建材行业周报：1-2月地产数据继续磨底，基建投资增速持续向好

Investment Rating - The industry investment rating is "Outperform the market" [1] Core Viewpoints - Real estate data for January and February continues to stabilize, while infrastructure investment growth remains positive [1] - Cement production in January and February 2024 decreased by 1.6% year-on-year, while glass production increased by 7.7% [1][8] - The decline in real estate investment has narrowed, with infrastructure investment growth improving [12] Summary by Relevant Sections 1. Current Focus - Real estate data continues to stabilize, and infrastructure investment growth remains strong [1] - Cement and glass production year-on-year changes are -1.6% and 7.7% respectively, with glass production growth improving [1][8] 2. Market Review - The Shanghai Composite Index fell by 0.2%, and the construction materials sector (Shenwan) dropped by 2.6% [14] - The performance of various construction material sub-sectors includes declines of 2.7% for glass and 2.9% for cement [14] 3. Key Data Tracking - National cement prices decreased by 0.3% week-on-week and 1.2% month-on-month [18] - Glass futures contract prices fell by 4.5% week-on-week, while the market price for float glass decreased by 2.0% [21] 4. Industry Dynamics - In January and February 2024, national cement production was 183 million tons, down 1.6% year-on-year [32] - Real estate development investment in January and February 2024 was 118.42 billion yuan, a decrease of 9.0% year-on-year [33] 5. Investment Recommendations - Focus on companies with strong growth potential in consumer building materials such as Sanhe Tree, Weixing New Materials, and Dongfang Yuhong [39] - Monitor export-related stocks like Songlin Technology and Jianlin Home, as exports continue to show signs of recovery [39]