建筑材料行业行业深度报告：央国企引领专题-践行国企担当，引领产业升级

Investment Rating - The report maintains a positive investment rating for the building materials industry, highlighting the potential for growth and transformation within state-owned enterprises [8]. Core Insights - State-owned enterprises (SOEs) play a crucial role in leading economic development, with significant resources and funding, making them essential pillars of the national economy. As of 2021, there were 267,000 SOEs in China, with central enterprises accounting for 24.72% [5][18]. - The building materials industry is vital for national economic infrastructure, and SOEs are responsible for ensuring material supply. Recent reforms have led to a notable increase in the profitability of these enterprises, although profitability has recently declined due to a downturn in the real estate market [5][26]. - SOEs are undergoing significant reforms, enhancing their competitiveness in the building materials sector. The report details the successful restructuring of major players like China National Building Material Group and Jidong Cement, which have improved their market positions and operational efficiencies [5][68]. Summary by Sections 1. Role of State-Owned Enterprises - SOEs are essential for economic stability and development, leveraging their financial strength and resources to guide market trends and policies [5][17]. - The building materials sector, as a foundational industry, supports various strategic sectors, including defense and new materials, with SOEs increasing in number and scale to meet growing demands [26][18]. 2. Effectiveness of SOE Reforms - The report outlines the five phases of SOE reforms, with the current phase focusing on comprehensive deepening of reforms to enhance operational efficiency and market adaptability [43][49]. - The restructuring of major SOEs has led to improved competitiveness, with examples such as the merger of China National Building Material and China National Materials, which has optimized resource allocation [56][57]. 3. Leading the Transformation of the Building Materials Industry - SOEs are expected to spearhead the industry's transition towards green, intelligent, and high-end development, aligning with national goals for carbon reduction and digital transformation [6][75]. - The report emphasizes the importance of SOEs in driving innovation and adapting to new market conditions, particularly in the context of declining contributions from traditional sectors like real estate [75][76]. 4. Investment Recommendations - The report suggests investing in leading companies such as Beixin Building Materials and China Jushi, while also recommending attention to other significant players like Conch Cement and Tianshan Cement, which are positioned to benefit from ongoing reforms and market shifts [5][6].