Group 1 - The establishment of China Yajiang Group and the commencement of the Yarlung Tsangpo River downstream hydropower project inject new growth momentum into the hydropower industry [1] - The Yarlung Tsangpo River downstream hydropower project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, aiming for an annual power generation of about 300 billion kilowatt-hours [1] - The project is expected to enhance the long-term growth potential of the hydropower sector, with installed capacity projected between 60 to 70 million kilowatts [1] Group 2 - Central state-owned enterprises in the construction sector, particularly China Power Construction Corporation, are poised to benefit significantly from hydropower engineering projects [2] - China Power Construction Corporation is responsible for over 80% of river planning and more than 65% of the construction tasks for large and medium-sized hydropower stations in China, holding over 50% of the global market share in this area [2] - The demand for cement in Tibet is expected to rise, with a projected cement production of 13.1 million tons in 2024, primarily driven by six leading companies [2] Group 3 - The demand for explosives in Tibet is anticipated to increase due to the scale of the hydropower projects, with an estimated usage of approximately 139,300 tons of explosives for the Yarlung Tsangpo River downstream project [3] - Major players in the explosives market in Tibet include Gaozheng Minexplosion, Yipuli, and Guangdong Hongda, which hold significant market shares [3]

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 稳经济措施加码，重大水电项目落地 2025 年 07 月 21 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -13% -9% -5% -1% 3% 7% 11% 15% 19% 23% 2024/7/22 2024/11/19 2025/3/19 2025/7/17 建筑材料 沪深300 相关研究 价格上涨的主要是湖南省，幅度 10 元/吨。七月中旬，随着天气好转， 下游市场需求环比略有提升，全国重点地区水泥企业平均出货率维持约 46%，环比增加 2.4 个百分点。价格方面，由于整体市场需求依旧较弱， 以及多数地区错峰生产执行力度不够，供需矛盾无明显缓解，导致部分 地区价格仍在小幅下探，预计后期价格将延续 ...

建筑材料 2025 年 07 月 20 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 建筑材料 沪深300 相关研究报告 《住建部强调稳定房地产市场，关注 建 材 投 资 机 会 — 行业周报》- 2025.7.13 张绪成（分析师） 刘天文（分析师） zhangxucheng@kysec.cn liutianwen@kysec.cn 证书编号：S0790523110001 中央城市工作会强调城市更新，关注建材投资机会 本周中央城市工作会议在北京举行。会议指出我国城镇化从快速增长期转向稳定 发展期，城市发展从大规模增量扩张转向存量提质增效为主的阶段。以推进城市 更新为重要抓手，稳步推进城中村和危旧房改造、老旧管线改造升级等，将拉动 管材、防水、涂料等消费建材需求。同时，推动城市高质量发展，"好房子" 概念 及相关住宅规范的执行，将提升高品质、绿色建材产品需求。我们认为，随着城 市更新政策的不断推进，地产链基本面有望迎来较大改善。消费建材板块推荐： 三棵树（渠道下沉，零售扩张）、东方雨虹（防水龙头，经营结 ...

