建材行业周专题2024W47：二手房高频成交景气，玻纤龙头再获增持

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [12]. Core Insights - The second-hand housing market continues to show strong transaction activity, with a year-on-year increase of 76% in transaction area for 13 cities [6]. - Major shareholders of China Jushi, a leading fiberglass company, plan to increase their stakes, indicating confidence in the company's future performance [7]. - Cement demand is experiencing seasonal declines, while glass inventory has slightly decreased [8]. Summary by Sections Market Overview - The second-hand housing market is buoyed by policy effects, with a 23% year-on-year increase in transaction area for commercial housing in 30 major cities [6]. - The cumulative year-on-year growth in transaction area for second-hand homes since the end of September is 32% [6]. Fiberglass Sector - China Jushi's major shareholders, including Zhenhua Group and China National Building Material, plan to increase their holdings by 5-10 billion yuan, reflecting confidence in the fiberglass sector's recovery [7]. Cement and Glass Market - Cement market demand is weakening, with a 1% decrease in shipment rates and a 0.7% decline in average prices [8]. - The average price of cement is 429.03 yuan per ton, with a year-on-year increase of 42.90 yuan per ton [29]. - Glass production capacity remains stable, with 288 production lines and a daily melting capacity of 159,065 tons [42]. Policy and Strategic Recommendations - The report recommends focusing on leading companies in the existing supply chain, benefiting from the recovery in both second-hand and new housing sales [9]. - It highlights the importance of companies like Sanke Tree, which has seen a compound annual growth rate of 15-20% in retail business over the past three years [9]. - The report also suggests looking into industrial coatings and export-oriented companies as potential investment opportunities [9].