建筑材料行业周报：基建实物工作量有所回升，期待财政刺激落地

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1]. Core Insights - The construction materials sector saw a 2.26% increase from October 28 to November 1, 2024, outperforming the Shanghai Composite Index, which declined by 0.84%, resulting in a relative excess return of 3.94% against the CSI 300 [2][16]. - Cement prices have shown a short-term upward trend due to increased demand and production adjustments, while glass and fiberglass sectors face varying demand pressures [3][4]. Summary by Sections Market Overview - The construction materials sector's net capital inflow was -1.734 billion yuan during the week [2]. - Cement prices increased to 418.3 yuan/ton, a 0.72% rise week-on-week, with cement output rising by 5.5% to 3.3295 million tons [4][20]. Cement Industry - The national cement clinker capacity utilization rate reached 62.9%, up by 4.9 percentage points week-on-week [4][20]. - The cement market is experiencing a recovery in demand, with significant price increases reported in various regions [4][25]. Glass Industry - The average price of float glass rose by 6.04% to 1328.63 yuan/ton, with inventory levels decreasing [4][20]. - The glass sector is under pressure due to weakening demand, but short-term price stabilization is expected due to policy support [3][4]. Fiberglass Industry - Fiberglass prices have stabilized after a price war, with a slight recovery anticipated as economic conditions improve [3][4]. - The fiberglass market is characterized by weak overall supply-demand dynamics, with limited demand growth [6]. Key Stocks - Recommended stocks include: - Beixin Building Materials (Buy) with an EPS forecast of 2.30 yuan for 2024 [7]. - Weixing New Materials (Hold) with an EPS forecast of 0.64 yuan for 2024 [7]. - Jianlang Hardware (Buy) with an EPS forecast of 0.20 yuan for 2024 [7]. - Purenai Co. (Buy) with an EPS forecast of 0.14 yuan for 2024 [7].