建材行业周报：大力度推动化债，专项债收储有望加快落地

Investment Rating - The investment rating for the building materials industry is "Overweight" (maintained) [1]. Core Insights - The report highlights a significant increase in local government debt resources by 10 trillion yuan, with supportive tax policies for the real estate market expected to be introduced soon. From 2024, the Ministry of Finance plans to allocate 800 billion yuan annually from new local government special bonds for debt reduction, potentially replacing 4 trillion yuan of hidden debt. This policy aims to alleviate existing debt pressure and accelerate the recovery of the real estate market [5][6]. - The report suggests that the recent policy changes are likely to enhance the activity in the real estate market, with a focus on leading companies in the real estate supply chain, such as Beixin Building Materials, Jianlang Hardware, Weixing New Materials, and Dongfang Yuhong [7]. Summary by Sections 1. Core Insights and Investment Recommendations - The report emphasizes the direct increase of local debt resources by 10 trillion yuan and the upcoming supportive tax policies for the real estate market. The Ministry of Finance's plan to allocate 800 billion yuan annually for debt reduction is expected to significantly lower the hidden debt burden from 14.3 trillion yuan to 2.3 trillion yuan by 2028 [5][6]. 2. Market Review 2.1. Sector Performance - During the week of November 4 to November 8, 2024, the A-share building materials index rose by 3.68%, underperforming the CSI 300 index by 1.82 percentage points [8]. 2.2. Stock Performance - The top-performing stocks in the building materials sector included Nanchuan Co. (+34.82%), Jule Culture (+23.94%), and Yangzi New Materials (+21.28%). Conversely, the worst performers were Huali Co. (-23.23%) and Huaxin Cement (-4.66%) [12][13]. 3. Industry Dynamics - The report notes that the price of non-alkali yarn continues to show a weak trend, with market prices slightly declining. The average price for non-alkali 2400tex yarn is reported at 3,500-3,600 yuan per ton, reflecting a 0.98% decrease from the previous week but an 8.88% increase year-on-year [15]. - Cement prices have seen a slight increase, with the national average for bagged cement at 347.42 yuan per ton, up 1.27% week-on-week. The average price for P.O 42.5 bulk cement is 360.39 yuan per ton, reflecting a 0.94% increase [17][18]. 4. Company Dynamics - The report mentions that Xibu Construction has initiated a project to acquire existing residential properties for use as resettlement housing, with the first tranche of special loan funds amounting to 250 million yuan already allocated [5][20].