工业/基础材料行业周报（第四十八周）：继续兼顾政策转向与顺周期主线

Investment Rating - The report maintains a "Buy" rating for several companies in the industrial and basic materials sector, including Tunnel Co., China Chemical, China Nuclear Engineering, Honglu Steel Structure, Conch Cement, China National Building Material, Tubaobao, and China Jushi [9][41]. Core Insights - The report highlights a recovery in the fiberglass market with price increases expected, while the photovoltaic glass sector is experiencing price declines and production adjustments [2][11]. - The issuance of special refinancing bonds has accelerated, with a total of 1.92 trillion yuan issued from January to November this year, indicating increased support for construction activities [12][18]. - The construction industry is showing signs of recovery, with the PMI for construction activity expected to improve, despite a slight decline in the overall PMI [14][18]. Summary by Sections Industry Overview - The report discusses the ongoing adjustments in the fiberglass and photovoltaic glass markets, with leading companies reducing production to balance supply and demand [2][22]. - The construction sector is expected to benefit from increased investment and policy support, particularly in the context of special refinancing bonds [12][14]. Company Dynamics - Key companies such as Tunnel Co., China Chemical, and China Nuclear Engineering are recommended for investment due to their strong market positions and growth potential [9][41]. - The report notes significant sales figures for the top 100 real estate companies, indicating a recovery trend in the real estate market [18]. Market Performance - The report provides insights into the performance of various sub-sectors, with the cement market showing a slight price decline while the fiberglass market is poised for price increases [3][26]. - The overall construction and building materials indices have shown mixed performance, reflecting the underlying economic conditions and policy impacts [16][18].