建筑材料行业周报：水泥价格继续推涨，关注基建需求边际改善

Investment Rating - The report maintains an "Overweight" rating for key companies in the building materials sector, including Dongfang Yuhong, Sankeshu, Senying Windows, Weixing New Materials, Keshun Co., Jianlang Hardware, Tubao, China Jushi, and Beixin Building Materials [1]. Core Insights - The report highlights a positive shift in the real estate beta factor, suggesting that the building materials sector is at a turning point, with a recommendation to actively position in retail building materials for early advantage [2][8]. - The cement industry is showing signs of bottoming out, with seasonal price increases expected to stabilize profits, indicating a potential recovery in the second half of 2024 [11][12]. - The report emphasizes the value of high dividend yield stocks within the building materials sector, noting a cash dividend ratio of 44.0% and a 12-month dividend yield of 2.46% [13]. Summary by Sections 1. Industry Views and Investment Recommendations - The report indicates that recent real estate policy relaxations are crucial for the building materials sector, with retail building materials positioned for growth due to increased second-hand housing transactions and renovation demand [8][10]. - It suggests that leading companies in the retail building materials market are likely to outperform, recommending companies such as Dongfang Yuhong, Dongpeng Holdings, and Tubao, while advising to pay attention to Beixin Building Materials, Sankeshu, Weixing New Materials, and Mona Lisa [8][18]. 2. Market Performance (1007-1011) - The building materials index experienced a decline of 6.15%, with sub-sectors such as cement manufacturing and glass manufacturing also showing negative performance [20]. 3. Building Materials Price Changes - The national cement market price increased significantly by 4.2% during the period from October 7 to October 11, 2024, with a cumulative cement production of 1.159 billion tons from January to August 2024, reflecting a year-on-year decrease of 10.7% [25][27].