非金属建材行业2024年12月投资策略：会议定调更加积极，继续看好板块机会

Investment Rating - The report maintains an "Outperform" rating for the non-metallic building materials sector [1]. Core Viewpoints - The report indicates a more positive tone following the December 9th Central Political Bureau meeting, which emphasized the implementation of more proactive macroeconomic policies and support for the real estate market [1][57]. - The cement sector is expected to experience a short-term improvement in profitability due to seasonal demand fluctuations, while the glass sector faces challenges with limited demand recovery [1][57]. - The report highlights that the building materials sector remains at a low valuation and is positioned for potential investment opportunities, particularly in companies with strong growth prospects [1]. Summary by Sections November Review - The building materials sector experienced a decline of 3.97% in November, underperforming the CSI 300 index by 4.62 percentage points [1][16]. - The cement sector fell by 3.25%, while the glass sector saw a more significant drop of 8.73% [1][16]. - The top-performing sub-sectors included refractory materials (+8.77%), coatings (+8.59%), and ceramic tiles (+4.41%) [1][16]. Policy Signals - The December meetings signaled a commitment to stabilizing the real estate market and enhancing fiscal and monetary policies to support economic stability [1][57]. - The report notes that the real estate market is showing signs of recovery, with significant improvements in transaction volumes for new and second-hand homes [1][57]. Supply and Demand Dynamics - Cement demand remains weak, but supply-side adjustments are expected to stabilize prices in the short term [1][57]. - The glass sector is experiencing a supply surplus, leading to continued price weakness despite some recovery in demand [1][57]. - The fiberglass market is facing increased supply pressure, but prices are expected to stabilize in the short term [1][57]. Investment Recommendations - The report recommends focusing on leading companies in the building materials sector that exhibit strong growth potential and valuation flexibility, such as three trees, rabbit baby, and others [1]. - It also suggests monitoring cement and glass leaders for potential improvements in profitability due to supply-side changes [1].