建筑材料行业周报：年后首周开复工率优于去年，关注开工端需求回升

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [4] Core Viewpoints - The People's Bank of China lowered the 5-year LPR by 25 basis points to 3.95%, which is expected to reduce mortgage pressure for residents and stabilize the real estate market [6][11] - The construction resumption rate in the first week after the Spring Festival was better than the previous year, indicating a recovery in demand at the construction end [6][11] - Despite a decrease in the total number of projects, the resumption of ongoing projects has been rapid, contributing to improved labor utilization rates [6][13] Summary by Sections 1. Weekly Viewpoint - The first week after the Spring Festival saw a construction resumption rate of 13%, up 2.5 percentage points year-on-year, and a labor utilization rate of 15.5%, up 0.8 percentage points year-on-year [6][13] 2. Market Review 2.1 Sector Performance - The construction materials sector index rose by 3.19% in the past week, underperforming the CSI 300 index by 0.52 percentage points [16] 2.2 Stock Performance - Top-performing stocks included Nanchuan Co. (+41.2%) and Sichuan Jinding (+28.7%), while Hebei Cement (-5.3%) and Huaxin Cement (-3.7%) were among the worst performers [19] 3. Key Data Tracking 3.1 Cement - The national average cement price was 464.81 yuan/ton, with a slight week-on-week decrease of 0.2% [21] - Cement inventory in 8 provinces decreased by 1.93% week-on-week, indicating a slight decline [25] 3.2 Flat Glass - The price of flat glass rose to 2051.1 yuan/ton, up 0.3% week-on-week, continuing a recovery trend [27][31] - Inventory levels increased by 5.69% week-on-week, marking six consecutive weeks of accumulation [31] 3.3 Photovoltaic Glass - Photovoltaic glass prices decreased by 1.9% to 25.50 yuan/square meter, with inventory slightly increasing by 0.54% [34][36] 3.4 Glass Fiber - Glass fiber prices remained stable at 3200 yuan/ton, with production increasing by 7.03% month-on-month [39]