房地产行业重点跟踪房企月度经营情况综述（2024年11月）：1-11月重点跟踪房企销售额同比-28%，整体拿地销售比17%

Investment Rating - The report maintains a rating of "Accumulate" for the industry, indicating a positive outlook for selected companies over the next 6-12 months [11][70]. Core Insights - The overall land acquisition area for 10 tracked real estate companies in November 2024 totaled 2.03 million square meters, showing a year-on-year decrease of 4.2% [1][30]. - The total sales amount for 13 tracked real estate companies from January to November 2024 was 1,823.5 billion yuan, reflecting a year-on-year decline of 28.0% [14][23]. - The average sales price per square meter for the same period was 19,380 yuan, with a slight year-on-year decrease of 1.4% [48]. Summary by Sections Land Acquisition Performance - In November 2024, the total land acquisition amount for 10 tracked companies was 54.45 billion yuan, representing a year-on-year increase of 64.6% [28][51]. - The cumulative land acquisition area from January to November 2024 was 12.59 million square meters, down 63.7% year-on-year [30][51]. Sales Performance - The total sales area for 13 tracked companies in November 2024 was 921,000 square meters, with a year-on-year decline of 12.3% [45][47]. - The cumulative sales area from January to November 2024 was 9.409 million square meters, reflecting a year-on-year decrease of 27.0% [24][23]. Operating Income - The combined operating income for three tracked companies in November 2024 was 7.35 billion yuan, showing a year-on-year increase of 20.6% [56][34]. - The total operating income from January to November 2024 for these companies was 78.01 billion yuan, with a year-on-year growth of 11.5% [5][34]. Investment Recommendations - The report suggests focusing on leading companies with comprehensive development capabilities, such as China Overseas Development, Poly Developments, and China Jinmao, which are expected to benefit from urban renewal projects [39][68]. - It also highlights the potential of commercial public REITs and recommends companies with strong operational capabilities in commercial assets, such as China Resources Land and Longfor Group [39][68].