上海启动二手房收购试点，期待政策力度进一步加大

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The report highlights that the Shanghai government has initiated a pilot program for purchasing second-hand housing, with expectations for further policy support [3] - The report indicates that the effective investment policies discussed in the State Council meeting will focus on infrastructure, urban renewal, public services, and emerging industries, aiming to promote significant projects [3] - The report notes that the real estate market is showing signs of stabilization, with various supportive measures being implemented, including tax reductions and subsidies for home purchases [3] - The construction materials sector is expected to benefit from supply-side reforms and a potential recovery in housing demand due to declining interest rates and improved purchasing power [6] Summary by Sections Recent High-Frequency Data - As of February 6, 2026, the average price of bulk P.O 42.5 cement in China is 329.1 CNY/ton, down 0.2% week-on-week and down 15.3% year-on-year [4][14] - The average price of glass (5.00mm) is 1105.7 CNY/ton, down 0.1% week-on-week but up 2.8% year-on-year [20][24] Sector Review - The Shanghai Composite Index and Shenzhen Composite Index both fell by 1.27%, while the construction materials index rose by 0.7% [5][55] - Sub-sectors such as glass manufacturing (+5.32%) and cement products (+4.74%) performed well, while fiberglass manufacturing (-1.81%) and refractory materials (-3.24%) saw declines [5][55] Investment Recommendations - The report suggests focusing on three main investment lines: 1. High-quality companies benefiting from stock renovation, such as Weixing New Materials and Beixin Building Materials [6] 2. Undervalued stocks 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]