Haitong Securities International·2025-11-03 14:46Investment Rating - The report maintains an "Outperform" rating, indicating a positive outlook for the industry despite entering a high base period in Q4 [4][23][28]. Core Insights - The report emphasizes that under the guidance of the "Fifteenth Five-Year Plan," the policy logic remains clear, and the valuation advantages of blue-chip companies are more pronounced [4][23][28]. - In October 2025, the top 100 real estate companies achieved a slight month-on-month sales increase, with total sales amounting to RMB 25.77 trillion, a year-on-year decline of 16.0% [4][28]. - The equity sales for the same period reached RMB 20.19 trillion, also reflecting a year-on-year decrease of 16.9% [4][28]. Summary by Sections Sales Performance - In October 2025, the top 100 real estate firms recorded a total sales amount of RMB 25.30 billion, a month-on-month increase of 0.1% but a year-on-year decrease of 41.9% [6][28]. - The equity sales for the top 100 firms were RMB 20.07 billion, with a month-on-month increase of 1.1% and a year-on-year decrease of 41.5% [6][28]. Company Recommendations - Recommended companies include: 1. Development: A-Shares - China Vanke, Poly Developments, China Merchants Shekou; H-Shares - China Overseas Land & Investment, C&D International [4][23][28]. 2. Residential: China Resources Land, Longfor Group Holdings [4][23][28]. 3. Property: Onewo, China Resources Mixc Lifestyle Services, China Overseas Property [4][23][28]. 4. Cultural Tourism: Shenzhen Overseas Chinese Town [4][23][28]. Sales Threshold Analysis - The sales threshold for the top 21-30 firms decreased by 5.4% from RMB 20.5 billion to RMB 19.4 billion, while the threshold for the top 51-100 firms saw a larger decline of 23.4% from RMB 5.7 billion to RMB 4.4 billion [12][28].