光大核心城市房地产销售跟踪（2024年11月）：11月一线城市二手住宅成交面积同比+51%，成交均价同比+2.9%

Investment Rating - The industry is rated as "Overweight" [6] Core Views - The real estate market in China is undergoing significant changes in supply and demand dynamics, with continued optimization of policies expected in 2024 [4][71] - The report highlights a strong recovery in transaction volumes for both new and second-hand residential properties in major cities, indicating a potential market rebound [1][3] Summary by Sections New Housing Market - In November 2024, the transaction area of new residential properties in the 30 core cities increased by 17.6% year-on-year, with a total area of 16.46 million square meters [1] - The average transaction price for new residential properties in November was 26,231 CNY per square meter, up 7.4% year-on-year [2][34] - Cumulative transaction area from January to November 2024 decreased by 27.5% compared to the previous year [1] Second-Hand Housing Market - In November 2024, the transaction area of second-hand residential properties in the 15 core cities rose by 28.8% year-on-year, totaling 16.33 million square meters [3][47] - The average transaction price for second-hand residential properties in November was 25,670 CNY per square meter, reflecting a year-on-year increase of 1.1% [62] - Cumulative transaction area from January to November 2024 increased by 2.9% year-on-year [3][49] Investment Recommendations - The report suggests focusing on leading real estate companies with comprehensive development capabilities in major cities, such as China Merchants Shekou, Poly Developments, and China Overseas Land & Investment [4][71] - It also recommends investing in commercial REITs with diversified asset portfolios and strong competitive advantages in the commercial real estate sector, such as China Resources Land and Longfor Group [4][72]