HTSC·2025-02-17 07:50Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [9]. Core Insights - The low-altitude and data infrastructure sectors continue to show high prosperity, with January building materials and home furnishings sales increasing year-on-year [12][20]. - The construction activity post-Spring Festival is recovering slowly due to various factors, including local investment directions and weather conditions, necessitating close monitoring of cement and steel shipments [12][13]. - The building materials home furnishings index (BHI) for January was 110.35, reflecting a month-on-month increase of 1.53 points and a year-on-year increase of 8.46 points [20]. - The report emphasizes the positive effects of the "old-for-new" policy on sales, with January sales reaching 1095.27 billion yuan, a year-on-year increase of 3.09% [20]. - Short-term recommendations focus on domestic cyclical demand and supply-constrained varieties, highlighting companies such as Shenzhen Urban Transport, Tunnel Co., China Nuclear Engineering, and others [12][20]. Summary by Sections Industry Overview - The report notes that the low-altitude economy and data infrastructure policies are being actively promoted, with significant investment expected in underground pipelines and existing infrastructure upgrades [12][13]. - The construction material sales recovery is expected to be gradual, influenced by local government investment shifts towards technology and consumption [13][20]. Market Dynamics - As of February 14, the national cement shipment rate was 11.5%, with a week-on-week increase of 5.9 percentage points [12]. - The average price of float glass was 75 yuan per weight box, showing a week-on-week increase of 0.8% but a year-on-year decrease of 30.6% [2][32]. - The report highlights a significant increase in inventory levels for float glass, with a total of 55.27 million weight boxes, a week-on-week increase of 3.9% [2][34]. Company Recommendations - The report recommends several companies for investment, including Shenzhen Urban Transport (301091 CH), Tunnel Co. (600820 CH), and China Nuclear Engineering (601611 CH), among others, with target prices and buy ratings [10][20]. - The report also identifies companies with strong performance in the past week, such as Lifan Technology and Hainan Huatie, which saw significant stock price increases [10][11]. Future Outlook - The report anticipates that the construction and building materials sectors will benefit from improved domestic investment demand in 2025, with a focus on large construction and cement as foundational investments [12][20]. - The potential for growth in the fiberglass and consumer building materials sectors is highlighted, with expectations for continued demand recovery in the coming years [12][20].