建筑材料：化债政策力度超预期；水泥价格近期持续推

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Views - The report highlights that the debt resolution policy is stronger than expected, positively impacting the infrastructure chain and suggesting continued support for real estate policies [1] - The report notes that special bond funds are being used to alleviate local hidden debts, with a significant increase in the debt limit approved by the National People's Congress [1] - Cement prices have been rising recently, with expectations for continued price increases in the fourth quarter [2] Summary by Sections Key Events and Insights - The report discusses the approval of a new debt limit of 6 trillion yuan for local governments, significantly reducing the average annual hidden debt resolution scale from 2.86 trillion yuan to 460 billion yuan by 2028 [1] - It mentions that the cement sector's revenue and profit have shown a decline, but some companies like Conch Cement and Tianshan Cement have seen slight improvements in gross margins [1] Company Performance - The report provides a detailed analysis of key companies in the sector, including: - Conch Cement: Price at 27.12 yuan, with an EPS forecast of 1.6 yuan for 2024 [1] - China National Building Material: Price at 11.64 yuan, with an EPS forecast of 0.5 yuan for 2024 [1] - Other companies such as Weixing New Materials and Huaneng Renewables are also highlighted with their respective ratings and forecasts [1] Market Trends - The report indicates that the cement market is experiencing a recovery, with prices expected to continue rising due to increased demand from infrastructure projects [2] - It also notes that the glass fiber sector is entering a new normal, with price stability and gradual recovery in profitability [2] Recommendations - The report recommends focusing on companies with strong fundamentals and valuation recovery potential, such as Conch Cement and Huaxin Cement, while also suggesting attention to emerging companies in the glass fiber and building materials sectors [2]