建筑材料行业定期报告：两会迎来政策窗口期，推荐建材配置机会

Investment Rating - The industry rating is "Outperform the Market" [7][68]. Core Viewpoints - The report highlights a favorable policy environment for the construction materials sector, with expectations of increased government support for housing and urban renewal projects, which is likely to stabilize the real estate market [3][11]. - Short-term growth pressures are anticipated to lead to a new policy window during the March Two Sessions and April Politburo meeting, which could benefit the construction materials sector [3][11]. - The report suggests that the decline in interest rates will enhance home-buying willingness, while policies related to urban renewal and land acquisition will improve purchasing power, increasing the probability of stabilization in the real estate market [5][11]. Summary by Sections Weekly Insights - The Ministry of Housing and Urban-Rural Development plans to start renovation of 54,000 urban old residential communities in 2024, with actual starts at 58,000 [3][11]. - The report notes a slight increase in residential sales prices in first-tier cities, indicating a potential recovery in the housing market [3][11]. High-Frequency Data - As of February 21, 2025, the average price of bulk P.O 42.5 cement is 384.7 CNY/ton, down 1.0% week-on-week but up 11.4% year-on-year [4][12]. - The average price of glass (5.00mm) is 1340.0 CNY/ton, down 0.5% week-on-week and down 34.1% year-on-year [4][20]. Sector Review - The Shanghai Composite Index rose by 0.97%, while the construction materials index fell by 0.96%, indicating underperformance relative to the broader market [4][54]. - Sub-sectors such as cement manufacturing and glass manufacturing experienced declines of 1.68% and 1.51%, respectively [4][54]. Investment Recommendations - The report recommends focusing on three main lines of investment: high-quality companies benefiting from urban renewal, undervalued stocks with long-term growth potential, and leading cyclical construction material companies [5][58]. - Specific companies to watch include Weixing New Materials, Beixin Building Materials, and Huaxin Cement [5][58].