建材行业周报：前五月百强销售同比降幅收窄，各地政策继续加码

Investment Rating - The report maintains a "stronger than market" rating for the construction materials sector [2][27]. Core Insights - In the first five months of 2024, the sales of the top 100 real estate companies decreased by 45.4% year-on-year, but the decline has been narrowing for four consecutive months [2][24]. - The total land acquisition amount for the top 100 companies in the same period fell by 26.7% year-on-year, with a significant drop in May [2][24]. - Various cities, including Shanghai, Guangzhou, and Shenzhen, have introduced policies to optimize housing purchase limits, which may stimulate market activity [2][26][60]. - The "2024-2025 Energy Saving and Carbon Reduction Action Plan" was released, aiming to optimize the supply-demand structure in the construction materials industry [2][27]. Summary by Sections Sales Performance - The total sales amount for the top 100 real estate companies in January to May 2024 was 1.62 trillion yuan, with leading companies including Poly Developments (131.3 billion yuan), China Overseas Land (101.7 billion yuan), and Vanke (101.37 billion yuan) [2][24]. - The sales area for the same companies was led by Poly Developments (7.678 million square meters), Vanke (7.354 million square meters), and Greentown China (4.498 million square meters) [2][24]. Land Acquisition - The total land acquisition amount for the top 100 companies was 314.6 billion yuan, with a notable decline in May where the amount was 29.6 billion yuan, down 74.0% year-on-year [2][24]. - The Yangtze River Delta region led the country in land acquisition, with the top 10 companies acquiring 73.7 billion yuan [2][24]. Policy Changes - Shanghai has reduced the minimum down payment ratio for first-time homebuyers to 20% and for second homes to 35%, with interest rate adjustments [2][26]. - Shenzhen has also adjusted its down payment ratios and interest rates for home loans, while Guangzhou has set the minimum down payment for first homes at 15% [2][26][60]. Market Trends - The report indicates a slight improvement in the transaction area of commercial housing in 30 major cities, with a 1.42% increase week-on-week [2][26]. - The construction materials sector is expected to benefit from the government's energy-saving and carbon reduction initiatives, which include strict capacity replacement for cement and glass industries [2][27]. Investment Recommendations - The report suggests focusing on growth-oriented consumer building materials companies such as Three Trees, Weixing New Materials, and Dongpeng Holdings, as well as glass and steel structure companies like Qibin Group and Honglu Steel Structure [2][27].