TOP100房企11月销售数据点评：单月销售环比回落，年末有望小幅“翘尾”

Investment Rating - The report maintains a positive outlook on the real estate industry, suggesting that recent policy easing and improved industry structure will highlight the value of quality companies [4][44]. Core Insights - In November 2024, the top 100 real estate companies experienced a month-on-month sales decline of 16.5% and a year-on-year decline of 6.9%, with total sales amounting to RMB 363.37 billion [3][49]. - For the period from January to November 2024, the top 100 companies achieved sales of RMB 3.43 trillion, representing a year-on-year decrease of 30.7%, although the decline has narrowed compared to previous months [2][48]. - Nearly 50% of the top 100 companies reported positive year-on-year sales growth in November 2024, with Greentown China leading with sales of RMB 31.8 billion [3][51]. Summary by Sections 1. November 2024 Sales Performance - The top 100 companies' sales for November 2024 were RMB 363.37 billion, down 16.5% month-on-month and 6.9% year-on-year [3][49]. - The equity sales for the same month were RMB 287.51 billion, reflecting a month-on-month decline of 16.2% and a year-on-year decline of 3.0% [3][49]. 2. Year-to-Date Sales Performance - From January to November 2024, the top 100 companies' sales reached RMB 3.43 trillion, down 30.7% year-on-year, with a narrowed decline of 2.0 percentage points from October [2][48]. - The top 50 companies recorded sales of RMB 2.97 trillion, also down 30.0% year-on-year, with a similar narrowing of the decline [2][48]. 3. Company Performance Insights - Among the top 50 companies, 20 achieved positive year-on-year growth in November 2024, with Sino-Ocean Group showing the highest growth at 103.4% [4][52]. - The report highlights specific companies to watch, including Vanke A, Poly Developments, and China Merchants Shekou in the development category, and China Resources Land and Longfor Group in the commercial residential category [4][44].