Soochow Securities·2025-05-08 11:35Investment Rating - The report maintains an "Increase" rating for the construction materials industry [1] Core Insights - The concentration of public fund holdings in the construction and building materials sector has increased, with 91 out of 341 A-shares being heavily held by public funds, representing 27% of the industry [2] - The total market value of heavily held stocks in the residential industry chain is low, with a slight increase in building materials holdings [6][14] - The report highlights a trend of reduced underweight positions in the construction and building materials sectors, indicating a potential shift in investment strategy [6][14] Summary by Sections 1. Industry Holding Analysis - The market value of heavily held stocks in the residential industry chain accounts for 2.03% of the total A-share market, with a decrease of 0.11 percentage points from the previous quarter [14] - The real estate, construction, and building materials sectors have respective market value shares of 0.87%, 0.54%, and 0.63%, all at relatively low levels historically [14][15] - The report notes that the underweight ratios for these sectors have decreased, with the real estate, construction, and building materials sectors showing respective underweight ratios of -0.45%, -1.37%, and -0.12% [14][15] 2. Individual Stock Holdings - The top five stocks by market value in the residential industry chain are Poly Development (3.98 billion), Conch Cement (2.61 billion), China State Construction (2.52 billion), Honglu Steel Structure (2.44 billion), and Sankeshu (2.31 billion) [3] - The report identifies significant changes in individual stock holdings, with the largest increases in holdings for Binjiang Group (+1.88 percentage points) and Sankeshu (+1.09 percentage points) [3][7] - Conversely, the largest decreases in holdings were noted for Ruilite (-5.03 percentage points) and Zhite New Materials (-4.43 percentage points) [7]