房地产行业2024年11月房企销售数据点评：11月房企销售回落，后续政策仍需呵护

Investment Rating - The report maintains a "Positive" rating for the real estate sector [1]. Core Insights - November sales data for real estate companies showed a decline, indicating a need for continued policy support to stabilize the market [1]. - The report highlights that the effectiveness of recent real estate policies has been stronger than in the past, focusing on repairing household balance sheets and setting a strong bottom line for stabilization [1]. - The report suggests that the real estate sector is expected to stabilize, with key indicators showing signs of bottoming out [1]. Summary by Sections Sales Performance - In November 2024, the top three real estate companies by sales were China Overseas with 30 billion CNY (up 31% YoY), China Resources with 25.8 billion CNY (up 7% YoY), and Poly with 24 billion CNY (down 23% YoY) [1]. - A total of 50 real estate companies reported a monthly sales amount of 274.2 billion CNY in November, reflecting a month-on-month decrease of 18% and a year-on-year decrease of 15% [1]. - Cumulatively, from January to November 2024, total sales reached 2.7147 trillion CNY, down 34% YoY, with a sales area of 15.168 million square meters, down 36% YoY [1]. Policy Impact - The report emphasizes that recent policies aimed at stabilizing the real estate market have been more effective, focusing on measures such as interest rate cuts on existing mortgages and tax reductions [1]. - The report anticipates that further policy support will be necessary to continue the recovery and stabilization of the real estate sector [1]. Investment Recommendations - Recommended companies include those with strong product capabilities such as Binjiang Group, Poly Development, and China Overseas Development, as well as undervalued firms like Xincheng Holdings and Jianfa Shares [1]. - The report also highlights companies that will benefit from land reserve and urban renewal policies, such as Yuexiu Property and Huafa Group [1].