建筑材料行业跟踪周报：转型不易，适当关注并购重组方向

Investment Rating - The report maintains an "Accumulate" rating for the construction materials sector [1]. Core Views - The construction materials sector experienced a decline of 2.33% during the week of November 18-22, 2024, while the Shanghai Composite Index and the Wind All A Index fell by 2.60% and 2.08%, respectively, indicating an excess return of 0.27% and -0.25% [1]. - The cement market shows a slight price increase, with the national average price at 428.5 RMB/ton, up by 1.3 RMB/ton from the previous week and significantly higher than the 56.0 RMB/ton from the same period in 2023 [1]. - The report suggests that the real estate chain will undergo a prolonged process of capacity reduction, with increased willingness for mergers and acquisitions due to transformation pressures and tightened IPO policies [1]. Summary by Sections 1. Sector Insights - The cement market is expected to maintain a stable price range after a slight increase, with a national average price of 428.5 RMB/ton [1][31]. - The report highlights the potential for mergers and acquisitions in the sector, particularly for companies with emerging industry assets [1]. 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The national cement market price increased by 0.3% week-on-week, with significant price increases in Guangdong, Hunan, and Hubei [1][31]. - The average cement inventory ratio is 66.8%, up by 0.3 percentage points from the previous week, but down by 7.3 percentage points year-on-year [1]. 2.2 Glass - The average price of float glass is reported at 1458.0 RMB/ton, up by 4.2 RMB/ton from the previous week but down by 530.0 RMB/ton year-on-year [1]. 2.3 Glass Fiber - The price of domestic alkali-free roving remains stable, with the average price at 3607.50 RMB/ton, unchanged from the previous week but up by 9.49% year-on-year [1]. 3. Industry and Company Dynamics - The report notes that the construction materials sector is experiencing a recovery in valuations due to supportive real estate policies, with expectations for improved credit and asset balance sheet conditions [1][24]. - The report recommends focusing on companies with strong market positions and those benefiting from the recovery in the real estate sector, such as Weixing New Materials and North New Materials [1][24].