建筑材料行业周报：经济工作会议表述积极，长期看好

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1]. Core Views - The central economic work conference emphasizes stabilizing the real estate and stock markets, with a focus on implementing more proactive fiscal policies. This includes promoting the recovery of the real estate market and optimizing land supply [3]. - The construction materials sector has shown positive performance, with a 2.95% increase in the sector index from December 9 to December 13, 2024, outperforming the Shanghai Composite Index [2][17]. - The report highlights specific opportunities in various sub-sectors, including cement, glass, fiberglass, and consumer building materials, with recommendations for key stocks [3]. Summary by Sections 1. Market Overview - The construction materials sector index rose by 2.95%, while the Shanghai Composite Index increased by 0.68%, resulting in an excess return of 2.65% compared to the CSI 300 [2][17]. - Cement prices have shown a slight decline, with the national cement price index at 418.75 CNY/ton, down 0.32% week-on-week [4][23]. 2. Cement Industry Tracking - National cement output was 3.448 million tons, a decrease of 1.42% from the previous week, with a clinker capacity utilization rate of 44.5%, up 0.3 percentage points [4][23]. - The report notes that demand for cement is still in a bottoming phase, but there is potential for price increases due to coordinated production cuts and rising construction activity [3][23]. 3. Glass Industry Tracking - The average price of float glass is reported at 1412.09 CNY/ton, reflecting a decrease of 0.46% from the previous week [4]. - The report suggests that while demand for glass may face pressure in 2024, there is a focus on photovoltaic glass, which is expected to see continued growth [3]. 4. Fiberglass Industry Tracking - The report indicates that fiberglass prices have stabilized after a price war, with a notable increase in demand from the wind power sector [3][8]. - The average price of non-alkali roving yarn has increased, driven by new pricing implementations [8]. 5. Consumer Building Materials - The consumer building materials sector is benefiting from improved second-hand housing transactions and consumption subsidies, with a focus on companies like Beixin Building Materials and Weixing New Materials [3][8]. 6. Carbon Fiber Market - The carbon fiber market is experiencing a slow recovery in downstream demand, with production costs reported at 121,800 CNY/ton, leading to negative profit margins [8].