建筑材料行业跟踪周报：政策落地，重视财政加杠杆方向

Investment Rating - The report maintains an "Accumulate" rating for the construction materials sector [1]. Core Views - The construction materials sector has shown a weekly increase of 1.26%, outperforming the Shanghai Composite Index and the Wind All A Index, which decreased by -1.01% and -0.20%, respectively, resulting in excess returns of 2.27% and 1.46% [1]. - The report highlights the importance of fiscal leverage and the positive impact of government policies aimed at boosting consumption, particularly in the context of the recent Central Economic Work Conference [1]. - The report suggests that investors should focus on two main directions: fiscal leverage related to water conservancy construction and companies benefiting from real estate relaxation policies [1]. Summary by Sections 1. Sector Insights - The report emphasizes that the construction materials sector is expected to benefit from fiscal stimulus and consumption policies, with a focus on companies involved in water conservancy and construction materials in western regions [1]. - The real estate sector is undergoing a process of capacity reduction, which may lead to increased merger and acquisition activities as companies seek to consolidate [1]. 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The national average price for high-standard cement is 424.0 CNY/ton, showing a decrease of 1.0 CNY/ton from the previous week but an increase of 42.8 CNY/ton year-on-year [1]. - The average cement inventory ratio is 63.9%, down 1.7 percentage points from the previous week, and the average cement shipment rate is 44.8%, down 1.9 percentage points week-on-week [1]. 2.2 Glass - The average price for float glass is 1412.1 CNY/ton, down 6.5 CNY/ton from the previous week and down 605.8 CNY/ton year-on-year [1]. - The inventory of float glass in 13 provinces is 4.288 million heavy boxes, an increase of 160,000 heavy boxes from the previous week [1]. 2.3 Glass Fiber - The price of non-alkali roving yarn is stable, with mainstream transaction prices ranging from 3500 to 3600 CNY/ton, reflecting a 0.47% increase from the previous week and a 16.12% increase year-on-year [1]. 3. Industry and Company Dynamics - The report notes that the recent political meetings have led to a more consumption-oriented policy direction, which is expected to positively impact the construction materials sector [1]. - The report also highlights the potential for mergers and acquisitions in the construction materials sector as companies look to consolidate amid ongoing economic adjustments [1]. 4. Weekly Market Review - The construction materials sector has shown resilience with a positive weekly performance, indicating potential investment opportunities in the sector [1].