建筑材料行业深度分析：基金配置比例环比继续下降，陆股通加仓水泥

Industry Rating - The report maintains a "Hold" rating for the building materials industry [1] Core Views - Fund allocation to the building materials sector decreased to 0.66% in Q2 2024, underweight by 0.37% [1] - Funds increased positions in C-end building materials, fiberglass, and new materials, while reducing positions in B-end building materials, cement, and glass leaders [1] - Northbound capital reduced positions in building materials but remained slightly overweight by 0.12%, with a preference for leading companies in various sub-sectors [1] Fund Holdings Analysis - In Q2 2024, fund allocation to building materials dropped to 0.66%, underweight by 0.37% [11] - Funds increased positions in consumer building materials, fiberglass, and new materials, while reducing positions in glass and cement [13] - Top fund holdings in building materials include Conch Cement, Feilihua, and Skshu Paint [16] Northbound Capital Holdings Analysis - Northbound capital's allocation to building materials decreased to 1.21% in Q2 2024, overweight by 0.12% [20] - Northbound capital continued to overweight consumer building materials and fiberglass, while increasing positions in cement and reducing positions in consumer building materials, fiberglass, glass, and new materials [22] - Top Northbound holdings in building materials include Beixin Building Materials, China Jushi, and Conch Cement [27] Comparison of Fund and Northbound Holdings - Funds slightly overweight new materials, while Northbound capital overweights consumer building materials and fiberglass, with both underweighting other sectors [34] - Both funds and Northbound capital reduced positions in glass, but diverged in other sectors: funds increased positions in fiberglass, consumer building materials, and new materials, while Northbound capital increased positions in cement [34] Industry Valuation and Performance - The building materials industry is at a valuation bottom, with leading companies showing strong performance [39] - H-share cement companies performed well in Q2 2024, with Asian Cement (China) up 45% and Conch Cement H-shares up 14% [40] Investment Recommendations - Consumer building materials: Focus on leading companies with strong operational resilience, such as Skshu Paint, Tubaobao, Beixin Building Materials, and Weixing New Materials [47] - Cement: Pay attention to the rebound in infrastructure demand driven by accelerated special bond issuance, with Conch Cement (A/H) and Huaxin Cement (A/H) as top picks [47] - Fiberglass and carbon-based composites: Favor leading companies like Changhai Composites and China Jushi, with a focus on Sinoma Science & Technology and Jinbo Composites [47] - Glass: Monitor leading companies such as Kibing Group, Shandong Pharmaceutical Glass, and Flat Glass (A/H), with attention to Jinjing Technology and Linuo Special Glass [48]