内需政策推进，预期再交易

Investment Rating - The report maintains an "Overweight" rating for the building materials sector, indicating a positive outlook for investment in this industry [3][5]. Core Insights - The report highlights the ongoing promotion of domestic demand policies, which are expected to stimulate consumption in the building materials sector. The long-term valuation and competitive advantages of leading companies in the cement and building materials sectors are emphasized, with expectations for improved bottom-line profitability due to normalized and differentiated peak-shifting strategies in the cement industry [2][5][6]. Summary by Sections 1. Building Materials Investment Strategy - The report notes the continuation of domestic demand policy initiatives, including interest rate cuts and support for home renovations, which are expected to drive consumption in the building materials sector. The focus is on long-term positioning in leading companies due to their superior valuation and market positioning [5][6]. - Key recommended companies include Oriental Yuhong, Beixin Building Materials, Weixing New Materials, and others, which are expected to benefit from these policies [5][6]. 2. Cement Industry - National cement prices have continued to decline, with an average drop of 0.6% this week. Price increases were noted in Henan and Yunnan, while declines were observed in regions like Shanghai and Zhejiang [6][22]. - The report anticipates that short-term demand will remain weak due to adverse weather conditions affecting construction projects. However, a slight recovery in demand is expected by mid-August, which may lead to price increases as companies seek to improve profitability [6][22]. - Recommended leading cement companies include Conch Cement, Huaxin Cement, and others, which are expected to maintain stable profitability during the off-peak season [5][6]. 3. Glass Industry - The average price of float glass has decreased to 1492.45 RMB per ton, reflecting a downward trend in prices across regions. The report indicates that the market is facing pressure from excess supply and weak demand [13][14]. - Key recommendations in the glass sector include companies like Fuyao Glass and Xinyi Glass, which are expected to benefit from their competitive advantages and strong market positions [14][15]. 4. Glass Fiber Industry - The glass fiber market remains stable, with prices for non-alkali roving holding steady. The report notes that demand is generally weak, but leading companies are expected to benefit from their strong market positions and high barriers to entry [15][16]. - Recommended companies in this sector include China Jushi and Zhongcai Technology, which are anticipated to see improved performance due to structural demand upgrades [15][16].