建筑材料行业深度分析：基建投资增速回暖，地产降幅收窄，水泥淡季涨价

Investment Rating - The industry rating for the construction materials sector is "Hold" [1] Core Insights - In June, the broad infrastructure investment growth showed signs of recovery, while the real estate sector continued to exhibit weak fundamentals with no significant improvements [1][9] - Cement prices increased during the off-season, indicating companies' determination to improve profitability [1][9] - The issuance of special bonds has accelerated, which is expected to boost demand for construction materials [1][9] Summary by Sections Section 1: Infrastructure and Real Estate - In June, broad infrastructure investment growth rebounded significantly, while real estate completion growth continued to decline. The national fixed asset investment growth rate for January to June 2024 was 3.9% year-on-year, with real estate development investment down by 10.1% [7][9] - The monthly data for June showed real estate development investment, new construction area, sales area, and completion area down by 11.0%, 21.7%, 14.5%, and 29.6% year-on-year, respectively [9][10] Section 2: Cement Market - In June and July, cement prices in the Guangdong and Yangtze River Delta regions increased, reflecting companies' efforts to improve profitability during the off-season [1][9] - National cement production from January to June 2024 was 850 million tons, down 10.0% year-on-year, with June's production at 164 million tons, also down 10.7% [1][9] Section 3: Float Glass Market - The float glass market has seen weakening prices, with the industry operating at marginal profits and some companies facing losses. The national flat glass production from January to June 2024 was 507 million weight cases, up 7.5% year-on-year [1][9] Section 4: Investment Recommendations - The report recommends buying stocks in companies such as Sanhe Tree, Rabbit Baby, Beixin Building Materials, and others in the construction materials sector, while also highlighting specific cement and glass companies for potential investment [1][2]