统计局2024年1-11月房地产数据点评：11月单月销售同比转正，需求端利好政策效果延续

Investment Rating - The investment rating for the real estate industry is "Outperform the Market" (maintained) [2][4]. Core Insights - In November, the monthly sales turned positive year-on-year, indicating the continued effectiveness of favorable policies on the demand side [5]. - The average selling price of new commercial housing in November was 10,101 CNY/m², with a year-on-year decline of 2.2%, showing a narrowing of the decline compared to previous months [19]. - The cumulative real estate development investment from January to November 2024 was 93,634 billion CNY, a year-on-year decrease of 10.4%, with the decline in November being 11.6% [38]. Summary by Sections Sales Performance - In the first eleven months of 2024, the sales area of new commercial housing was 86,118 million m², down 14.3% year-on-year, but the decline narrowed compared to the previous months [3][5]. - November saw a year-on-year increase of 3.2% in sales area, marking the first positive growth in 17 months [5]. Price Trends - The average selling price of new commercial housing in the first eleven months was 9,885 CNY/m², with a year-on-year decline of 5.7%, which is a slight improvement from the previous month [19]. - The selling prices of second-hand houses showed better recovery than new houses, particularly in first-tier cities, which saw a month-on-month stabilization [19]. Investment and Funding - Real estate development investment in the first eleven months was 93,634 billion CNY, with a year-on-year decrease of 10.4%, and the decline in November was 11.6% [38]. - Funding for real estate enterprises was 96,575 billion CNY, down 18.0% year-on-year, but the decline rate has been narrowing [38]. Construction Activity - The area of new construction from January to November was 67,308 million m², down 23.0% year-on-year, with a significant decline in November [56]. - The area of completed housing was 48,152 million m², down 26.2% year-on-year, with November's decline being particularly steep [56]. Investment Recommendations - The report suggests that the continued positive effects of demand-side policies will lead to sustained improvements in sales volume and price in November, although real estate development investment has not yet improved [72]. - Specific companies recommended for investment include Poly Developments, China Overseas Development, China Resources Land, Yuexiu Property, and Beike-W [72].