"基建回暖创投资机遇：建材行业投资策略解析_民生证券报告"

建材行业投资策略报告指出，错峰限产助力水泥持续景气，我国水泥需求量经历了快速增长和平台期两个阶段。水泥产量自2015年以来呈现出回暖趋势，而基建同比增速持续下滑，地产成为本轮需求回暖的主要因素。水泥价格受到错峰限产和地产扩张双重影响，进入平台期后稳定了价格；而在需求增长的情况下，水泥价格出现上涨。另一方面，玻璃行业自2015年以来进入了价和量的平台期。综合分析认为，当前时期建材行业投资机会主要来自于基建回暖带来的需求增长，投资者应把握错峰限产带来的利好，重点关注水泥和玻璃等相关板块的投资机会。Investment strategy report on building materials industry emphasizes the continued prosperity of cement with staggered production restrictions, and China's cement demand has experienced rapid growth and a platform phase. Cement production has shown a warming trend since 2015, while infrastructure investment growth has been declining, with real estate being the main driver of demand recovery in this round. Cement prices are influenced by both staggered production restrictions and real estate expansion, with a stable price in the platform phase from 2013 to 2015, and an increase in prices due to demand growth in the subsequent period. On the other hand, the glass industry has entered a platform period in terms of price and volume since 2015. Comprehensive analysis suggests that the current investment opportunities in the building materials industry mainly come from the demand growth brought by the recovery of infrastructure investment. Investors should seize the opportunities brought by staggered production restrictions and focus on investment opportunities in related sectors such as cement and glass.