天风证券：继续看好建材低估值品种

Core Viewpoint - The current glass varieties are below the 50th percentile of the past three years, while cement is above glass, indicating a potential for recovery in undervalued glass products [1] Industry Analysis - The Ministry of Industry and Information Technology, along with five other departments, released the "Construction Materials Industry Stabilization and Growth Work Plan (2025-2026)" to address weak market demand and structural issues in the construction materials sector [1] - The plan outlines the main goals and initiatives for the industry in 2025-2026, aiming to improve the competitive landscape through accelerated capacity reduction [1] Company Insights - Companies such as China National Building Material, Conch Cement, and Jinju Group are performing around the 80th percentile of the past three years, while China Resources Cement Technology is relatively lower [1] - Western Cement and Huaxin Cement are performing relatively higher, suggesting varying levels of market strength among these companies [1] - The low valuation of glass products is expected to provide greater elasticity for recovery, making them attractive investment opportunities [1]