建筑材料行业周报：政策有望推动需求回暖，供给优化将加速

Investment Rating - The report maintains a "Buy" rating for the construction materials industry [5] Core Insights - Cement: The industry has entered a staggered production phase, leading to a gradual decrease in inventory. National cement prices continue to rise due to strong support from staggered production on the supply side. However, overall national demand for cement remains weak, with a decrease in demand expected as temperatures drop. In the medium to long term, infrastructure projects are anticipated to boost cement demand [2][65] - Consumer Building Materials: Retail sales of consumer building materials showed a month-on-month increase in October, driven by policies stimulating a recovery in the real estate market. The retail sales of building and decoration materials decreased by 5.8% year-on-year in October but increased by 4.9% month-on-month. The real estate market is expected to continue recovering, which will drive demand for consumer building materials [2][66] - Fiberglass: Short-term demand remains limited, with stable prices for both roving and electronic yarn. The overall supply is expected to remain stable, but manufacturers are keen to maintain prices. In the medium to long term, demand from the thermoplastic and wind power yarn markets is expected to grow, providing potential for price increases [3] - Float Glass: Prices have slightly decreased, but new capacity replacement regulations are expected to accelerate industry consolidation. Demand is anticipated to recover towards the end of the year, supported by urgent construction needs [3] Summary by Sections Cement - The national average cement price is 364.23 CNY per ton, with a week-on-week increase of 0.89% and a year-on-year increase of 13.80% [37] - The clinker inventory has decreased, with the national clinker inventory rate at 60.96%, down 2.46 percentage points from the previous week [37] Consumer Building Materials - Retail sales of building and decoration materials decreased by 3.0% year-on-year from January to October 2024, with a notable decline in October [2][66] - The recovery in the real estate market is expected to enhance demand for consumer building materials, particularly in the old renovation market [2][66] Fiberglass - The price of roving remains stable, with the average price for 2400tex roving at 3762.5 CNY per ton, showing a year-on-year increase of 12.73% [47] - Electronic yarn prices are also stable, with the average price for G75 electronic yarn at 9100 CNY per ton, reflecting a year-on-year increase of 10.98% [47] Float Glass - The average price for float glass is 1455.61 CNY per ton, with a slight decrease from the previous week [34] - The float glass inventory has increased slightly, with a total inventory of 4282 million weight boxes, up 3.43% from the previous week [36]