中信证券：维持建材行业“强于大势”评级

Core Viewpoint - Significant real estate policy announcements lead to noticeable improvements in housing sales area approximately 4-10 months later, while the turning point for new construction area typically manifests 8-20 months post-policy [1] Group 1: Policy Impact on Housing Market - Housing sales area shows clear improvement following major real estate policy releases [1] - New construction area experiences a lag in response to policy changes, with effects seen later than housing sales [1] Group 2: Market Reactions - Capital markets tend to react ahead of time to policy changes, often leading to early price movements [1] - The building materials sector exhibits high sensitivity to real estate policies, frequently initiating upward trends in stock prices after favorable policy announcements [1] Group 3: Performance Metrics - Building materials stocks significantly outperform the Shanghai Composite Index following key positive policy announcements, demonstrating clear excess returns [1] - The industry maintains a "stronger than market" rating based on these observations [1]