in sales-related funds has significantly narrowed, suggesting an improvement in funding conditions due to recent policy implementations [4][41]. Investment Recommendations - The report suggests a positive outlook for leading real estate companies such as Poly Developments, China Merchants Shekou, Longfor Group, Vanke A, and others, highlighting their operational management capabilities and financial advantages [5][61]. - It recommends focusing on quality developers and property management firms, as well as commercial real estate leaders [5][61].