2025年10月房企销售数据点评：10月销售降幅扩大，政策亟待进一步呵护

Investment Rating - The report maintains an "Overweight" rating for the real estate sector, indicating a positive outlook for the industry [4]. Core Insights - October sales for real estate companies showed a significant decline, with a year-on-year decrease of 42% and a cumulative decrease of 20% for the year [4]. - The top three companies in terms of sales for October were Poly Developments (210 billion), China Overseas (186 billion), and China Merchants Shekou (154 billion), with the threshold for the top three dropping from 310 billion last year to 154 billion this year [2][4]. - The report highlights that the market is weakening further, necessitating additional supportive policies to stabilize the sector [4]. Summary by Sections Sales Performance - In October 2025, the total sales amount for 50 real estate companies was 1,967 billion, reflecting a year-on-year decline of 41.5% [4]. - The sales area for October was 10 million square meters, down 42.1% year-on-year [4]. - Cumulatively, from January to October 2025, the sales amount reached 19,384 billion, a decrease of 20.4% year-on-year [4]. Company Rankings - For October sales, the rankings were led by Poly Developments (210 billion, YOY -50%), followed by China Overseas (186 billion, YOY -55%) and China Merchants Shekou (154 billion, YOY -31%) [4]. - Cumulative sales from January to October showed Poly Developments leading with 2,227 billion (YOY +22%), followed by China Overseas (1,891 billion, YOY -21%) and China Resources (1,696 billion, YOY -17%) [4]. Investment Recommendations - The report suggests focusing on companies that are likely to benefit from favorable policies, including China Resources, Greenland, and China Jinmao, among others [4]. - It also highlights the potential for commercial real estate to be revalued positively during the current monetary easing cycle [4].