机构资金抢筹布局！标的指数展现高Beta弹性，建材ETF(159745)布局行业核心标的

Core Viewpoint - The building materials sector is experiencing a strategic configuration window for upward resonance in both prosperity and valuation, driven by the deepening "anti-involution" policies, alleviation of cost pressures, and recovery expectations in the real estate chain [1] Policy and Industry Dynamics - The "Building Materials Industry Stabilization Growth Work Plan (2025-2026)" aims to regulate low-price disorderly competition and promote the orderly exit of backward production capacity [1] - The cement industry is transitioning from "capacity replacement" to "actual capacity and registered capacity unification," with actual clinker capacity expected to decrease from 2.1 billion tons to 1.6 billion tons, leading to a 10-15 percentage point increase in capacity utilization [1] - By April 2025, approximately 31.65 million tons of capacity had exited the national cement industry, with a net exit of 12.2 million tons, and capacity clearance is expected to accelerate by 2026 [1] Demand Recovery - A January 2026 article in "Qiushi" magazine emphasized the need to "improve and stabilize real estate market expectations," with multiple cities relaxing purchase restrictions, resulting in a 16% month-on-month and 33% year-on-year increase in second-hand housing transaction area [1] - Although new housing development is slowing, the demand for renovation, secondary decoration, and old housing transformation is increasing, prompting building material companies to shift from B-end real estate procurement to C-end retail, which offers stable cash flow and high gross margins [1] Performance of Building Materials Index - The CSI All Share Building Materials Index (931009) has shown significant advantages over mainstream broad-based indices like the CSI 300 in terms of industry exposure, cyclical elasticity, valuation cost-effectiveness, and policy sensitivity, especially as the market approaches a cyclical turning point [2] - The building materials index has outperformed the CSI 300 in both the last six months and the past year, benefiting from high beta elasticity during the economic recovery cycle [2] - The building materials index is highly sensitive to industrial policies, with actual clinker capacity reduced from 2.1 billion tons to 1.6 billion tons, while the CSI 300 lacks sufficient cyclical stock representation to reflect this supply-side change [2] Valuation and Dividend Yield - The current price-to-book ratio of the CSI All Share Building Materials Index is only 1.15%, below the 25th percentile of the past decade, with some leading cement companies' price-to-book ratios falling below 0.8, indicating that market valuations may have overly reflected pessimistic expectations [4] - The building materials index has a dividend yield exceeding 4%, significantly higher than the CSI 300's approximately 3%, with leading companies expected to continue increasing their dividend payout ratios as the "stable price and profit" framework takes shape [6] Fund Flows and Market Sentiment - Institutional consensus on left-side allocation to the building materials sector is evidenced by a gradual increase in the proportion of active equity funds held in the building materials industry since Q2 2025 [6] - Following late January 2026, there has been a noticeable increase in net inflows into the CSI All Share Building Materials Index, with the fund size tracking this index rising from 1.426 billion at the end of 2025 to 3.151 billion within two months [6] - This transition from active institutional allocation to passive market fund resonance indicates a systemic improvement in the liquidity environment for the sector [6] ETF and Investment Opportunities - The Building Materials ETF (159745) tracks the CSI All Share Building Materials Index, covering leading companies across the entire building materials industry chain, providing an efficient tool for investors to gain exposure to the sector [8] - The top ten holdings in the ETF include leading companies in various segments, reflecting a high concentration in the industry [10] - The building materials sector is positioned as a core cyclical investment, supported by demand recovery, supply optimization, and profit restoration, making it attractive for investors looking to capitalize on low valuations and high dividends [10]