建筑材料行业月报：淡季需求下滑，关注春节后需求改善情况

Investment Rating - The report maintains a "Recommended" rating for the building materials industry [2][4][32] Core Viewpoints - The building materials industry is expected to see demand improvement following the Chinese New Year, driven by favorable policies in real estate and infrastructure [4][32] - The cement sector is experiencing a seasonal decline in demand, with a national average cement price of 421.42 RMB/ton in December 2024, down 3.82 RMB/ton from November [12][32] - The glass industry is entering a weak demand phase as companies prepare for the upcoming holiday, with expectations of reduced market activity in January 2025 [33][24] - The fiberglass sector shows signs of recovery, with price increases and improved profitability due to recent price adjustments by leading companies [26][32] Cement Industry Summary - In December 2024, national cement production was 1.55 billion tons, a year-on-year decrease of 2% [9] - Infrastructure investment, excluding electricity, increased by 4.4% year-on-year, providing support for cement demand [10] - The report highlights key companies to watch, including Shangfeng Cement (000672.SZ), Huaxin Cement (600801.SH), and Conch Cement (600585.SH) [12][32] Glass Industry Summary - The flat glass production in 2024 was 1 billion weight boxes, a year-on-year increase of 2.9%, but demand has significantly decreased with a 26.1% drop in housing completion area [18][30] - The report anticipates a weak market in January 2025, with companies likely to reduce production and adjust prices based on demand [24][33] - Key companies to monitor include Qibin Group (601636.SH) and Jinjing Technology (600586.SH) [33][24] Fiberglass Industry Summary - The fiberglass industry is experiencing a slight increase in profitability, with the PPI rising from 99.1 to 100.4 in December 2024 [26] - The demand for fiberglass in the automotive sector, particularly for new energy vehicles, is robust, with production reaching 1.647 million units in December, a 43.2% year-on-year increase [26][27] - Key companies to focus on include China Jushi (600176.SH) and China National Materials (002080.SZ) [26][32] Consumer Building Materials Summary - The retail sales of building and decoration materials fell by 2% year-on-year in 2024, indicating a slight decline in end-user demand [30] - The report suggests that recent favorable real estate policies may boost demand for consumer building materials, with companies like Weixing New Materials (002372.SZ) and Beixin Building Materials (000786.SZ) highlighted for potential growth [30][34]