建筑材料行业：财政政策发力助推需求恢复；光伏行业迎多重利好

Investment Rating - The report maintains an "Overweight" rating for the building materials industry [1]. Core Insights - Fiscal policies are expected to boost demand recovery, with multiple favorable signals for the photovoltaic industry [1]. - The report highlights the importance of infrastructure projects and government initiatives in driving growth in the building materials sector [1]. - The photovoltaic industry is anticipated to undergo significant supply-side reforms, which may lead to a recovery in profitability for related materials [1]. Summary by Sections Key Company Status - North New Materials: Current price at 31.00, EPS forecast for 2024E is 2.5, with a PE of 12.3 [1]. - Conch Cement: Current price at 25.45, EPS forecast for 2024E is 1.6, with a PE of 16.1 [1]. - China Jushi: Current price at 11.21, EPS forecast for 2024E is 0.5, with a PE of 20.8 [1]. - Weixing New Materials: Current price at 15.18, EPS forecast for 2024E is 0.8, with a PE of 19.2 [1]. - Sankeshu: Current price at 43.15, EPS forecast for 2024E is 0.8, with a PE of 52.0 [1]. - Huaxin Cement: Current price at 13.20, EPS forecast for 2024E is 1.0, with a PE of 12.8 [1]. - Shandong Pharmaceutical Glass: Current price at 27.73, EPS forecast for 2024E is 1.5, with a PE of 18.0 [1]. - Qibin Group: Current price at 6.57, EPS forecast for 2024E is 0.8, with a PE of 8.6 [1]. - Dongfang Yuhong: Current price at 13.73, EPS forecast for 2024E is 1.2, with a PE of 11.2 [1]. Industry Overview - The building materials industry has a total market value of 7,360.63 billion, with a circulating market value of 6,445.46 billion [1]. - The industry is experiencing a slight decline in demand, but the competitive landscape is improving due to better cost management and reduced receivables risk [1]. - The report notes that the cement market prices have continued to rise, with a national average price of 426 yuan per ton, reflecting a month-on-month increase [1]. Market Trends - The report indicates that the photovoltaic glass market is seeing a recovery in prices due to supply constraints and increasing demand [2]. - The report also highlights that the electronic yarn market is stabilizing, with prices holding steady despite previous fluctuations [2]. - The glass industry is expected to face supply-demand imbalances, with ongoing adjustments in production capacity [2].