建筑材料行业周报：年底赶工逐步结束，需求季节性走弱

Investment Rating - The investment rating for the construction materials sector is "Maintain Buy" [18] Core Insights - The construction materials sector experienced a decline of 4.7% from December 16 to December 20, 2024, while the Shanghai Composite Index fell by 0.7%, resulting in an excess return of -4.57% compared to the CSI 300 [18] - Cement prices are under pressure, with a national cement price index of 417.07 CNY/ton as of December 20, 2024, reflecting a 0.4% decrease week-on-week [32] - The demand for glass is expected to be under pressure in 2024, with a focus on the photovoltaic glass sector due to anticipated growth in demand [18] Summary by Sections 1. Market Review - The construction materials sector saw a net inflow of 1.22 billion CNY this week [18] - The cement industry is currently in a demand bottoming process, with production cuts being implemented to stabilize prices [32] 2. Cement Industry Tracking - The national cement output was 3.3855 million tons, down 1.81% week-on-week, with a clinker capacity utilization rate of 42.5%, a decrease of 2.0 percentage points [32] - The northern provinces are in a heating season production cut phase, with a cut rate exceeding 85% [45] 3. Glass Industry Tracking - The average price of float glass is 1403.79 CNY/ton, down 0.59% from the previous week, with inventory levels showing a significant decrease [32] 4. Glass Fiber Industry Tracking - The price of non-alkali yarn remained stable, while electronic yarn prices saw a decline of 200-500 CNY/ton [34] 5. Consumer Building Materials Raw Material Price Tracking - Asphalt prices remained stable week-on-week, while prices for aluminum alloy and styrene decreased [34] 6. Carbon Fiber Price Tracking - The carbon fiber market price remained stable, with production at 1316 tons and an operating rate of 52.6% [34]