建材行业周报：政治局会议定调“促进地产止跌回稳”，推动构建地产新模式

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1]. Core Viewpoints - The Central Political Bureau meeting emphasized the need to stabilize the real estate market and promote a new development model for real estate. This includes increasing fiscal and monetary policy adjustments, controlling new construction, optimizing existing stock, and improving quality. The meeting signals a more proactive approach to restoring market expectations and stabilizing the real estate market [6][8]. - The People's Bank of China plans to lower the reserve requirement ratio by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity to the financial market. This is expected to further support the real estate market [6][7]. - The report suggests that the recent policy optimizations and relaxations in major first- and second-tier cities have led to a rebound in market activity, recommending attention to leading companies in the real estate supply chain, such as Beixin Building Materials and Jianlang Hardware [8]. Summary by Sections 1. Core Viewpoints and Investment Recommendations - The report highlights the importance of recent policy changes aimed at stabilizing the real estate market, including lowering mortgage rates and adjusting housing purchase restrictions [6][8]. 2. Market Review 2.1. Sector Performance - The A-share construction materials index rose by 18.56% during the week of September 23-27, outperforming the CSI 300 index by 2.86 percentage points [9]. - Year-to-date, the construction materials index has decreased by 10.96%, underperforming the CSI 300 index by 18.91 percentage points [11]. 2.2. Stock Performance - Top-performing stocks for the week included Jingang Photovoltaic (+34.72%), Weixing New Materials (+30.23%), and Jianlang Hardware (+28.72%) [16]. 3. Industry Dynamics - The report notes that the domestic glass fiber market is experiencing stable pricing, with the main transaction price for 2400tex alkali-free yarn at approximately 3600 yuan/ton, reflecting a year-on-year increase of 9.71% [20]. - The cement market has seen slight price increases, with the average price for bagged cement at 314.52 yuan/ton, a decrease of 0.20% from the previous week [21]. 4. Company Dynamics - China State Construction announced several major project contracts totaling 14.97 billion yuan, representing 0.7% of its audited revenue for 2023 [28].