建筑材料行业周报：3月二手房成交回升，关注中央预算类资金下达进度对建材需求拉动

Investment Rating - The report maintains an "Overweight" rating for the building materials industry [3] Core Views - The second-hand housing transaction volume has rebounded in March, driven by policy adjustments and a low base effect from February. Major cities have seen significant increases in transaction numbers, with Beijing recording 8,862 units and Shanghai 13,034 units by March 21, 2024 [3][14] - The progress of central budget investment plans is expected to accelerate, potentially boosting demand for bulk building materials. The construction resumption rate and funding availability have lagged behind last year's levels, but recent data shows a 43.8% month-on-month increase in cement demand [3][16] - The report emphasizes the importance of funding availability for the recovery of building material demand, particularly as the National Development and Reform Commission plans to expedite the approval of local government special bond projects [16] Summary by Sections Market Overview - The building materials sector index fell by 2.59% from March 18 to March 22, underperforming the CSI 300 index by 1.89 percentage points, ranking last among 31 sectors [19] - The cement sub-sector declined by 2.43%, while glass and fiberglass also saw decreases of 2.48% and 2.82%, respectively [19] Key Data Tracking Cement - The national average cement price increased slightly by 0.1% week-on-week, with significant price rises in North China. The clinker capacity utilization rate has improved notably, especially in the Yangtze River Delta region [24][29] - Cement industry theoretical profit rose to 32.31 CNY/ton, up 0.56% week-on-week, indicating a continuous profit recovery [29] Flat Glass - The price of float glass dropped by 5.5% week-on-week, with inventory levels increasing by 1.85%, marking ten consecutive weeks of inventory accumulation [31] - The average price for 4.8/5mm float glass was reported at 1,916 CNY/ton as of March 20, 2024 [31] Photovoltaic Glass - The price of photovoltaic glass remained stable week-on-week, with a slight decrease in inventory by 6.35% [31] Fiberglass - Fiberglass prices remained stable at low levels, with no significant changes reported [31] Carbon Fiber - Carbon fiber prices held steady, with inventory levels increasing by 3.52% and production rising by 7.49% week-on-week [31]