建筑材料行业周报：核心区水泥大幅推涨，政策信号超预期利好零售建材

Investment Rating - The report maintains a "Buy" recommendation for the construction materials industry [1] Core Views - The cement industry is experiencing significant price increases, and favorable policy signals are expected to benefit retail building materials [1] - The report emphasizes the positive shift in real estate beta factors, suggesting a proactive approach to retail building materials [3] - It highlights the potential for profit recovery in the cement sector due to seasonal price increases and improved market conditions [3] Summary by Sections 1. Industry Views and Investment Recommendations - The report indicates that recent real estate policy relaxations have positively impacted the construction materials sector, suggesting a shift towards a more favorable beta factor [9] - Short-term indicators show that consumer building materials are at a holding and valuation bottom, while mid-term performance is expected to improve as the sector emerges from a low point [9] - Long-term prospects for consumer building materials are optimistic, driven by improved operational quality and a focus on retail and renovation markets [9] - Key companies recommended for investment include Oriental Yuhong, Dongpeng Holdings, and Rabbit Baby, with additional attention to Beixin Building Materials, Sankeshu, Weixing New Materials, and Mona Lisa [3][9] 2. Cement Industry Insights - The cement sector is expected to stabilize profits through seasonal price increases, with signs of a bottom emerging in the market [12] - The report notes that the first half of 2024 saw a decline in cement profitability, but collaborative price increases among leading companies are anticipated to support profit recovery in the latter half of the year [12] - The average price of cement in September 2024 was reported at 383.91 yuan per ton, reflecting a year-on-year increase [23] 3. High Dividend Stock Recommendations - The construction materials sector had a cash dividend ratio of 44.0% in 2023, with a 12-month dividend yield of 2.46% [14] - Companies with high dividend yields recommended for investment include Rabbit Baby, Luyang Energy Saving, and Weixing New Materials, among others [14] 4. Market Performance Overview - The construction materials index saw a week-on-week increase of 18.56%, outperforming the Shanghai Composite Index [21] - Specific sub-sectors such as pipe materials and cement manufacturing showed significant gains, indicating a positive market trend [21]