Guodu Securities·2025-03-05 01:48Investment Rating - The industry investment rating is "Recommended" [1] Core Viewpoints - The construction materials sector has shown a decline in the Shenyin Wanguo Construction Materials Index by 0.30%, underperforming the CSI 300 Index by 2.28% [4][5] - The cement prices have slightly decreased, while glass prices have increased. The national average cement price is 391.17 RMB/ton, down by 0.51% from January 27 [7][14] - The report highlights a significant drop in real estate transactions due to the Spring Festival, with a 71.5% decrease in transaction area [6] Summary by Sections Market Performance Review - The Shenyin Wanguo Construction Materials Index fell by 0.30%, while the CSI 300 Index rose by 1.98%, indicating a 2.28% underperformance [5] - The cement index decreased by 0.88%, while the glass and fiberglass index increased by 1.74% [5] Industry Dynamics and Key Sub-industry Tracking - Real estate transactions in 30 major cities saw a total of 5,359 units sold, a decrease of 12,846 units from the previous week, with a transaction area of 56.18 million square meters, down 71.5% [6] - The national cement average price has slightly decreased, with the largest drop in East China at 6.67 RMB/ton [7] - The national average price for float glass increased to 1,347.14 RMB/ton, up by 1.51% from January 27, with the largest increase in South China at 80 RMB/ton [14] Core Investment Insights - The cement industry is experiencing a continued price decline with reduced inventory levels, indicating a potential bottoming out of the market [16] - The glass industry is facing a balance of weak supply and demand, with a slight increase in production expected in 2024 compared to 2023 [16] - The report identifies a positive trend in the plastic pipe, building coatings, and gypsum board sectors, with leading companies likely to increase market share [17] Recommended Stocks - Recommended stocks include Conch Cement, Huaxin Cement, Qibin Group, and Weixing New Materials, with expected net profits for 2024-2026 outlined for each company [18][20]