地产链化工品追踪系列报告（2024-11）：税收等政策持续调整优化，玻璃、水泥等月均价环比回暖

Investment Rating - The report does not explicitly state an investment rating for the chemical industry but emphasizes tracking investment opportunities within the real estate supply chain [2]. Core Insights - The real estate industry is a significant downstream consumer of chemical products, and its performance directly impacts the chemical sector [2][13]. - Recent adjustments in tax policies are aimed at stabilizing the real estate market, which is expected to positively influence demand for chemical products [25]. - The report highlights a mixed performance in chemical product prices, with some showing month-on-month recovery while others continue to decline year-on-year [22][27]. Summary by Sections Downstream Real Estate Impact - The national real estate development prosperity index was 92.49 points in October 2024, a year-on-year decrease of 0.85 points but a month-on-month increase of 0.09 points [13]. - The China Chemical Product Price Index (CCPI) averaged 4413.29 in October 2024, down 7.38% year-on-year but up 0.55% month-on-month [13]. Glass Industry Chain - In November 2024, the average price of flat glass (5mm) was 1397.00 CNY/ton, a month-on-month increase of 10.54% but a year-on-year decrease of 30.69% [28]. - The average profit margin for flat glass was -7.34 CNY/ton, reflecting a significant decline [28]. - The report notes a decrease in supply and an increase in demand due to improved real estate market conditions [28]. Cement Industry Chain - The average price of cement in November 2024 was 368.53 CNY/ton, with a month-on-month increase of 3.64% and a year-on-year increase of 4.84% [42]. - The average profit margin for cement was 48.50 CNY/ton, showing a month-on-month increase of 15.17% and a year-on-year increase of 29.67% [42]. - The report indicates a mixed demand scenario, with southern regions experiencing slight recovery while northern regions face seasonal declines [42]. Chemical Additives - The average price of naphthalene-based water-reducing agent was 3850.00 CNY/ton, remaining stable month-on-month but down 0.06% year-on-year [49]. - The average price of polycarboxylic acid water-reducing agent (TPEG) was 7782.05 CNY/ton, with a month-on-month increase of 0.96% and a year-on-year increase of 8.74% [49]. Coating Industry Chain - The average price of titanium dioxide in November 2024 was 14713.38 CNY/ton, down 1.68% month-on-month and down 10.48% year-on-year [57]. - The average profit margin for titanium dioxide was -610.90 CNY/ton, indicating a significant decline [57]. Insulation Materials - The average price of pure MDI was 19066.67 CNY/ton, with a month-on-month increase of 4.31% but a year-on-year decrease of 12.06% [6]. Home Industry Chain - The average price of TDI was 12747.62 CNY/ton, down 2.10% month-on-month and down 24.03% year-on-year [7]. Profile of Major Chemical Products - The report tracks various chemical products, noting significant price fluctuations and profit margins across different segments, indicating a complex market environment influenced by real estate dynamics [22][27].