上海市场活跃度继续回升，限购放松效应延续：建筑材料

Investment Rating - The industry rating is "Outperform the Market" [7][73]. Core Insights - The report highlights that the Shanghai real estate market is experiencing a recovery, with the easing of purchase restrictions continuing to have a positive effect. Recent data shows that the number of second-hand homes sold in Shanghai reached 1,324 units in a single day, breaking the 1,300 mark for the first time in 315 days [3][12]. - The report emphasizes that the easing of monetary and fiscal policies in China, alongside the recent decline in interest rates, is expected to boost home buying intentions and stabilize the real estate market. The report also notes that the construction materials sector is likely to benefit from supply-side reforms and a potential turning point in the capacity cycle [3][5]. Summary by Sections Market Overview - The report discusses various government initiatives aimed at supporting major projects and improving living conditions, including increased loan limits for home purchases in several cities and financial incentives for housing upgrades [3][12]. - It mentions that the PPI has been in negative growth for 41 consecutive months, and there is a growing expectation for it to turn positive, which could benefit the construction materials sector [3][12]. High-Frequency Data - As of March 13, 2026, the average price of bulk P.O 42.5 cement in China is 323.4 CNY/ton, showing a 0.3% decrease from the previous week and a 19.4% decrease year-on-year [4][13]. - The average price of glass (5.00mm) is reported at 1,158.6 CNY/ton, reflecting a 2.0% increase from the previous week but a 9.7% decrease year-on-year [4][25]. Investment Recommendations - The report suggests focusing on three main investment lines: 1. High-quality companies benefiting from stock renovations, such as Weixing New Materials and Beixin Building Materials [5]. 2. Undervalued stocks with long-term alpha attributes, like Sankeshu and Dongfang Yuhong [5]. 3. Leading cyclical construction material companies that are bottoming out, including Huaxin Cement and Conch Cement [5].