房地产百强房企1-4月销售数据点评：4月销售额同比继续下滑，市场仍面临压力

Investment Rating - The industry investment rating is "Positive" [5] Core Viewpoints - The overall market continues to face pressure, with April sales showing a year-on-year decline of 9.1% for the top 100 real estate companies [1][4] - Short-term focus should be on valuation recovery opportunities brought by policy increments, while long-term focus should be on leading companies with quality product resources and real estate operation capabilities in core cities [4] Summary by Relevant Sections Sales Data - From January to April, the top 100 real estate companies achieved a sales amount of 1,018.16 billion yuan, with a year-on-year growth rate of -6.8%, compared to -5.9% previously. In April alone, the sales amount was 284.66 billion yuan, with a year-on-year growth rate of -9.1%, improving from -11.3% [2] - The year-on-year growth rates for different groups of companies from January to April were as follows: top 10 at -11.1%, top 11-20 at -7.5%, top 21-30 at 3.5%, top 31-50 at 7.3%, and top 51-100 at -6.2%. In April, the growth rates were -16.9%, -24.8%, 52.9%, 16.2%, and -5.0% respectively [2] Key Company Performance - Among 51 mainstream real estate companies, the top 5 by sales amount were Poly, China Resources, China Overseas, China Merchants, and Greentown, with sales amounts of 87.61 billion, 68.5 billion, 66.52 billion, 49.78 billion, and 47.72 billion yuan respectively [3] - The top 5 companies with the highest average sales price were Binjiang, Yuexiu, Greentown, Jinyu, and Poly Real Estate, with average prices of 39,800, 39,400, 34,100, 30,500, and 27,300 yuan per square meter respectively [3] - The top 5 companies with the highest year-on-year growth rates in sales amount were China Railway, Huafa, Electric Power Construction, Yuexiu, and China Railway Construction, with growth rates of 55.4%, 49.1%, 49.1%, 37.1%, and 22.7% respectively [3] Investment Recommendations - The report recommends focusing on Poly Development and New Town Holdings in the short term, while also highlighting China Resources Land and Longfor Group as potential beneficiaries [4]