建筑材料行业周报：地产利好政策持续发力，关注玻璃底部机会

Investment Rating - The report maintains a recommendation rating of "Buy" for the construction materials sector [2]. Core Insights - The report highlights a positive shift in the beta factors related to real estate, suggesting that leading consumer building material companies are likely to achieve sustained growth in market share and operational quality due to channel optimization and retail category expansion [3][14]. - The cement industry is expected to stabilize profits through price increases, with signs of a bottom emerging as the industry collaborates on pricing strategies [19][21]. - There is a strong emphasis on the value of high dividend yield stocks within the construction materials sector, with a cash dividend ratio of 43.86% and a 12-month dividend yield of 2.20% [23]. Summary by Sections 1. Industry Views and Investment Recommendations - The report indicates that the beta factors crucial for building materials performance have turned positive due to ongoing real estate policy relaxations, suggesting a potential turning point for consumer building materials [14]. - It recommends actively positioning in leading consumer building material companies such as SanKeTree, DongPeng Holdings, and TuBaoBao, while also suggesting to monitor BeiXin Building Materials, DongFeng Rain, and WeiXing New Materials [3][14]. 2. Market Performance (Dec 9 - Dec 13) - The construction materials index increased by 1.26%, with various sub-sectors showing mixed performance [34]. 3. Cement Price Changes - The national average price of cement in November 2024 was 425.23 CNY/ton, reflecting a year-on-year increase of 45.88 CNY/ton, despite a slight decrease of 0.2% in the recent period [44]. 4. Key Company Tracking and Industry News - The report tracks key companies in the sector, maintaining a bullish outlook on those with strong dividend yields and market positions, particularly in the context of ongoing real estate policy support [28][30].