建筑材料行业投资策略周报：11月地产销售同比转正，政策窗口期继续看好建材板块机会

Investment Rating - The report maintains a "Buy" rating for the building materials sector, highlighting strong investment opportunities due to supportive policies and market conditions [1][4][41]. Core Insights - The report emphasizes a positive outlook for the building materials sector, driven by government policies aimed at stabilizing the real estate market and implementing counter-cyclical measures. The expectation of a more relaxed monetary policy and proactive fiscal measures is seen as a strong support for the sector [1][41]. - Despite the current downturn in the building materials industry, there are signs of stabilization as leading companies demonstrate resilience. The report suggests focusing on growth-oriented consumer building materials and cement/glass leaders that are showing signs of recovery [1][41]. Summary by Sections 1. Consumer Building Materials - The consumer building materials segment is expected to benefit from ongoing policy support, with leading companies showing strong operational resilience. The long-term demand stability and increasing industry concentration provide significant growth potential for quality players [1][41]. - Key companies to watch include Sanke Tree, Rabbit Baby, Beixin Building Materials, Weixing New Materials, China Liansu, Dongpeng Holdings, and Oriental Yuhong [1][41]. 2. Cement - The national average cement price has decreased by 0.8% week-on-week, with a current price of 421 RMB/ton, reflecting a year-on-year increase of 39 RMB/ton. The report anticipates continued price weakness in the near term due to increased competition among producers [1][23][41]. - The report highlights companies such as Conch Cement and Huaxin Cement as key players to watch in this segment [1][41]. 3. Glass Fiber/Carbon-Based Composites - The report notes that the price of direct yarn remains stable, while electronic yarn prices have softened. The glass fiber market is experiencing a bottoming out, with leading companies like China Jushi and Changhai Co. showing strong competitive positions [1][33][41]. - The report suggests monitoring companies like Zhongcai Technology and Jinbo Co. for potential investment opportunities [1][41]. 4. Glass - The float glass market is showing signs of improvement, with a current average price of 1407 RMB/ton, down 0.2% week-on-week but down 30.3% year-on-year. The report indicates a slight reduction in inventory levels, suggesting a potential recovery in demand [1][41]. - Key companies in the glass sector include Qibin Group, Shandong Yaobang, and Xinyi Glass, which are recommended for investment consideration [1][41].