政策端积极发力，水泥玻璃价格分化

Investment Rating - The report maintains a "Buy" rating for the construction and building materials sector [6][19][22]. Core Insights - The report highlights a positive policy environment aimed at stabilizing growth, with significant infrastructure investments continuing despite a slowdown in real estate investment [2][3]. - Cement prices are expected to rise due to improved supply-demand dynamics and seasonal construction demand, with a recommendation for companies like China National Building Material and Conch Cement [2][4]. - Glass prices have been declining, but recent policy expectations have led to improved sales rates, indicating potential recovery in the glass market [5][20]. Summary by Sections Infrastructure Investment - From January to September 2024, infrastructure investment (excluding electricity) grew by 4.1% year-on-year, while real estate investment fell by 10.1% [2]. - High-growth sectors such as railways and water conservancy saw significant investment increases of 17.1% and 37.1% respectively [2]. Cement Industry - Cement production from January to September 2024 was 1.33 billion tons, a decrease of 10.7% year-on-year, but September saw a production increase of 6.9% month-on-month [4]. - The average cement price in September was 389 RMB per ton, reflecting a 0.7% increase month-on-month and a 7.4% increase year-on-year [4]. Glass Industry - Flat glass production reached 760 million weight cases from January to September 2024, up 4.9% year-on-year, with September production at 89.01 million weight cases [5]. - The average price of float glass in September was 67 RMB per weight case, down 11.4% year-on-year [5]. Recommended Stocks - Key recommended stocks include China State Construction Engineering (601668 CH) with a target price of 8.99 RMB, Tunnel Engineering (600820 CH) at 9.97 RMB, and Conch Cement (914 HK) at 27.90 RMB, all rated as "Buy" [8][19][20].