建材行业周报：政策持续加码，核心资产估值有望迎来修复

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [2][8]. Core Viewpoints - The report highlights a coordinated effort by multiple government departments to stabilize the market, including the cancellation of various housing purchase restrictions and the reduction of loan rates [6][7]. - The implementation of monetary compensation for urban village and dilapidated housing renovations is expected to release more housing demand and improve market activity [7][8]. - The report anticipates that the effects of the supportive policies will become evident in the fourth quarter, potentially leading to improved real estate sales data [7][8]. Summary by Sections 1. Core Viewpoints and Investment Recommendations - A "combination punch" of policies is being implemented to stabilize the market, including four cancellations and four reductions in housing-related costs [6]. - The report notes a decrease in the year-on-year decline in new construction, sales area, and investment in the real estate sector from January to September 2024 [6]. 2. Market Review 2.1. Sector Performance - The A-share building materials index rose by 2.85% during the week of October 14-18, 2024, outperforming the CSI 300 index by 1.87 percentage points [9]. - Year-to-date, the building materials index has decreased by 6.56%, underperforming the CSI 300 index by 20.96 percentage points [10]. 2.2. Stock Performance - The top-performing stocks for the week included Huali Co. (+61.06%) and Sichuan Jinding (+61.02%) [13][14]. - Year-to-date, Huali Co. and Qinglong Pipeline have shown significant gains of 65.61% and 63.43%, respectively [15]. 3. Industry Dynamics - The report indicates that the price of cement has increased, driven by stable supply and recovering demand [17]. - The glass fiber market is experiencing stable prices, with some adjustments based on regional demand [16][18]. 4. Company Dynamics - Tower Group has closed a less competitive production line to optimize its operations and is focusing on maintaining its market share while maximizing profits [19]. - The company plans to invest 200-400 million yuan annually in technological upgrades and environmental projects [19].