调整之后，5年期以上首套个人住房公积金贷款利率降至2.6%，处于历史低位。张波表示，叠加近期商业贷款利率的 调整，公积金贷款与商业贷款定位互补，共同支持房地产市场，既减轻了中低收入群体的购房负担，又为房地产市场 注入了流动性。 张波认为，此次个人住房公积金贷款利率下调，进一步拉大了公积金贷款与商业贷款的利差，在一定程度上强化了公 积金制度的普惠性，更利好首次购房人群。值得关注的是，政策效果的持续性依赖于房地产组合政策的落地。 潘功胜在国新办新闻发布会上同时宣布，中国人民银行将降低存款准备金率0.5个百分点，预计将向市场提供中长期流 动性约1万亿元；下调政策利率0.1个百分点，从目前的1.5%调降至1.4%，预计将带动LPR下行约0.1个百分点。 5月7日，中国人民银行行长潘功胜在参加国新办新闻发布会时表示，降低个人住房公积金贷款利率0.25个百分点，5年 期以上首套房利率由2.85%降至2.6%，其他期限的利率同步调整。 "在商业贷款利率持续下行的背景之下，住房公积金贷款利率的定向调整，凸显了政策的分层设计。"58安居客研究院 院长张波分析，央行此次下调个人住房公积金贷款利率0.25个百分点，是继2024年之 ...

（央视财经《第一时间》）随着房地产市场逐渐回暖，一些城市根据市场的变化，近期仍在不断调整和优化相关政策，为房地产市场的平稳健康发展注入了 新的动力。 中山市近日发布通知，提出2025年5月1日至2025年6月30日，凡在中山市购买新建商品住房，在缴纳契税后给予购房款5‰的电子消费券补贴。 武汉住房和城市更新局等6部门则联合发布楼市新政，除了二套房公积金贷款额度提高至120万，"新政"将多孩补贴从新城区扩大到武汉全市范围，购买新房 者，二胎、三胎分别补贴6万和12万。此外，购买新房，契税还将实行全补。新政实施首日，就有不少购房人前往售楼处进行咨询。 湖北武汉某售楼部置业经理 李俊儒：一方面公积金的二套额度提升、契税补贴和以旧换新政策让换房成本更低。另外一方面，多孩家庭改善置业最高12万 的补贴，直接减免了购房的负担。 与武汉政策类似，多个城市也优化了公积金政策。合肥取消普通住宅与非普通住宅贷款区分，支持购买保障性住房使用公积金，并提高贷款额度；苏州对多 子女家庭及购买改善型住宅的缴存人上浮贷款额度。青岛则推出12项新政策刺激楼市，包括购房补贴、低月供贷款产品等，还发布住房"以旧换新"方案，计 划收购1200套二 ...

国家统计局发布2025年1-3月宏观经济和房地产数据。得益于政策效应持续释放，生产供给较快增长，新质生产力加快培育，国内需求不断扩大，国民经 济实现良好开局。工业增加值、服务业、消费品零售额增长均较上年全年有所加快。 地产行业进一步企稳，商品房销售规模同比降幅持续收窄，房价下降城市数量创2023年下半年以来新低，住宅待售面积迎来环比转降。得益于中央和地方 主管部门在供给侧的有力调整，2025年一季度土地成交量仅为新房交易量的六成左右，再加之收储闲置用地和存量住房的推进，房企和购房者预期正在持 续转好。 成交规模指标持续修复 保持止跌回稳积极势头 国家统计局数据显示，3月全国新建商品房销售面积1.1亿平方米、销售额8222亿元，同比降幅均只有1%，自2024年10月份以来，单月商品房销售面积同 比降幅已经连续6个月低于5%，为2021年下半年以来首次出现，需求侧筑底企稳信号愈加明确。2025年一季度商品房成交面积同比下降3%，创近21个月 累计同比降幅新低。 CRIC数据显示，3月份，一二线城市交易规模持续同比增长，北京、广州、深圳、宁波、南京、苏州等同比增幅均超过20%。北京核心区改善盘入市带动 结构性放量， ...

