建材行业周报：前9月百强房企销售暂未有起色，增量政策持续出台

Investment Rating - The report maintains a strong rating for the construction materials sector, indicating a positive outlook despite current challenges [2][10][48] Core Insights - The top 100 real estate companies in China experienced a 38.8% year-on-year decline in sales from January to September 2024, with September alone seeing a 38.81% drop [1][9][10] - The total land acquisition amount for the top 100 companies decreased by 38.1% year-on-year, with a notable regional focus on the Yangtze River Delta, which led the country in land acquisition [1][9][10] - Continuous incremental policies are expected to benefit the real estate and infrastructure sectors, with measures aimed at stabilizing the housing market and optimizing existing resources [1][9][10] Summary by Sections Sales Performance - In the first nine months of 2024, the total sales amount for the top 100 real estate companies was 2.97 trillion yuan, reflecting a 38.8% decline compared to the previous year [1][9] - Leading companies by sales amount include Poly Developments (242.1 billion yuan), China Overseas Land (198.8 billion yuan), and Greentown China (187.2 billion yuan) [1][9] Land Acquisition - The total land acquisition amount for the top 100 companies was 532.4 billion yuan, down 38.1% year-on-year, with September's acquisition amount at 59.27 billion yuan, a 16.6% decline year-on-year [1][9] - The Yangtze River Delta region accounted for significant land acquisition, with the top 10 companies acquiring 111.5 billion yuan [1][9] Policy Developments - On October 8, a press conference highlighted the government's commitment to stabilizing the real estate market, including measures to optimize existing housing stock and adjust purchase restrictions [1][9] - A total of 700 billion yuan in central budget investments has been allocated for major strategic projects, with plans for additional long-term special bonds to support infrastructure [1][9] Market Dynamics - The construction materials sector saw a decline in stock prices, with the construction materials index down 6.2% this week [2][11] - Specific segments like cement and glass experienced varying price changes, with cement prices increasing by 1.7% week-on-week and glass prices decreasing by 6.2% [6][17] Investment Recommendations - The report suggests focusing on growth-oriented consumer building material companies such as Three Trees, Weixing New Materials, and Dongpeng Holdings, as well as leading cement companies like Conch Cement and Huaxin Cement [2][10][48]