建筑材料行业定期报告：培育发展绿色建筑，25年城改值得期待

Investment Rating - The report maintains a rating of "Outperform the Market" for the construction materials sector [4]. Core Viewpoints - The report suggests that the downward trend in interest rates is likely to restore home buying willingness, while monetary policies related to land acquisition and urban renewal will enhance purchasing power, increasing the probability of stabilization in the real estate market. This is expected to drive recovery in post-cycle demand and alleviate credit risks for companies in the industry [3][12]. - Compared to the end of 2022, the report indicates that the fundamental deterioration in the building materials sector has limited room for further decline, as real estate sales are at lower levels and leading companies are less dependent on large B-channel sales. The report anticipates further recovery in both fundamentals and valuations for the sector [3]. Summary by Sections 1. Weekly Insights - The national housing and urban construction work conference held on December 24 emphasized the need to stabilize the real estate market by 2025, promote the sale of existing homes, and develop green buildings as new economic growth points. Over 760 policies have been introduced nationwide to optimize or cancel purchase restrictions and reduce down payment ratios and interest rates [9][12]. 2. Weekly High-Frequency Data - As of December 27, 2024, the average price of bulk P.O 42.5 cement in China was 412.7 CNY/ton, a decrease of 0.5% from the previous week but an increase of 14.0% year-on-year. Regional prices varied, with North China at 377.6 CNY/ton and Northeast China at 484.3 CNY/ton [2][10]. - The national cement inventory ratio was 61.4% as of December 20, 2024, with regional variations such as North China at 64.0% and Northeast China at 48.3% [11]. 3. Sector Review - The Shanghai Composite Index rose by 0.95%, while the Shenzhen Composite Index fell by 1.32%. The construction materials index decreased by 0.59%, ranking in the middle among all sectors. Sub-sectors showed mixed performance, with other building materials up by 1.47% and cement manufacturing down by 1.8% [13][86]. 4. Investment Targets - The report recommends focusing on three main lines of investment: 1. High-quality blue-chip companies benefiting from stock reform, such as Weixing New Materials and Beixin Building Materials 2. Undervalued stocks with long-term alpha attributes, such as Sankeshu and Dongfang Yuhong 3. Leading cyclical building materials companies with bottoming fundamentals, such as Huaxin Cement and Conch Cement [3].