重点跟踪房企月度经营情况综述（2024年9-10月）：1-10月重点跟踪房企销售额同比-30%，整体拿地销售比14%

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [4] Core Insights - The real estate market in China is undergoing significant changes in supply and demand dynamics, with recent policies aimed at stabilizing the market and promoting recovery [32] - The overall sales amount for 13 tracked real estate companies from January to October 2024 totaled 1,640.9 billion yuan, reflecting a year-on-year decrease of 29.6% [8][10] - The land acquisition amount for 10 tracked companies from January to October 2024 was 181.64 billion yuan, down 64.0% year-on-year, with a land acquisition to sales ratio of 14.1%, a decrease of 13.4 percentage points [18][27] - The operational revenue for 3 tracked companies in the first ten months of 2024 reached 70.67 billion yuan, a year-on-year increase of 10.7% [29] Summary by Sections Sales Performance - The total sales amount for 13 tracked companies in October 2024 was 231.1 billion yuan, with a year-on-year increase of 8.5% [8] - The average sales price per square meter for these companies in October 2024 was 21,128 yuan, showing a year-on-year increase of 9.0% [13] Land Acquisition Performance - The total land acquisition area for 10 tracked companies from January to October 2024 was 10.56 million square meters, down 67.6% year-on-year [21][22] - The average land acquisition price per square meter for these companies from January to October 2024 was 17,200 yuan, reflecting an increase of 11.0% year-on-year [24] Operational Revenue - The operational revenue for 3 tracked companies in October 2024 was 7.49 billion yuan, a year-on-year increase of 6.9% [29] - The leading company in operational revenue was China Resources Land, with 3.87 billion yuan, up 13.1% year-on-year [29] Investment Recommendations - The report suggests focusing on leading real estate companies with comprehensive development capabilities, such as China Overseas Development and Poly Developments, which are expected to benefit from urban renewal projects [32][33] - It also highlights the potential of commercial public REITs and recommends companies with strong operational capabilities like China Resources Land and Longfor Group [32][33]