消费建材：地产链下的修复良机

Group 1 - The report highlights the recovery opportunities in the consumer building materials sector, driven by the stabilization of the real estate market and the emergence of sub-industry advantages [2][3] - The funding aspect shows an increasing proportion of active equity funds' holdings in the building materials sector, with noticeable net inflows into building materials ETFs since late January 2026 [10][11] - The fundamental aspect indicates that the consumer building materials sub-industry is showing alpha advantages due to an optimized competitive landscape, smoother price transmission, channel transformation, and dual recovery of performance and valuation [14][42] Group 2 - The competitive landscape in the consumer building materials industry has improved, with the market concentration in the waterproof materials sector expected to increase, as indicated by the CR5 rising from 55% in 2023 to 60% in the first half of 2025 [17][19] - The report notes that major companies in the waterproof materials sector have begun to raise prices in response to rising raw material costs, indicating a shift away from intense competition [19][20] - The transformation of business models is highlighted, with companies shifting focus from large B clients to small B and C end customers, which helps mitigate risks associated with large client concentration [20][25] Group 3 - The report anticipates a turning point in the revenue and net profit growth rates for the consumer building materials index, with current PB valuations below the 50th percentile since 2020, suggesting potential for both performance improvement and valuation recovery [42][44]