行业比较跟踪：地产新政改善行业预期

Core Insights - The report indicates that the real estate market in China has not yet reached its bottom, with significant declines in both transaction volumes and development investments [8][15] - Recent policy changes by the central bank, including lowering down payment ratios and interest rates for housing loans, have led to a notable increase in the real estate sector, with a surge of over 7% in the Shenwan first-level industry index for real estate [8][15] - The construction material prices, such as cement and rebar, remain at low levels, suggesting ongoing challenges in the real estate sector [8] Real Estate Market Analysis - As of May 17, 2023, the transaction volume of commercial housing in 30 major cities was 403.55 million square meters, representing a year-on-year decrease of 37.61% [8] - The development investment in real estate for April 2023 showed a year-on-year decline of 7.28% [15] - The cement price index is still hovering near the bottom, with a slight increase of 3.47 points since May 6, 2023 [8] - Futures prices for rebar and glass continue to trend downward, indicating persistent weakness in the construction materials market [8] Consumer Behavior and Economic Indicators - Retail sales in April 2023 grew by 2.3% year-on-year, reflecting a continued decline in growth rates, with consumers focusing on essential goods [13] - The report highlights that the expectation of falling housing prices is creating a downward spiral in the real estate market, emphasizing the need for effective policy measures to improve market sentiment [8][12]