建筑材料行业周报：整体回调，细分领域机会持续推荐

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1]. Core Views - The construction materials sector experienced an overall decline, with specific opportunities in sub-sectors continuing to be recommended [2]. - The report highlights the potential for recovery in municipal engineering projects due to increased local government bond issuance and fiscal stimulus [3]. - Demand for glass is under pressure, particularly in photovoltaic glass, but price stabilization is expected due to policy support [3]. - The cement industry is seeing a bottoming out of prices due to production cuts and increased infrastructure work [3]. - The fiberglass market is showing signs of recovery, particularly with rising demand in the wind power sector [3]. Summary by Sections Market Overview - From November 18 to November 22, 2024, the construction materials sector (SW) fell by 2.33%, while the Shanghai Composite Index decreased by 1.91%, resulting in an excess return of 0.27% relative to the CSI 300 [2][19]. - The net capital inflow for the construction materials sector was -1.189 billion yuan during this period [2]. Cement Industry Tracking - As of November 22, 2024, the national cement price index was 424.32 yuan/ton, a decrease of 0.62% from the previous week [4][23]. - The national cement output was 3.426 million tons, down 0.71% week-on-week, with a clinker capacity utilization rate of 43.7%, down 17.5 percentage points [4][23]. Glass Industry Tracking - The average price of float glass was 1458.02 yuan/ton, with a slight increase of 0.29% from the previous week [4]. - Inventory levels for float glass increased, indicating a potential supply-demand imbalance [4]. Fiberglass Industry Tracking - The fiberglass market is stabilizing, with prices having bottomed out and a potential increase in demand from the wind power sector [3][10]. - The report recommends focusing on companies like China Jushi and Zhongcai Technology due to expected price increases in fiberglass products [3]. Consumer Building Materials - The consumer building materials sector is benefiting from improved second-hand housing transactions and consumption subsidies [3]. - Companies such as Beixin Building Materials and Weixing New Materials are highlighted for their growth potential and valuation elasticity [3]. Carbon Fiber Market - The carbon fiber market is experiencing slow recovery in downstream demand, with a focus on price stabilization amid economic improvement expectations [3][10].