建筑材料：投资、开竣工继续疲软，亟待政策积极主动

Investment Rating - The industry rating is "Outperform the Market" [7][66] Core Insights - The report indicates that the construction materials sector is experiencing a downturn in investment and construction starts, necessitating proactive policy measures to stabilize the market [3][5] - National real estate development investment is projected to be 8.3 trillion yuan in 2025, reflecting a year-on-year decrease of 17.2%, with new housing starts and completions also showing significant declines [3][12] - The report highlights that the easing of monetary policy in Europe and the U.S. may provide more room for China's monetary and fiscal policies, which could positively impact the real estate market [3][5] - The report emphasizes that the construction materials sector may benefit from supply-side reforms and a potential recovery in housing demand, leading to a stabilization of the real estate market [5][20] Summary by Sections Investment Highlights - The report notes that the construction materials sector is expected to see a turning point in capacity cycles due to accelerating supply-side reforms and a recovery in purchasing intentions driven by lower interest rates [5][20] - It suggests that the fundamental conditions of the real estate market are likely to stabilize, which may also lead to a recovery in post-cycle demand for construction materials [5][20] Recent High-Frequency Data - As of January 23, 2026, the average price of bulk P.O 42.5 cement is 333.4 yuan/ton, showing a month-on-month decrease of 0.8% and a year-on-year decrease of 15.1% [4][13] - The average price of glass (5.00mm) is reported at 1097.1 yuan/ton, with a year-on-year decline of 17.2% [4][21] Sector Review - The Shanghai Composite Index rose by 0.84%, while the Shenzhen Composite Index increased by 2.21%. The construction materials index saw a significant rise of 9.23% [4][54] - Sub-sectors such as glass manufacturing and fiberglass manufacturing experienced notable gains, with increases of 11.13% and 8.97%, respectively [4][54]