20231225-华创证券-建材行业周报_利好政策持续加码_行业基本面有望改善_19页_1mb

This week's analysis of the building materials industry focuses on policy support, market data, and investment opportunities. Policy changes, including housing and construction reforms, are expected to improve industry fundamentals. Market data shows fluctuations: glass prices edged up but inventory increased, while cement prices remained stable amid declining demand. Q3 performance was mixed, with leaders like东方雨 iris showing strength. Investment recommendations prioritize consumption建材 (e.g.,东方雨 iris,北新建材), fiberglass (e.g.,中国巨石), and cement (e.g.,海螺水泥) due to potential recovery. Key risks include economic slowdown and policy delays.

政策持续加码，行业基本面有望改善；高频数据显示浮法玻璃库存由降转增，水泥价格环比持平；Q3业绩分化，关注东方雨虹等龙头企业；市场表现整体下跌，首推消费建材板块；投资建议重点推荐东方雨虹、中国巨石、海螺水泥；风险提示宏观经济下滑等。