房地产百强房企1-12月销售数据点评：销售金额累计降幅继续收窄，头部房企整体降幅更小

Investment Rating - The industry investment rating is "Positive" [8] Core Insights - The cumulative sales amount of the top 100 real estate companies for the year 2024 is 41,864.6 billion yuan, with a year-on-year decline of 30.3%, which is an improvement from the 32.9% decline reported for the first eleven months [2][9] - The top 10 companies experienced the smallest sales decline at -24.4%, while the other segments showed larger declines, with the top 11-20, 21-30, 31-50, and 51-100 companies reporting declines of -38.2%, -35.2%, -31.2%, and -34.0% respectively [2][9] - The median year-on-year sales growth rate for 35 key companies was -35.7%, with state-owned enterprises showing a median growth of -20.2% and mixed ownership and private enterprises at -44.4% [3][9] Summary by Sections Sales Performance - In December, the median year-on-year sales growth for the 35 key companies was -24.4%, with state-owned enterprises at 36.0% and mixed ownership and private enterprises at -29.4% [3] - The month-on-month growth for December was 9.2%, with state-owned enterprises at 28.9% and mixed ownership and private enterprises at 6.1% [3] Investment Recommendations - The report suggests that the current policy direction is clear, with the central government showing a willingness to stabilize the real estate market. Future policies are expected to be positive and will strengthen the implementation of these policies [4] - The report highlights that the core cities are facing structural supply imbalances rather than insufficient demand. With ongoing policy support and demand release, core city markets are expected to stabilize first, benefiting quality real estate companies focused on these areas, such as Poly Developments, China Merchants Shekou, China Resources Land, and Greentown China [4] Industry Overview - The real estate industry has 114 listed companies, with a total market value of 1,222.57 billion yuan and an average industry P/E ratio of -19.93 [5][9]