城市更新政策春风再起，管材、涂料等消费建材有望受益

Investment Rating - The industry rating is "Outperform the Market" and has been maintained [6] Core Viewpoints - The recent urban renewal policies are expected to benefit consumption building materials such as pipes and coatings, with a focus on companies like SanKeTree and Beixin Materials [3][18] - The central government has set up a special budget for urban renewal, which will support projects related to underground pipelines and facilities, benefiting leading companies like Weixing New Materials [3][18] - The cement sector is experiencing a slight increase in kiln shutdown rates due to seasonal adjustments, with some regions seeing price increases despite overall demand weakening [19][20] Summary by Sections Market Review - In the past five trading days (May 19-23), the CSI 300 index fell by 0.18%, while the building materials sector (CITIC) declined by 0.91%. However, the pipe and cement sectors showed slight positive returns [13][19] - Notable individual stock performances included Tianan New Materials (+25.9%) and Jingan Photovoltaics (+11.7%) [13] Urban Renewal Policy - The recent urban renewal policy aims to enhance the utilization of existing buildings and promote the renovation of old neighborhoods and factories, which is expected to benefit consumer building materials [3][18] - The central government plans to issue a special budget for urban renewal by the end of June 2025, which will further support the sector [3][18] Cement Sector Insights - The national clinker line shutdown rate has increased, particularly in northern provinces, with some regions implementing peak-shaving plans [19][20] - Despite some price increases in specific areas like Hubei, overall cement demand has weakened, leading to a decrease in average shipment rates [20] Recommended Stocks - The report recommends a focus on companies such as Zhongcai Technology, Weixing New Materials, SanKeTree, Xibu Cement, Huaxin Cement, Sait New Materials, and Zaiseng Technology as key investment opportunities [22]