建材行业周专题：二手房销售较优，继续重视Low-Dk电子布景气

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The second-hand housing market is performing better than new housing, with a significant increase in transaction volume, which is expected to drive demand for retail renovation [3][4] - The demand for cement is recovering slowly, with a year-on-year decline in shipments, while glass inventory continues to accumulate [5][6] - The Low-Dk electronic fabric is highlighted as a critical investment opportunity due to high demand and supply barriers, with domestic alternatives accelerating [4][7] Summary by Sections Basic Situation - The sales figures for the top 100 real estate companies showed a year-on-year decline of 3.1% in sales amount and 15.6% in sales area for January-February 2025, indicating a worsening trend compared to the previous quarter [3] - In contrast, the second-hand housing market saw a year-on-year increase of 34% in transaction area for the same period, with a recent weekly increase of 42% [3] Cement Market - As of late February, the cement market is slowly recovering, with a national shipment rate increase of approximately 8.7 percentage points month-on-month, but a year-on-year decline of about 11.5% [5][19] - The average price of cement nationwide is 400.16 yuan per ton, reflecting a slight decrease of 1.45 yuan month-on-month but an increase of 34.84 yuan year-on-year [19] Glass Market - The glass market is experiencing weak demand, with prices for float glass showing a downward trend and inventory levels increasing [6][33] - The total inventory of glass in monitored provinces reached 59.84 million weight boxes, an increase of 165,000 weight boxes week-on-week [6][33] Investment Opportunities - The report recommends focusing on Low-Dk electronic fabric investments, particularly in companies like Zhongcai Technology, which is expected to benefit significantly from this trend [4][7] - The report also highlights the potential of companies in the wind power supply chain and those with strong overseas market performance, such as Keda Manufacturing and Huaxin Cement [7]