建材行业策略周报：地产销售率先回暖，地产链企稳在即

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [2] Core Viewpoints - The real estate market is showing signs of recovery, with a rebound expected in the real estate supply chain. The recent policy changes have improved market confidence, leading to increased transactions in various cities, particularly in the southwest region [4][8] - The demand for consumer building materials is anticipated to improve as the real estate market stabilizes. Key companies in the consumer segment are expected to benefit from this recovery [4][9] - The cement market is experiencing stable demand in the south and a slight decline in the north as the winter production cycle approaches. Price increases are expected to continue due to supply-demand dynamics [13] Summary by Sections Consumer Building Materials - Following the policy changes in September, the real estate market has shown a slight recovery, with transaction volumes increasing in major cities. The total transaction volume for new homes in 28 cities reached 733 million square meters in the first 20 days of October, a 11% increase compared to September [7] - The demand for consumer building materials is expected to improve as the real estate market stabilizes. Key companies to watch include Beixin Building Materials, Weixing New Materials, and Tubao for long-term investments, while companies like Dongfang Yuhong and Sankeshu are recommended for short-term rebounds [4][9] Cement Market - The cement market is seeing stable demand in the south, while the north is entering a seasonal decline. The average price of cement is expected to rise due to improved supply-demand matching, with a projected increase in profitability for leading cement companies [13] - Leading cement companies maintain high dividend yields, with Conch Cement's price-to-book ratio below 0.70 and a dividend rate around 50% [13] New Materials - The fiberglass market is experiencing weak pricing for coarse yarn, while fine yarn prices remain stable. The carbon fiber market is also seeing price stabilization [17][18] - The demand for fiberglass remains uneven across different regions, with some areas showing improvement while others lag behind [17][18]