建筑材料行业周报：LPR下降带动房贷利率延续宽松，继续关注化债主线

Investment Rating - The industry investment rating is maintained at "Overweight" [3][8]. Core Viewpoints - The recent reduction in the 1-year and 5-year Loan Prime Rate (LPR) by 25 basis points to 3.1% and 3.6% respectively is expected to lead to a further decline in mortgage rates, with some cities potentially seeing rates enter the "2" range [3]. - The State Council's recent directives to address overdue corporate payments and enhance the legal framework for debt repayment are anticipated to improve funding for infrastructure projects and shorten the payment cycles for companies in the construction supply chain [4]. - The construction materials sector is currently at a low point, but there is potential for price recovery, particularly in cement and other building materials, driven by improved demand and policy support [8]. Industry Data Tracking Cement - The national average cement price was 529.94 RMB/ton, with a week-on-week increase of 0.9% [5]. - Cement consumption saw a decrease in outflow, with a total of 3.156 million tons reported on October 25, down 3.0% week-on-week [5]. - The clinker inventory ratio was 62.03%, a slight decrease of 0.05 percentage points week-on-week [5]. Flat Glass - The average price of float flat glass was 1,255.7 RMB/ton, reflecting a week-on-week decrease of 1.4% [6]. - Inventory levels for sample enterprises decreased by 89,400 weight boxes, down 1.55% [6]. - Daily production of float glass was reported at 161,600 tons, a decrease of 0.37% week-on-week [6]. Photovoltaic Glass - The price of photovoltaic glass remained stable at 21.25 RMB/square meter [6]. - The operating rate for photovoltaic glass was 70.79%, down 1.0 percentage points [6]. Fiberglass - The price of fiberglass yarn remained stable week-on-week [7]. Carbon Fiber - Carbon fiber prices have remained stable over the past week [7]. Investment Suggestions - The report suggests focusing on resilient consumer building material leaders such as Weixing New Materials, Beixin Building Materials, and Tubao [8]. - It also recommends attention to the cement sector, particularly companies like Huaxin Cement and Anhui Conch Cement, as demand is expected to improve [8].