建筑材料行业投资策略周报：玻纤提价，行业处于政策窗口期

Investment Rating - The industry rating is "Hold" [2] Core Viewpoints - The construction materials sector is currently in a policy window period, with a series of supportive policies such as "stabilizing real estate" and "localized debt" leading to improved expectations. There is still potential for further policy support in the future. However, the industry faces short-term challenges due to a "weak reality," with construction material sector prosperity still on the left side. Despite this, as various segments begin to stabilize, the cumulative effects of policies are expected to manifest positively [2][31]. - The retail construction materials sector shows resilience supported by demand for second-hand and existing home renovations, while leading cyclical construction material companies continue to exhibit significant excess profits at the bottom of the cycle. The report suggests focusing on growth-oriented and valuation-flexible consumer construction materials, as well as cement and glass leaders that are at the bottom of their profit cycles, and opportunities in structural prosperity sectors such as pharmaceutical glass and wind power [2][31]. Summary by Sections Section 1: Glass Fiber Price Increase and Policy Window - The construction materials industry is experiencing a price increase in glass fiber, indicating a favorable policy environment. The report highlights the resilience of leading companies in the sector despite ongoing challenges [2][31]. Section 2: Consumer Construction Materials - The consumer construction materials sector is benefiting from sustained policy support, with leading companies demonstrating strong operational resilience. The long-term demand stability and increasing industry concentration provide significant growth potential for quality sub-sector leaders [2][31]. Section 3: Cement Market - The national cement market price has decreased by 0.1% week-on-week, with a focus on price stabilization. As of November 29, 2024, the national average cement price is 428 RMB per ton, reflecting a slight decrease [2][31]. Section 4: Glass Market - The float glass market is under pressure, with prices declining. As of November 29, 2024, the average price of float glass is 1417 RMB per ton, down 2.5% month-on-month and down 27.6% year-on-year. The report notes insufficient demand support for photovoltaic glass [2][31].