1-8月地产开竣工仍弱，长三角推动水泥复价

Investment Rating - The industry rating is "Outperform the Market" [8][75] Core Viewpoints - The real estate development investment in China from January to August reached 6 trillion yuan, a year-on-year decrease of 12.9%, indicating a significant decline in the sector [3] - The new construction area of residential buildings decreased by 19.5% year-on-year, while the completion area fell by 17.0% [3] - The average price of bulk P.O 42.5 cement nationwide is 344.5 yuan/ton, showing a slight increase of 0.9% week-on-week but a decrease of 9.0% year-on-year [4][14] - The report highlights that the supply-side reform in the building materials sector is expected to reach a turning point, with a recovery in housing purchase willingness due to declining interest rates and supportive policies [6][20] - The report anticipates that the real estate market will stabilize, driven by policies aimed at boosting housing consumption and improving purchasing power [3][6] Summary by Sections High-frequency Data - As of September 19, 2025, the average price of P.O 42.5 cement is 344.5 yuan/ton, with regional prices varying [4][14] - The glass (5.00mm) ex-factory price is 1165.7 yuan/ton, reflecting a year-on-year decline of 3.0% [21][24] Sector Review - The Shanghai Composite Index fell by 1.3%, while the building materials index rose by 0.43% [5][59] - Sub-sectors such as refractory materials and fiberglass manufacturing showed positive growth, while cement manufacturing and glass manufacturing experienced declines [5][59] Investment Recommendations - The report suggests focusing on three main lines for investment: high-quality companies benefiting from stock renovation, undervalued stocks with long-term alpha attributes, and leading cyclical building materials companies [6]