房地产及建材行业双周报（2025、11、14-2025、11、27）：建材基本面及业绩整体有所修复-20251128

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [2][3]. Core Insights - The overall fundamentals and performance of the building materials sector have shown signs of recovery [2]. - The real estate market is currently under pressure, with significant declines in sales and prices, but there is potential for policy support to stabilize the market [5][26]. - The industry is transitioning from a focus on high leverage and turnover to an emphasis on quality, service, and sustainability, with urban renewal expected to unlock potential [5][26]. Summary by Sections Real Estate Sector Overview - As of October 2025, the average price of second-hand residential properties in 100 cities was 13,268 CNY/sqm, down 0.84% month-on-month and 7.60% year-on-year [5][26]. - New residential properties averaged 16,973 CNY/sqm, up 0.28% month-on-month and 2.67% year-on-year [5][26]. - Cumulative sales area of commercial housing fell by 6.8% year-on-year, with a 9.6% decline in sales value [5][26]. - The industry is in a "bottoming" phase, with expectations for policy measures to support recovery [5][26]. Building Materials Sector Overview - The cement industry is now included in the national carbon market, with companies over 2.6 million tons of CO₂ equivalent subject to quota management [5][45]. - The overall revenue of the cement industry is under pressure, but profitability is improving, particularly for leading companies [5][45]. - The glass and fiberglass sectors are experiencing structural recovery, with supply constraints expected to improve competition in the long term [5][46]. - The building materials sector is currently at historical low valuations, with some stocks offering attractive dividend yields [5][45]. Recommendations - For the real estate sector, companies such as Poly Developments (600048), Binjiang Group (002244), and China Merchants Shekou (001979) are favored due to their stable operations and focus on first- and second-tier cities [5][26]. - In the building materials sector, companies like Conch Cement (600585), Taipai Group (002233), and Huaxin Cement (600801) are recommended for their strong fundamentals and high dividend yields [5][45]. - For glass fiber, China Jushi (600176) is highlighted as a potential investment opportunity due to its recovery in profitability [5][46].