建筑材料行业深度分析：10月狭义基建投资增速回暖，地产销售降幅收窄，水泥玻璃涨价

Investment Rating - The industry rating is "Hold" [3] Core Views - In October, narrow infrastructure investment showed signs of recovery, and the decline in real estate sales significantly narrowed. The National Bureau of Statistics reported that in October 2024, the year-on-year changes for real estate development investment, new construction area, sales area, construction area, and completed area were -12.3%, -26.7%, -1.6%, -35.0%, and -20.1% respectively, compared to September's -9.4%, -19.9%, -11.0%, -29.5%, and -31.4% [1][46] - Cement prices continued to rise in October, supported by ongoing supply-side policy optimization. The national cement production from January to October 2024 was 1.501 billion tons, down 10.3% year-on-year, with October's production at 175 million tons, down 7.9% year-on-year [1][2] - Float glass demand and sentiment improved in October, with price rebounds due to capacity reductions from cold repairs. The national flat glass production from January to October 2024 was 839 million weight cases, up 4.6% year-on-year, while October's production was 79 million weight cases, down 6.0% year-on-year [1][2] Summary by Sections 1. Infrastructure and Real Estate - In October, narrow infrastructure investment growth improved, while real estate investment decline expanded. The year-on-year growth rates for fixed asset investment, real estate development investment, narrow infrastructure, broad infrastructure, and manufacturing investment were -10.3%, +4.3%, +9.3%, +9.3% respectively for January to October 2024 [38] - The October single-month fixed asset investment growth was 3.4%, with real estate development investment at -12.3% [38][46] 2. Cement - Cement prices continued to rise in October, with a national average price of 429 RMB/ton as of November 22, 2024, up 56 RMB/ton year-on-year. The cement shipment rate was 50.13%, down 6.87 percentage points year-on-year [1][2] 3. Float Glass - The float glass market saw a recovery in demand and sentiment in October, with prices rebounding due to capacity reductions. The average price of float glass was 1453 RMB/ton as of November 22, 2024, down 26.9% year-on-year [1][2] 4. Investment Recommendations - The report recommends investing in companies such as Three Trees, Rabbit Baby, North New Materials, and others in the building materials sector. For cement, it suggests companies like Conch Cement and Huaxin Cement. In the float glass sector, it highlights companies like Qibin Group and Shandong Pharmaceutical Glass [1][2]