Core Insights - The report highlights that the escalation of the US-Iran conflict has led to a surge in oil prices, which in turn has caused a price increase in various construction materials. Brent crude oil prices have risen by 64.6% since the beginning of the year, reaching $101 per barrel, the highest since the Russia-Ukraine conflict in 2022 [12][13] - The report suggests that the construction materials sector is experiencing a price recovery, with leading companies benefiting from improved pricing power and a consensus on price increases within the industry [13][14] Group 1: Impact of US-Iran Conflict - The US-Iran conflict has resulted in the temporary closure of the Strait of Hormuz, disrupting oil supply chains and causing significant price increases in raw materials such as natural gas (up 41%), asphalt (up 9.3%), and acrylic acid (up 134.8%) [12][13] - Leading companies in the construction materials sector are expected to have better pricing power due to rising raw material costs, which can enhance their profit margins [13][14] Group 2: Construction Materials Market Trends - The report indicates that the construction materials market is witnessing a price recovery, with companies like Sanhe Tree, Rabbit Baby, and Oriental Yuhong being highlighted as key players to watch [12][14] - The cement market has seen a slight decrease in prices, with a 0.3% drop reported recently. The average price of cement is currently 337 RMB per ton, which is down 1.00 RMB from the previous period [22][23] - The glass market is showing stable price trends, with float glass prices increasing by 1.4% recently, while photovoltaic glass trading remains steady [27][28] Group 3: Financial Performance and Valuation - The report provides a detailed financial analysis of key companies in the construction materials sector, indicating that many leading firms are expected to see improved earnings as market conditions stabilize [5][22] - The valuation of the construction materials sector is currently at historical lows, suggesting potential investment opportunities as the market begins to recover [22][23] Group 4: Consumer Construction Materials - The consumer construction materials segment is showing signs of recovery, with leading companies demonstrating resilience in their operations despite ongoing challenges in the real estate market [22][23] - The report notes that the long-term demand for consumer construction materials remains stable, supported by the renovation of existing properties and an increase in market concentration among leading firms [22][23]

Investment Rating - The industry investment rating is "Hold" [2] Core Viewpoints - The dual carbon policy is expected to strengthen the supply logic of the building materials industry, leading to potential improvements in profitability from historical lows [5][34] - The cement industry is a key focus for carbon reduction, with an estimated clinker production of approximately 1.1 billion tons in 2025, contributing to about 8% of national carbon emissions [34] - The glass industry is also under scrutiny, with significant carbon emissions expected to be managed through cleaner fuel transitions and potential inclusion in carbon markets by 2027 [34] Summary by Sections Transition from Energy Consumption Control to Carbon Emission Control - The transition from "energy consumption control" to "carbon emission control" is expected to enhance the effectiveness of carbon reduction efforts [19][20] - The 14th and 15th Five-Year Plans emphasize the importance of reducing carbon emissions, with a target of a 17% reduction in carbon emissions per unit of GDP by 2025 [23][26] Cement Industry - The dual carbon policy is anticipated to lead to continuous improvements in the supply side of the cement industry, with administrative measures expected to force non-compliant and inefficient production capacities out of the market [34] - The carbon market is set to include the cement industry by 2025, with a gradual tightening of carbon quotas expected post-2027, which will increase costs for less efficient producers [35][36] Glass Industry - The glass industry is currently undergoing transformations to phase out outdated production capacities through cleaner fuel initiatives, with expectations of stricter environmental policies in the future [34] - The glass sector is projected to be included in carbon market regulations by 2027, which will further drive the exit of inefficient production capacities [34] Investment Recommendations - The report suggests that the dual carbon policy will enhance the supply-side logic of the building materials industry, with leading companies expected to benefit from improved profitability as supply conditions optimize [5][34] - Key companies to watch in the cement sector include Huaxin Cement, Conch Cement, and China National Building Material, while in the glass sector, focus on companies like Xinyi Glass and Fuyao Glass [5][34]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 安徽海螺水泥股份有限公司 ANHUI CONCH CEMENT COMPANY LIMITED 中華人民共和國安徽省蕪湖市 二零二六年三月十二日 截至此公告日，本公司董事會成員包括（ i ）執行董事楊軍先生、朱勝利先生、李群峰 先生、虞水先生及吳鐵軍先生；（ ii ）獨立非執行董事屈文洲先生、何淑懿女士及韓旭 女士；（ iii ）職工董事：凡展先生。 1. 審議及批准截至二零二五年十二月三十一日止年度本公司及其附屬公司（「本集 團」）經審核之財務業績； 2. 審議及批准根據香港聯合交易所有限公司證券上市規則刊載截至二零二五年十二 月三十一日止年度本集團業績公告； 3. 審議是否向本公司股東建議審議及（若合適）批准宣派截至二零二五年十二月三十 一日止年度末期股息（如有）；及 4. 處理其他事宜（如有）。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：00914） 董事會會議通告 安徽海螺水泥股份 ...

