建筑材料行业周报：万亿增发国债全部下达，关注节后开工端需求

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Viewpoints - During the 2024 Spring Festival holiday, the overall transaction volume of commercial housing in 30 major cities was relatively flat, with a total of 614 units sold, a slight increase of 6% compared to the 2023 Spring Festival [3][14] - The average daily transaction volume during the holiday was 77 units, a decrease of 7% year-on-year [3][14] - Notably, the top 10 cities saw a significant increase in sales, with an average daily transaction of 27 units, up 125% year-on-year, driven by the relaxation of housing purchase restrictions in first-tier cities [3][14] - The issuance of a trillion yuan in government bonds has been completed, with a focus on post-holiday demand, particularly in sectors benefiting from infrastructure investments such as cement, pipelines, and waterproofing [3][18] Summary by Sections Industry Overview - The report highlights the completion of the issuance of a trillion yuan in government bonds, which is expected to stimulate demand in traditional infrastructure sectors post-holiday [3][18] Key Data Tracking Cement - Cement inventory remained stable, with a theoretical profit of 25.65 yuan per ton, unchanged week-on-week [25][27] - As of February 16, cement inventory in 8 provinces was 20.97 million tons, stable compared to the previous week [25] Flat Glass - The price of flat glass increased by 0.3% week-on-week, continuing a rising trend since January [29] - Inventory rose by 2.90% week-on-week, with a total inventory of 1.8099 million tons as of February 16 [29] Photovoltaic Glass - Inventory and production of photovoltaic glass saw a slight increase, with inventory up 0.27% week-on-week [33] - The average price of 3.2mm coated photovoltaic glass remained stable at 26.00 yuan per square meter [33] Glass Fiber - Glass fiber prices remained stable, with the price of 2400tex direct yarn at 3200 yuan per ton [37] - Production in January was 589,100 tons, showing a month-on-month increase of 7.03% [37] Carbon Fiber - Carbon fiber prices remained unchanged at 96 yuan per kilogram, with inventory increasing by 5.01% to 13,465 tons [40]