Core Viewpoint - Multiple institutions believe that more incremental policies for the real estate market are expected to emerge [8][9] Policy Measures - The State Council proposed "greater efforts to stabilize the real estate market" leading local governments to take action [2] - On June 19, Xi'an's housing and urban-rural development bureau, along with other departments, released a new policy with twelve measures covering land transfer, financial support, public housing fund policies, second-hand housing transactions, and more [2][3] - The measures aim to stabilize the local market and require further refinement to align with the current market situation since June [2] Land Supply and Development - The new measures prioritize land supply for high-quality housing, adjusting land prices based on market sales to lower acquisition costs and stimulate developer interest [3] - Developers can pay 50% of the land transfer fee within one month of signing the contract, with the remaining amount due within a year, facilitating quicker project initiation [3] Housing Construction - The measures encourage the construction of "good houses" by allowing developers to adjust building density and increase green space, catering to diverse market demands [4] - The acceptance of advanced housing projects has significantly increased among buyers, with acceptance rates rising from under 20% to nearly 90% [4] Financial Support for Buyers - The policy includes adjustments to personal housing loan down payment ratios and interest rate mechanisms, along with enhanced public housing fund support [5] - The new policy allows out-of-province buyers to access public housing loans in Xi'an, potentially increasing demand from this demographic [5] Second-hand Housing Market - The measures promote the development of both new and second-hand housing markets through initiatives like "trade-in" programs and tax rebates [6] - The second-hand housing market in Xi'an has seen increased activity, with transaction volumes surpassing new housing sales [6] Market Conditions and Future Outlook - The real estate market has been in a state of adjustment, with new housing sales declining by 2.9% year-on-year in the first five months of the year [7] - The average price index for new residential properties in 70 major cities fell by 4.1% year-on-year in May, indicating ongoing market challenges [7] - The introduction of these policies is seen as a necessary step to restore confidence in the market and promote stable development [8][9]

Core Insights - Chengdu has launched the "Chengdu Housing and Urban-Rural Development Real Estate Supermarket," which aims to provide a one-stop housing consumption platform, enhancing convenience and efficiency for homebuyers [1][2] Group 1: Platform Features - The platform integrates policy release, project information display, and promotional activities for real estate consumption, marking a new open housing consumption scene in Chengdu [1] - It serves three main functions: - "Authoritative Policy Center" for direct access to government housing support policies and information [1] - "Precise Housing Display" that connects project data in real-time, ensuring accurate and transparent information on available properties [1] - "Mobile Exhibition Hall" that offers 24/7 access to a centralized display of housing options, including personalized features like map search and AI selection [2] Group 2: Industry Participation - Nearly 30 real estate developers have joined the platform, including major companies such as China Merchants Shekou, Vanke, and Poly, covering a significant portion of the current housing market in Chengdu [2] - The launch of the platform aligns with the recent "Good Housing" initiative introduced in Chengdu's government work report, positioning it as a showcase for the city's housing development efforts [2]

Investment Rating - The report maintains a recommendation for the building materials industry [2] Core Views - The real estate chain is stabilizing due to continued policy support, and industrial transformation is aiding fundamental recovery [1] - The cement market is experiencing weak demand and price fluctuations, while the float glass market is seeing price declines and weak shipments [1][12][13] - The consumption building materials sector is benefiting from ongoing "good housing" construction initiatives, with leading companies in sub-sectors maintaining their advantages [15][16] Summary by Sections 1. Weekly Core Views - Cement Industry: Demand remains poor, with prices continuing to decline. The national average cement price fell by 0.9% week-on-week, with significant price drops in regions like North China and South China [12][22] - Float Glass Industry: Prices are declining, with the national average price at 1200 RMB/ton, down 7.14 RMB/ton from the previous week. The market is facing weak demand and cautious purchasing behavior [13] - Fiberglass Industry: The price of non-alkali roving remains stable, while electronic yarn prices are seeing slight increases due to tight supply [14] - Consumption Building Materials: The government is emphasizing affordable housing and youth apartment supply, which is expected to boost demand for consumption building materials [15][16] 2. Industry Dynamics - Macro: The e-commerce logistics index in May rose to 111.6 points, indicating a steady increase in supply and demand [20] - Real Estate: Policies are being implemented to enhance community services and support flexible employment in housing funds [20] - Infrastructure: Investment in railway and civil aviation construction is expected to grow, with significant projects planned for unconventional water development [21] 3. Recommended Stocks - Weixing New Materials: Transitioning to a system integration service provider with a focus on risk control and sustainable growth [17] - Mona Lisa: Aiming for high-end market positioning with continuous improvement in operational quality [18] - Keshun Co.: Expected recovery in profitability as the waterproofing industry consolidates [19] - North New Materials: Expanding globally with a focus on gypsum board and related products [19] - Dongpeng Holdings: Diversifying product offerings to meet comprehensive consumer needs [19]