A股三大指数早盘集体上涨，截至午盘，沪指涨0.15%，深证成指涨0.87%，创业板指涨1.07%，北证50 指数涨1.11%。全市场半日成交额7331亿元，较上日同期缩量469亿元。全市场超3800只个股上涨。 盘面上，房地产板块早盘走高， 大龙地产3分钟内直线涨停 。电力板块延续活跃，华银电力封板。 光模块、铜缆高速连接等AI硬件方向亦表现强势，仕佳光子、致尚科技涨超10%。创新药板块早盘 局部调整，江苏吴中跌停。 港股方面，恒生指数和恒生科技指数均高开高走，截至午间收盘，恒指涨1.36%，恒生科技指数涨 1.87%，国企指数涨1.29%。地产股集体走高，金辉控股盘中最高涨超80%。 地产板块再度走强 大龙地产直线涨停 地产板块25日盘中再度走强。截至午间收盘，A股南国置业、世联行、渝开发、大龙地产纷纷涨停。 大 龙地产自9时56分起直线拉升，3分钟内封住涨停。 港股市场，金辉控股盘中一度涨超80%，截至发稿涨超43%。融信中国涨超17%，远洋集团涨超11%， 中梁控股、龙湖集团等跟涨。 | | 09993 金辉控股 | | | 3.230 | +0.980 | | --- | --- | --- | -- ...

Credit Spread Performance - In March, credit bond yields generally declined, with most credit spreads narrowing, particularly in the short to medium-term [1][3] - The 1-year and 3-year credit spreads mostly contracted, while the 5-year spreads showed mixed trends, with AAA-rated spreads generally narrowing and AA+ and AA-rated spreads fluctuating [1][3] - The overall trend for credit spreads across various types of bonds indicates a steepening yield curve, particularly for AA- rated bonds [8] Industry-Specific Credit Spread Analysis Industrial Bonds - In March, AAA-rated industrial bonds saw a general contraction in credit spreads, with the real estate sector experiencing the most significant narrowing of 23.88 basis points [10][11] - Private bonds in the pharmaceutical and biological sector saw spreads widen by 5.01 basis points, while other sectors experienced a contraction [10][11] Local Government Bonds - Credit spreads for local government bonds across major ratings and maturities declined in March, with most provinces showing a narrowing trend [1][3] - Notably, the credit spreads for local government bonds in Liaoning and Inner Mongolia contracted significantly, while lower-rated bonds in provinces like Qinghai and Heilongjiang widened [1][3] Financial Bonds - The credit spreads for bank perpetual bonds contracted overall, although there was a divergence in trends among different types, with secondary capital bonds widening [1][3] - Securities company subordinated bonds and insurance company capital replenishment bonds saw their credit spreads decline across the board [1][3] Historical Context and Current Trends - As of the end of March, credit spreads for various types of bonds remained at historically low levels, particularly for public industrial and local government bonds [8][9] - The historical percentile levels for credit spreads indicate that many financial bonds are above the 30th percentile, suggesting a relatively high risk perception compared to industrial and local government bonds [8][9]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Viewpoints - The recent National People's Congress emphasized policies to stabilize the real estate market, which is expected to boost confidence in the construction materials sector. Key measures include reducing restrictive policies, promoting the renovation of urban villages and old houses, and expanding the use of existing land and commercial properties [3][4] - The construction materials index increased by 1.18% in the week from March 10 to March 14, 2025, but underperformed the CSI 300 index, which rose by 1.59% [11][19] - Over the past three months, the CSI 300 index has increased by 1.87%, while the construction materials index has decreased by 4.91%, indicating a 6.78% underperformance [11][14] Summary by Sections Market Overview - The construction materials index rose by 1.18% this week, lagging behind the CSI 300 index by 0.40 percentage points [11] - The average PE ratio for the construction materials sector is 27.32 times, and the PB ratio is 1.15 times, ranking it among the lowest in the A-share market [21][25] Cement Sector - As of March 15, 2025, the average price of P.O42.5 bulk cement was 354.52 RMB/ton, reflecting a 1.33% increase from the previous period. The clinker inventory ratio decreased by 2.21 percentage points to 42.45% [25][27] - Regional price variations were noted, with the highest increase in North China at 7.94% and a decrease in East China by 0.79% [25][30] Glass Sector - The price of float glass decreased to 1324.00 RMB/ton, down by 2.14%, while the futures price also fell by 3.27% to 1154 RMB/ton [67][68] - The national inventory of float glass increased by 1.49%, reaching 62.6 million weight boxes [69][70] Fiberglass Sector - The market for non-alkali fiberglass continues to show stable pricing, with electronic fiberglass prices remaining steady after recent increases [19][67] Consumer Building Materials - The prices of key raw materials in the consumer building materials sector have shown slight fluctuations, with acrylic prices rising by 5.26% this week [4][5]