建筑材料行业投资策略周报：巨石大股东增持，关注政策空间

Investment Rating - The industry rating for the construction materials sector is "Hold" [2]. Core Views - The report highlights a series of policies aimed at stabilizing the real estate market and local debt, which have led to a noticeable improvement in sector expectations. The industry is currently in a policy window period, with potential for further policy support. Despite facing short-term challenges, the construction materials sector is expected to gradually recover as various segments find their bottom [2][62]. - The report emphasizes the resilience of leading companies in the industry, particularly in the retail construction materials segment, supported by demand for second-hand and existing home renovations. It suggests focusing on growth-oriented and valuation-flexible consumer building materials, as well as cement and glass leaders that are showing positive changes on the supply side [2][62]. Summary by Sections 1. Major Shareholder Increase and Policy Focus - The report notes that major shareholders, such as the second-largest shareholder of China Jushi, are planning to increase their stakes significantly, indicating confidence in the sector's long-term prospects [62]. 2. Consumer Building Materials - The consumer building materials segment is expected to benefit from ongoing policy support, with leading companies demonstrating strong operational resilience. The long-term demand stability and increasing industry concentration provide significant growth potential for quality niche leaders [62][66]. 3. Cement Market - The national cement market price has decreased by 0.7% week-on-week. The average price of cement as of December 6 is 425 RMB per ton, with a year-on-year increase of 44 RMB per ton. The report anticipates that the cement industry will see a bottoming out of profits in Q1 2024, followed by price adjustments in subsequent quarters [2][62]. 4. Glass Fiber and Carbon-Based Composites - The report indicates an overall price increase in the glass fiber market, with the mainstream transaction price for 2400tex direct winding yarn rising to 3500-3600 RMB per ton, reflecting a 2.91% increase month-on-month and a 14.42% increase year-on-year [2][62]. 5. Glass Market - The float glass prices are showing mixed trends, with the average price as of December 6 being 1418 RMB per ton, a slight increase of 0.1% month-on-month but a decrease of 28.7% year-on-year. The report suggests that leading glass companies are currently undervalued, presenting investment opportunities [2][62].