建筑建材行业周报：需求复苏或超预期，看好水泥和大建筑央企-2025-03-17

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, particularly favoring cement and large state-owned construction enterprises [3]. Core Insights - Demand recovery in the construction sector is expected to exceed expectations, with significant improvements in land acquisition in third-tier cities and a positive trend in infrastructure projects [1][3]. - The average operating rate of construction machinery has increased, indicating a rebound in domestic engineering projects [1]. - Cement prices have shown a steady increase, with a national average price rise of 1.6% week-on-week, driven by demand recovery and industry self-discipline measures [2][32]. Summary by Sections Market Review - The construction index rose by 1.41% and the building materials index by 1.29% during the week of March 10-14, 2025, while the Shanghai Composite Index increased by 1.39% [3][9]. - All sub-sectors within the construction industry experienced growth, with the decoration sector leading at a 3.49% increase [3][9]. Cement Industry Data - The national cement market price increased by 1.6% week-on-week, with significant price hikes in East, Central, and Southwest regions [2][35]. - The average cement enterprise shipment rate reached 43%, reflecting a 4.87 percentage point increase week-on-week [43][46]. Infrastructure and Project Orders - The report highlights the positive trend in new project orders for major construction companies, with specific attention to state-owned enterprises like China Railway Construction and China Communications Construction [51]. - The issuance of local government special bonds has increased significantly, with a total of 512.80 billion yuan issued in the week of March 10-15, 2025 [19]. Company Recommendations - The report recommends investing in cement companies with low price-to-book ratios, such as Conch Cement, and large state-owned construction firms like China Railway Construction and China Electric Power Construction [3].