建筑材料行业10月月报：供需格局改善价格回升，关注利好政策的落地情况

Investment Rating - The report maintains a "Recommended" rating for the construction materials industry, indicating a positive outlook due to favorable policies and demand recovery [1][51]. Core Insights - The construction materials industry is expected to benefit from recent favorable policies in real estate and infrastructure, leading to improved demand and potential valuation recovery [1][51]. - In the cement sector, the average national cement shipment rate increased by 4 percentage points month-on-month in October, indicating seasonal demand recovery, although it still showed a year-on-year decline of approximately 7% [1][51]. - The average price of cement in October was reported at 407.39 RMB per ton, reflecting a month-on-month increase of 23.68 RMB per ton, with expectations for continued price stability and slight upward trends in the future [1][51]. Cement Industry Summary - The cement production for January to October 2024 reached 1.501 billion tons, a year-on-year decrease of 10.3%. In October alone, production was 175 million tons, down 7.9% year-on-year but up 3.86% month-on-month [9][10]. - Infrastructure investment (excluding electricity) increased by 4.3% year-on-year, supported by the accelerated issuance of special bonds, which totaled approximately 38.965 billion RMB [10][51]. - Key stocks to watch in the cement sector include Shangfeng Cement (000672.SZ), Huaxin Cement (600801.SH), and Conch Cement (600585.SH) [1][51]. Glass Industry Summary - The flat glass production from January to October 2024 was 839 million weight cases, a year-on-year increase of 4.6%, despite a significant decline in housing completion area by 23.9% [24][25]. - In October, the glass market experienced fluctuations in pricing, with a general upward trend supported by macroeconomic factors and increased purchasing activity from downstream sectors [25][26]. - Key stocks in the glass sector include Qibin Group (601636.SH) and Jinjing Technology (600586.SH), which are expected to have short-term opportunities [52]. Fiberglass Industry Summary - The fiberglass industry has seen a recovery in demand from high-end applications such as automotive and wind energy, with significant growth in new energy vehicle production [39][40]. - The price of fiberglass has shown a steady increase since March, with notable growth in sales, particularly in high-end product sectors [39][40]. - Key stocks to monitor in the fiberglass sector include China Jushi (600176.SH) and China National Materials (002080.SZ) [39][52]. Consumer Building Materials Summary - The retail sales of building and decoration materials decreased by 3% year-on-year from January to October 2024, indicating a slight decline in end-user demand [47][52]. - Major consumer building material companies are actively transforming channels and exploring overseas markets to find new growth paths [47][52]. - Recommended stocks in this sector include Weixing New Materials (002372.SZ), Beixin Building Materials (000786.SZ), and Sankeshu (603737.SH) [47][52].