建筑材料行业跟踪分析：财政发力稳增长，关注“化债”、“收储”、“3季报”

Investment Rating - The industry investment rating is "Hold" [4] Core Viewpoints - Fiscal debt resolution is a timely boost, benefiting infrastructure and municipal project demand, leading to improved cash flow for cement, concrete, waterproofing, and pipeline companies. The Ministry of Finance has announced a significant increase in debt limits to support local governments in resolving hidden debts, which is expected to stimulate demand for infrastructure projects and improve cash flow [2] - The central government continues to stabilize the real estate market, with recent policies allowing special bonds for land reserves, which has led to an improvement in second-hand housing transactions. This is expected to positively impact the demand for renovation materials, benefiting companies in the renovation and building materials sector [2] - The overall performance of the building materials sector in Q3 is under pressure, but the sector shows resilience at the bottom, with expectations improving. Cement companies are collaborating to enhance profitability, and price increases are anticipated. Despite a downward trend in consumption for 2024, leading retailers are expected to maintain strong operations, and supply-side adjustments in glass and fiberglass are noted [2] - Investment suggestions focus on three key themes: "debt resolution," "land reserve," and "Q3 reports." Short-term beneficiaries include leading companies in cement, waterproofing, and pipelines, while renovation material leaders are expected to benefit from land reserve policies. Companies with relatively strong Q3 performance should also be monitored [2] Summary by Sections Fiscal Policy Impact - The fiscal debt resolution is expected to significantly increase the demand for infrastructure projects and improve cash flow for related companies [2] - Recent government policies have positively influenced the real estate market, leading to an uptick in second-hand housing transactions and benefiting renovation material companies [2] Market Performance - The building materials sector is facing pressure in Q3, but there is resilience at the bottom, with improving expectations for the future [2] - Cement companies are expected to see profitability improvements through collaboration and price increases, while leading retailers maintain operational strength [2] Investment Recommendations - Focus on companies benefiting from "debt resolution" and "land reserve" policies, as well as those with strong Q3 performance [2]