建筑材料行业9月月报：利好政策频发叠加旺季需求改善，行业估值有望修复

Investment Rating - The report maintains a "Recommended" rating for the construction materials industry, indicating a positive outlook due to favorable policies and improved seasonal demand [1]. Core Insights - The construction materials industry is expected to see a recovery in valuation driven by recent favorable policies in real estate and infrastructure, which are likely to boost demand for construction materials [1]. - In the cement sector, while demand recovery has been weak, the average price of cement has increased to 405.50 CNY/ton in September, reflecting a month-on-month rise of 21.79 CNY/ton. The industry is entering a demand peak season, and prices are expected to continue rising due to production adjustments and self-discipline measures within the industry [1][4]. - The glass industry is facing challenges with weak demand and rising inventory levels, although there are signs of price stabilization due to recent policy support [1][9]. - The fiberglass sector is experiencing growth in demand from the new energy vehicle and wind power sectors, while traditional construction demand is declining. This mixed demand scenario is expected to stabilize fiberglass prices in the upcoming quarters [15][20]. Cement Industry Summary - In the first nine months of 2024, national cement production reached 1.327 billion tons, a year-on-year decrease of 10.7%. The average cement price in September was 405.50 CNY/ton, with a slight recovery in demand expected as the industry enters its peak season [4][6]. - Infrastructure investment, excluding electricity, increased by 4.1% year-on-year, with significant issuance of special bonds to support project funding, which is anticipated to bolster cement demand [4][6]. Glass Industry Summary - The flat glass production in the first nine months of 2024 was 761 million weight cases, a year-on-year increase of 4.9%. However, the demand has significantly declined, with housing completion areas down by 24.4% [9][20]. - Despite a temporary improvement in market sentiment due to macroeconomic policies, the overall demand remains weak, and inventory levels are still high [9][20]. Fiberglass Industry Summary - The fiberglass industry is seeing strong demand from the automotive and wind power sectors, with a notable increase in production and exports. However, traditional construction demand is lagging, leading to a mixed outlook for the sector [15][20]. - The price of fiberglass has stabilized after a period of decline, and the demand from new energy sectors is expected to support price stability moving forward [15][20]. Consumer Building Materials Summary - The retail sales of building and decoration materials fell by 2.6% year-on-year in the first nine months of 2024. However, companies are actively exploring new business avenues and international markets to drive growth [20][24]. - The ongoing urban renewal initiatives are expected to release pent-up demand for consumer building materials, with several companies identified as potential beneficiaries [20][24].