建筑材料：1-9月地产销售压力仍大，期待后续政策发力

Investment Rating - The industry rating is "Outperform the Market" [7][66] Core Viewpoints - The report emphasizes the ongoing pressure in real estate sales and anticipates policy support in the future [3][12] - The Central Committee's recent announcements focus on promoting high-quality development in real estate and addressing market fragmentation [3][12] - The report highlights a significant decline in real estate investment and sales, with a 13.9% year-on-year drop in development investment and a 5.5% decrease in new housing sales area from January to September [3][12] - The report suggests that the construction materials sector may benefit from supply-side reforms and a potential recovery in demand as monetary policies ease [5][12] Summary by Sections Investment Highlights - The report notes that the real estate market is expected to stabilize due to anticipated policy measures, including interest rate cuts and tax reductions [3][5] - It identifies four key factors that could support the market: easing monetary policy, demand-side policy measures, sensitivity to policy changes, and supply-side reforms [3][12] Recent High-Frequency Data - As of October 24, 2025, the average price of bulk P.O 42.5 cement is 342.1 RMB/ton, showing a 0.5% decrease from the previous week and a 15.3% decline year-on-year [4][13] - The average price of glass (5.00mm) is 1184.3 RMB/ton, reflecting a 4.9% decrease from the previous week and a 3.9% year-on-year decline [4][21] Sector Review - The report indicates that the Shanghai Composite Index rose by 2.88%, while the Shenzhen Composite Index increased by 3.94%, with the construction materials index up by 1.6% [4][53] - Sub-sectors such as fiberglass manufacturing and pipe manufacturing showed significant gains, while cement manufacturing experienced a slight decline [4][53] Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock renovations, undervalued companies with long-term growth potential, and leading cyclical construction material firms [5][12]