格隆汇3月12日丨海螺水泥(00914.HK)宣布于2026年3月24日(星期二)就以下目的(及其他事项)举行董事 会会议：1.审议及批准截至2025年12月31日止年度集团经审核的财务业绩；2.审议及批准根据证券上市 规则刊载截至2025年12月31日止年度集团业绩公告；3.审议是否向公司股东建议审议及(若合适)批准宣 派截至2025年12月31日止年度末期股息(如有)；及4.处理其他事宜(如有)。 ...

格隆汇3月12日丨海螺水泥(00914.HK)宣布于2026年3月24日(星期二)就以下目的(及其他事项)举行董事 会会议：1.审议及批准截至2025年12月31日止年度集团经审核的财务业绩；2.审议及批准根据证券上市 规则刊载截至2025年12月31日止年度集团业绩公告；3.审议是否向公司股东建议审议及(若合适)批准宣 派截至2025年12月31日止年度末期股息(如有)；及4.处理其他事宜(如有)。 ...

ANHUI CONCH CEMENT COMPANY LIMITED （在中華人民共和國註冊成立之股份有限公司） （股份代號：00914） 董事會會議通告 安徽海螺水泥股份有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈 於二零二六年三月二十四日（星期二）就以下目的（及其他事項）舉行董事會會議： 承董事會命 安徽海螺水泥股份有限公司 聯席公司秘書 虞水 中華人民共和國安徽省蕪湖市 二零二六年三月十二日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 安徽海螺水泥股份有限公司 截至此公告日，本公司董事會成員包括（ i ）執行董事楊軍先生、朱勝利先生、李群峰 先生、虞水先生及吳鐵軍先生；（ ii ）獨立非執行董事屈文洲先生、何淑懿女士及韓旭 女士；（ iii ）職工董事：凡展先生。 1. 審議及批准截至二零二五年十二月三十一日止年度本公司及其附屬公司（「本集 團」）經審核之財務業績； 2. 審議及批准根據香港聯合交易所有限公司證券上市規則 ...

Summary of China Basic Materials Monitor - March 2026 Industry Overview - The report focuses on the **China Basic Materials** industry, highlighting changes post-Chinese New Year (CNY) amid elevated commodity prices and geopolitical tensions in the Middle East [1] Key Points Demand Trends - **Mixed Demand Post-CNY**: Demand is strong for energy-related items such as power grid cables, ESS batteries, and export solar modules, but weaker than expected in construction, appliances, automotive, and traditional hardware [1] - **Demand Destruction**: Elevated metal prices have led to a **15-20% demand destruction** pre-CNY, although this has been accepted by the end market for now [1] - **Export Orders Impact**: Producers expect a **5-15% impact on export orders** from the Middle East, particularly in steel, electric vehicles (EV), and energy storage systems (ESS) [1] - **High Energy Prices**: The outlook for high energy prices has made copper traders cautious, leading to increased prices for seaborne and domestic coal [1] Supply Dynamics - **Cement Production Cuts**: Top cement producers are closing **5-15% of their capacity** due to depressed demand [1] - **Carbon Trading Impact**: The inclusion of steel in the national carbon trading platform imposes limited discipline on steel production in 2026 [1] Demand Metrics - **High-Frequency Data**: In the first week of March, Chinese demand was reported to be **50-60% lower year-on-year (YoY)** for cement and construction steel, and **2-8% lower YoY** for aluminum, copper, and flat steel [1] - **Margin and Pricing Trends**: Margins/pricing for coal, aluminum, and lithium improved, while steel and cement prices softened, with copper prices remaining stable [1] Producer Feedback - **Order Book Trends**: A proprietary survey indicated that **95% of respondents** reported a month-on-month (MoM) pickup in March for downstream sectors, and **86% for commodities** [2] Additional Insights - **Cautious Outlook**: The overall cautious sentiment in the market is reflected in the mixed demand and the adjustments in production capacities across various sectors [1][2] Conclusion - The China Basic Materials industry is currently navigating a complex landscape characterized by mixed demand, elevated prices, and strategic adjustments in production. The ongoing geopolitical tensions and energy price fluctuations are critical factors influencing market dynamics.

