According to the China Galaxy Securities Research Report, real estate is an important downstream application area for non-ferrous metals. According to SMM and Steel Union statistics, real estate and its industrial chain account for 22% of domestic demand for copper terminals. Real estate accounts for 23.9% of domestic demand for aluminum terminals, and zinc and tin account for 24% and 15% respectively. The application of non-ferrous metals in real estate is mainly concentrated on the completion side. Since 2024, new real estate construction and completion have remained weak, causing a drag on non-ferrous metal consumption in the real estate chain. Beginning in the third quarter, the copper and aluminum industry entered the inventory removal stage, but recently demand for copper and aluminum metals in the real estate market is still being dragged down to a certain extent. With policy support, the real estate market stabilizes, or boosts demand for new real estate construction and completion, boosting demand for household appliances in post-real estate, which will improve future demand for non-ferrous metals in the real estate chain. It is expected to drive further removal of inventories such as copper and aluminum, and industry fundamentals and metal prices may continue to improve. Metal varieties that account for a high share of demand in the downstream real estate sector may benefit more flexibly. It is recommended to focus on targets related to the copper, aluminum, zinc, and tin sectors.

According to the China Galaxy Securities Research Report, real estate is an important downstream application area for non-ferrous metals. According to SMM and Steel Union statistics, real estate and its industrial chain account for 22% of domestic demand for copper terminals. Real estate accounts for 23.9% of domestic demand for aluminum terminals, and zinc and tin account for 24% and 15% respectively. The application of non-ferrous metals in real estate is mainly concentrated on the completion side. Since 2024, new real estate construction and completion have remained weak, causing a drag on non-ferrous metal consumption in the real estate chain. Beginning in the third quarter, the copper and aluminum industry entered the inventory removal stage, but recently demand for copper and aluminum metals in the real estate market is still being dragged down to a certain extent. With policy support, the real estate market stabilizes, or boosts demand for new real estate construction and completion, boosting demand for household appliances in post-real estate, which will improve future demand for non-ferrous metals in the real estate chain. It is expected to drive further removal of inventories such as copper and aluminum, and industry fundamentals and metal prices may continue to improve. Metal varieties that account for a high share of demand in the downstream real estate sector may benefit more flexibly. It is recommended to focus on targets related to the copper, aluminum, zinc, and tin sectors.