建筑材料行业：2025年政府工作报告点评-扩内需+促转型，政策驱动建材新格局

Investment Rating - The report maintains a "Recommended" investment rating for the building materials industry [1]. Core Insights - The government work report emphasizes the need to expand domestic demand through both consumption and investment, which is expected to drive building materials demand [3]. - Key projects will be accelerated with a proposed central budget investment of 735 billion yuan for 2025, alongside measures to simplify investment approval processes [3]. - The report highlights the importance of revitalizing the real estate market by controlling new land supply and promoting the acquisition of existing properties, which is anticipated to boost demand for consumer building materials [3]. - The fiscal policy support is set to increase, with a deficit rate raised to 4% and a total deficit scale of 5.66 trillion yuan, aimed at accelerating major project construction and reducing inventory of existing properties [3]. - The report notes that the green and low-carbon transition in the building materials industry will stabilize supply and demand, with a focus on high-performance cement enterprises benefiting from stricter emissions regulations [4]. Summary by Sections Demand Drivers - The government aims to stimulate demand through consumption incentives, such as a 300 billion yuan special bond for consumer goods replacement programs [3]. - The real estate sector is transitioning to a focus on existing inventory, with policies expected to lower purchasing barriers and enhance housing demand [3]. Supply Side Dynamics - The report anticipates that the green transition will lead to the elimination of outdated production capacities, thereby increasing industry concentration and stability [4]. - Cement companies with high ratings for low emissions are expected to gain competitive advantages, influencing their cost structures and profitability [4]. Investment Recommendations - The report recommends leading consumer building material companies such as Beixin Building Materials, Weixing New Materials, Dongfang Yuhong, and Gongyuan Co., which have strong product quality and brand advantages [5]. - It also suggests regional cement leaders like Huaxin Cement and Shangfeng Cement for potential profit recovery amid stricter capacity controls and rising price expectations [5].