建筑材料行业定期报告：城市更新积极推进，建材板块有望边际修复

Investment Rating - The industry rating is "Outperform the Market" [7][63]. Core Viewpoints - The report emphasizes that the active promotion of urban renewal is expected to lead to a marginal recovery in the building materials sector. In 2024, over 60,000 urban renewal projects are planned, with an investment of approximately 2.9 trillion yuan [3][11]. - The report highlights that the easing of monetary and fiscal policies in China, alongside the government's commitment to stabilize the real estate market, is likely to enhance homebuyer sentiment and purchasing power, thereby stabilizing the real estate market fundamentals [3][5][11]. - The report suggests that the building materials sector has limited room for further deterioration compared to the end of 2022, as the sales volume and price levels of real estate are at lower points, and the reliance of leading companies on large B-channel sales has decreased [5][11]. Summary by Sections Weekly Insights - A national video conference on urban renewal was held, emphasizing the need for effective implementation of key tasks. The report notes various supportive measures for the real estate market, including tax reductions and financing support for housing construction [3][11]. High-frequency Data - As of January 24, 2025, the average price of bulk P.O 42.5 cement in China is 391.0 yuan/ton, showing a week-on-week decrease of 2.1% but a year-on-year increase of 11.4% [4][12]. - The average price of glass (5.00mm) is 1325.7 yuan/ton, with a week-on-week increase of 0.4% but a year-on-year decrease of 34.2% [4][19]. Sector Review - The Shanghai Composite Index rose by 0.33%, while the Shenzhen Composite Index increased by 1.05%. However, the building materials index fell by 1.31%, indicating underperformance compared to the broader market [4][50]. - The report identifies key investment themes, including high-quality companies benefiting from stock transformation, undervalued stocks with long-term alpha attributes, and leading cyclical building materials companies showing signs of bottoming out [5][11].