建筑材料行业周报：如何理解政策发力？

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [3] Core Viewpoints - The central economic work conference has indicated a more proactive stance on fiscal and monetary policies, suggesting an increase in fiscal deficit rates and the issuance of long-term special bonds, alongside a moderately loose monetary policy [1][38] - The report emphasizes that the current market's pricing framework is still limited to traditional economic cycles, and it is essential to adapt to a valuation-first approach before earnings changes [1][3] Summary by Sections Industry Tracking - The building materials index rose by 1.3% during the week, while the Shanghai Composite Index fell by 0.4% [30] - Key stocks with significant gains included Jingxue Energy (+44.0%), Shandong Fiberglass (+31.8%), and Conch New Materials (+27.5%) [30] Data Tracking - Cement: The average price of 42.5 cement nationwide is 424.0 CNY/ton, a decrease of 1.0 CNY/ton from the previous month, but an increase of 42.8 CNY/ton year-on-year [43] - Float Glass: The average price of 5mm float glass is 1536.5 CNY/ton, down 8.0 CNY/ton month-on-month and down 607.3 CNY/ton year-on-year [64] - Photovoltaic Glass: The average price for 2.0mm coated glass is 11.8 CNY/sqm, unchanged month-on-month but down 5.7 CNY/sqm year-on-year [74] - Glass Fiber: The average price of alkali-free glass fiber yarn is 4680.0 CNY/ton, unchanged month-on-month and up 640.0 CNY/ton year-on-year [83] - Carbon Fiber: The average price for large tow carbon fiber is 72.5 CNY/kg, unchanged month-on-month and down 2.0 CNY/kg year-on-year [93] Industry Dynamics - The central economic work conference aims to stabilize the real estate market and effectively prevent systemic risks, emphasizing the need for a new development model in real estate [37][38] - The report highlights the importance of maintaining liquidity and implementing a combination of policies to enhance overall policy effectiveness [38]