建筑材料行业跟踪分析：房地产契税和增值税减免，看好零售建材机会

Investment Rating - The industry investment rating is "Hold" [2] Core Insights - The report highlights the recent tax policy changes announced by the Ministry of Finance on November 13, which will reduce deed tax and value-added tax starting December 1, 2024. This includes a reduction in deed tax for first-time homebuyers and second-home buyers, which is expected to lower housing purchase costs and stimulate demand in the real estate market [1][2] - The report anticipates that the reduction in taxes will directly lower the costs of purchasing new and second-hand homes, thereby stimulating demand. This is further supported by previous relaxations in down payment ratios, mortgage rates, and purchase restrictions, indicating a strong commitment from the central government to stabilize the real estate market [1][2] - The report emphasizes that the retail building materials sector is likely to benefit significantly from these changes, particularly due to the high demand for renovation and replacement driven by policies promoting home upgrades and subsidies [1][2] Summary by Sections Tax Policy Changes - The deed tax for first-time homebuyers will decrease by 0.5 percentage points for properties between 90-140 square meters. For second-home buyers, the tax will drop by 1 percentage point in major cities and 1 percentage point for properties between 90-140 square meters in other cities [1] - The value-added tax for second-hand transactions will be uniformly exempted for all properties, reducing transaction costs [1] Market Demand and Trends - The report notes a significant increase in second-hand home transactions, with a year-on-year increase of 36.9% in October and 44.4% in the first 12 days of November across 13 sample cities [1] - The expected increase in the proportion of second-hand homes sold will lead to a higher demand for retail building materials, particularly in renovation projects [1] Long-term Growth Prospects - The long-term growth logic for retail building materials remains strong, driven by stable demand for renovation in existing homes. In 2023, the total residential transaction area was 1.51 billion square meters, with second-hand homes accounting for approximately 38% [1] - The report identifies key companies to watch, including Sanke Tree, Rabbit Baby, Weixing New Materials, Beixin Building Materials, Dongpeng Holdings, Arrow Home, and others, which are expected to benefit from these trends [1]