降息周期下，关注一线建材的修复机会，重视存量二手需求和出海方向

Investment Rating - The report maintains an "Outperform" rating for the construction materials industry [5]. Core Insights - The report highlights the potential recovery of overseas demand for construction materials due to the Federal Reserve's interest rate cuts, which are expected to boost real estate demand in the U.S. and reduce currency depreciation pressures for companies operating abroad [1]. - It emphasizes the importance of seasonal price elasticity for bulk construction materials, suggesting that improved market confidence and government funding could lead to a rebound in demand and prices in Q4 2024 [1]. - The report identifies key beneficiaries of the recent monetary policy changes, particularly top-tier consumer construction material companies that are well-positioned in the C-end and small B-end markets [2][8]. Summary by Sections Investment Strategy - The reduction in existing mortgage rates is expected to benefit leading consumer construction material companies, as it will lower housing loan expenses and potentially increase renovation demand [2]. - The establishment of a housing pension system is anticipated to drive demand for repair materials, benefiting companies with diverse product offerings and strong small B-end channels [2]. Market Outlook - The report forecasts that the construction materials sector will see a total revenue of 321.3 billion yuan in H1 2024, a year-on-year decrease of 13.1%, with net profit dropping by 61.1% to 8.22 billion yuan [1]. - For the cement sector specifically, revenue is projected at 189.8 billion yuan in H1 2024, down 19.6% year-on-year, with a significant net loss compared to the previous year [1]. Investment Recommendations - The report suggests focusing on leading consumer construction material companies with strong C-end and small B-end channels, such as Beixin Building Materials, Tubao, Weixing New Materials, Dongfang Yuhong, and Sankeshu, as they are expected to outperform in a recovering market [8]. - It also recommends companies with overseas production capabilities, including China Jushi, Huaxin Cement, Conch Cement, and Zhizhi New Materials, as they are likely to benefit from improved international demand [8].