建筑材料行业专题研究：延续低配，加仓优质基建地产链

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the construction materials sector [4][28]. Core Insights - The construction materials and building sectors continue to exhibit a low allocation trend, with slight improvements in heavy holdings. The heavy holding market value for construction materials and buildings at the end of Q3 2024 was 8.2 billion and 9.0 billion respectively, with heavy holding ratios of 0.44% and 0.48% [2][5][11]. - The report highlights a focus on quality infrastructure and real estate chains, recommending leading companies in cement and renovation materials, while also noting potential in non-real estate sectors such as pharmaceutical packaging materials [8][23][25]. Summary by Sections 1. Holding Analysis: Continued Low Allocation with Slight Improvement - The heavy holding ratios for construction materials and buildings remain low, with slight increases in the over-allocation ratios [11][12]. - The top ten heavy holdings include new entries like Beixin Building Materials and Tubao, with a focus on traditional real estate and infrastructure chain companies [6][14]. 2. Focus on Cement/Renovation Material Leaders and Pharmaceutical Packaging - The report suggests that the real estate chain may be recovering, with a focus on leading companies in cement and renovation materials. It emphasizes the importance of policies that could catalyze improvements in the real estate sector [23][24]. - Non-real estate materials are also highlighted, particularly glass fiber and pharmaceutical packaging, which are expected to see positive changes [25][26]. 3. Northbound Holdings: Primarily Increasing with Focus on Renovation Material Leaders - The report notes that northbound holdings have remained stable, with significant increases in holdings for companies like Beixin Building Materials and Dongfang Yuhong [7][21]. - The overall trend indicates a preference for leading companies in the renovation materials sector, reflecting a positive outlook for these stocks [21][22].