房地产行业2024年11月统计局数据点评：11月销售同比增速转正，投资降幅收窄

Investment Rating - The industry investment rating is "Outperform the Market" [23] Core Viewpoints - The report highlights that the real estate market is showing signs of recovery, with November sales area reaching 81.88 million square meters, a year-on-year increase of 3.2%, marking the first positive growth in 18 months [10][4] - The report indicates that the average selling price of commercial housing in November was 10,100 yuan per square meter, down 3.2% month-on-month and 2.2% year-on-year, suggesting a price correction despite sales volume improvement [6][4] - The report emphasizes that the improvement in sales is primarily driven by supportive government policies and a low base from the previous year, with expectations for continued recovery in December [10][9] Summary by Sections Sales Performance - In November, the total sales area was 81.88 million square meters, with a sales amount of 827 billion yuan, reflecting a year-on-year increase of 1.0% [4][10] - Residential sales area reached 68.56 million square meters, up 4.6% year-on-year, indicating a significant recovery in the housing market [10][4] - Cumulative sales area from January to November was 861 million square meters, down 14.3% year-on-year, marking the lowest level since 2011 [10][4] New Housing Inventory - The report notes a decrease in new housing inventory and the de-stocking cycle, with total inventory at 1.84 billion square meters, down 1.3% month-on-month and 12.6% year-on-year [10][9] - The de-stocking cycle is reported at 26.6 months, indicating a slight improvement in inventory management [10][9] Investment and Construction - Real estate development investment in November was 732.5 billion yuan, down 11.6% year-on-year, although the decline has narrowed compared to previous months [10][9] - New construction area in November was 60.81 million square meters, down 26.8% year-on-year, reflecting ongoing challenges in the construction sector [10][9] - Cumulative development investment from January to November was 9.36 trillion yuan, down 10.4% year-on-year, indicating a continued contraction in investment [10][9] Funding for Real Estate Companies - In November, the total funds available to real estate companies were 934 billion yuan, a decrease of 4.8% year-on-year, with sales receipts showing a positive growth of 3.2% [10][9] - The report highlights that the improvement in sales receipts is contributing to a more stable funding environment for developers [10][9] Investment Recommendations - The report suggests focusing on three main lines for investment opportunities: 1. Stocks expected to rebound post-policy easing, such as JinDi Group and Longfor Group 2. Companies with strong core city layouts benefiting from targeted policies, like Greentown China and China Resources Land 3. Local state-owned enterprises benefiting from debt resolution and urban renewal initiatives [10][9]