建筑材料行业周报：韧性城市驱动建筑智能转型，关注建材行业并购重组

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [2] Core Viewpoints - The construction materials industry is driven by the development of resilient cities, which promotes the transformation of intelligent construction. The central government aims to establish replicable experiences in new urban infrastructure by 2027, with significant achievements expected by 2023. Key tasks include implementing smart municipal infrastructure and enhancing building management intelligence [2][3]. - Recent mergers and acquisitions in the construction materials sector indicate a trend towards consolidation. Notable transactions include Huaxin Cement's planned acquisition of Lafarge Africa for $838 million, which will expand its presence in the West African market, and Beixin Building Materials' acquisition of a controlling stake in Zhejiang Daqiao Paint [3]. Summary by Relevant Sections Industry Data Tracking - The national average price of cement was 544.03 RMB/ton, with a week-on-week increase of 0.2%. The cement output for the week ending December 6 was 3.4975 million tons, reflecting a 2.5% increase [4]. - The inventory of flat glass decreased to 48.229 million weight boxes, down 1.61% week-on-week, indicating a general reduction in stock across regions, particularly in Central and North China [4]. - The price of photovoltaic glass remained stable at 19.5 RMB/square meter, with an operating rate of 62.7% [5]. Investment Recommendations - The construction materials sector is currently at a low point, but there is potential for price recovery, particularly in cement. The report suggests focusing on resilient consumer building material leaders such as Weixing New Materials, Beixin Building Materials, and Tubao. Additionally, it recommends monitoring cement companies like Huaxin Cement and Conch Cement for price recovery opportunities [8].