建材、建筑及基建公募REITs周报：8月新房价格降幅总体收窄，发改委签署“一带一路”相关合作规划-20250915

Investment Rating - The report maintains a "Buy" rating for non-metallic building materials and an "Overweight" rating for construction and engineering sectors [5]. Core Insights - In August, the decline in new housing prices across various cities continued to narrow, indicating a stabilization in the market. The month saw a 0.1% month-on-month decrease in new residential prices in first-tier cities, with Shanghai experiencing a 0.4% increase, while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.2%, and 0.4% respectively [1][2]. - Year-on-year, first-tier cities' new residential prices fell by 0.9%, a reduction of 0.2 percentage points compared to the previous month. Shanghai's prices increased by 5.9%, while Beijing, Guangzhou, and Shenzhen experienced declines of 3.5%, 4.3%, and 1.7% respectively. Second and third-tier cities saw year-on-year price drops of 2.4% and 3.7%, with reductions of 0.4 and 0.5 percentage points respectively [2]. - The report highlights that recent local policies aimed at easing the real estate market have shown effectiveness, particularly in first-tier cities, and anticipates that these policies will gradually reflect in the fundamentals, boosting demand in the real estate chain [2]. Summary by Sections Housing Market - In August, the overall decline in new housing prices across major cities continued to narrow, with first-tier cities showing resilience. The month-on-month price changes indicate a slight decrease, but the overall trend suggests a stabilization in the market [1][2]. Policy Developments - The National Development and Reform Commission has signed over 30 cooperation documents with various countries, focusing on the Belt and Road Initiative and digital economy collaborations. This is expected to enhance business cooperation in relevant sectors, benefiting companies involved in international engineering projects [3]. Investment Recommendations - The report suggests focusing on companies in the new materials sector such as China Jushi, Guoen Co., Puyang Huicheng, and others, as well as construction and infrastructure chains including China State Construction, Oriental Yuhong, and Conch Cement [4].