房地产：政策宽松促进需求释放，单月销售同比转正

Investment Rating - The industry rating is "Strongly Outperform the Market" [6] Core Viewpoints - The report indicates that policy easing has led to a release in demand, with monthly sales showing a year-on-year increase for the first time [2] - The report anticipates a recovery phase for the industry characterized by alleviation of liquidity pressures, continuous supply contraction, stabilization of housing prices, and a resurgence in sales and construction [5] Summary by Sections Investment Highlights - As of November 2024, cumulative real estate development investment reached 93,634 billion, reflecting a year-on-year decline of 10.4%, with the decline rate widening by 0.1 percentage points compared to previous values [2] - In November, real estate development investment was 7,325 billion, a month-on-month decrease of 4.0% and a year-on-year decrease of 11.6%, with the decline rate narrowing by 0.8 percentage points [3] Sales Performance - From January to November, the total sales area of new commercial housing was 86,118 million square meters, and the sales amount was 85,125 billion, representing year-on-year declines of 14.3% and 19.2%, respectively, with the decline rates narrowing by 1.5 and 1.7 percentage points [2] - In November, the monthly sales area of commercial housing was 8,188 million square meters, showing a month-on-month increase of 7.1% and a year-on-year increase of 3.2% [2] Funding Sources - Total funding for real estate development from January to November was 96,575 billion, down 18.0% year-on-year, with the decline rate narrowing by 1.2 percentage points [4] - In November, the funding amount was 9,340 billion, reflecting a month-on-month increase of 12.0% and a year-on-year decrease of 4.8%, with the decline rate narrowing by 6.0 percentage points [4] Investment Recommendations - The report suggests focusing on three main lines: companies reversing from difficulties such as Jindi Group and New Town Holdings; leading companies maintaining land acquisition intensity like China Merchants Shekou, Greentown China, and Poly Developments; and local state-owned enterprises with stable diversified operations like Pudong Jinqiao and Waigaoqiao [5]