做大做强国内大循环，建材优选品牌建材和水泥

Investment Rating - The report maintains a "Buy" rating for several key companies in the building materials sector, including Beixin Building Materials, Conch Cement, China Jushi, and others, indicating a positive outlook for their stock performance over the next 6 to 12 months [5][137]. Core Insights - The building materials industry is expected to benefit from a recovery in demand, particularly in the cement and glass fiber sectors, with companies showing signs of improved profitability and performance [7][8]. - The report highlights the importance of brand recognition and market positioning for companies in the consumer building materials segment, suggesting that leading firms are likely to see valuation recovery and improved earnings in the latter half of the year [7][8]. - The cement market is experiencing price fluctuations, with a slight decrease in national cement prices, but the report anticipates a potential recovery in profitability due to cost reductions and increased sales volumes [7][43]. Summary by Sections Building Materials Overview - The building materials sector consists of 73 listed companies with a total market capitalization of 712.93 billion yuan and a circulating market value of 634.60 billion yuan [2]. - The report emphasizes the significance of domestic circulation and the selection of preferred brands in the building materials and cement sectors [1]. Key Company Performance - China Jushi is projected to achieve a net profit of 700-740 million yuan in Q1 2025, representing a year-on-year growth of 100%-110% [7]. - Conch Cement expects a net profit of 1.81 billion yuan in Q1 2025, reflecting a 20% increase compared to the previous year [7]. Cement Sector Analysis - The national cement price has decreased by 1 yuan/ton, with a slight increase in the inventory-to-sales ratio and shipment rates [7][43]. - The report notes that the cement industry is at a historical low in terms of price-to-book (PB) ratios, indicating a strong safety margin for investors [7]. Glass Fiber Sector Insights - The glass fiber sector is showing signs of recovery, with improved profitability expected due to increased demand in downstream applications [7][8]. - The report highlights that the industry is entering a new normal, with supply pressures expected to persist but demand growth anticipated in infrastructure and renewable energy sectors [8]. Consumer Building Materials - The consumer building materials segment is expected to see improved profitability as leading companies pass on cost pressures through price increases [7]. - The report suggests that the stabilization of the new and second-hand housing markets will support a recovery in this segment [7]. Recommendations - The report recommends focusing on companies with strong brand recognition and operational efficiency, such as SanKe Tree, Beixin Building Materials, and others, for potential investment opportunities [7][8].