房地产百强房企1-11月销售数据点评：销售金额累计降幅略微收窄，央国企销售更具韧性

Investment Rating - The report maintains a "Positive" outlook for the real estate industry [1] Core Insights - The cumulative sales amount of the top 100 real estate companies from January to November 2024 decreased by 32.9% year-on-year, with a slight narrowing of the decline compared to the previous month [2][5] - Among the top 10 companies, the overall sales decline was the smallest, indicating stronger resilience among state-owned enterprises compared to mixed ownership and private enterprises [2][10] - The median year-on-year sales growth rate for 35 tracked key real estate companies was -40.1%, with state-owned enterprises showing a median decline of -23.4% compared to -42.8% for mixed ownership and private enterprises [2][11] Summary by Sections Sales Performance - The total sales amount for the top 100 real estate companies reached 37,122.6 billion yuan, with the top 10 companies contributing 17,801.6 billion yuan [5] - The sales growth rates for different segments from January to November 2024 were as follows: - Top 10: -27.0% - Top 11-20: -39.4% - Top 21-30: -37.5% - Top 31-50: -34.4% - Top 51-100: -37.7% [6] Key Company Insights - The report recommends investing in companies like Poly Developments, which focus on core city markets, as well as China Merchants Shekou, China Resources Land, and Greentown China, which are expected to benefit from increased market support and recovery [2][10]