建筑材料行业研究周报：中央经济工作会议释放积极信号，布局春季躁动+困境反转方向

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The central economic work conference has released positive signals, indicating a focus on spring market activity and a reversal of difficulties. The report highlights a continuous increase in housing sales area in major cities, with a year-on-year growth of 16.66% for the week of December 7-13, 2023, marking seven consecutive weeks of positive growth [1][8] - The report emphasizes that the construction materials sector is entering a policy window period, with expectations for improved demand in the real estate and infrastructure sectors. The report suggests that the current cycle of material prices and profits is at historically low levels, and a potential market rally is anticipated as construction activity picks up in early 2024 [1][8][16] Summary by Sections Market Review - In the past five trading days (December 9-13), the CSI 300 index fell by 1.01%, while the construction materials sector (CITIC) rose by 1.10%. All segments except for the glass fiber sector achieved positive returns, with notable individual stock performances including Shandong Glass Fiber (+31.8%) and Conch New Materials (+27.5%) [6][1] Key Sub-Industry Tracking - Cement: The national cement market price has continued to decline by 0.2% week-on-week, with a national shipment rate of 44.8%, down approximately 2 percentage points [14] - Glass: The price of float glass has decreased slightly, with the average price at 1412.09 RMB/ton, down 0.46% week-on-week. The market demand remains supported, but overall trading atmosphere is average [15] - Fiberglass: The price of domestic non-alkali roving has stabilized after a recent increase, with mainstream transaction prices reaching 3500-3600 RMB/ton, reflecting a year-on-year increase of 16.12% [15] Long-term Value of Traditional Building Materials - The report identifies significant long-term value in traditional building materials, with a focus on companies like Three Trees, Huaxin Cement, and Conch Cement. It notes that the construction materials sector is nearing a cyclical bottom, and new materials are expected to continue their growth trajectory [16]