建筑材料行业周报：水泥略有上涨，玻璃继续下跌

Investment Rating - The report assigns a "Recommended" investment rating for the construction materials industry [2] Core Views - The construction materials index underperformed the CSI 300 index, declining by 3.79 percentage points, while the CSI 300 index increased by 0.42 percentage points [3] - The national average price of cement slightly increased by 0.04%, while the average price of float glass decreased by 0.90% [2][5] - The cement industry faces weak demand and inventory pressure, but price stabilization indicates a solidifying bottom range [2][9] - The glass industry is experiencing price declines and rising inventory due to insufficient demand from the real estate sector [2][9] - The consumption building materials sector, particularly plastic pipes and coatings, is seeing growth and an expanding market size [2][9] Summary by Sections Cement Industry - The national average price of 42.5-grade cement was 396.67 RMB/ton, with a slight increase of 0.17 RMB/ton [5] - Regional price variations were noted, with the central-south region seeing the largest increase of 13.34 RMB/ton, while the north and southwest regions experienced the largest declines [5] - National cement inventory levels are at a moderate level, with a capacity ratio of 64.46% [5][8] Glass Industry - The national average price of float glass was 1418.57 RMB/ton, reflecting a decrease of 12.86 RMB/ton [5] - The northwest region experienced the largest price drop of 40 RMB/ton, indicating a general decline in demand across regions [5][9] - Inventory levels for float glass have slightly increased, currently at a moderate level [5][9] Recommended Stocks - Conch Cement (600585): Expected net profits for 2024-2026 are 7.109 billion, 10.456 billion, and 10.845 billion RMB, with corresponding PE ratios of 17, 11, and 11 [10] - Huaxin Cement (600801): Expected net profits for 2024-2026 are 1.967 billion, 2.527 billion, and 2.925 billion RMB, with corresponding PE ratios of 14, 11, and 10 [10] - Qibin Group (601636): Expected net profits for 2024-2026 are 1.712 billion, 1.948 billion, and 2.178 billion RMB, with corresponding PE ratios of 9, 8, and 7 [10] - Weixing New Materials (002372): Expected net profits for 2024-2026 are 1.292 billion, 1.372 billion, and 1.460 billion RMB, with corresponding PE ratios of 16, 15, and 14 [11]