消费建材新时代研究专题之一：领先集团或长期稳固，全览消费建材格局

Investment Rating - The report maintains an "Overweight" rating for the building materials industry, consistent with the previous rating [2][3]. Core Insights - The report emphasizes that the leading companies in the consumer building materials sector have a long-term competitive advantage and superior valuation, with expectations for performance elasticity to be released as the physical demand cycle recovers [3][8]. - It highlights that the opportunities for "reverse" growth are unlikely to be replicated, as the industry has undergone significant structural changes since 2012, particularly with the implementation of centralized procurement models and the rapid concentration of leading real estate companies [3][10]. - The report recommends several leading companies in the sector, including Oriental Yuhong, Beixin Building Materials, Weixing New Materials, and others, as potential investment targets [3][8]. Summary by Sections Investment Logic - The report discusses the historical shaping of leading companies in the consumer building materials sector and the challenges faced by new entrants due to the established competitive landscape [3][10]. Overview of Sub-Industry Landscape - The report provides a detailed analysis of various sub-industries within the building materials sector, noting that the waterproof materials industry has experienced the most severe market clearing due to its high correlation with new construction starts [23][24]. - The architectural coatings industry shows resilience in demand, while the plastic pipe industry remains stable with distinct regional advantages [26][28]. - The ceramic tile industry is entering a mature phase, with brand dynamics stabilizing, and the gypsum board sector is characterized by low real estate correlation, dominated by Beixin Building Materials [31][32]. Long-Term Competitive Advantage and Valuation - The report outlines that the building materials sector has undergone a critical shaping period from 2010 to 2023, with leading companies demonstrating clear long-term advantages [36]. - It suggests that as the physical demand from real estate begins to recover, the operational performance of leading companies is expected to show more significant elasticity [36][37].