行业底部逐步清晰，关注强α的消费建材标的

Investment Rating - The industry rating is "Recommended" [5] Core Views - The report highlights that the construction materials industry is gradually reaching a bottom, with a focus on consumer building materials that exhibit strong alpha attributes, such as Sanke Tree, Rabbit Baby, and Weixing New Materials [1] - The indoor renovation market is entering a phase of renewal, with increased demand for high-end design, benefiting companies like Zhengzhong Design and Matrix Shares [1] - The establishment of a low-altitude economic development department and the inclusion of low-altitude economy in special bond investment scope are expected to accelerate the development of the low-altitude economy, with recommendations for companies like Huasheng Group and Design Institute [1] - The report anticipates a new "Belt and Road" summit in 2025, which may catalyze the sector, recommending companies such as China State Construction and China Metallurgical Group [1] Summary by Sections New Housing Market - In the third week of January, new housing transactions in 30 major cities showed a decline, with a total transaction area of 1.8042 million square meters, down 3% year-on-year and 7% month-on-month [2][22] - In contrast, the second-hand housing market remains robust, with a transaction area of 2.0760 million square meters, up 58% year-on-year [2][22] Cement Market - The national average cement price is 410.5 yuan/ton, a slight decrease of 0.1% week-on-week, with regional price fluctuations observed [3][25] - Cement demand is expected to decline significantly as the Spring Festival approaches, with a reported drop in output rates by approximately 6 percentage points [3][25] Glass Market - The average price of float glass increased to 1384.34 yuan/ton, marking a week-on-week rise of 0.69% [3][52] - The photovoltaic glass market is experiencing general stagnation, with weak terminal demand and a cautious purchasing atmosphere [3][57] Investment Recommendations - The report recommends focusing on seven specific directions for investment, including consumer building materials, high-end design, low-altitude economy, and resilient city initiatives [8] - Companies with strong alpha attributes and those positioned for recovery, such as Sanke Tree and Weixing New Materials, are highlighted as potential beneficiaries [8] - The report emphasizes the importance of government policies aimed at boosting consumption and infrastructure development, which are expected to benefit various segments within the construction materials industry [8]