建筑材料行业周报：玻璃价格有望走出底部，关注行业开启去库周期

Investment Rating - Industry rating: Recommended (maintained) [2] Core Viewpoints - The real estate beta factor has turned positive, suggesting a proactive layout in retail building materials. The new round of real estate easing policies is crucial for the performance of building materials. Long-term, leading consumer building material companies are expected to enhance operational quality and market share through channel optimization and retail category expansion, establishing a strong foundation for sustained growth in a primarily stock market [3][13] - Cement demand is expected to continue declining in 2024, with supply-demand contradictions intensifying. However, a slight recovery in cement prices is anticipated in 2025, leading to some profit recovery in the industry. Cement industry PB valuation has reached historical lows, indicating a potential bottoming signal [5][17] - High dividend yield stocks in the building materials sector are recommended for investment. The cash dividend ratio for the building materials sector in 2023 was 43.71%, with a 12-month dividend yield of 2.21% [21][26] Summary by Sections Industry Outlook and Investment Strategy - The real estate sector is showing signs of improvement, with favorable policies expected to stimulate demand for building materials. The focus should be on identifying products with price stability and high profit elasticity, as well as those with improved fundamentals [31][32] - The cement industry is expected to see a bottoming out of profits, with a potential recovery in demand driven by new real estate stimulus policies and increased infrastructure investment [27][28] Market Performance - The building materials index experienced a 1.40% increase during the reporting period, with various sub-sectors showing mixed performance [33] Price Changes - National cement prices decreased by 0.2% during the reporting period, with a cumulative production of 171 million tons in February 2025, a year-on-year decline of 5.70% [41][40] - The average price of float glass was 1270 RMB/ton, with a decrease of 23.47 RMB/ton during the reporting period [51] Key Company Tracking and Industry News - Recommended companies include Three Trees, Dongpeng Holdings, and Rabbit Baby in the consumer building materials sector, with a focus on those with strong retail business and market share growth [3][13][31]