建筑材料行业周报：水泥价格延续涨势，政策再加码利好建材基本面修复

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 factors, suggesting a strategic focus on retail building materials. The ongoing relaxation of real estate policies indicates a turning point for the building materials sector, with short-term consumption at a low point but long-term growth potential driven by improved operational quality and a focus on the consumer end [2][8]. - The cement industry is showing signs of bottoming out, with seasonal price increases expected to stabilize profits. The report anticipates a recovery in cement prices and profitability in the latter half of 2024, supported by increased infrastructure investment and improved production discipline among leading companies [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% for the sector [13]. Summary by Sections 1. Industry Views and Investment Recommendations - The report suggests that the real estate sector's easing policies are crucial for the building materials industry's performance, with a recommendation to actively position in retail building materials [2][8]. - It identifies a potential recovery in the cement sector, with price increases expected to support profitability in the second half of 2024 [11][12]. - The report recommends focusing on high dividend yield stocks, highlighting companies like Tubao, Dongfang Yuhong, and Weixing New Materials as key players [13]. 2. Market Performance (October 14-18) - The building materials index increased by 2.85%, with specific sectors such as pipe materials and cement manufacturing showing positive performance [19]. 3. Price Changes in Building Materials - Cement prices saw a significant increase of 1.6% during the reporting period, with the average price in September 2024 at 383.91 yuan per ton, reflecting a year-on-year increase [21]. - The average price of float glass rose to 1228 yuan per ton, with a notable increase in production rates [25].