建筑材料行业：中央经济工作会议点评-政策积极定调明年，关注建材细分板块机会

Investment Rating - The report maintains a "Recommended" rating for the construction materials industry, indicating a positive outlook based on expected market performance [5]. Core Insights - The central economic work conference held on December 11-12, 2024, emphasized stabilizing the real estate market and stimulating demand for construction materials through policy measures aimed at revitalizing the existing market [2]. - The report highlights the potential for increased demand in the construction materials sector due to urban renewal projects, including the renovation of urban villages and dilapidated housing, with an estimated 1 million new projects expected to be implemented by 2025 [2]. - Infrastructure investment is anticipated to increase, driven by more aggressive fiscal policies, which will likely boost cement demand as local governments are expected to issue special bonds to support major projects [3]. - The report notes the acceleration of green transformation in the construction materials industry, with a focus on carbon reduction and environmental sustainability, which is expected to stabilize supply and demand dynamics [3]. Summary by Sections Real Estate Market - The report discusses the government's commitment to stabilizing the real estate market, which is expected to release pent-up demand for construction materials as housing purchase barriers are lowered [2]. - The focus on existing housing stock and urban renewal is projected to create significant opportunities for construction materials consumption [2]. Infrastructure Investment - Increased fiscal spending and the issuance of special bonds are expected to enhance infrastructure investment, leading to a recovery in cement demand [3]. - The report anticipates a rebound in infrastructure projects, which will positively impact the construction materials sector [3]. Green Transformation - The report emphasizes the importance of green transformation in the construction materials industry, with initiatives aimed at reducing carbon emissions and promoting sustainable practices [3]. - The inclusion of the cement industry in the national carbon market is expected to benefit companies with high environmental performance ratings [3]. Investment Recommendations - The report recommends leading companies in the construction materials sector, such as Beixin Building Materials, Weixing New Materials, Dongfang Yuhong, and Gongyuan Co., which are well-positioned to benefit from policy-driven demand recovery [4]. - For the cement sector, companies like Huaxin Cement and Shangfeng Cement are highlighted as beneficiaries of potential price increases and infrastructure investment [4].