地方两会建材行业点评：供需两侧齐发力，助推行业稳定发展

Investment Rating - The report maintains a "Recommended" rating for the building materials industry [1] Core Insights - The building materials industry is expected to experience stable development driven by both supply and demand sides, with local government initiatives focusing on expanding domestic demand and major project construction [3] - The real estate market is transitioning into a stock market phase, with significant potential for consumption in building materials as policies to stabilize the market are implemented [3] - The establishment of a carbon footprint management system is anticipated to accelerate the green transformation of the building materials industry, enhancing supply-demand stability and increasing industry concentration [3] Summary by Sections Demand Drivers - Expansion of domestic demand is prioritized by multiple provinces, with major project construction and "old-for-new" policies expected to boost building materials demand [3] - Infrastructure investment is projected to stabilize and increase, positively impacting cement market demand [3] - The real estate sector's focus on stock properties and affordable housing is expected to stimulate home renovation and building materials consumption [3] Supply Side Dynamics - The green transformation of traditional industries is accelerating, with a focus on carbon emissions and environmental performance, which will influence cost and efficiency among cement companies [3] - Companies with high environmental standards and low emissions are likely to benefit more, leading to the elimination of outdated production capacities [3] Investment Recommendations - The report suggests investing in leading consumer building materials companies such as Beixin Building Materials, Weixing New Materials, Dongfang Yuhong, and Gongyuan Co., which have strong channel layouts and product quality advantages [3] - Regional cement leaders like Huaxin Cement and Shangfeng Cement are expected to recover profitability quickly due to stricter capacity controls and rising prices, with a recommendation to also monitor Conch Cement [3]