国信证券发布研报称，近期政策持续释放利好，政策基调明显转向积极且力度空前，后续政策仍有发力空间，关注增量政策出台和落地。The overall building materials sector is still in a slow recovery phase at the bottom, with valuations and holdings also at low levels.
Recently, the real estate market has been very active, benefiting the entire industry chain.
Currently, the domestic cement price index has increased by 20% compared to the same period last year. Many large domestic steel mills have significantly raised their ex-factory prices for November. Futures market building materials and capital markets real estate sectors have become the leaders in the market rebound.
Guosen Securities released research reports stating that recent policies continue to release bullish signals. The policy orientation has clearly shifted to positive and unprecedented strength, and there is still room for further policy efforts. Focus on the introduction and implementation of incremental policies.
Short-term policy expectations are shifting, and market confidence is expected to gradually recover. As various policies are continuously implemented, the policy effects will gradually become apparent, further promoting the stabilization of the real estate market.
Currently, the overall building materials sector is still in a slow recovery phase at the bottom, with valuations and holdings also at low levels. The continuous implementation of short-term policies is expected to bring about valuation repair.
Institutions are paying close attention to cement supply-side reforms, expecting the Ministry of Ecology and Environment to soon introduce a method for replacing overcapacity (expected to be relatively solid) in November.
Although the industry has raised prices in the short term, most institutions believe in achieving volume-to-price exchange. Furthermore, the extent of demand recovery remains uncertain. If effective control of production capacity can be achieved (short-term restrictions on excess production capacity substitution + long-term inclusion in the carbon market), a more optimistic view can be taken on the industry's new supply-demand balance.
Cement-related companies: CNBM (03323), Conch Cement (00914), Huaxin Cement (06655), CR Building Materials Technology (01313), etc.
Conch Cement (00914), CR Building Material Technology (01313), Asia Cement (00743), West China Cement (02233), China National Building Material (03323), etc.
