Dongguan Securities·2025-08-29 09:29Investment Rating - The report maintains a "Market Perform" rating for both the real estate and building materials sectors [1][2] Core Insights - Recent policies in Beijing and Shanghai have relaxed housing purchase restrictions, which is expected to boost market confidence and sales [2][26] - The overall performance of listed real estate companies remains under pressure, with a focus on the recovery of their balance sheets [2][28] - The building materials sector is experiencing a gradual recovery in demand, particularly in cement and glass fiber, driven by urban renewal projects and seasonal construction activities [3][44] Real Estate Sector Summary - The real estate sector has seen a 0.97% increase over the past two weeks, underperforming the CSI 300 index by 5.25 percentage points [14] - The sector's performance is influenced by recent policy changes aimed at stabilizing the market and improving sales data [2][26] - Key companies to watch include Poly Developments, Binjiang Group, and China Merchants Shekou, which are focusing on first- and second-tier cities [2][28] Building Materials Sector Summary - The building materials sector has increased by 2.86% over the past two weeks, with a year-to-date increase of 19.28% [29] - Cement prices are stabilizing, with a national average price of 316 RMB per ton, while inventory levels are gradually decreasing [33][44] - The glass fiber industry is showing signs of structural recovery, benefiting from demand in wind power and electronics sectors [3][45] Company Performance Highlights - In the consumer building materials segment, leading companies like Sanke Tree and Rabbit Baby have shown significant profit recovery, with Sanke Tree's net profit increasing by 109.30% year-on-year [48] - The report suggests focusing on companies with strong fundamentals and competitive advantages, such as Beixin Building Materials and Sanke Tree [48]