建材、建筑及基建公募REITs周报：多家玻纤企业宣布提价，11月房企销售增速小幅下滑

Investment Rating - Non-metallic building materials: Buy (Maintain) [5] - Construction and Engineering: Overweight (Maintain) [5] Core Views - Multiple fiberglass companies have announced price increases, which is expected to further improve profitability. Companies like China Jushi and Taishan Fiberglass have issued price adjustment notices, with increases ranging from 10% to 20% for various products. The price adjustments are driven by a reduction in export tax rebates and a recent slight decline in product prices, indicating strong price increase momentum. It is anticipated that downstream inventory replenishment will accelerate post-price increase, leading to improved sales rates and profitability in the next quarter [1][20]. - The sales of the top 100 real estate companies in November showed a slight year-on-year decline, but the implementation of relaxed policies may support a recovery. The total sales amount for January to November 2024 was 38,516 billion yuan, down 33% year-on-year, with November sales down 9% year-on-year. However, the decline is less severe than previous months, indicating a potential recovery trend supported by recent tax policy announcements [2][21]. Summary by Sections Industry Research Updates - Fiberglass companies are raising prices, which is expected to enhance profitability. Price adjustments range from 10% to 20% for various products, driven by reduced export tax rebates and slight price declines in recent products. The anticipated outcomes include increased downstream inventory replenishment and improved profitability in the next quarter [1][20]. - The top 100 real estate companies experienced a year-on-year sales decline in November, but recent policy relaxations may lead to a recovery. The total sales for January to November 2024 were 38,516 billion yuan, reflecting a 33% decline year-on-year, with November sales down 9% year-on-year [2][21]. Major Company Earnings Forecasts and Valuations - The report includes earnings forecasts and valuations for various companies, indicating a consistent investment rating of "Buy" for several key players in the non-metallic building materials and construction sectors [27]. Market Performance and High-Frequency Data Tracking - The construction materials index rose by 3.29%, with the ceramic index showing the highest increase at 8.99%. The cement index had the smallest increase at 2.09%. The construction index rose by 0.73%, with the professional engineering index experiencing the largest decline at -0.77% [3][30].