建筑材料行业：水泥玻璃产能置换办法发布，关注供给优化

Investment Rating - The industry investment rating is "Hold" [1] Core Viewpoints - The Ministry of Industry and Information Technology released the "Implementation Measures for Cement and Glass Industry Capacity Replacement (2024 Edition)" on October 31, which tightens cement replacement requirements and aims for a new round of supply-side reform focused on capacity optimization. The cement and glass industry is expected to benefit from this policy, with potential valuation recovery as the real estate market stabilizes [2][10][12] - The report suggests actively monitoring growth-oriented and highly valued consumer building materials, as well as leading companies in cement and glass that are showing positive changes in supply [2][12] - The report highlights the resilience of leading companies in the consumer building materials sector, which are expected to have significant long-term growth potential despite the current downturn in the real estate market [2][12] Summary by Sections Cement and Glass Capacity Replacement - The new measures prohibit the replacement of low-efficiency capacity and require alignment between registered and actual capacity, which may lead to the exit of inefficient small capacities [10][11][12] - The cement industry is expected to see a reduction in low-efficiency production lines, particularly those below 2500 tons, which are often unprofitable and may be phased out [12] Consumer Building Materials - The consumer building materials sector is supported by stable long-term demand and increasing industry concentration, with leading companies showing strong operational resilience [2][12] - Key companies to watch include SanKeTree, Rabbit Baby, Beixin Building Materials, and others, which are expected to perform well despite the current market conditions [2][12] Cement Prices - As of November 1, 2024, the national average cement price is 417 RMB/ton, showing a month-on-month increase of 5.66 RMB/ton and a year-on-year increase of 44.33% [2] - The report anticipates continued price increases in the cement market, with major players like Conch Cement and Huaxin Cement being highlighted for their potential [2][12] Glass and Fiberglass - The fiberglass market is currently experiencing weak price stabilization, while the electronic yarn market remains steady [2][12] - The average price of float glass as of November 1, 2024, is 1368 RMB/ton, with a month-on-month increase of 7.8% but a year-on-year decrease of 34.8% [2][12] - Leading glass companies are expected to benefit from improved demand and reduced supply, with companies like Qibin Group and Shandong Yaobang being noted for their low valuations [2][12]