房地产及建材行业双周报（2024、05、9-2025、05、22）：4月房地产销售动能有所放缓，城市更新推进将助力需求释放-20250523

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [2][3] Core Insights - Real estate sales momentum has slowed down in April, but urban renewal initiatives are expected to help release demand [2][3][25] - The report highlights that the high-tier cities' real estate market continues to show signs of recovery, while lower-tier cities are lagging behind [3][25] - The report suggests focusing on stable central state-owned enterprises and regional leaders in first and second-tier cities, such as Poly Developments (600048), China Vanke (000002), and China Merchants Shekou (001979) [3][25] Summary by Sections Real Estate Market Overview - From January to April, the sales area of new commercial housing decreased by 2.8%, with a narrowing decline compared to the previous quarter [3][24] - In April, the sales prices of residential properties in 70 major cities remained stable or slightly decreased, with year-on-year declines continuing to narrow [3][24] - The report indicates that local government support policies and accelerated urban renewal will positively impact real estate demand [3][25] Building Materials Market Overview - The cement industry has seen a significant contraction in capacity in Q1 2025, with a national cement output of 331 million tons, down 1.4% year-on-year [4][44] - The average transaction price of cement in Q1 2025 was 397 yuan/ton, an increase of 34 yuan/ton or 9.3% compared to the same period last year [4][44] - The report emphasizes that urban renewal actions and increased fiscal spending will support cement demand [4][46] Recommendations - The report recommends focusing on leading cement companies that are innovating and expanding their market presence, such as Conch Cement (600585), TPI Polene (002233), and Huaxin Cement (600801) [4][46] - In the consumer building materials sector, the report anticipates improvements in sales and profit margins due to ongoing urban renewal initiatives and government support for consumption [6][46]