1-9月统计局房地产数据点评：金九成色平淡，政策预期仍存

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The real estate market in September showed weak performance, with cumulative sales area down 5.5% year-on-year and sales revenue down 7.9% year-on-year for the first nine months of 2025 [2][3] - Investment in real estate development decreased by 13.9% year-on-year, with residential investment down 12.9% [3] - The funding for real estate projects saw a decline of 8.4% year-on-year, with domestic loans turning negative for the first time [3] - Housing prices in 70 major cities continued to decline, with second-hand housing prices down 0.6% month-on-month [4] - The report suggests that policy measures are urgently needed to stabilize the market, with a focus on demolition and renovation projects as potential areas for policy support [5] Summary by Sections Sales Data - In the first nine months of 2025, the total sales area of commercial housing reached 660 million square meters, with a year-on-year decrease of 5.5% [2] - The sales revenue for commercial housing was 6.3 trillion yuan, down 7.9% year-on-year [2] Investment Data - Real estate development investment totaled 6.8 trillion yuan, reflecting a year-on-year decline of 13.9% [3] - New housing starts amounted to 450 million square meters, down 18.9% year-on-year [3] Funding Data - Total funding for real estate projects was 7.2 trillion yuan, down 8.4% year-on-year [3] - Domestic loans accounted for 1.1 trillion yuan, showing a year-on-year decrease of 0.4% [3] Price Trends - New housing prices in 70 cities fell by 0.4% month-on-month and 2.7% year-on-year [4] - Second-hand housing prices in 70 cities decreased by 0.6% month-on-month and 5.2% year-on-year [4] Policy Outlook - The report emphasizes the need for policy measures to stabilize the market, with a focus on demolition and renovation as key areas for future policy initiatives [5] - The expectation is for a new round of policy easing to support the real estate market [5]