周观点：建材或迎极佳修复窗口期

Investment Rating - The report maintains a Neutral rating for the building materials sector [1] Core Viewpoints - The building materials sector is expected to enter an excellent recovery window due to a series of real estate stimulus policies, including reduced down payment ratios and lower loan interest rates [4][5] - The report highlights that leading companies in the sector have significantly reduced operational risks and valuations have returned to historical lows, suggesting a potential for substantial gains as policies stimulate demand [4][5] - The report emphasizes the importance of focusing on companies with strong alpha attributes and low valuations, such as Dongfang Yuhong, Sankeshu, and Jianlang Hardware, as they are likely to benefit first from the easing of real estate policies [4][5] Summary by Sections Market Performance - The building materials sector saw a weekly increase of 3.82%, outperforming the Shanghai and Shenzhen 300 index, which rose by 0.30% [20] - Key stocks that performed well include Sankeshu, Keshun, Jianlang Hardware, Mona Lisa, and Dongfang Yuhong, while China Jushi and others lagged behind [20] Cement - National cement prices increased by 0.9% week-on-week, with notable price rises in Heilongjiang, Jilin, Liaoning, and Henan, while some areas like Shanghai and Guangdong saw slight declines [27] - The average shipment rate for cement companies in key regions reached approximately 56%, reflecting a near 2% increase [27] Glass - The float glass market transitioned from a decline to a slight increase, with an average price of 1706.91 yuan/ton, up 0.41% from the previous week [6] - The report notes that the supply-demand structure remains balanced, with northern regions experiencing reduced inventory levels [6] Fiberglass - The report indicates that fiberglass prices have shown resilience, with the average price for non-alkali roving at approximately 3862.75 yuan/ton, reflecting a 2.03% increase week-on-week [5] - The report suggests that the industry is at a turning point, with leading companies likely to see improved performance in Q2 [5] Carbon Fiber - The carbon fiber market is experiencing price declines, with the average price around 91.25 yuan/kg, indicating a need for demand recovery [8] - The report highlights that while prices are under pressure, the long-term outlook remains positive due to emerging markets in low-altitude economies [8]