建筑材料行业定期报告：推进新型城市基础设施建设，利好建材需求改善

Investment Rating - The industry rating is "Outperform the Market" [6] Core Viewpoints - The report emphasizes that the recent policies aimed at promoting new urban infrastructure construction will positively impact the demand for building materials. The implementation of housing transaction tax incentives has already benefited 364,000 home-buying families, with a total tax reduction of 8.4 billion yuan within five days [2][14] - The report highlights that the easing of monetary and fiscal policies in China, alongside the recent adjustments in housing loan rates and tax reductions, is expected to stabilize the real estate market and improve purchasing intentions and capabilities [2][14] - The report notes that the building materials sector is likely to see a recovery in demand as the real estate market stabilizes, which may alleviate credit risks for companies in the industry [2][4] Summary by Sections 1. Weekly Insights - The report discusses the issuance of opinions by the Central Committee and the State Council to advance urban infrastructure digital transformation and smart construction, which is expected to enhance building material demand [2][14] - It mentions various local government initiatives to support housing purchases, including the ability for employees to withdraw housing provident fund balances for down payments and increased loan limits for families with two children [2][14] 2. Weekly High-Frequency Data 2.1 Cement - As of December 6, 2024, the national average price of bulk P.O 42.5 cement is 418.6 yuan/ton, a decrease of 0.4% from the previous week, but an increase of 15.0% year-on-year [3][15] - Regional prices vary, with North China at 381.0 yuan/ton and Northeast China at 497.0 yuan/ton [15] 2.2 Glass - The national ex-factory price of glass (5.00mm) is 1365.7 yuan/ton, showing a slight increase of 0.1% from the previous week but a significant decrease of 31.1% year-on-year [21][22] 2.3 Fiberglass - The report provides prices for various fiberglass producers, with prices ranging from 3700.0 to 3800.0 yuan/ton, reflecting year-on-year increases of 12.1% to 15.2% [41] 3. Sector Review - The report notes that the Shanghai Composite Index rose by 2.33%, while the building materials index increased by 1.94%, indicating a moderate performance compared to other sectors [4][54] - It highlights the best-performing sub-sectors, including cement products and fiberglass manufacturing, which saw increases of 5.82% and 5.13%, respectively [4][54] - The report suggests investment opportunities in high-quality companies benefiting from inventory upgrades and those with strong fundamentals, such as Huaxin Cement and China Jushi [4][54]