房地产统计局1-11月数据点评：11月新房销售同比转正，到位资金降幅收窄

Investment Rating - The industry investment rating is "Positive/Maintain" [1] Core Viewpoints - November new home sales turned positive year-on-year, while the decline in funds received by real estate companies narrowed [4] - The central government shows a continuous willingness to stabilize the real estate market, with expectations for more proactive policies in the future [4] Sales Summary - For January to November 2024, the cumulative sales area of commercial housing decreased by 14.3% year-on-year, improving from a previous decline of 15.8%. The cumulative sales amount decreased by 19.2%, better than the previous decline of 20.9% [2] - In November, the sales area increased by 3.2% year-on-year, compared to a previous decline of 1.6%. The sales amount increased by 1.0%, improving from a previous decline of 1.0%. However, the average sales price decreased by 1.8% year-on-year, compared to a previous increase of 0.2% [2] Development Investment Summary - From January to November 2024, the cumulative new construction area decreased by 23.0% year-on-year, slightly worsening from a previous decline of 22.6%. The cumulative completion area decreased by 26.2%, worsening from a previous decline of 23.9%. The cumulative development investment amount decreased by 10.4%, similar to the previous decline of 10.3% [3] - In November, the new construction area decreased by 26.8% year-on-year, slightly worsening from a previous decline of 26.7%. The completion area saw a significant decline of 38.8%, worsening from a previous decline of 20.1%. The development investment amount decreased by 11.6%, improving from a previous decline of 12.3% [3] Funds Received Summary - For January to November 2024, the cumulative funds received by real estate development companies decreased by 18.0% year-on-year, improving from a previous decline of 19.2%. In November, the single-month funds received decreased by 4.8%, improving from a previous decline of 10.8% [4] - Domestic loans decreased by 3.8% year-on-year, improving from a previous decline of 8.8%. Self-raised funds decreased by 15.6%, improving from a previous decline of 22.7%. Deposits and advance payments increased by 5.0%, improving from a previous decline of 3.9% [4] Future Industry Events - Key industry events in the next 3-6 months include the release of January-February 2025 real estate data by the National Bureau of Statistics in mid-February 2025 [5] Industry Basic Information - The industry consists of 114 listed companies, with a total market value of 1,434.278 billion and a circulating market value of 1,324.534 billion. The average industry P/E ratio is -23.39 [5]