Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [2] Core Viewpoints - The recent meeting by the Ministry of Housing and Urban-Rural Development is underestimated, with a focus on demand-side policies that could stabilize the market. The implementation of 1 million sets of urban village renovations and the increase of credit scale for "white list" projects to 4 trillion yuan are key measures [1][2] - The report suggests that the monetary settlement approach will directly provide liquidity to the demand side, potentially leading to a sales volume increase of around 100 million square meters, which could boost demand growth by approximately 10.7% [1][2] - The current market divergence regarding the real estate industry chain is primarily due to uncertainties about the effectiveness of subsequent policy implementations and their impact on the fundamentals [2] Summary by Sections Market Tracking - The Shanghai Composite Index rose by 1.4%, while the building materials index increased by 2.8%. Cement, glass fiber, and renovation materials indices saw respective changes of +3.4%, -0.9%, and +4.0% [7] - The top five gainers included Huazhong Holdings (+61.1%) and Sichuan Jinding (+61.0%), while the top five losers included Youbang Ceiling (-18.2%) and Puyang Co., Ltd. (-6.0%) [7] Data Tracking - Cement: The average price of 42.5 cement nationwide is 408.7 yuan/ton, up 6.3 yuan/ton month-on-month and up 43.8 yuan/ton year-on-year [13] - Float Glass: The average price of 5mm float glass is 1333.2 yuan/ton, down 3.1 yuan/ton month-on-month and down 899.2 yuan/ton year-on-year [25] - Photovoltaic Glass: The average price for 2.0mm coated glass is 12.4 yuan/square meter, down 0.1 yuan/square meter month-on-month and down 7.2% year-on-year [30] - Glass Fiber: The average price of alkali-free glass fiber yarn is 4635.0 yuan/ton, unchanged month-on-month and up 490.0 yuan/ton year-on-year [38] - Carbon Fiber: The average price of large tow carbon fiber is 72.5 yuan/kg, unchanged month-on-month and down 5.0 yuan/kg year-on-year [43] Industry Dynamics - The Ministry of Housing and Urban-Rural Development's recent press conference highlighted eight key points aimed at promoting stable and healthy development in the real estate market, including the implementation of 1 million sets of renovations and the expansion of credit for "white list" projects [10] - The financial regulatory authority emphasized the importance of ensuring housing delivery and stabilizing the real estate market, indicating a proactive approach to financing and land management [10]
建筑材料行业周报：住建部会议被低估，重申“进攻”
Hua Yuan Zheng Quan·2024-10-21 00:31