Tianfeng Securities·2025-11-16 13:45Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Views - The real estate market remains weak in October, with year-on-year declines in housing sales, new starts, and completed areas of -6.8%, -19.8%, and -16.9% respectively. Month-on-month growth rates have also decreased [2][12] - Cement consumption saw a significant drop of 15.8% year-on-year in October, despite efforts to push prices up in various regions. The price increase has been weak due to persistent low demand [2][18] - The production of flat glass increased by 3.3% year-on-year in October, but market sentiment remains under pressure due to inventory reduction by producers and supply chain disruptions [2][18] - Domestic fundamentals are at a relative low point, while overseas expansion is accelerating. For instance, Tianshan Co. acquired a 70% stake in QazCement in Kazakhstan and plans to build a new cement clinker production line [2][18] - The report continues to recommend overseas-focused companies such as Western Cement, Huaxin Cement, and Keda Manufacturing [2][18] Summary by Sections Market Review - The Shanghai and Shenzhen 300 index fell by 1.08% last week, while the building materials sector rose by 1.52%, with ceramics and other specialized materials performing relatively well [1][11] - Notable stock performances included Sifangda (+18.6%), Nachuan Co. (+14.2%), and Songfa Co. (+13.9%) [1][11] Key Recommendations - The recommended stocks include Huaxin Cement, Western Cement, China National Materials, Keda Manufacturing, Honghe Technology, China Jushi, Rabbit Baby, Qibin Group, Sankeshu, and Dongpeng Holdings [3][18]