建筑建材双周报（2025年第4期）：施工旺季临近，建筑建材景气上行-2025-03-12

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating expected performance above the market index by over 10% [1][52]. Core Views - The construction materials sector is experiencing an upward trend due to the approaching construction peak season and accelerated infrastructure funding, with a historical high in policy funding expected in 2025 [1]. - The report highlights the ongoing high demand for coal chemical projects in Xinjiang, with over 700 billion yuan in investments planned for 2025, indicating a robust outlook for leading companies in this sector [1]. - The report suggests a gradual recovery in demand for construction materials as the peak season approaches, with a focus on fiscal policy and real estate policy effects [3]. Summary by Sections Construction Materials - Cement prices increased by 0.7% week-on-week, with a 7% rise in shipment rates in key regions, indicating a slow recovery in demand [2][21]. - Glass prices decreased by 2.07% week-on-week, reflecting weak demand and slow processing plant operations [2][28]. - The fiberglass market shows a slight price increase, with the average price for non-alkali yarn rising by 0.63% week-on-week [2][35]. Investment Recommendations - The report recommends focusing on resilient consumer building material leaders such as Sanke Tree, Beixin Building Materials, and others, while also highlighting opportunities in cement and glass sectors [3][6]. - It emphasizes the importance of monitoring fiscal policy and real estate market developments for potential investment opportunities [3][6]. Market Trends - The construction materials index outperformed the market index by 4.6% during the last reporting period, with a 30.2% increase over the past six months [11]. - The report notes that the construction sector is currently facing insufficient effective demand, with low leverage willingness among residents and enterprises [3][6].