建筑材料行业周报：政策利好密集落地，关注超跌建材板块

Investment Rating - The report maintains an "Overweight" rating for the building materials industry [6]. Core Viewpoints - Recent policy support has led to a stabilization in the underperforming cyclical building materials sector. Key measures include lowering existing mortgage rates and adjusting down payment ratios, which are expected to alleviate financial pressure on homebuyers and boost consumption potential [6][9]. - The report highlights the importance of monitoring leading building materials companies with strong cash flow and dividend yields above 2.25%, especially in light of new monetary tools introduced to support the sector [6]. Summary by Relevant Sections Policy Developments - A series of financial policies were announced to support the real estate sector, including a reduction in existing mortgage rates by approximately 0.5 percentage points and a unified minimum down payment ratio of 15% [6]. - The Politburo meeting emphasized the need to stabilize the real estate market and improve the quality of commodity housing construction [6]. Market Data - National average cement price was reported at 501.16 RMB/ton, with a slight week-on-week decrease of 0.1%. However, certain regions experienced price increases, indicating regional demand recovery [7]. - The average price of flat glass was 1245 RMB/ton, reflecting a week-on-week decline of 5.6%, while inventory levels decreased, suggesting a potential shift towards inventory reduction [8]. Investment Recommendations - The report suggests focusing on resilient consumer building materials leaders such as Weixing New Materials, Beixin Building Materials, and Tubao, as well as cement companies like Huaxin Cement and Anhui Conch Cement, which are expected to benefit from improved demand in the upcoming peak season [9].