建筑材料行业投资策略周报：政策定调积极，继续看好板块机会

Investment Rating - The industry rating is "Hold" [3] Core Viewpoints - The report maintains a positive outlook on the building materials sector, supported by recent policy directions emphasizing "stabilizing the real estate market," "enhancing counter-cyclical adjustments," and "moderately easing monetary policy." This creates a favorable environment for subsequent fundamental stabilization, with expectations for more incremental policies to follow [66][77]. - The building materials industry is currently experiencing a downturn, but various segments are beginning to stabilize. Leading companies have demonstrated resilience through pressure tests, with retail building materials showing strength supported by demand for second-hand and existing home renovations [66][77]. - The report suggests focusing on growth-oriented and valuation-flexible consumer building materials, as well as cement and glass leaders that are at the bottom of their profit cycles, alongside opportunities in structural growth sectors such as pharmaceutical glass and wind power [66][77]. Summary by Sections 1. Policy Direction and Sector Outlook - The political bureau meeting and the central economic work conference have set a positive tone, indicating strong support for the building materials sector through a favorable monetary environment and proactive fiscal expectations [66][77]. - The report highlights the importance of stabilizing the real estate market and enhancing counter-cyclical measures, which are expected to support the sector's recovery [66][77]. 2. Consumer Building Materials - The consumer building materials segment is characterized by stable long-term demand and improving industry concentration, with leading companies showing strong operational resilience [78]. - Key companies to watch include SanKeTree, Rabbit Baby, North New Materials, Weixing New Materials, China Liansu, Dongpeng Holdings, and Oriental Yuhong, with additional attention on Jianlang Hardware, Arrow Home, Mona Lisa, Keshun Shares, ZhiTe New Materials, and Wangli Security [78]. 3. Cement Market - The national cement market price has decreased by 0.2% week-on-week, with an average price of 424 RMB/ton as of December 13, reflecting a year-on-year increase of 43 RMB/ton [66][78]. - The report anticipates a continued adjustment in cement prices, with leading companies like Conch Cement and Huaxin Cement expected to perform better than their peers during this downturn [78]. 4. Glass and Fiberglass Market - The report notes that the price of float glass remains weak but stable, with an average price of 1410 RMB/ton as of December 13, down 0.6% week-on-week and down 30.3% year-on-year [66][78]. - In the fiberglass sector, prices for direct yarn have stabilized after an increase, with leading companies such as China Jushi and Changhai Co. expected to perform well [78].