建筑材料行业周报：房地产契税下调，玻璃玻纤等出口退税政策调整鼓励提高产品附加值

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The joint announcement by three departments on November 12, 2024, introduces multiple tax incentives to support the real estate market, effective from December 1, 2024. This includes a reduction in housing transaction deed tax to 1% for first or second homes under 140 square meters, and 1.5% for the first home over 140 square meters, with a 2% rate for the second home [2][3] - The adjustment of export tax rebates for certain glass and fiberglass products aims to encourage higher product value addition, with the rebate rate reduced to 9% for some processed glass products [3] Summary by Relevant Sections Real Estate Tax Policy - The new tax policies aim to reduce the tax burden on homebuyers and enhance demand for improved housing, contributing to the long-term stable development of the real estate market [2] Export Tax Rebate Adjustments - The export tax rebate for certain glass products and fiberglass has been reduced to 9%, which may increase costs for deep-processing enterprises but is expected to promote high-quality development in energy-intensive industries [3] Industry Data Tracking - The average price of cement in China was 542.45 RMB per ton, with a slight week-on-week decrease of 0.3%. Regional price changes varied, with increases in East and Northwest China, while North and Central South regions saw declines [4] - The price of flat glass rose to 1400.2 RMB per ton, reflecting an 8.8% week-on-week increase, supported by strong demand and inventory reductions [5][6] - The inventory of sample enterprises decreased by 3.24% week-on-week, continuing a trend of inventory reduction for seven consecutive weeks [6] Investment Strategy - The current state of the building materials sector is at a low point, but there is potential for price recovery, particularly in cement. The report suggests focusing on resilient consumer building material leaders and companies benefiting from improved cash flow in municipal projects [7]