建筑材料行业周报：政策持续出台，整体乐观，细分领域仍有较多机会

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1]. Core Insights - The construction materials sector remains optimistic due to ongoing policy support, with various sub-sectors presenting significant opportunities despite recent market declines [3][4]. - The cement industry is experiencing a bottoming out phase, with increased production cuts leading to price stabilization and potential short-term price increases [4][5]. - The glass manufacturing sector is under pressure, but photovoltaic glass demand is expected to grow, with price elasticity anticipated [4]. - Consumer building materials are benefiting from favorable second-hand housing transactions and consumption subsidies, with a long-term market share increase expected [4]. - The fiberglass market shows signs of recovery, particularly in wind power applications, with price increases likely [4]. Summary by Sections 1. Market Review - From November 11 to November 15, the construction materials sector (SW) fell by 5.24%, underperforming the Shanghai Composite Index, which declined by 3.52% [3][17]. - The cement sub-sector dropped by 5.03%, while glass manufacturing and fiberglass manufacturing saw declines of 5.61% and 4.81%, respectively [3][17]. 2. Cement Industry Tracking - As of November 15, 2024, the national cement price index was 426.96 CNY/ton, up 1.3% week-on-week, with cement output at 3.4505 million tons, a slight increase of 0.02% [5][24]. - The cement clinker capacity utilization rate was 61.2%, down 2.0 percentage points from the previous week [5][24]. 3. Glass Industry Tracking - The average price of float glass was 1453.79 CNY/ton, with a week-on-week increase of 4.64% [5]. - Inventory levels for float glass decreased by 2.1 million weight boxes compared to the previous week [5]. 4. Fiberglass Industry Tracking - The price of non-alkali fiberglass yarn showed a slight decrease, while demand in wind power applications remains strong [4][8]. - The market for carbon fiber is stabilizing, with downstream demand expected to grow [4]. 5. Consumer Building Materials Price Tracking - The consumer building materials sector is experiencing a weak recovery, with fluctuations in upstream raw material prices [4][8]. 6. Carbon Fiber Price Tracking - The carbon fiber market price remained stable, with production costs slightly increasing due to rising raw material prices [4][8].