中指研究院认为，后续政策仍将维持宽松基调，预计将继续聚焦"止跌回稳"目标，推动已出台各项政策 加快落实。核心城市新房供应或迎来温和改善，对市场预计形成一定支撑，但更多城市新项目较为有 限，市场分化行情将延续。 值得一提的是，9月份单月百强房企销售总额环比增长11.9%，建发、滨江、金茂、保利置业等房企销 售表现较为强劲。 【深圳商报讯】（记者 陈燕青）9月份楼市销售有所回暖。中指研究院最新数据显示，今年前9个月， 百强房企销售总额为26065.9亿元，同比下降12.2%，降幅较前8个月收窄1.1个百分点。前三季度百强房 企权益销售额为18060.4亿元，权益销售面积为9274.0万平方米。 从房企排名看，保利发展（600048）、绿城中国、中海地产、华润置地、招商蛇口（001979）位居销售 额前五名，前三季度全口径销售额分别为2017亿元、1785亿元、1705亿元、1544亿元、1406.6亿元。 ...

Group 1 - The core viewpoint of the article indicates a recovery in the real estate market sales in September, with a total sales amount of 26,065.9 billion yuan for the top 100 real estate companies in the first nine months, reflecting a year-on-year decline of 12.2%, but the decline rate has narrowed by 1.1 percentage points compared to the first eight months [1] - In September, the monthly sales of the top 100 real estate companies increased by 11.9% month-on-month, with companies like CIFI, Binjiang, Jinmao, and Poly Real Estate showing strong sales performance [1] - The top five companies by sales amount in the first three quarters are Poly Development, Greentown China, China Overseas Property, China Resources Land, and China Merchants Shekou, with total sales amounts of 201.7 billion yuan, 178.5 billion yuan, 170.5 billion yuan, 154.4 billion yuan, and 140.66 billion yuan respectively [1] Group 2 - The China Index Academy believes that future policies will maintain a loose tone, focusing on the goal of "stopping the decline and stabilizing" and accelerating the implementation of various policies already introduced [1] - It is expected that the supply of new homes in core cities may see a mild improvement, providing some support to the market, although new projects in more cities are limited, indicating that market differentiation will continue [1]

Core Viewpoint - The current macro policy has increased support for the real estate market, leading to a recovery in core city markets, with a rise in the number and amount of land acquired by private enterprises, although state-owned enterprises remain dominant in land acquisition [1][2][13]. Group 1: Land Acquisition Trends - In the first five months of 2025, the number of private enterprises acquiring land increased, with 24 private companies in the top 100 land acquirers, accounting for approximately 16.8% of the total land acquisition amount, an increase of 13 companies and 8.3 percentage points from the previous year [2]. - The land acquisition by private enterprises had sharply decreased from 2022 to 2024, with only about ten private companies in the top 100, and their share of land acquisition amount dropping to around 10% [2]. - The introduction of a package of financial policies in early May 2025, including reductions in housing provident fund loan rates and LPR, has effectively lowered the cost of home ownership, supporting housing demand [2]. Group 2: Market Dynamics - The supply of quality land has increased, with local governments launching numerous plots in core urban areas, which has led to a competitive environment for private enterprises that previously had limited land acquisition [2][5]. - The current land acquisition activity is primarily driven by two types of private enterprises: stable large and medium-sized brands with a need for inventory replenishment, and regional small and medium-sized enterprises seizing market opportunities [5][6]. - The majority of active private enterprises are based in regions like Zhejiang and Sichuan, with a notable concentration in Zhejiang, where the local economy is robust and the real estate market shows resilience [5][6]. Group 3: Sales Performance - Despite the increase in land acquisition, the sales performance of real estate companies remains under pressure, with total sales for the top 100 real estate companies in May 2025 down 10.8% year-on-year, and a 17.3% decline in sales for May alone compared to the previous year [13]. - The sales pressure is expected to continue affecting investment decisions, indicating that a substantial recovery in private enterprises' confidence will depend on an improvement in sales [13].