中央政府工作报告点评：建筑建材行业：财政货币齐发力，稳地产助推估值修复和弹性

Investment Rating - The industry investment rating is "Positive" indicating a relative performance stronger than the market benchmark index by over 5% [21]. Core Viewpoints - The central government emphasizes stabilizing the real estate market as a key objective in the 2025 work report, recognizing its importance for economic stability and growth [2][10]. - The report highlights that stabilizing the real estate market is crucial to prevent negative economic cycles and to support domestic demand, especially in light of external uncertainties [2][3]. - The government plans to increase local government special bond issuance to 4.4 trillion yuan, which is a 12.82% year-on-year increase, aimed at investment in construction and land acquisition, directly benefiting the real estate market [3]. - Monetary policy is also set to be optimized to support the real estate sector, with measures such as lowering mortgage rates, which are expected to have a significant positive impact on the market [4][10]. Summary by Sections Government Policies - The government is implementing targeted measures to stabilize the real estate market, including reducing purchasing restrictions and enhancing local government autonomy in managing housing supply [10]. - The focus on risk prevention and the establishment of a new development model for real estate is aimed at ensuring long-term health in the sector [10]. Financial Measures - The report indicates that the dual approach of fiscal and monetary policies will transition from quantitative to qualitative improvements, with expectations for the real estate market to stabilize and return to a healthy growth trajectory [4][11]. - The report also notes that the construction and building materials industry, closely linked to real estate, has faced significant challenges but is expected to benefit from the recovery of the real estate market [11]. Market Outlook - The report suggests that as the real estate market stabilizes, the building materials industry will experience a valuation recovery, with leading companies expected to show better resilience and performance [11].