建筑材料行业投资策略周报：“好房子”利好建材量质齐升，关注一季报方向

Investment Rating - The industry investment rating is "Hold" [2] Core Viewpoints - The construction materials sector is expected to benefit from the government's emphasis on building quality housing, leading to increased demand for construction materials and improved quality requirements [15][16] - The retail construction materials, cement, and fiberglass sectors are anticipated to perform well in the first quarter, with retail construction materials showing resilience due to a recovery in second-hand housing transactions [16][18] - The cement industry is experiencing a price increase, with the national average price rising by 1.6% week-on-week, driven by companies' proactive price hikes to improve profitability [16][32] - The fiberglass market is supported by strong demand in wind power and electronic yarn sectors, while the glass market is facing price declines but is expected to stabilize [16][32] Summary by Sections 1. "Good Housing" Policy Impact - The "Good Housing" initiative aims to enhance the quality of housing, which will increase the demand for construction materials and improve their quality standards [15] - The government is focusing on both new housing and the renovation of old housing, which will further drive demand for construction materials [15] 2. Consumer Construction Materials - The retail construction materials sector is expected to recover first, supported by favorable policies and strong performance from leading companies [16][32] - Key companies to watch include Sanke Tree, Rabbit Baby, North New Materials, and others, which are expected to show strong operational resilience [16][32] 3. Cement Sector - The national average cement price has increased to 397 RMB/ton, a year-on-year increase of 37.5%, with companies actively pushing for price hikes to enhance profitability [16][32] - The cement industry is currently at a historical low in terms of valuation, with companies like Conch Cement and Huaxin Cement being favored [16][32] 4. Glass and Fiberglass Markets - The float glass market is experiencing price declines, with the average price at 1315 RMB/ton, down 31.7% year-on-year, while photovoltaic glass is seeing good sales [16][32] - The fiberglass market is stable, with prices for direct yarn showing a year-on-year increase of 24.38%, supported by demand in various sectors [16][32]