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Glass: Price: North China glass prices fell again, East China glass prices are basically stable, South China, Central China glass prices rose slightly. Glass-soda ash heavy oil difference decreased by 0.1 yuan / heavy box. Inventory: In the first half of the country, the float glass inventory was 27.57 million heavy boxes, an increase of 320,000 heavy boxes, and the inventory increased by 1.11 million heavy boxes in recent years. Gypsum board: The price of US waste was flat this week. Beixin Building Materials has continued to rise in the near future, but it still has 15-20% of the short-term target price. We maintain the “strongly recommended-A†investment rating.
PCCP: On December 21, the Office of South-to-North Water Transfer of Hebei Province held a meeting to speed up the construction of the supporting project in the early stage. At the end of March 2013, the preliminary work of the water pipeline project above the water plant was completed.
Last week's news: 1, the National Development and Reform Commission will prepare urbanization plans next year; 2, the Ministry of Land and Resources reiterated that the real estate control policy is unwavering; 3, the central government approved the Shanghai pilot provident fund loans to support the construction of affordable housing; 4, Qingsong Jianhua will integrate the cement assets within the Corps, The controlling shareholder will reduce the holding of 10 million shares (to be further integrated in Xinjiang); Jiangxi Cement will build a logistics subsidiary, Qinglong Pipe Industry will set up two new subsidiaries in Henan, and Weixing New Materials will meet the exercise conditions in the first phase of 3 million stock options. (The exercise price is 16.5 yuan, and the stock price has a chance).
Investment strategy: The characteristics of the off-season are apparent. We expect the callback to be around RMB 30/ton. If the stock price falls, it is still a chance to buy. Due to the infrastructure on the demand side, real estate will still pick up. At present, there is no worry about the excessive profitability of the ton, and the favorable factors of the supply side will amplify the range of demand improvement. We are optimistic about the East China region such as Conch, Huaxin, Jiangxi, Chaodong, etc., and grasp the turning point of the East; in the new building materials, we are optimistic about the development of the cycle and growth resonance of Kaier New Materials, China Fiberglass, Beixin Building Materials, etc. Low valuation, opportunity below the strike price. Risk warning: The demand is too weak to cooperate.
Building materials industry one week building materials "crystal" point: cement average price continues to fall, waiting for opportunities
Cement: Last week, the national average cement price fell by 0.55% from the previous month. Cement prices in some areas such as Zhejiang, Fujian and Hubei fell by RMB 10-30/ton. In addition, the prices of clinker in Zhejiang, Jiangsu, Jiangxi and Guangdong fell. The national cement coal price gap fell by 1.6 yuan / ton. Inventory: The national cement storage capacity ratio is 70%, which is the same as the previous month. The national clinker inventory was 78%, up 1.6 percentage points from the previous month: Ankang stocks fell, and stocks in 19 regions such as Beijing, Shijiazhuang and Hangzhou rose. Stop the kiln: The three northeastern provinces stopped production for 3-4 months from the beginning of December, and the clinker in the Huanchao Lake area in Anhui continued to stop. Before the Spring Festival, the kiln was divided into two rounds. The first round was from December 4, 2012 to January 4, 2013. The second round was from January 5, 2013 to February 4, 2013. /3 clinker capacity. Jiangsu Sunan Leading Enterprise plans to control 33% of clinker capacity from December 15, 2012 to January 5, 2013. Jiangxi also has plans.