投资景气度分化，建材零售延续改善

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [6]. Core Insights - Investment sentiment in the construction sector is showing divergence, with a focus on capacity clearance and high-demand sub-sectors. Infrastructure investment (excluding power, heat, gas, and water supply) increased by 5.6% year-on-year, while real estate investment decreased by 10.7% [1]. - The retail sales of construction and decoration materials showed a year-on-year increase of 3.0% in the first five months of 2025, indicating a recovery in retail demand [2]. - Cement production in the first five months of 2025 was 659 million tons, down 4.0% year-on-year, with the decline in production accelerating [3]. - The average price of float glass decreased by 22.1% year-on-year in May 2025, reflecting supply pressure due to the resumption of production lines [4]. Summary by Sections Investment Trends - Infrastructure investment growth is positive at 5.6%, while real estate investment continues to decline at -10.7% [1]. - Retail sales in the building materials sector are recovering, with a 3.0% increase in the first five months of 2025 [2]. Cement Industry - Cement production decreased by 4.0% year-on-year, with a notable decline in the average shipment rate [3]. - The average price of cement in May 2025 was 380 yuan per ton, up 2.7% year-on-year, but the market is experiencing weak demand [3]. Glass Industry - Float glass production decreased by 4.9% year-on-year, with prices declining due to increased supply from resumed production lines [4]. - The average price of photovoltaic glass also saw a decrease, indicating cost pressures in the sector [4]. Recommended Stocks - The report recommends several stocks in the construction and building materials sectors, including Sichuan Road and Bridge, China Nuclear Engineering, and Huaxin Cement, all rated as "Buy" with target prices set for 2025 [8][31].