建筑材料行业：政策组合超预期，底部看好龙头

Investment Rating - The industry investment rating is "Hold" [4] Core Viewpoints - The report highlights a comprehensive policy package announced by the central bank and regulatory authorities aimed at supporting high-quality economic development, which includes monetary policy adjustments, real estate policy changes, and capital market initiatives [3] - The report emphasizes that the combination of demand and supply-side policies in the real estate sector is expected to stabilize the market and improve expectations, with current mortgage rates and down payment ratios at historical lows [3] - The report suggests that while the construction materials sector is currently facing challenges due to real estate market conditions, leading companies are showing resilience, particularly in retail materials supported by renovation demand [3] Summary by Sections Policy Impact - The central bank's announcement includes a 50 basis point reserve requirement ratio cut, releasing approximately 1 trillion yuan in liquidity, with potential further cuts by year-end [3] - Real estate policies include a 50 basis point reduction in existing mortgage rates and a decrease in the minimum down payment ratio for second homes to 15% [3] - Capital market policies aim to encourage long-term investments and support mergers and acquisitions, particularly for companies with low debt and strong operational capabilities [3] Market Outlook - The report indicates that the construction materials sector is currently in a downturn influenced by real estate market conditions, but some leading companies are expected to recover first as policies begin to stabilize the market [3] - Companies such as Beixin Building Materials, Rabbit Baby, Weixing New Materials, and others are highlighted as having strong operational resilience and potential for valuation recovery [3] Investment Recommendations - The report recommends a focus on leading companies in the construction materials sector, which are expected to benefit from the policy changes and show improved performance in the near future [3]