建材行业策略周报：人大化债落地，助力产业链企稳回升

Investment Rating - The report maintains an investment rating of "Positive" for the building materials industry [1] Core Viewpoints - The recent increase in local government debt limits by 6 trillion yuan is expected to stabilize the real estate market and enhance overall consumption capacity [2][6] - The real estate market is anticipated to gradually recover, supported by various policies aimed at boosting consumer confidence and facilitating inventory digestion [8][7] - The cement sector is experiencing price increases due to improved demand and supply adjustments, with key companies like Conch Cement and Huaxin Cement recommended for attention [15][14] Summary by Sections Consumer Building Materials - The introduction of 6 trillion yuan in local government debt is aimed at replacing hidden debts, which will support the recovery of the real estate market [6][7] - The overall transaction volume in the real estate market showed signs of stabilization in October, with a 44% month-on-month increase in new housing transactions [7][8] - Key consumer building material companies to watch include Beixin Building Materials, Weixing New Materials, and Rabbit Baby for long-term prospects [8][6] Cyclical Materials - Cement companies are actively pushing for price increases, with a reported 53.8% shipment rate in key regions, reflecting a 3 percentage point increase [15][14] - The price of float glass is on the rise, with improved market performance and profitability in the industry [15][14] - Recommendations include focusing on Conch Cement, Huaxin Cement, and Shangfeng Cement due to their strong market positions [15][14] New Materials - The market for fiberglass is experiencing weak pricing for coarse yarns, while fine yarn prices remain stable [20][21] - The carbon fiber market is seeing a bottoming out in prices, with limited demand growth observed [20][21] - The report suggests that the overall market for fiberglass may stabilize, with localized price adjustments expected [20][21]