中期预期改善，催化估值修复

Investment Rating - The report maintains an "Overweight" rating for the building materials sector [8] Core Insights - The mid-term outlook for the building materials industry is improving, driven by policy enhancements that boost confidence and demand. Key recommendations include leading companies in the sector [9][12] - Cement prices have increased significantly, with a national average rise of 4.2% this week, particularly in East, Central South, and Southwest regions. The demand for cement has also increased, with a national shipment rate of 53.6%, up 2 percentage points [9][28] - The glass and fiberglass sectors are showing signs of recovery, with glass prices rising to an average of 1275.00 CNY/ton, reflecting a 97.84 CNY increase. The fiberglass market remains stable, with slight improvements in demand expected as the peak season approaches [9][20][21] Summary by Sections Building Materials Investment Strategy - The report emphasizes the potential for mid-term demand improvement due to policy support for idle land acquisition and debt reduction, which may enhance construction activity and alleviate funding pressures in the infrastructure sector [12] - Recommended companies include Oriental Yuhong, Beixin Building Materials, Weixing New Materials, and others, focusing on those with strong market positions and growth potential [12] Cement Industry - National cement prices have risen significantly, with increases of 10-100 CNY/ton in various regions. The southern regions are particularly focused on price increases to improve profitability amid ongoing losses [13][28] - The report highlights the importance of self-discipline in production and pricing strategies among leading cement companies to stabilize and enhance profitability [12][28] Glass Industry - The average price of float glass has risen significantly, driven by multiple favorable factors, including improved market sentiment and reduced supply pressures. The report anticipates a flexible market performance in the coming weeks [20] - Key recommendations include Fuyao Glass for its high dividends and global leadership, as well as Xinyi Glass and Qibin Group for their strong market positions [20] Fiberglass Industry - Fiberglass prices remain stable, with slight improvements in demand expected as the peak season approaches. The report suggests that the demand structure is evolving, benefiting companies like China Jushi and China National Materials [21]