建筑材料行业周报：再临政策窗口期，关注收储等政策落地情况

Investment Rating - The investment rating for the construction materials sector is maintained at "Overweight" [2]. Core Views - The construction materials sector saw a rise of 3.29% from November 25 to November 29, 2024, outperforming the Shanghai Composite Index, which rose by 1.81% [12]. - The report highlights the potential for recovery in municipal engineering projects due to increased local government bond issuance, which totaled 1.314 trillion yuan in November, a 92.4% increase from October [2]. - The demand for glass is expected to face pressure in 2024, with a focus on the implementation of storage policies, particularly for photovoltaic glass, which is anticipated to see continued growth [2]. - The cement industry is experiencing a bottoming out of prices, with recent price increases due to coordinated production cuts and rising construction activity [2]. Summary by Sections 1. Market Overview - The construction materials sector's net capital inflow was -148 million yuan, indicating a slight outflow despite the overall sector performance [12]. - The cement price index as of November 29, 2024, was 422.32 yuan/ton, reflecting a 0.47% decrease from the previous week [19]. 2. Cement Industry Tracking - The national cement output was 3.412 million tons, down 0.41% week-on-week, with a clinker utilization rate of 43.8%, up 0.1 percentage points [19]. - The report notes that project progress has slowed due to weather conditions, with many new projects expected to begin preparations only after March 2025 [19]. 3. Glass Industry Tracking - The average price of float glass was 1433.27 yuan/ton, down 1.70% from the previous week, with inventory levels increasing [19]. - The report emphasizes the need to monitor the implementation of policies aimed at optimizing existing stock in the glass sector [2]. 4. Fiberglass Industry Tracking - The price of non-alkali fiberglass remained stable, with demand showing limited improvement [5]. - Major manufacturers are implementing price increases for high-end fiberglass products, indicating a strong upward trend in pricing [5]. 5. Consumer Building Materials - The consumer building materials sector is benefiting from improved second-hand housing transactions and consumption subsidies [2]. - Key stocks recommended include Beixin Building Materials and Weixing New Materials, with a focus on their long-term market share growth potential [5]. 6. Carbon Fiber Market - The carbon fiber market is stabilizing, with production costs slightly increasing due to rising raw material prices [5]. - The report suggests monitoring the price stabilization in the context of improving economic expectations [5].