地产链化工品追踪系列报告（2024-10）：10月份商品房成交实现“双增长”，水泥、聚合MDI等月均价环比回暖

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The real estate sector has shown signs of recovery with a "double growth" in transaction volumes for new and second-hand homes in October 2024, indicating a positive trend in the market [2][15] - The chemical products price index (CCPI) has shown a slight month-on-month increase of 0.55% in October 2024, despite a year-on-year decline of 7.38% [10] - The report highlights the significant impact of the real estate industry on the chemical products sector, as various chemical products are essential throughout the construction and renovation phases [10] Summary by Sections Real Estate and Chemical Products - The national real estate development prosperity index was 92.41 points in September 2024, showing a slight month-on-month increase [10] - In October 2024, the transaction volume for new homes increased by 0.9% year-on-year, marking the first growth after 15 consecutive months of decline [15] - The transaction volume for second-hand homes increased by 8.9% year-on-year, continuing a seven-month growth trend [15] Glass Industry Chain - In October 2024, the average price of flat glass (5mm) was 1,330.00 CNY/ton, with a year-on-year decrease of 35.69% [16] - The average profit margin for flat glass was -1.65 CNY/ton, indicating significant losses in the industry [16] Soda Ash Industry Chain - The average price of heavy soda ash in October 2024 was 1,560.00 CNY/ton, down 3.50% month-on-month and 47.24% year-on-year [20] - The average price of light soda ash was 1,462.11 CNY/ton, with a month-on-month decrease of 2.97% and a year-on-year decrease of 44.71% [20] Cement Industry Chain - The average price of cement in October 2024 was 355.58 CNY/ton, reflecting a month-on-month increase of 3.21% and a year-on-year increase of 0.49% [23] - The average profit margin for cement was 42.11 CNY/ton, showing a month-on-month increase of 13.31% [23] MDI and Insulation Materials - The average price of pure MDI in October 2024 was 18,278.95 CNY/ton, with a year-on-year decrease of 10.49% [5] - The average price of polymer MDI was 18,378.95 CNY/ton, reflecting a month-on-month increase of 2.02% and a year-on-year increase of 18.09% [5] Paint and Titanium Dioxide Industry Chain - The average price of titanium dioxide in October 2024 was 14,964.95 CNY/ton, with a month-on-month decrease of 2.33% and a year-on-year decrease of 10.75% [33] - The average profit margin for titanium dioxide was -485.72 CNY/ton, indicating significant losses [33]