建筑建材行业：行业长期历史低位波动，等待供给优化和政策量变到质变

Investment Rating - The report maintains a positive outlook on the construction materials industry [1] Core Viewpoints - The construction materials demand is significantly influenced by the real estate sector, which has been experiencing a prolonged downturn, leading to a negative cycle affecting demand [2][21] - Infrastructure and manufacturing investments are showing stable growth, but they are insufficient to offset the decline in demand from the real estate sector [2][35] - The industry is currently in a historical low phase, with ongoing supply-side optimization expected to enhance market concentration [3][61] - Policy measures are anticipated to gradually improve the situation, potentially leading to a new balance in the industry [3][61] Summary by Sections 1. Industry Chain Overview - Construction materials demand is distributed across various stages of real estate development, with significant reliance on cement, glass, and waterproof materials [9][10] - Infrastructure construction and rural development are also major downstream consumers of construction materials [10] 2. Demand Analysis - Real estate investment has been in a significant decline for over two years, adversely impacting construction materials demand [21][22] - Despite stable growth in infrastructure and manufacturing investments, the overall demand for construction materials continues to decline due to the real estate sector's downturn [35][42] 3. Industry Conditions - The industry is experiencing a prolonged low phase, with a trend towards increased market concentration as weaker players exit the market [3][61] - The industry's price levels have been declining significantly since reaching a peak in 2021, with cement prices dropping from 230.81 to 142.55 [62][64] - Leading companies in the industry have been operating at historically low profit levels since late 2022 [64]