地产月月览：2025年1-9月

Report Summary 1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - From the September data, the decline in real estate sales area is stabilizing, while the investment side remains weak. After a significant drop in the base, the decline in new construction starts has narrowed marginally. Attention should be paid to policy changes and the restoration of the market's internal driving force [1] 3. Summary by Relevant Catalog Real Estate Development Investment - The completed real estate development investment from January to September 2025 was 677.06 billion yuan, with a cumulative year - on - year decrease of 13.9%. The single - month growth rate in September was - 19.5% [1] New Housing Construction Area - The new housing construction area from January to September 2025 was 45,3990,000 square meters, with a cumulative year - on - year decrease of 23.0% [1] Commercial Housing Sales Area - The commercial housing sales area from January to September 2025 was 65,8350,000 square meters, with a cumulative year - on - year decrease of 5.5%. The single - month growth rate in September was - 10.5% [1] Housing Construction Area - The housing construction area from January to September 2025 was 6,485,800,000 square meters, with a cumulative year - on - year decrease of 9.4% [1] Housing Completion Area - The housing completion area from January to September 2025 was 31,1290,000 square meters, with a cumulative year - on - year decrease of 15.3%. The single - month growth rate in September was 1.5% [1]