要建造"好房子"也要建设"好小区""好社区""好城区"。既要注重单体建筑的品质提升，建造安全、舒 适、绿色、智能的"好房子"，又要完善小区配套设施，打造环境优美、管理规范的"好小区"，还要健全 社区服务体系，建设功能完善、治理有效的"好社区"，更要统筹城市整体发展，规划布局合理、特色鲜 明的"好城区"。通过这种系统化、层次化的建设思路，才能真正实现从"住有所居"到"住有宜居"到"住 有优居"的转变，让人民群众享有更高品质的城市生活。 对房地产业而言，"好房子"建设带来的机遇远大于挑战。"好房子"建设正在加速推动房地产市场供需关 系从单纯的总量匹配向更精细化的结构性匹配转变。房企将实现从产品供应商向综合服务商的战略转 型。这一变化不仅促使房企从根本上转变发展理念，而且将加速房地产业的整体转型升级，推动产业链 各环节向高质量发展迈进。这一过程不仅会优化行业结构，还将催生新的商业模式和技术创新，为房地 产业发展注入新的更加持久的动力。 6月5日，住房和城乡建设部标准定额司司长姚天玮表示，建"好房子"不等同于建"大房子""贵房子"，而 是要通过好的设计、好的施工、好的材料、好的服务等，解决居住中的痛点问题，全面提升住 ...

21世纪经济报道记者李莎 北京报道国家统计局数据显示，5月70个大中城市中，各线城市商品住宅销售 价格环比下降，同比降幅继续收窄。前5月商品房销售基本平稳，但市场尚处调整通道，供求关系仍有 待改善。 日前，国务院常务会议召开，会议指出，构建房地产发展新模式，对于促进房地产市场平稳、健康、高 质量发展具有重要意义，要着眼长远，坚持稳中求进、先立后破，有序搭建相关基础性制度。要扎实有 力推进"好房子"建设，纳入城市更新机制加强工作统筹，在规划、土地、财政、金融等方面予以政策支 持。要对全国房地产已供土地和在建项目进行摸底，进一步优化现有政策，提升政策实施的系统性有效 性，多管齐下稳定预期、激活需求、优化供给、化解风险，更大力度推动房地产市场止跌回稳。 中指研究院政策研究总监陈文静向21世纪经济报道记者表示，国常会定调"更大力度推动房地产市场止 跌回稳"，为市场释放了政策将进一步加力的积极信号，将对当前市场预期产生积极影响。同时，会议 也明确了政策发力的四个方面，即稳定预期、激活需求、优化供给、化解风险，接下来各项政策的落实 和跟进将是促进市场"止跌回稳"的关键。 "好房子"建设聚焦品质 "好房子"是近期社会各界关 ...

房地产销售基本平稳，商品房库存连续三个月减少。 6月16日，国家统计局发布的数据显示，1—5月份，全国新建商品房销售面积和销售额同比分别下降2.9%和3.8%，与1—4月份基本持平。同时，新开工降 幅继续低位收窄，投资降幅略有扩大，商品房库存已经连续三个月减少。 国家统计局新闻发言人付凌晖在5月份国民经济运行情况新闻发布会上表示，在各项稳楼市政策作用下，房地产销售基本平稳，商品房库存持续减少。下 阶段，要积极主动适应房地产市场供求关系发生重大变化的现实，持续推动城市更新和危旧房改造，加大"好房子"建设供应力度，促进刚性和改善性住房 需求释放。 房地产销售基本平稳 从全国商品房销售指标来看，国家统计局的数据显示，1—5月份，新建商品房销售面积35315万平方米，同比下降2.9%；新建商品房销售额34091亿元， 同比下降3.8%。 中指研究院指数研究部总经理曹晶晶指出，房地产开发投资降幅略有扩大，新开工面积降幅继续低位收窄，1—5月，全国房屋新开工面积为2.32亿平方 米，同比下降22.8%，降幅比1—4月收窄1.0个百分点；其中，住宅新开工面积同比下降21.4%，降幅收窄0.9个百分点。 对于新开工面积指标进 ...

