重磅政策落地，地产链估值修复迎重要窗口期

Investment Rating - The report maintains a rating of "Overweight" for the industry [2]. Core Insights - Recent favorable policies in the real estate sector are expected to catalyze a valuation recovery in the real estate chain, particularly benefiting companies involved in construction materials [3]. - The report highlights a significant adjustment in the pricing of fiberglass products by leading companies, indicating a recovery in fiberglass prices due to improved demand and reduced inventory levels [3]. - The overall market sentiment is cautiously optimistic, with expectations of steady demand growth in the fiberglass sector, driven by applications in wind power, infrastructure, and automotive industries [3]. Summary by Relevant Sections Key Company Status - The report provides financial metrics for key companies in the construction materials sector, including EPS, PE, PB ratios, and stock ratings, with several companies rated as "Buy" [1]. Real Estate Policy Impact - A series of favorable policies aimed at promoting high-quality development in real estate have been introduced, including adjustments to mortgage rates and down payment requirements, which are expected to enhance purchasing power for homebuyers [3]. - The establishment of a 300 billion yuan fund for affordable housing loans is anticipated to stimulate demand in the real estate market [3]. Fiberglass Market Trends - The report notes that the fiberglass industry is experiencing a recovery, with leading companies like China Jushi announcing price adjustments for their products, reflecting a positive shift in market dynamics [3]. - The report indicates that fiberglass exports have increased by 12.07% year-on-year in Q1, suggesting strong external demand [3]. Cement Industry Overview - The national cement market has seen a 0.9% increase in prices, with regional variations noted, particularly in the Northeast and North China, where prices have risen due to improved supply-demand dynamics [24]. - The report highlights a decrease in the cement inventory ratio, indicating a tightening supply situation, which could support future price increases [24][25]. Brand Building Materials - The report emphasizes the resilience of leading brand building material companies, which are expected to outperform in a challenging market environment, with companies like North New Materials and Weixing New Materials showing strong revenue growth [3].