建筑建材行业跟踪点评：房价继续走弱，博弈价值再起

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The real estate market continues to show weakness, with first-tier cities experiencing a decline in new home prices and an expansion in the decline of second-hand home prices. In May 2025, the sales price of new residential properties in first-tier cities decreased by 0.2% month-on-month, with notable declines in Beijing, Guangzhou, and Shenzhen [9] - The current real estate market is in a natural bottom-seeking phase, with low expectations from the capital market regarding the real estate chain. The lack of strong "market rescue" policies has contributed to this sentiment [9] - A decline in real estate data may lead to increased expectations for price stabilization policies. If housing prices stabilize or rise, it could indicate a potential improvement in the fundamentals of the real estate and related industries [9] - Despite the overall demand shock in the building materials industry due to the real estate downturn, there are opportunities for capacity clearance and the release of operational risks among leading companies. Companies such as Sanke Tree (涂料), Beixin Building Materials (石膏板), and Tubao (板材) are highlighted as having long-term investment value [9] Investment Recommendations and Targets - Focus on consumer building material companies that benefit from second-hand home renovations and urban renewal, with significant progress in retail business. Recommended companies include: - Sanke Tree (603737, Not Rated) - Tubao (002043, Not Rated) - Beixin Building Materials (000786, Buy) [4]