建筑材料行业深度报告：居住产业链2025Q1公募基金持仓仍处低位，建筑、建材低配比例缩小

Investment 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 27% of the 341 A-shares in the residential industry chain being heavily held by public funds, up from the previous quarter [2] - The total market value of the top five heavily held stocks in the residential industry chain includes Poly Development (3.98 billion), Anhui 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 highlights a slight increase in the allocation of public funds to the building materials sector, with the market value of heavily held stocks in the residential industry chain accounting for 2.03% of the total A-share market, a decrease of 0.11 percentage points from the previous quarter [6][14] Summary by Sections 1. Industry Holding Analysis - The market value of heavily held stocks in the residential industry chain remains low, with the building materials sector seeing a slight increase in allocation [14] - The concentration of holdings in the real estate, construction, and building materials sectors has slightly risen, with respective heavy holdings of 29%, 25%, and 27% [2][14] 2. Individual Stock Holdings - The top five stocks by market value in the residential industry chain are Poly Development (3.98 billion), Anhui 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 notes 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) [7]