地产销售有所改善，基建投资表现亮眼

Investment Rating - The report maintains an "Outperform" rating for the building materials industry [3] Core Insights - Real estate sales have shown improvement, and infrastructure investment has performed well [2][12] - Cement and glass production has seen a cumulative year-on-year change of -10.7% and +4.9% respectively, with a slight narrowing of the cement production decline [2][9] - The report suggests focusing on growth-oriented consumer building material companies such as SanKeTree, Weixing New Materials, and others [5][16] Summary by Sections Weekly Focus - Real estate sales have improved, and infrastructure investment has shown strong performance. In September 2024, the year-on-year changes for commodity housing sales, construction, new starts, and completions were -11.0%, -29.5%, -19.9%, and -31.4% respectively, indicating a narrowing decline in sales and completions [2][10] Market Review - The Shanghai Composite Index rose by 1.4%, the ChiNext Index increased by 4.5%, and the building materials sector (Shenwan) rose by 2.8% [17] - The cement sector's TTM price-to-earnings ratio is 25.47, while the glass sector's is 16.74, indicating varying valuation levels across sub-sectors [20][21] Key Data Tracking - National cement prices increased by 3.0% week-on-week and 11.3% month-on-month, with a year-on-year increase of 20.5% [24][25] - The average price of flat glass rose by 9.0% week-on-week, while the futures price increased by 3.9% [33] Industry Dynamics - The report highlights ongoing financial statistics from the People's Bank of China, indicating a stable monetary environment which may support the building materials sector [44]