政策发力预期增强，重视Q4建材板块配置机会

Investment Rating - The industry rating is "Outperform the Market" [8] Core Viewpoints - The report emphasizes the expectation of enhanced policy support for the construction materials sector, particularly in Q4, highlighting potential investment opportunities [2][3] - The construction materials sector is anticipated to benefit from supply-side reforms and a recovery in housing demand due to declining interest rates and supportive government policies [4][6] - The report notes that the real estate market is gradually stabilizing, with a higher sensitivity to policy easing, which may lead to a recovery in the demand for construction materials [4][6] Summary by Sections Investment Highlights - The Ministry of Housing and Urban-Rural Development has initiated a national urban renewal meeting, focusing on improving housing and community quality [4] - In Beijing, from January to October, the sales area of new commercial housing was 8.159 million square meters, down 3.7% year-on-year, with residential sales down 7.3% [4] - National cement production from January to November reached 1.54 billion tons, a year-on-year decrease of 7.7% [4] Market Data - As of November 21, 2025, the average price of bulk P.O 42.5 cement was 341.6 yuan/ton, down 0.1% from the previous week and down 18.6% year-on-year [5][13] - The average price of glass (5.00mm) was 1102.9 yuan/ton, down 3.4% from the previous week and down 20.7% year-on-year [5][21] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. High-quality companies benefiting from stock renovation, such as Weixing New Materials and Beixin Building Materials [6] 2. Undervalued companies with long-term alpha attributes, such as Sankeshu and Dongfang Yuhong [6] 3. Leading cyclical construction material companies showing signs of bottoming out, such as Huaxin Cement and Conch Cement [6]