房地产及建材行业双周报（2025、05、23-2025、06、05）：预计城市更新将加速推进，助力房地产及建材需求提升-20250606

Investment Rating - The report maintains a standard rating for the construction materials sector [2] Core Views - The real estate market is showing signs of recovery, particularly in high-energy cities, with improved sales of larger residential units. The demand for real estate and construction materials is expected to rise due to accelerated urban renewal initiatives [4][29] - The land market has seen a resurgence, with the top 100 companies acquiring land worth 405.19 billion yuan, a year-on-year increase of 28.8% [4][27] - The report suggests focusing on stable central state-owned enterprises and regional leaders in first and second-tier cities, such as Poly Developments, China Merchants Shekou, and others [4][29] Summary by Sections Real Estate Market Overview - In the first four months of the year, 20 out of 30 representative cities saw an increase in the proportion of residential units over 120 square meters sold, with cities like Nanjing and Qingdao showing increases exceeding 8% [4][27] - New home prices in first-tier cities rose by 0.90% month-on-month in May, while second-tier cities saw a slight increase of 0.06% [4][27] - The report indicates that the recovery in the real estate market will gradually expand from specific points to a broader area, potentially leading to a valuation recovery for the sector [29] Construction Materials Market Overview - National cement production from January to April 2025 was 495 million tons, a year-on-year decrease of 2.8%, marking the lowest level for the same period since 2010 [5][47] - The report highlights that the cement industry is undergoing significant capacity reduction and is pushing for energy-saving and green transformation [6][49] - The construction materials sector is expected to benefit from increased fiscal spending and the issuance of special bonds, which will support demand for construction materials [51] Key Data and Trends - The report notes that the total amount of special bonds planned for issuance in June across 25 regions is approximately 885.64 billion yuan, with new special bonds accounting for 469.49 billion yuan [51] - The construction materials sector has seen a slight increase in prices, with the average cement price at 339 yuan per ton, down 4 yuan from the previous week [36][41] - The report recommends focusing on leading companies in the cement industry, such as Conch Cement and Huaxin Cement, which are expected to benefit from industry consolidation and overseas expansion [6][50]