建筑材料：中美贸易波折再起，反内卷稳增长政策值得期待

Investment Rating - The industry rating is "Outperform the Market" [6] Core Insights - The report highlights that the construction materials sector is expected to benefit from supply-side reforms and a potential recovery in housing demand due to declining interest rates and supportive government policies aimed at stabilizing the real estate market [2][4][10] - The report notes that the cumulative completion of energy-saving renovations for existing buildings during the 14th Five-Year Plan period is projected to reach 800 million square meters, indicating a strong focus on quality construction standards [2][10] - The report emphasizes that the market is becoming increasingly sensitive to policy easing, with the real estate sector entering a bottoming phase after three consecutive years of decline in sales area [2][10] Summary by Sections Investment Recommendations - The report suggests focusing on three main investment lines: 1. High-quality companies benefiting from stock renovations, such as Weixing New Materials, Beixin Building Materials, and Tubao [4] 2. Undervalued stocks with long-term alpha attributes, such as Sankeshu, Dongfang Yuhong, and Jianlang Hardware [4] 3. Leading cyclical building material companies showing signs of bottoming, including Huaxin Cement, Conch Cement, China Jushi, and Qibin Group [4] Recent High-Frequency Data - As of October 10, 2025, the national average price of bulk P.O 42.5 cement is 346.8 CNY/ton, showing a month-on-month increase of 1.2% but a year-on-year decrease of 11.7% [11] - The national average price of glass (5.00mm) is 1265.7 CNY/ton, reflecting a month-on-month increase of 8.7% and a year-on-year increase of 2.1% [19][21] Sector Performance - The construction materials index increased by 2.66%, with sub-sectors such as cement manufacturing (+5.36%) and other building materials (+3.05%) showing strong performance [51]