行 华福证券 建筑材料 2025 年 12 月 15 日 业 研 究 建筑材料 供给端政策频出，好房子建设需要好建材 投资要点： 行 业 定 期 报 告 中央经济工作会议指出，要着力稳定房地产市场，因城施策控增量、 去库存、优供给，鼓励收购存量商品房重点用于保障性住房等；深化住房 公积金制度改革，有序推动"好房子"建设；国家金管局党委会议强调履 行风险防控主责并支持稳定房地产市场，明确着力化解存量风险、遏制增 量风险，严守不"爆雷"底线；吉林发布十五五规划建议，统筹做好房地 产、地方政府债务等风险有序化解；海南发布十五五规划建议，加快构建 房地产发展新模式，优化保障性住房供给，因城施策增加改善性住房供给； 四川发布十五五规划建议，提升房屋品质和物业服务质量，加强房屋全生 命周期安全管理，推动"川居好房"建设；好房子高质量发展技术交流会 在京举办；重庆保障性住房迎来"好房子"标准，《好房子技术导则（保 障性住房）》将于 2025 年 12 月 15 日起正式施行；山东省青岛市发布《"好 房子"建设标准体系》；鄂州市发布公积金新政，对高品质"好房子"贷 款额度在现行标准基础上再上浮 20%。中长期来看：1）欧美降 ...

行 华福证券 建筑材料 2025 年 12 月 15 日 业 研 究 建筑材料 供给端政策频出，好房子建设需要好建材 投资要点： 行 业 定 期 报 告 中央经济工作会议指出，要着力稳定房地产市场，因城施策控增量、 去库存、优供给，鼓励收购存量商品房重点用于保障性住房等；深化住房 公积金制度改革，有序推动"好房子"建设；国家金管局党委会议强调履 行风险防控主责并支持稳定房地产市场，明确着力化解存量风险、遏制增 量风险，严守不"爆雷"底线；吉林发布十五五规划建议，统筹做好房地 产、地方政府债务等风险有序化解；海南发布十五五规划建议，加快构建 房地产发展新模式，优化保障性住房供给，因城施策增加改善性住房供给； 四川发布十五五规划建议，提升房屋品质和物业服务质量，加强房屋全生 命周期安全管理，推动"川居好房"建设；好房子高质量发展技术交流会 在京举办；重庆保障性住房迎来"好房子"标准，《好房子技术导则（保 障性住房）》将于 2025 年 12 月 15 日起正式施行；山东省青岛市发布《"好 房子"建设标准体系》；鄂州市发布公积金新政，对高品质"好房子"贷 款额度在现行标准基础上再上浮 20%。中长期来看：1）欧美降 ...

行 华福证券 建筑材料 2025 年 11 月 20 日 业 研 究 建筑材料 开竣工数据进一步走弱，期待更强政策发力 投资要点： 行 业 定 期 报 告 根据国家统计局数据，1-10 月全国房地产开发投资 7.4 万亿元，同比 -14.7%，较前值-0.8pct；房屋新开工 4.9 亿方，同比-19.8%，较前值-0.9pct； 房屋竣工 3.5 亿方，同比-16.9%，较前值-1.6pct；1-10 月新建商品房销售面 积 7.2 亿方，同比-6.8%，较前值-1.3pct；销售金额 6.9 万亿元，同比-9.6%， 较前值-1.7pct；10 月末全国商品房待售面积 75606 万平方米，连续八个月 减少；住建部部署全国老城区老街区专项调查，2026 年 2 月前各地须完成 地市级成果审核，6 月形成全国总结报告；山东省要求 2025-2026 年度水泥 行业实施采暖季错峰生产，非采暖季鼓励企业自主开展错峰生产；深圳市 10 月二手房录得量达 5,547 套，环比下跌 4.5%，同比下跌 32.9%；重庆市 印发《进一步加强消费领域限制性举措持续扩大消费若干措施》，明确放 宽全款购房的公积金提取条件；1 ...

