房地产行业2024年11月公司月报：投融边际修复，市场尚需观察

Investment Rating - The report rates the real estate industry as "Buy" with expectations of outperforming the market in the next 12 months [32]. Core Insights - The real estate market is experiencing a downturn in performance, with a notable decline in sales among major real estate companies. In November 2024, the top 100 real estate companies achieved sales of 386.5 billion yuan, a year-on-year decrease of 9.8% [27][51]. - The sales performance of key tracked companies also fell, with a total sales amount of 257.4 billion yuan in November, down 14.0% year-on-year. This follows a brief recovery in October, indicating a potential short-term market correction after the "924" policy [27][51]. - The new opening sales rate in major cities reached 58% in November, marking a month-on-month increase of 1 percentage point, the highest of the year, second only to the same period in 2020 [27]. - The land acquisition scale reached its highest for the year in November, with 44 sample companies collectively acquiring land worth 69.9 billion yuan, a year-on-year increase of 41% and a month-on-month increase of 146% [27]. - Financing for real estate companies showed marginal recovery, with total financing reaching 141.8 billion yuan in November, a 21% increase month-on-month, although it represents a 3% year-on-year decline [27]. Summary by Sections Market Overview - The market is experiencing a downturn, with high inventory turnover rates maintained [27]. Company Performance - Central state-owned enterprises showed stable performance, with Poly Real Estate achieving year-on-year growth [27]. Land Acquisition - The scale of land acquisition reached its highest for the year, with a slight decrease in profit margins [27]. Financing - Overall financing for real estate companies improved month-on-month, with a continued decline in costs [27]. Valuation and Investment Recommendations - Market recovery appears to be stalling, with a decline in sector valuations observed [27].