26年3月百强房企销售数据解读：百强26年3月单月销售额同比负增速较1-2月收窄12pct至-18%

Investment Rating - The industry investment rating is maintained as "Recommended" indicating a positive outlook for the industry fundamentals and an expectation that the industry index will outperform the benchmark index [5][10]. Core Insights - In March 2026, the sales revenue of the top 100 real estate companies showed a year-on-year negative growth rate that narrowed by 12 percentage points compared to January-February, reaching -18%. The month-on-month sales revenue in March was -8%, which is better than the average of -26% over the past eight years for the same period [1]. - The sales growth rates for the top 10, 11-30, 31-50, and 51-100 real estate companies in March 2026 compared to the previous month were as follows: an increase of 23 percentage points, 15 percentage points, a decrease of 5 percentage points, and an increase of 32 percentage points, resulting in year-on-year growth rates of -14%, -15%, -44%, and -12% respectively [1]. Industry Scale - The industry consists of 257 listed companies, with a total market capitalization of 2,943.9 billion and a circulating market capitalization of 2,790.1 billion [5]. Performance Metrics - The absolute performance over 1 month, 6 months, and 12 months is -8.6%, -2.7%, and 9.5% respectively, while the relative performance is -3.1%, 1.4%, and -5.0% [7].