地产+消费有望渐进修复，关注建材ETF（159745）

Group 1 - The second-hand housing market shows signs of recovery, with a week-on-week increase of 0.9% in transaction prices across 33 cities as of January 18, while month-on-month prices decreased by 1.8% [1] - In key 79 cities, second-hand housing transactions increased by 17.1% week-on-week and 46.5% year-on-year, with daily transactions in the first 17 days of January up by 29.2% year-on-year [1] - Policies aimed at stabilizing the real estate market are being implemented, including a reduction in the minimum down payment for commercial properties from 50% to 30% and an extension of tax refund policies for home exchanges [1] Group 2 - The construction materials sector is expected to see improved expectations due to the recovery in real estate and consumption, with a total transaction volume for new and second-hand homes projected to be supported at 1.2 to 1.3 billion square meters [1] - The cement industry has seen a reduction in production capacity by 150 million tons per year, with over 280 clinker production lines completed for capacity replacement, leading to improved profitability due to falling coal prices [1] - The industry is benefiting from a reduction in "involution" competition, with major companies adhering to production based on approved capacity and implementing staggered production practices [1] Group 3 - The Building Materials ETF (159745) includes listed companies in cement, glass, ceramics, and new building materials, reflecting the diversity and innovation within the industry [2]