行业数据｜房价降幅收窄、竣工同比转正，行业回稳仍需蓄力攻坚

Core Viewpoint - The overall economic operation remains stable, with a slight recovery in the quarter-on-quarter growth rate, while the real estate sector continues to face challenges, with expanding declines in development investment and sales. However, the narrowing decline in housing price indices and improving supply-demand relationships indicate potential stabilization in the market [2][5][26]. Economic Performance - In the first three quarters of 2025, China's GDP reached 10,150.36 billion yuan, growing by 5.2% year-on-year, with a quarter-on-quarter growth of 1.1% in Q3 [5]. - Domestic demand continues to improve, with final consumption expenditure contributing 53.5% to economic growth, while net exports contributed 29.0% [5]. - The manufacturing sector shows positive growth, with equipment manufacturing and high-tech manufacturing increasing by 9.7% and 9.6% respectively [5]. Real Estate Market Trends - New home sales in September saw a seasonal rebound, with sales area reaching 85.31 million square meters, up 49% month-on-month, although down 10.5% year-on-year [8]. - The average absorption rate remains high at around 40%, despite a decline in some key cities [8][10]. - Housing prices continue to show a narrowing decline, with eight cities experiencing year-on-year price increases, the highest number this year [13][14]. Investment and Construction - Real estate development investment in the first three quarters totaled 677.06 billion yuan, down 13.9% year-on-year, with September's investment declining by 21.3% [22]. - New construction area in September was 55.98 million square meters, with a year-on-year decline of 14.4%, but the decline is narrowing [16]. - The completion area in September was 34.35 million square meters, marking the first month of positive year-on-year growth since 2024 [19]. Policy and Market Outlook - The government is actively promoting high-quality urban development and housing construction, with multiple policies aimed at stimulating market demand and improving supply efficiency [9][10][27]. - The market is expected to see more positive signals in Q4 2025, with a focus on improving housing quality and addressing inventory issues [28].