建筑材料行业周报（20241111-20241115）：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 specific products starting December 1, 2024 [3] Summary by Relevant Sections Cement - The national average price of cement from November 11 to November 15, 2024, was 542.45 RMB/ton, showing a week-on-week decline of 0.3%. Regional price changes varied, with East and Northwest China seeing increases of 0.6% and 1.2%, respectively, while North and Central South China experienced declines of 4.0% and 0.3% [4] - The cement output on November 15, 2024, was 3.45 million tons, remaining stable week-on-week, with a clinker inventory ratio of 64.77%, up 0.07 percentage points from the previous week [4] Flat Glass - The price of flat glass on November 10, 2024, was 1400.2 RMB/ton, reflecting a week-on-week increase of 8.8%. The inventory of flat glass decreased, supporting price increases due to strong demand from downstream processing orders [5][6] - The daily production of float glass on November 17, 2024, was 158,500 tons, up 0.57% week-on-week [6] Investment Recommendations - The report suggests focusing on resilient consumer building material leaders such as Weixing New Materials, Beixin Building Materials, and Tubao, as well as cement companies like Huaxin Cement, Conch Cement, and Shangfeng Cement, which are expected to benefit from price increases and improved demand [7]