房地产1-11月月报：投资继续走弱，销售同比转正

Investment Rating - The report maintains a "Positive" rating for the real estate sector [1][4][19]. Core Insights - The investment side remains weak, with November showing a year-on-year decline in investment by 13.8%, while construction starts fell by 26.2% and completions dropped by 39.0% [1][19]. - Sales have turned positive year-on-year in November, with sales area increasing by 3.5% and sales revenue rising by 1.0% [1][20]. - Funding sources have shown some improvement, with a year-on-year increase in funding sources by 4.8% in November [1][19]. Summary by Sections Investment Side - For the period of January to November 2024, total real estate development investment reached 936.34 billion yuan, down 10.4% year-on-year, with November alone seeing a 13.8% decline [4][19]. - Residential investment during the same period was 711.90 billion yuan, also down 10.5% year-on-year [4][19]. - Regional investment data shows that the eastern region declined by 10.4%, the central region by 9.8%, the western region by 9.7%, and the northeastern region by 21.6% [4][19]. Sales Side - From January to November 2024, the total sales area of commercial housing was 860 million square meters, down 14.3% year-on-year, while November saw a 3.5% increase [20][26]. - The total sales revenue for the same period was 8.5 trillion yuan, down 19.2% year-on-year, with November's revenue at 827 billion yuan, up 1% [20][26]. - The average sales price of commercial housing for January to November was 9,885 yuan per square meter, down 5.7% year-on-year [30]. Funding Side - In November, the year-on-year decline in funding sources narrowed to 4.8%, with domestic loans down by 3.8% and self-raised funds down by 15.6% [1][19]. - The report anticipates that funding sources will gradually improve due to ongoing policy relaxations in the industry [1][19].