11月房地产行业月报：单月销售面积同比转正，政策效果逐渐显现

Investment Rating - The report maintains a "Recommended" rating for the real estate industry [5]. Core Insights - The real estate market shows signs of recovery with a positive year-on-year growth in sales area for November 2024, indicating the effectiveness of recent policy measures [2][20]. - The cumulative sales area from January to November 2024 is 86,118 million square meters, a year-on-year decrease of 14.30%, but the decline is narrowing [2][20]. - The cumulative sales amount for the same period is 85,125 billion yuan, down 19.20% year-on-year, with November showing a slight increase of 0.97% [2][20]. - The average sales price for the first eleven months is 9,885 yuan per square meter, reflecting a year-on-year decrease of 5.72% [2][20]. Sales Summary - In November 2024, the sales area reached 8,187.84 million square meters, marking a year-on-year increase of 3.20% and a month-on-month increase of 7.08% [2][20]. - The sales amount for November was 8,270.10 billion yuan, with a year-on-year growth of 0.97% and a month-on-month increase of 3.70% [2][20]. - The sales price in November was 10,100 yuan per square meter, down 2.16% year-on-year and down 3.16% month-on-month [2][20]. Investment Summary - From January to November 2024, real estate development investment totaled 93,634 billion yuan, a year-on-year decrease of 10.40% [3][29]. - In November, the investment was 7,325.15 billion yuan, down 11.56% year-on-year and down 3.98% month-on-month [3][29]. - New construction area from January to November was 67,308 million square meters, down 23.00% year-on-year, with November showing a decrease of 26.81% [3][31]. Funding Summary - Cumulative funding for real estate companies from January to November 2024 was 96,575 billion yuan, down 18.00% year-on-year [4][45]. - Domestic loans accounted for 13,476 billion yuan, down 6.20% year-on-year, while prepayments and deposits decreased by 25.20% [4][45]. - In November, funding sources related to sales saw a year-on-year increase of 4.99%, marking the first positive growth of the year [4][45]. Investment Recommendations - The report highlights several companies with strong operational capabilities and financial advantages, including Poly Developments, China Merchants Shekou, Longfor Group, and Vanke A [4][61]. - It suggests focusing on quality developers such as China Resources Land and Greentown China, as well as quality property management firms like China Resources Mixc Life [4][61]. - The report emphasizes the potential for market share growth among leading real estate firms due to improved operational management and financial support from recent policies [4][61].