建筑材料行业周观点：特别国债续发，支撑基建投资增速

Investment Rating - The report maintains an "Outperform" rating for the construction materials industry [1]. Core Insights - The issuance of special government bonds is expected to support the growth rate of infrastructure investment, which is crucial for the construction materials sector [1]. - The cement prices have slightly decreased, and the fuel prices have also dropped, leading to an upward trend in the cement-coal price spread. However, demand recovery is slow, and cement prices are expected to remain stable with limited upward potential [1][3]. - The report highlights a significant decline in sales for the top 100 real estate companies, indicating pressure on downstream demand [1]. Summary by Sections Market Review - The construction materials sector index fell by 1.56% to 4389.86 points as of March 8, 2024, underperforming the Shanghai and Shenzhen 300 index, which rose by 0.20% [9]. - All sub-sectors within the construction materials industry experienced declines, with cement down by 0.88%, glass and fiberglass down by 0.31%, and renovation materials down by 3.05% [11]. Cement Industry Data Tracking - As of March 8, 2024, the national average price for cement (P.O42.5 bulk) was 316.08 CNY/ton, a decrease of 0.24% week-on-week and a year-on-year decline of 19.62% [17]. - The clinker price was 273.75 CNY/ton, down 3.52% week-on-week and down 24.48% year-on-year. The cement-coal price spread was 199.45 CNY/ton, up 0.11% week-on-week but down 21.16% year-on-year [24][25]. - The national cement operating load was 23.87%, an increase of 7.31 percentage points week-on-week but a decrease of 29.2 percentage points year-on-year [29]. Glass Industry Data Tracking - The average price for 5mm float glass was 1990.68 CNY/ton as of March 8, 2024, a decrease of 3.95% week-on-week but an increase of 13.98% year-on-year [32].