建材行业策略周报：政策叠加信心修复，看好产业链价值重估

Investment Rating - The report maintains an investment rating of "Positive" for the building materials industry [2] Core Viewpoints - The report highlights a recovery in consumer confidence and a rebound in the real estate chain, driven by recent policy implementations aimed at stabilizing the market [3][7] - It emphasizes the importance of the "two increases" policy, which includes the addition of 1 million units for urban village renovation and an increase in the credit scale for the "white list" to 4 trillion yuan, expected to stimulate housing demand [7][9] - The report suggests a focus on consumer building materials, particularly in the C-end market, with recommended companies including Beixin Building Materials, Weixing New Materials, and Tubao [3][9] Summary by Sections Consumer Building Materials - The report notes that recent policy changes, including the cancellation of purchase restrictions and reductions in mortgage rates, are expected to alleviate burdens on real estate companies and homebuyers, promoting market stabilization [7][8] - It anticipates a marginal improvement in real estate transactions and consumer confidence, which will positively impact demand for building materials [3][9] Cyclical Materials - The report indicates a sequential improvement in cement demand, with a national average cement enterprise shipment rate of 55.2% [3][16] - Cement prices are expected to rise due to production restrictions and industry self-discipline measures, with recommendations to focus on companies like Conch Cement, Huaxin Cement, and Shangfeng Cement [3][16] - The report also discusses the mixed performance of float glass prices, with northern regions showing slight increases while southern regions remain stable [3][18] New Materials - The report states that the price of fiberglass roving remains stable, while fine yarn prices are undergoing short-term adjustments [21][22] - It highlights that carbon fiber transactions are sluggish, with prices stabilizing at low levels due to weak demand and high inventory levels [21][22]