Core Viewpoint - The article highlights the global debut of China's T1200-grade ultra-high-strength carbon fiber, marking a significant advancement in the production of this material and filling a gap in the global market [1] Group 1: Product Development - The T1200-grade ultra-high-strength carbon fiber is developed by China National Building Material Group and is not just a laboratory sample but an industrial product with a production capacity of hundreds of tons [1] - China becomes the first country in the world to achieve mass production of T1200-grade carbon fiber at a scale of hundreds of tons [1] Group 2: Product Characteristics - The diameter of T1200-grade carbon fiber is less than one-tenth of a human hair, yet its tensile strength is ten times that of ordinary steel, with a density only one-fourth that of steel [1] - The material's lightweight and toughness make it suitable for applications in strategic emerging industries such as aerospace, low-altitude economy, and humanoid robotics [1]

Investment Rating - The report maintains a positive outlook on the building materials sector, emphasizing the potential for growth in specific segments such as waterproof materials and fiberglass [2][6][18]. Core Insights - The overall view on building materials is that EPS is becoming less correlated with real estate, but valuations are benefiting from low expectations in the real estate sector, leading to a focus on stocks with solid fundamentals [2][6]. - The report highlights that the consumption building materials sector is expected to see price stabilization due to policy expectations and raw material cost adjustments, with specific recommendations for companies like Oriental Yuhong and China Liansu [3][14]. - The fiberglass segment is entering a price increase cycle, driven by rising costs and demand, with companies like China Jushi and Zhongcai Technology being highlighted for their potential profitability [4][5][15]. Summary by Sections Consumption Building Materials - Policy expectations are stable, and raw material prices are expected to bottom out, benefiting companies in the waterproof, plastic pipeline, and gypsum board sectors [3][14]. - Recommended stocks include Oriental Yuhong, China Liansu, and Weixing New Materials, which are positioned well for growth [3][14]. Fiberglass - The fiberglass market is experiencing upward price pressure, with small manufacturers leading price increases, and larger companies expected to follow [5][15]. - The report notes that if price increases are successfully implemented, profitability for leading companies could improve significantly [5][7]. Cement - The cement industry is entering a phase where price increases are anticipated, with companies like Conch Cement and Huaxin Cement being highlighted for their growth potential [18][46]. - The report emphasizes the importance of overseas expansion for cement companies, particularly in light of stable exchange rates and improving profitability from international operations [24][27]. Glass - Leading companies in the glass sector, such as Xinyi Glass, are showing better-than-expected profitability, driven by structural optimization and increased overseas sales [10][12]. - The report suggests that the glass industry is at a valuation low point, with significant upside potential as demand stabilizes [16][17]. Investment Recommendations - The report recommends a focus on companies with independent growth or valuation advantages, particularly in the waterproof materials sector and traditional fiberglass products [34][38]. - Specific stock picks include China Jushi, Jiantao Laminated Board, and Zhongcai Technology, which are expected to benefit from price increases and market demand [9][22][39].

Investment Rating - The report maintains a positive outlook on the building materials sector, emphasizing the potential for growth in specific segments such as waterproof materials and fiberglass [2][6][34]. Core Insights - The overall sentiment for the building materials industry is that earnings per share (EPS) are becoming less correlated with real estate, but valuations are benefiting from low expectations in the real estate sector. The focus is on buying stocks with solid fundamentals and the potential for macroeconomic improvements [2][6]. - The report highlights that the consumption building materials sector is expected to see price stabilization due to policy expectations and raw material cost adjustments, with specific recommendations for companies like Oriental Yuhong and China Liansu [3][6]. - The fiberglass segment is entering a price increase cycle, driven by rising costs and demand, with companies like China Jushi and International Composites being highlighted as key players [4][5][6]. Summary by Sections Consumption Building Materials - Policy expectations are stable, and raw material prices are expected to bottom out, providing opportunities for price increases in consumer building materials [3]. - Recommended stocks include Oriental Yuhong, China Liansu, and Weixing New Materials, which are positioned well for growth [3][34]. Fiberglass - The fiberglass market is experiencing upward price pressure, with small manufacturers leading price increases. The report notes that if price increases are successfully implemented, major companies could see improved profitability [5][7]. - Key recommendations include China Jushi and International Composites, which are expected to benefit from these trends [15][22]. Cement - The cement industry is at a potential turning point, with expectations for price increases as the market stabilizes. Companies like Conch Cement and Huaxin Cement are highlighted for their growth potential, especially in overseas markets [18][46]. - The report emphasizes the importance of policy execution and governance improvements in driving future growth opportunities [43][45]. Glass - The glass sector, particularly companies like Xinyi Glass, is showing stronger-than-expected profitability at the bottom of the market cycle, driven by structural optimization and increased overseas sales [10][12]. - Recommendations include Xinyi Glass and Qibin Group, which are expected to benefit from product upgrades and market recovery [17][16]. Overall Market Outlook - The report suggests that the building materials industry is entering a phase of clearer fundamentals, with potential for macroeconomic improvements to enhance stock performance. The focus is on companies with independent growth drivers and strong dividend yields [23][25][35].