建筑材料行业周报：重磅化债政策出炉，关注基建实物工作量改善

Investment Rating - The report maintains an "Overweight" rating for key companies in the building materials sector, including Dongfang Yuhong, Sankeshu, Huaxin Cement, Weixing New Materials, and others [1][3]. Core Insights - The report highlights a positive shift in the real estate beta factor, suggesting that the building materials sector is poised for recovery due to ongoing supportive policies [3][9]. - It emphasizes the potential for cement prices to stabilize and improve profitability, indicating that the industry is showing signs of bottoming out [3][14]. - The report recommends focusing on high-dividend stocks within the building materials sector, as the cash dividend ratio for 2023 is 43.86% with a dividend yield of 2.20% [3][17]. Summary by Sections Industry Outlook and Investment Recommendations - The real estate sector's easing policies are expected to positively impact the performance of building materials, with leading companies in retail building materials likely to gain market share [3][9]. - Cement industry profitability is anticipated to improve due to coordinated price increases and enhanced production discipline among major players [3][14]. - High-dividend stocks are recommended for investment, with a focus on companies that demonstrate stable performance and low valuations [3][17]. Market Performance (Nov 4 - Nov 8) - The building materials index increased by 3.68%, with various sub-sectors showing positive performance, including pipes and cement manufacturing [25]. Price Changes in Building Materials - The national average price of cement increased by 2.1% during the reporting period, with a cumulative production of 1.327 billion tons from January to September 2024, reflecting a 10.7% year-on-year decline [27][21].