新房二手房周报：百强房企累计销售跌幅持续收窄，核心城市土拍回暖

Investment Rating - The report maintains a positive investment suggestion for the real estate sector, indicating a "stop falling and stabilize" logic as the core theme for the industry [4]. Core Insights - The cumulative sales decline of the top 100 real estate companies is narrowing, with November sales amounting to 363.35 billion yuan, a month-on-month decrease of 16.6%, but a year-on-year increase of 44.3% compared to September [2][4]. - The overall transaction area for new and second-hand homes in 12 tracked cities reached 3.412 million square meters this week, with a month-on-month increase of 9.8% and a year-on-year increase of 11.1% [2]. - Core city land auctions are showing signs of recovery, with significant transactions in Shanghai, Beijing, and Hangzhou, indicating renewed investor interest [2][3]. Summary by Sections Market Overview - The report highlights a total transaction area of 3.412 million square meters for new and second-hand homes, with a month-on-month increase of 32.3% and a year-on-year increase of 22.2% since November 2024 [2]. - The cumulative sales amount for the top 100 real estate companies in November was 363.35 billion yuan, reflecting a year-on-year decline of 30.7% but a narrowing of the decline compared to October [2]. Land Auction Insights - In Shanghai, the seventh batch of land auctions resulted in 10 plots being sold, with an average premium of 20%, marking a new high for 2024 [2]. - Beijing's land auction on November 29 saw two plots sold at a minimal average premium of 0.19%, while Hangzhou's auction resulted in two plots sold at an average premium of 18% [2]. Policy Adjustments - Various cities are implementing tailored policies to stimulate the housing market, such as home purchase subsidies in Wuhan and adjustments to housing fund policies in Chongqing and Lanzhou [3]. - The report notes significant announcements from key companies, including Poly Developments receiving a 10 billion yuan medium-term note registration and Binjiang Group acquiring residential land in Nanjing for 1.351 billion yuan [3]. Investment Recommendations - The report recommends focusing on companies like Poly Developments, China Merchants Shekou, Binjiang Group, Huafa Group, and Jindi Group, indicating a favorable outlook for the real estate sector [4].