销售同比由降转升，开竣工降幅扩大

Investment Rating - The report maintains an "Overweight" rating for the real estate development sector [1][1]. Core Insights - The real estate market in China shows signs of marginal recovery in sales, with November data indicating a year-on-year increase in sales area and amount by 2.9% and 1.4% respectively, reversing the previous downward trend [1][29]. - Despite the improvement in sales, the investment side remains under pressure, with a year-on-year decline in national real estate development investment of 12% in November, although the decline has narrowed by 1 percentage point compared to October [1][12]. - The cash flow situation for real estate companies has shown some improvement, with funds received in November increasing by 2.9% year-on-year, indicating a positive trend in financing [1][29]. Summary by Sections Investment Side - National real estate development investment in November decreased by 12% year-on-year, with a narrowing decline compared to October [1][12]. - The supply of residential land in November fell by 27% year-on-year, while the transaction area and amount increased by 16% [1][12]. - New construction starts in November dropped by 27% year-on-year, indicating a continued contraction in the sector [1][15]. Sales Performance - The sales volume and price of properties continue to show signs of recovery, with November sales area and amount increasing by 2.9% and 1.4% respectively [1][29]. - The cumulative year-on-year decline in sales area for the first 11 months of 2024 has narrowed to 14.3% [1][30]. - The price index for new homes in 70 cities decreased by 6.1% year-on-year in November, with a slight month-on-month decline of 0.2% [1][29]. Financing and Cash Flow - The cash flow for real estate companies has improved, with funds received in November increasing by 2.9% year-on-year [1][29]. - Domestic loans increased by 9.9% year-on-year in November, indicating a recovery in financing conditions [1][29]. - The approval of loans for projects on the whitelist has significantly increased, reaching 3.6 trillion yuan by the end of November [1][29].