建材行业周报：全国开复工率同比偏低，出口延续回暖趋势
Great Wall Securities·2024-03-10 16:00

Investment Rating - The report maintains an "Outperform" rating for the building materials sector [3]. Core Insights - The national resumption rate of construction is lower year-on-year, while exports continue to show signs of recovery [8][10]. - As of March 5, the national resumption rate reached 62.9%, a year-on-year decrease of 13.6 percentage points, with a funding availability rate of 44.7% [8][10]. - In January and February, China's total export value (in USD) grew by 7.1% year-on-year, indicating a sustained recovery trend [10][11]. Summary by Sections Weekly Focus - The national resumption rate is 62.9%, down 13.6 percentage points year-on-year, with a funding availability rate of 44.7% [8][10]. - Non-real estate projects have better resumption and funding rates compared to real estate projects [8][10]. Market Review - The Shanghai Composite Index rose by 0.6%, while the building materials sector (Shenwan) fell by 1.6% [2][13]. - Among building materials sub-sectors, glass prices increased by 3.0%, while cement and other materials saw declines [2][13]. Key Data Tracking - National cement prices decreased by 0.2% week-on-week and 0.4% month-on-month, with a year-on-year decline of 24.0% [21][24]. - The price of float glass increased by 0.9% week-on-week, with a year-on-year increase of 17.8% [27][29]. Industry Dynamics - Demand for cement is slowly recovering, with a weak upward trend in prices due to various factors including weather conditions and environmental policies [46][47]. - The report highlights a significant drop in cement transaction volumes in February, with a year-on-year decrease of 44.06% [48]. Investment Recommendations - The report suggests focusing on export-related companies such as Songlin Technology and Jianlin Home, as well as growth-oriented consumer building materials companies like Sanhe Tree and Weixing New Materials [5][13]. - It also recommends monitoring companies in the steel structure manufacturing sector and those involved in infrastructure projects [5][13].