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建筑材料行业定期报告：节后开复工逐步开启，水泥玻璃价格趋于平稳
Huafu Securities·2025-02-17 00:23

Investment Rating - The industry rating is "Outperform the Market" [7][68]. Core Viewpoints - The report emphasizes that the recovery of housing demand is supported by policies aimed at stabilizing the real estate market, with expectations for improved purchasing willingness and capacity due to declining interest rates and monetary policies [3][5]. - The report indicates that the construction materials sector is expected to see a gradual recovery, driven by the stabilization of the real estate market and supportive government policies [3][5]. - The report highlights that the real estate market is entering a bottoming phase after three years of decline, with increased sensitivity to policy easing [3][5]. Summary by Sections Weekly Insights - The report discusses recent government meetings and initiatives aimed at improving housing security and stimulating the real estate market, including measures in Chongqing and Shanghai [3][11]. - It notes significant increases in housing transaction volumes in major cities like Shenzhen and Shanghai, indicating a potential recovery in the real estate sector [3][11]. High-Frequency Data - As of February 14, 2025, the average price of bulk P.O 42.5 cement is 388.6 CNY/ton, showing a 0.6% decrease week-on-week but a 12.4% increase year-on-year [4][12]. - The average price of glass (5.00mm) is 1347.1 CNY/ton, remaining stable week-on-week but down 33.4% year-on-year [4][22]. Sector Review - The report notes that the Shanghai Composite Index rose by 1.30%, while the construction materials index increased by only 0.22%, indicating underperformance relative to the broader market [4][54]. - Among sub-sectors, cement products and fiberglass manufacturing showed positive growth, while glass manufacturing experienced a decline [4][54]. Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock renovations, undervalued stocks with long-term potential, and leading cyclical construction material companies [5][68].