建筑材料行业周报：重磅利好政策密集发布，有望带动行业估值回升

Investment Rating - The investment rating for the building materials industry is "Recommended" (maintained) [1] Core Insights - A series of favorable financial policies have been released, which are expected to boost the valuation of the industry. Key policies include a reduction in the reserve requirement ratio and policy interest rates, as well as measures to support the real estate market [1][2] - The cement sector has seen a recovery in demand as high temperatures and rainfall have subsided, with a national cement enterprise shipment rate of 51.7%, an increase of approximately 3 percentage points from the previous week [1][11] - The report highlights potential investment opportunities in leading companies such as Huaxin Cement (600801.SH), Shangfeng Cement (000672.SZ), Conch Cement (600585.SH), and Tianshan Shares (000877.SZ) [1][2] Summary by Sections Cement Industry - As of late September, the cement market has shown signs of recovery, with a shipment rate of 51.7% and price increases expected due to the upcoming demand peak in Q4 [1][11] - The report anticipates that companies will adopt a strategy of continuous price increases to ensure that price hikes are fully realized [1][11] - The report notes that the cement price has increased by 1.2% week-on-week, with significant price hikes in regions like Jiangsu and Zhejiang [11][13] Glass Industry - The average price of float glass has decreased to 1141 RMB/ton, with a notable drop in weekly average prices [24] - The report indicates that the demand for low-e glass remains weak, and manufacturers are facing challenges in inventory management [24][25] - The overall inventory of float glass has decreased, but the market is still cautious due to limited demand [24][25] Key Companies and Profit Forecasts - Huaxin Cement (600801.SH): 2023A EPS 1.33, 2024E EPS 0.90, Investment Rating: "Increase" [4] - Shangfeng Cement (000672.SZ): 2023A EPS 0.77, 2024E EPS 0.59, Investment Rating: "Increase" [4] - Conch Cement (600585.SH): 2023A EPS 1.97, 2024E EPS 1.60, Investment Rating: "Not Rated" [4] - Leading companies in the glass sector include Qibin Group (601636.SH) and Jinjing Technology (600586.SH), with investment ratings of "Buy" [4] Market Performance - The building materials index rose by 18.57% from September 23 to September 27, outperforming the Shanghai Composite Index, which rose by 12.81% [7] - The cement manufacturing sector saw a 14.49% increase, while the glass manufacturing sector increased by 8.65% during the same period [7]