房地产开发：1-2月统计局数据点评：开发投资额同比跌幅因低基数收窄至11.1%，销售仍然疲弱

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [4][6] Core Views - The decline in real estate development investment has narrowed significantly to 11.1% year-on-year, but the overall trend remains negative, indicating continued weakness in sales and construction indicators [1][12] - The report anticipates a full-year development investment decline of 10.9% for 2026, based on current trends and leading indicators [1][11] Summary by Sections Investment Data - In January-February, national real estate development investment totaled 961.2 billion yuan, down 11.1% year-on-year, an improvement of 6.1 percentage points from the previous value [2][12] - Residential, office, and commercial property development investments were 728.2 billion, 40.7 billion, and 64 billion yuan, with year-on-year declines of 10.7%, 17.3%, and 18.2% respectively [2][18] New Construction - The cumulative new construction area in January-February was 50.84 million square meters, down 23.1% year-on-year, with residential, office, and commercial areas declining by 23.3%, 22.7%, and 29.0% respectively [2][24] Completion Data - The cumulative completion area for January-February was 63.2 million square meters, down 27.9% year-on-year, with residential, office, and commercial completions declining by 26.9%, 52.4%, and 37.4% respectively [2][27] Sales Performance - The cumulative sales amount for January-February was 818.6 billion yuan, down 20.2% year-on-year, while the sales area decreased by 13.5% [3][38] - Residential sales saw a decline of 21.8% in amount and 15.9% in area, while office sales turned positive with a 3.9% increase [3][45] Funding Situation - The total funds available to real estate companies in January-February amounted to 1.3047 trillion yuan, down 16.5% year-on-year, with significant declines in personal mortgage loans and pre-sale deposits [3][57]