Investment Rating - The industry rating is "Outperform the Market" [6][64]. Core Viewpoints - The report highlights that multiple provinces are encouraging mergers and restructuring in the cement industry, accelerating supply-side reforms. Key measures include prohibiting new cement clinker capacity in certain areas and promoting industry consolidation to enhance concentration [2][11]. - The report anticipates a turning point in the building materials capacity cycle due to accelerating supply-side reforms and a favorable interest rate environment, which is expected to restore home-buying willingness and capability, thereby stabilizing the real estate market [4][11]. - The report notes that the sales area of commercial housing has been declining for over three years, indicating that the industry is entering a bottoming phase, with increasing sensitivity to policy easing [11]. Summary by Sections Investment Recommendations - The report suggests focusing on three main investment lines: 1. High-quality blue-chip stocks benefiting from stock renovation, such as Weixing New Materials, Beixin Building Materials, and Tubao [4]. 2. Undervalued stocks benefiting from credit risk alleviation in the B-end, such as Sankeshu, Dongfang Yuhong, and Jianlang Hardware [4]. 3. Leading cyclical building materials companies with bottoming fundamentals, such as Huaxin Cement, Conch Cement, China Jushi, and Qibin Group [4]. Weekly High-Frequency Data - As of November 7, 2025, the national average price of bulk P.O 42.5 cement is 343.4 CNY/ton, showing a 0.2% increase from the previous week but an 18.0% decrease year-on-year [3][12]. - The national average price of glass (5.00mm) is 1157.1 CNY/ton, reflecting a 0.9% decrease from the previous week and a 15.9% decrease year-on-year [3][21]. Sector Review - The Shanghai Composite Index rose by 1.08%, and the Shenzhen Composite Index increased by 0.39%. The building materials sector (Shenwan) index rose by 0.8% [3][49]. - Among sub-sectors, cement products increased by 4.88%, glass manufacturing by 4.27%, and other building materials by 2.42% [3][49].

行 华福证券 建筑材料 2025 年 08 月 04 日 业 研 究 建筑材料 城市更新呵护需求，反内卷加快供给出清 投资要点： 行 业 定 期 报 告 中共中央政治局 7 月 30 日召开会议，会议指出要落实落细更加积极的 财政政策和适度宽松的货币政策，落实好中央城市工作会议精神，高质量 开展城市更新；上海加快推进"两旧一村"改造，今年计划启动 25 个城中 村改造；深圳规划 2026 年前建成深汕通用机场，提升 eVTOL 服务保障能 力；重庆今年滚动实施城中村改造项目 150 个；广州 7 月二手住宅网签 8962 套，同比下降 10.7%；山东将数字家庭纳入"好房子"建设内容，对个人 购置智能家居予以补贴；沈阳 2025 年度住房公积金缴存基数上限调整为 29523 元；哈尔滨发布公积金新政，以旧换新贷款额度，最高上浮 20%； 广州从化推出"以旧换新""房票"等房地产健康发展七项措施；贵州 2025 年计划改造城中村 6268 户，调整土地增值税预征率；成都发布 2025 年城 市更新片区 12 个项目机会清单，涉及城市有机更新、危旧房改造、自主改 造等多个方面，总投资额高达数百亿元。中长期来看：1 ...

Investment Rating - The industry rating is "Outperform the Market" [8][69] Core Viewpoints - The report highlights that the recent increase in tariffs on Chinese goods by the US and corresponding adjustments by China are expected to boost domestic demand for building materials. The urgency to expand domestic demand and promote investment has intensified due to the escalating global trade war [3][13]. - Short-term factors include the real estate policy window period before the April Politburo meeting, and the gradual alleviation of risks associated with major real estate companies, which is favorable for the building materials sector. In the medium to long term, the opening of the interest rate cut channel in Europe and the US is expected to provide more room for monetary and fiscal policies in China [3][6]. - The report anticipates that the real estate market will stabilize, driven by policies aimed at restoring homebuyer willingness and ability, which will also alleviate credit risks for companies in the industry [6][20]. Summary by Sections Recent Developments - On April 10, the US government announced an increase in tariffs on Chinese imports to 125%, prompting China to respond with similar measures. Additionally, various local governments are implementing policies to support urban renewal and housing market stability [3][13]. - In the first quarter, high-end residential transaction prices in Shanghai increased by 0.5% to 144,600 CNY per square meter, while Shenzhen saw a 67.7% year-on-year increase in new and second-hand residential transactions [3][13]. High-frequency Data - As of April 11, 2025, the national average price of bulk P.O 42.5 cement is 399.0 CNY per ton, showing a 1.2% decrease week-on-week but a 15.0% increase year-on-year. The average price of glass (5.00mm) is 1272.9 CNY per ton, reflecting a 0.3% increase week-on-week but a 26.5% decrease year-on-year [4][21]. Sector Review - From April 7 to April 11, the Shanghai Composite Index fell by 3.11%, while the building materials index decreased by 2.42%. Among sub-sectors, cement manufacturing saw a slight increase of 1.01%, while glass manufacturing declined by 6.21% [5][54]. Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock reform, undervalued stocks with long-term alpha attributes, and leading cyclical building material companies showing signs of bottoming out [6][60].