建材行业：前8月百强房企销售降幅收窄，期待政策持续发力

Investment Rating - The report maintains an "Outperform" rating for the industry [2][3]. Core Insights - In the first eight months of 2024, the total sales of the top 100 real estate companies decreased by 38.5% year-on-year, with a narrowing decline of 1.6 percentage points compared to the previous seven months. The total sales amount reached 2.68 trillion yuan [2][25]. - The total land acquisition amount for the top 100 companies in the same period fell by 40.0% year-on-year, with a widening decline of 2.0 percentage points compared to the previous seven months [2][25]. - The report highlights a recovery in transaction volumes in major cities, with a 27.06% increase in the transaction area of commercial housing in 30 major cities last week [2][25]. Summary by Sections Sales Performance - The sales amount of the top 100 real estate companies for January to August 2024 was 2.68 trillion yuan, down 38.5% year-on-year, with August sales declining by 22.1% year-on-year and 2.43% month-on-month [2][25]. - Leading companies by sales amount include Poly Developments (220.8 billion yuan), China Overseas Land & Investment (180 billion yuan), and Greentown China (165.63 billion yuan) [2][25]. Land Acquisition - The total land acquisition amount for the top 100 companies was 473.13 billion yuan, down 40.0% year-on-year, with August's acquisition amount at 42.42 billion yuan, a 55.0% year-on-year decline [2][25]. - The Yangtze River Delta region led the country in land acquisition, with the top 10 companies acquiring 101.1 billion yuan [2][25]. Market Trends - The report notes a recovery in the real estate market, with a 27.06% increase in the transaction area of commercial housing in major cities last week, indicating a positive trend across first, second, and third-tier cities [2][25]. - The construction materials sector saw a mixed performance, with the building materials index rising by 0.9% [3][27]. Investment Recommendations - The report suggests focusing on growth-oriented consumer building materials companies such as Sanke Tree, Weixing New Materials, and Dongpeng Holdings, as well as leading cement companies like Conch Cement and Huaxin Cement due to regional price increases [3][7]. - It also highlights the potential for growth in the pharmaceutical glass market and recommends companies like Shandong Pharmaceutical Glass and Linuo Glass [7][67].