建材行业周报：10月核心城市二手房成交回暖，多项支持政策有望加速落地

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [2] Core Insights - In October, the second-hand housing transactions in first-tier cities showed signs of recovery, with a narrowing decline in prices. The average price of second-hand residential properties in 100 cities was 14,360 yuan/square meter, down 0.60% month-on-month, which is a 0.10 percentage point improvement from September. The transaction volume in core cities increased significantly, with Shenzhen's second-hand residential transaction volume reaching a monthly high since April 2021 [13][15] - The Ministry of Finance and other departments announced a tax policy to support home purchases, reducing the deed tax rate for families buying their first or second homes under 140 square meters to 1% [13][15] - The policy for urban village renovations has been expanded to nearly 300 cities, which is expected to release urbanization potential and stabilize market expectations [15][17] - The report suggests focusing on leading companies in the real estate supply chain, such as Beixin Building Materials, Jianlang Hardware, Weixing New Materials, and Dongfang Yuhong, as well as monitoring the progress of projects like the Motuo Hydropower Station and the Gan-Yue Canal [3][18] Summary by Sections 1. Key Insights and Investment Recommendations - The report highlights the recovery in second-hand housing transactions and the narrowing price decline in first-tier cities, indicating a potential stabilization in the real estate market [13][15] - Tax policies aimed at reducing home purchase costs are expected to further stabilize market expectations [13][15] - The expansion of urban village renovation policies is anticipated to enhance urbanization development [15][17] 2. Market Review 2.1. Sector Performance - The A-share building materials index fell by 2.33% during the week of November 18-22, 2024, outperforming the CSI 300 index by 0.27 percentage points [19] - Year-to-date, the building materials index has decreased by 4.28%, underperforming the CSI 300 index by 16.94 percentage points [21] 2.2. Individual Stock Performance - Top gainers for the week included Beijing Lier (+15.67%) and Zhengwei New Materials (+13.52%), while top losers included Nachuan Co. (-10.57%) and Yashi Chuangneng (-7.40%) [29] - Year-to-date, Huali Co. has seen the highest increase at +120.36%, while ST Shentian has the largest decline at -72.83% [31] 3. Industry Dynamics - The report notes stable pricing in the alkali-free yarn market, with mainstream transaction prices for 2400tex alkali-free yarn ranging from 3,300 to 3,600 yuan/ton [34] - Cement prices have shown a slight increase, with the national average for bagged cement at 354.52 yuan/ton, up 1.48% week-on-week [35] - The float glass market has seen a weakening in transactions, with prices in some regions showing slight declines [38] 4. Company Dynamics - Jinju Group reported a 34.17% year-on-year increase in revenue for Q3 2024, with net profit rising by 192.66% [40] - The company has also engaged in carbon trading, which is expected to impact production operations and green transformation significantly [40] 5. Company Announcements - China Nuclear Engineering announced new contracts worth 115.601 billion yuan as of October 2024 [43] - China National Materials International signed a contract for a solar power project in Iraq valued at 351.5 million USD [43]