非金属材料周报：内需之重下政策推进行业估值修复

Investment Rating - The industry investment rating is "Positive" [2][3] Core Viewpoints - The report emphasizes the importance of domestic demand and the role of policies in driving industry valuation recovery. The real estate sector continues to exert downward pressure on the economy, but government measures are expected to stabilize demand and improve the economic environment in the second half of 2024 [3][4] - The construction materials industry is experiencing a historical low in demand, but the consolidation of the industry is benefiting leading companies. The anticipated economic recovery is likely to lead to a "Davis Double Play" effect, where both valuation and performance improve [3][4] Summary by Sections Industry Overview - The real estate sector's negative impact on the economy remains unchanged, with GDP growth at 5% in the first half of 2024, although it slowed to 4.70% in the second quarter. The construction materials industry is still facing weak demand and historical low fluctuations [3][4] - The report notes a decrease in the issuance of special bonds by local governments due to debt pressure, which further affects investment and consumption [3] Cement Industry - The national cement-coal price difference was 243 RMB/ton, a decrease of 1.23% week-on-week. The price difference varied across regions, with the North China region seeing an increase of 0.40% [8] - The national cement inventory ratio rose to 65.60%, an increase of 1.05% week-on-week, indicating a slight improvement in supply dynamics [14] Glass Industry - The national float glass price was 1439 RMB/ton, down by 27 RMB/ton week-on-week. The inventory of float glass increased by 199.90 million heavy boxes, with an operating rate of 83.29% [25][30] - The prices of raw materials for float glass production, such as petroleum coke and soda ash, have decreased, which may positively impact production costs [30] Other Building Materials - The paint industry maintained an operating rate of 38%. Prices for PVC and SBS modified asphalt have decreased, while titanium dioxide prices remained stable [41]