建材行业周报：政策推进进度超预期，继续推荐建材龙头

Investment Rating - The report maintains an "Overweight" rating for the building materials sector [4]. Core Insights - The progress of policies related to real estate financial relaxation and capital storage has exceeded market expectations, leading to a significant recovery in risk appetite for the sector. The building materials sector currently enjoys valuation advantages, with many companies increasing their dividend rates, making their dividend yields attractive [2][6]. - The first quarter reports have shown that leading companies in the sector have outperformed expectations, particularly in the retail and non-real estate demand segments. The report emphasizes the importance of continuous improvement in real estate sales data to further enhance risk appetite in the sector [6]. Summary by Sections 1. Building Materials Industry Investment Strategy - The report highlights that the policy direction aims at reducing real estate inventory, with recent policy advancements surpassing market expectations. The building materials sector is currently characterized by valuation advantages, and the improvement in risk appetite is significant due to policy support [6]. - The report recommends leading companies such as Oriental Yuhong, Beixin Building Materials, Weixing New Materials, and Tubaobao, which have shown strong fundamentals and attractive dividend yields [6]. 2. Cement Industry - National cement prices increased by 0.9% week-on-week, with notable price rises in Heilongjiang, Jilin, Liaoning, and Henan by 30-50 CNY/ton. Conversely, prices fell in Shanghai, Zhejiang, Guangdong, and Sichuan by 10-15 CNY/ton [3][25]. - The average shipment rate for cement companies in key regions reached approximately 56%, up nearly 2 percentage points from the previous period, indicating a slight recovery in demand [3][25]. 3. Glass Industry - The average price of float glass in China was 1706.91 CNY, reflecting a week-on-week increase of 6.96 CNY. The market showed mixed performance, with stronger demand in the north compared to the south, where inventory pressures remain [15]. - The report recommends leading glass processing companies such as Xinyi Glass and Qibin Group, which are expected to benefit from strong demand and competitive advantages [15]. 4. Glass Fiber Industry - Prices for glass fiber continue to rise, although downstream stocking intentions have weakened. The market for electronic yarn remains stable, with good transaction volumes reported [16]. - The report emphasizes the importance of differentiated demand in high-end sectors, recommending companies like China Jushi and China National Building Material for their strong growth potential [16].