建筑材料行业投资策略周报：政策持续催化，看好板块机会

Investment Rating - The report assigns a "Hold" rating for the construction materials industry, consistent with the previous rating [1]. Core Viewpoints - The construction materials sector is currently facing weak demand from real estate, but there are signs of improvement in expectations. With ongoing central government support for the real estate market, the sector's valuation is expected to recover from its bottom. The industry fundamentals are anticipated to improve as real estate sales stabilize, and the continuous policy support is likely to contribute to this stabilization [2][12]. - The report highlights strong operational resilience among leading companies in the sector, particularly in retail construction materials supported by demand for second-hand and existing home renovations. Leading cyclical material companies are still showing significant excess profits at the bottom of the cycle. The report recommends focusing on growth-oriented and highly valued consumer construction materials, cement leaders with price increase catalysts, and opportunities in fiberglass leaders at the bottom of the market [2][12]. - The report identifies several key companies to watch, including Sanke Tree, Rabbit Baby, Beixin Building Materials, Weixing New Materials, China Liansu, Dongpeng Holdings, and Oriental Yuhong, among others [2]. Summary by Sections 1. Policy Support and Sector Opportunities - The report discusses a series of policies announced on September 24, 2024, aimed at supporting economic development, including a 50 basis point reduction in reserve requirements and interest rate cuts. These measures are expected to enhance liquidity and stimulate the real estate market [12]. - The political bureau meeting on September 26 emphasized the urgency of stabilizing the economy and real estate market, indicating further policy measures to support market recovery [12]. 2. Cement Sector - Cement demand has shown signs of recovery, particularly in East China, where prices have significantly increased. As of September 27, 2024, the national average cement price was 386 RMB/ton, reflecting a month-on-month increase of 4.5 RMB/ton and a year-on-year increase of 27 RMB/ton. However, the overall demand remains insufficient to stabilize the market, leading to price fluctuations [2][12]. 3. Fiberglass and Composite Materials - Fiberglass prices have stabilized, but demand for electronic yarn remains weak. As of September 26, 2024, the average price for 2400tex winding direct yarn was 3670 RMB/ton, showing a slight decrease of 0.07% month-on-month but an increase of 9.71% year-on-year. The report notes that leading companies in this sector are well-positioned [2][12]. 4. Glass Sector - The float glass market is beginning to de-stock, with improved transactions in photovoltaic glass. As of September 27, 2024, the average price for float glass was 1166 RMB/ton, down 3.5% month-on-month and down 45% year-on-year. The report suggests that leading glass companies are currently undervalued [2][12].