政策接力节奏更快，市值管理更利权重

Investment Rating - The report maintains an "Overweight" rating for the building materials sector, consistent with the previous rating [8]. Core Viewpoints - The report highlights a faster pace of policy support, with new tax policies actively boosting market sentiment, particularly benefiting the cement sector which has seen a significant drop in market value [8]. - Cement prices have continued to rise, with a 0.4% increase week-on-week, primarily driven by regions like Fujian and Shaanxi, where prices increased by 20-30 CNY/ton [9][45]. - The report anticipates a continued upward trend in cement prices, with some regions initiating new price hikes of 30-50 CNY/ton [9][45]. - The glass and fiberglass sectors are experiencing mixed trends, with glass prices stabilizing after previous increases, while fiberglass prices are under pressure [33][34]. Summary by Sections 1. Building Materials Investment Strategy - The report emphasizes the proactive nature of recent policies, transitioning from a focus on stabilization to active market stimulation, particularly in the consumer building materials sector [15]. - Key recommendations include companies with strong market positions and innovative business models, such as Oriental Yuhong and Beixin Building Materials [15]. 2. Cement Industry - National cement market prices have risen by 0.4% week-on-week, with specific regions like Fujian and Shaanxi seeing significant price increases [9][45]. - The report notes a decrease in cement shipment rates by approximately 1.5 percentage points due to declining demand in northern regions as temperatures drop [9][45]. - The report predicts a substantial improvement in profit levels for the cement sector in Q4 compared to the previous quarter and year [15]. 3. Glass Industry - The average price of domestic float glass is reported at 1453.79 CNY/ton, reflecting a week-on-week increase of 64.46 CNY/ton [33][100]. - The report indicates that while float glass prices are stabilizing, there are still fluctuations based on market conditions and regional supply [33][100]. - Recommendations for investment include leading companies like Fuyao Glass and Xinyi Glass, which are expected to benefit from strong dividend yields and market positions [33][100]. 4. Fiberglass Industry - Fiberglass prices are experiencing a downward trend, with electronic yarn prices remaining stable [34][124]. - The report highlights a general lack of demand in the fiberglass market, with many companies adopting flexible pricing strategies to manage inventory [34][124]. - Key recommendations include companies like China Jushi and Zhongcai Technology, which are expected to benefit from structural demand changes in the market [34][124].