二手房交易维持高景气度，家装补贴同步驱动消费建材需求，多品类产品提价释放盈利改善信号

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the building materials industry, indicating an expected investment return that will exceed the CSI 300 index by 10% or more over the next six months [4]. Core Viewpoints - The report highlights that the second-hand housing market remains robust, with significant year-on-year increases in transaction volumes, particularly in first-tier cities, which is expected to drive demand for building materials [3][9]. - The government is implementing policies to stabilize the real estate market, focusing on both supply and demand sides, which is anticipated to further support the building materials sector [2]. - Price increases announced by leading companies in the building materials sector signal an improvement in profitability, as competition on the supply side is easing [8][9]. Summary by Sections Market Performance - From January to March 16, 2025, the transaction area of second-hand houses in 16 cities increased by 34.3% year-on-year, with first-tier cities showing a 45.2% increase [3]. - The report notes that the sales prices of new residential properties in first-tier cities have stabilized, with a slight month-on-month increase of 0.1% [7]. Policy Environment - The government plans to issue 4.4 trillion yuan in special bonds for local governments in 2025, a year-on-year increase of 500 billion yuan, aimed at supporting real estate investments and addressing local government debts [2]. Industry Dynamics - Leading companies in the building materials sector, such as Nippon Paint and Oriental Yuhong, have announced price increases ranging from 1% to 5% for various products, indicating a trend towards improved profitability [8][9]. - The report suggests that the focus on consumer (C-end) business and the release of demand from home decoration subsidies will benefit the building materials sector [9].