百强房企销售跟踪（2024年11月）：11月百强房企权益销售额单月同比-3%，1-11月累计同比降幅收窄至-30%

Investment Rating - The report maintains a rating of "Accumulate" for the real estate sector [5] Core Viewpoints - In November 2024, the top 100 real estate companies reported a year-on-year decline of 3% in equity sales, with a cumulative decline of 30% from January to November, indicating a narrowing of the decline by 2.2 percentage points compared to the previous month [1][3] - The report highlights the ongoing changes in the supply-demand relationship in the real estate market, with continued optimization of policies expected in 2024 [3][58] - The report suggests focusing on two main investment lines: companies with comprehensive development capabilities in major cities and those with strong competitive advantages in commercial real estate [4][59] Summary by Sections Sales Performance - In November 2024, the total sales amount, equity sales amount, and sales area for the top 100 companies were 386.5 billion, 287.5 billion, and 20.5 million square meters, respectively, showing year-on-year declines of 9.8%, 3.0%, and 15.2% [1][30] - From January to November 2024, the cumulative sales figures for the top 100 companies were 3,712.3 billion, 2,715.8 billion, and 202.38 million square meters, with year-on-year declines of 32.9%, 30.0%, and 34.6% [1][30] Company Performance - Among the top 50 companies, 47 reported an average year-on-year sales increase of 9.0% in November, while the cumulative year-on-year sales for 48 companies from January to November showed a decline of 30.0% [2][40] - The report identifies four companies with positive year-on-year sales growth in November: China Overseas Land & Investment (+30.8%), China Vanke (-33.7%), and others [2][51] Policy and Market Outlook - The report emphasizes the importance of financial support for the real estate sector, with policies such as the "Financial 16 Measures" extended until the end of 2026 [3][58] - Local governments are expected to have greater autonomy in implementing housing policies, leading to increased differentiation in the real estate market across cities and regions [3][58] Investment Recommendations - The report recommends focusing on stable leading companies capable of participating in urban renewal projects in major cities, such as China Merchants Shekou, Poly Developments, and others [4][58] - It also suggests looking at commercial public REITs with diverse asset portfolios and strong competitive advantages in the commercial real estate sector, including China Resources Land and Longfor Group [4][59]