Ping An Securities released the 2024 mid-term strategy report for the building materials industry, stating that real estate, as an important source of demand for building materials, has continued to bottom out since 2024, and the policy is being strengthened to remove inventory. Specifically, the cement industry's profit valuation is at the bottom of history; float glass is under pressure, and photovoltaic glass leaders are still growing; in the consumer building materials sector, channel transformation has shown results. Considering that the sector's stock prices have been adjusted a lot, valuations and positions have fallen to historic lows, leading high-quality building materials companies have strong business resilience and maintain the building materials industry's “better than the big market” rating. The focus is on recommending stable varieties with low valuations and high certainty, while also focusing on flexible targets benefiting from real estate policies and sales improvements. Among them, the supply side of the cement industry has experienced positive changes, profits or phased bottoming, focusing on Conch Cement and Huaxin Cement, which have undervalued values, high dividends, and offshore logic; in terms of consumer building materials, it is recommended to focus on Beijian Construction Materials, Rabbit Baby, Weixing New Materials, and Dongfang Yuhong and Sankeshu, which have strong elasticity; the glass industry is concerned about the drastic expansion of production capacity and the performance is still growing.