建筑材料行业定期报告：中央定调“稳住楼市”，重视建材板块配置机会

Investment Rating - The industry rating is "Outperform the Market" [5] Core Viewpoints - The central government has emphasized stabilizing the real estate market and has adjusted fiscal policy to be "more proactive" and monetary policy to "moderately loose," indicating a strong commitment to stabilizing housing prices and transactions [2][14] - The report suggests that the decline in interest rates will help restore home buying willingness, while policies related to urban renewal and monetary support will enhance purchasing power, increasing the probability of stabilization in the real estate market [4][14] - The construction materials sector is expected to see a recovery in demand as the real estate market stabilizes, with potential for credit risk alleviation among industry chain companies [4][14] Summary by Sections 1. Weekly Insights - The central government meetings have reinforced the commitment to stabilize the real estate market, with over 400 adjustments to housing fund policies across the country this year [2][14] - The report highlights the sensitivity of the market to policy easing, especially after three years of declining property sales [2][14] 2. Weekly High-Frequency Data 2.1 Cement - As of December 13, 2024, the average price of bulk P.O 42.5 cement is 417.3 CNY/ton, down 0.3% week-on-week but up 15.7% year-on-year [3][15] - Regional prices vary, with North China at 380.4 CNY/ton and Northeast at 484.3 CNY/ton [15] 2.2 Glass - The average ex-factory price of glass (5.00mm) is 1354.3 CNY/ton, down 0.8% week-on-week and down 32.5% year-on-year [3][21] - Prices in various regions show a decline, with North China at 1280.0 CNY/ton [21] 2.3 Fiberglass - As of December 13, 2024, fiberglass prices from major producers show increases, with Shandong Fiberglass at 3700.0 CNY/ton, up 12.1% year-on-year [46] 2.4 Other Building Materials - SBS modified asphalt prices in North China are 4000.0 CNY/ton, up 2.6% year-on-year [49] - TDI prices in North China are 12800.0 CNY/ton, down 22.5% year-on-year [52] 3. Sector Review - The construction materials sector outperformed the market, with a 1.26% increase in the sector index compared to a 0.36% decline in the Shanghai Composite Index [58] - Sub-sectors such as cement products and refractory materials saw significant gains, with increases of 7.3% and 6.3% respectively [58][61]