建筑建材行业2025年中期展望：建筑建材行业：内需释放和供给优化下的新平衡

Group 1 - The construction materials and decoration industry indices showed positive growth in the first half of 2025, outperforming the same period in 2024, with construction materials index rising by 6.77% and decoration index by 8.48% [4][17][20] - The preference in the market has shifted towards leading companies and state-owned enterprises, with domestic demand and technological innovation identified as the two main investment themes for 2025 [4][31] - The negative cycle in the real estate sector continues but shows signs of weakening, with a reduction in the decline of new construction and sales areas in 2025 compared to 2024 [4][5][32] Group 2 - Infrastructure investment and manufacturing investment are expected to maintain good growth, countering the decline in real estate, with infrastructure investment projected to remain stable in 2025 [5][57] - The real estate sector's impact on construction materials demand is showing signs of improvement, with the first quarter of 2025 contributing positively to economic growth [5][68] - The construction materials industry is experiencing a gradual recovery in demand, aided by government policies aimed at stabilizing the real estate market [6][8][86] Group 3 - The supply side of the construction materials industry is undergoing optimization due to intensified competition and stricter industry policies, leading to a concentration of market share among leading companies [7][8][31] - The combination of domestic demand release and supply-side optimization is expected to bring about a new balance and valuation recovery in the construction materials industry [8][9] - The construction materials industry is anticipated to see improved valuation and performance elasticity for leading companies as the market stabilizes [8][9][31]