建材、建筑及基建公募REITs周报：房地产销售增速转正，春节前浙江水泥停产力度加大

Investment Rating - The report maintains a "Buy" rating for several companies including Puyang Nayi, China Chemical, and China Construction, indicating a positive outlook for these firms in the current market environment [4][36]. Core Insights - In November, the real estate sales area showed a year-on-year increase of 3.2%, marking the first positive growth in 18 months. This improvement is attributed to recent policy adjustments aimed at stabilizing the real estate market, suggesting a potential recovery in the sector [1][30]. - The cement industry is experiencing supply reductions due to increased environmental regulations across multiple provinces, particularly in Zhejiang, where production halts are expected to last 15-30 days. This supply contraction is anticipated to support cement prices during the off-season [2][16]. - The report highlights that the central government's ongoing efforts to stabilize the real estate market will likely continue into the next year, with measures including monetary easing and controlled land supply [15][30]. Summary by Sections Real Estate Market - The report notes a significant turnaround in the real estate market, with sales area growth shifting from -1.6% in October to +3.2% in November, the first positive change since May 2023. The sales revenue also turned positive, increasing from -1.4% to +1.4% year-on-year [1][30]. Cement Industry - Environmental regulations have intensified, leading to production halts in several provinces. The planned shutdown in Zhejiang from December 16, 2024, to January 15, 2025, is expected to further tighten supply and support price stability in the cement market [2][16]. Investment Recommendations - The report suggests focusing on leading companies such as Three Trees, Weixing New Materials, and Beixin Building Materials, which are expected to benefit from the recovery in the real estate sector [1][4].