房地产销售基本平稳，商品房库存连续三个月减少。 6月16日，国家统计局发布的数据显示，1—5月份，全国新建商品房销售面积和销售额同比分别下降2.9%和 3.8%，与1—4月份基本持平。同时，新开工降幅继续低位收窄，投资降幅略有扩大，商品房库存已经连续三 个月减少。 国家统计局新闻发言人付凌晖在5月份国民经济运行情况新闻发布会上表示，在各项稳楼市政策作用下，房地 产销售基本平稳，商品房库存持续减少。下阶段，要积极主动适应房地产市场供求关系发生重大变化的现实， 持续推动城市更新和危旧房改造，加大"好房子"建设供应力度，促进刚性和改善性住房需求释放。 房地产销售基本平稳 从全国商品房销售指标来看，国家统计局的数据显示，1—5月份，新建商品房销售面积35315万平方米，同 比下降2.9%；新建商品房销售额34091亿元，同比下降3.8%。 付凌晖指出，从市场交易看，在各项稳楼市政策作用下，房地产销售基本平稳。1—5月份，新建商品房销售 面积和销售额同比分别下降2.9%和3.8%，与1—4月份基本持平。部分一线、二线城市市场交易较为活跃， 商品房销售面积和销售额保持增长。 新开工面积降幅继续低位收窄 从房地产开发投资指 ...

证券研究报告·行业跟踪周报·建筑装饰 建筑装饰行业跟踪周报 继续关注重大项目和区域基建领域，推荐 水利、洁净室工程板块 增持（维持） [Table_Tag] [投资要点 Table_Summary] （2）出海方向：2025 年前 4 个月我国对外承包工程完成营业额同比增 长 6.8%，新签合同额同比增长 22.4%；其中在共建"一带一路"国家 新签合同额 645.4 亿美元，同比增长 17.4%；美国关税摩擦和全球贸易 摩擦升级，后续外交博弈、贸易摩擦或加剧，一带一路战略推进或加 码，预期未来中欧合作、东盟地区合作有望更加密切，基建合作仍是 重要形式，海外工程需求景气度有望保持，海外工程业务有望受益， 后续预计逐渐兑现到订单和业绩层面。建议关注国际工程板块，个股 推荐中材国际、上海港湾，建议关注中工国际、北方国际、中钢国际 等。 （3）需求结构有亮点，新业务增量开拓下的投资机会：部分专业制造 工程细分领域、节能降碳以及新能源相关的基建细分领域景气度较 高，有相关转型布局的企业有望受益，建议关注鸿路钢构、华阳国际 等；半导体洁净室景气度有望延续，关注亚翔集成、柏诚股份等。 ◼ 风险提示：地产信用风险失控、政策 ...

证券研究报告 房地产 行业点评报告 hyzqdatemark 2025 年 06 月 16 日 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 板块表现： 有序搭建新模式，推进好房子，更大力度推动止跌回稳 投资评级： 看好（维持） ——国务院常务会议点评 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 事件：6 月 13 日，国务院总理李强主持召开国务院常务会议，听取构建房地产发展 新模式和推进好房子建设有关情况汇报。 联系人 新模式：构建房地产发展新模式，稳中求进、先立后破、有序搭建。会议提到，构 建房地产发展新模式，对于促进房地产市场平稳、健康、高质量发展具有重要意义， 要着眼长远，坚持稳中求进、先立后破，有序搭建相关基础性制度。5 月 7 日，国 新办新闻发布会提到，"将加快完善与房地产发展新模式相适配的系列融资制度"。 其中，现房销售作为房地产发展新模式的一环，一方面，其试点工作已在推进过程 中，2020 年，商品住宅销售中，现房销售占比 10%，2024 年已提升至 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The State Council meeting emphasized the need for a "greater effort to stabilize the real estate market" and to construct a new development model for the industry, which is crucial for promoting stable, healthy, and high-quality development [10][11] - The report indicates that the current market requires urgent solutions to the contradictions between supply and demand, particularly regarding inventory and expectations [11] - The policy direction suggests a comprehensive approach to stimulate demand and optimize supply, with expectations of continued easing measures [11][12] Summary by Sections Investment Recommendations - The report suggests that the basic point of inflection for the industry may be approaching, with expectations for incremental policy support to continue [13] - Recommended investment focus includes non-state-owned enterprises benefiting from debt resolution and policy relief, leading real estate companies with product advantages, regional companies with differentiated fundamentals, and second-hand intermediaries benefiting from improved transaction activity [13] Transaction Overview New Housing Market - From June 7 to June 13, the transaction area for new homes was 2.43 million square meters, with a year-on-year decrease of 7.68%, showing a month-on-month improvement of 5.65 percentage points [17] - The cumulative inventory reached 105.99 million square meters, with accelerated absorption in second-tier cities and slower absorption in first-tier and lower-tier cities [17] Second-Hand Housing Market - During the same period, the transaction area for second-hand homes was 1.89 million square meters, with a year-on-year decrease of 0.97%, reflecting a decline of 2.21 percentage points compared to the previous month [26] - The transaction area for first-tier, second-tier, and lower-tier cities was 0.50 million, 1.30 million, and 0.09 million square meters, respectively [26] Land Market - From June 2 to June 8, the total land transaction area was 1.438 million square meters, with a rolling 12-week year-on-year decrease of 1.57% [35] - The total transaction amount reached 30.7 billion yuan, with a rolling 12-week year-on-year increase of 17.93% [35]