建材、建筑及基建公募REITs周报：深圳放松地产限购，光伏玻璃9月新单价格上涨-20250908

Investment Rating - The report maintains a rating of "Buy" for the construction and engineering sector and "Overweight" for non-metallic building materials [5][8]. Core Insights - Shenzhen has relaxed its real estate purchase restrictions more significantly than Beijing and Shanghai, which is expected to stabilize the real estate market [1][2]. - The new policy allows eligible families to purchase an unlimited number of homes in certain districts, while non-resident families can buy up to two homes without needing proof of tax or social insurance payments for one year [1][2]. - The price of photovoltaic glass has increased by 1 RMB per square meter in September, reaching approximately 13 RMB per square meter, indicating a positive trend in the supply chain due to recent policy changes aimed at reducing low-price competition [3]. Summary by Sections Real Estate Policy Changes - Shenzhen's new real estate policy is more lenient compared to Beijing and Shanghai, allowing non-resident families to purchase two homes in suburban areas and completely lifting restrictions in rural areas [2]. - The policy changes are anticipated to boost real estate transactions and help the industry recover from previous declines [2]. Photovoltaic Glass Market - The price adjustment for photovoltaic glass reflects ongoing efforts to regulate the industry and eliminate low-price competition, with the government emphasizing quality and the exit of inefficient production capacities [3]. - Recent meetings with industry leaders have focused on promoting orderly competition and improving product standards [3]. Investment Recommendations - The report suggests focusing on companies in the new materials sector such as China Jushi, Guoen Co., Puyang Huachang, and others, as well as companies in the infrastructure and real estate chain like China State Construction, Oriental Yuhong, and Conch Cement [4].