Investment Rating - Industry Rating: Recommended [4] Core Insights - The establishment of China Yajiang Group marks the orderly advancement of major engineering projects, with significant investment opportunities in geotechnical engineering and civil explosives [1][8] - The demand for civil explosives is expected to concentrate further, benefiting companies like Guangdong Hongda and Xuefeng Technology [1] - The traditional industry is experiencing a "anti-involution" trend, with recommendations for cement leaders such as Conch Cement and Huaxin Cement [1][9] - Domestic substitution is gaining momentum, with recommendations for companies like Maijia Xincai and Songjing Co., which are expected to benefit from tariff relief and increased shipping demand [1][10] Summary by Sections 1. Market Trends - In the 29th week, new housing and second-hand housing market transaction volumes showed a downward trend, with new housing transaction area in 30 major cities down by 25% year-on-year [2][23] - The average price of cement in the national market is 356 RMB/ton, continuing to decline with a drop of 1% [3][27] 2. Investment Opportunities - Major water conservancy and hydropower projects are expected to generate substantial demand for engineering, building materials, and civil explosives, with total investment in the Yarlung Hydropower Project estimated at approximately 1.2 trillion RMB [8] - The civil explosives industry is undergoing consolidation, with the Ministry of Industry and Information Technology aiming to reduce the number of production enterprises to 50 by 2025 [8] 3. Cement Industry Analysis - Cement prices are under downward pressure, particularly in East and Southwest China, with average shipment rates around 43.2% [3][27] - The cement market is expected to continue experiencing price fluctuations due to weak overall demand and high inventory levels [27][54] 4. Recommendations - Recommended companies include Conch Cement, Huaxin Cement, and companies in the waterproofing sector like Dongfang Yuhong and Keshun Co. [1][9] - For domestic substitution, companies like Maijia Xincai and Songjing Co. are highlighted for their growth potential in the ship coating sector [1][10]

建筑材料 2025 年 07 月 19 日 行 业 研 究 / 行 业 点 评 证券分析师 任杰 A0230522070003 renjie@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 郝子禹 A0230524060003 haozy2@swsresearch.com 研究支持 郝子禹 A0230524060003 haozy2@swsresearch.com 联系人 郝子禹 (8621)23297818× haozy2@swsresearch.com 水泥与玻纤延续修复，后周期分化 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 水泥：延续修复趋势，关注行业产能出清进展。2025 年 2 季度是水泥业绩修复的第 3 个季度，行 业触底修复的趋势更加明确。2024 年水泥行业 A 股上市公司平均吨净利仅 13.7 元/吨，已较为接 近 2015 年的历史底部。水泥企业维护吨净利意愿提升，价格战缓和，叠加煤炭成本逐步回落，水 泥单吨净利有较大弹性，带动盈利整体修复。市场监管总局最新发布的《水泥生产许可证实施细则 （征求意见稿）》明确要求 ...

截至7月17日，中泰红利量化选股股票发起A近三个月复权单位净值增长率为4.66%，位于同类可比基金93/110；近半年复权单位净值增长率为3.23%，位于 同类可比基金97/110；近一年复权单位净值增长率为8.37%，位于同类可比基金92/110。 通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的分位数。 AI基金中泰红利量化选股股票发起A（021167）披露2025年二季报，第二季度基金利润6.93万元，加权平均基金份额本期利润0.0058元。报告期内，基金净 值增长率为0.58%，截至二季度末，基金规模为1224.75万元。 该基金属于标准股票型基金。截至7月17日，单位净值为1.066元。基金经理是邹巍，目前管理6只基金。其中，截至7月17日，中泰中证500指数增强A近一年 复权单位净值增长率最高，达22.53%；中泰稳固周周购12周滚动债A最低，为2.37%。 基金管理人在二季报中表示，作为一只基本依据客观指标选股的量化基金，本基金本季度在投资策略上未作调整。在构建股票池时，我们依据股息率、历史 波动率以及历年股息率的稳定 ...

截至7月17日收盘，水泥概念下跌0.06%，位居概念板块跌幅榜前列，板块内，三和管桩、中材国际、 华新水泥等跌幅居前，股价上涨的有15只，涨幅居前的有西藏天路、尖峰集团、和泰机电等，分别上涨 7.46%、1.58%、1.28%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 兵装重组概念 | 4.22 | 房屋检测 | -0.18 | | 同花顺果指数 | 3.37 | 黄金概念 | -0.13 | | 共封装光学(CPO) | 3.34 | 举牌 | -0.12 | | PCB概念 | 3.07 | 水泥概念 | -0.06 | | AI手机 | 3.01 | 固废处理 | -0.03 | | AI PC | 3.01 | 新型城镇化 | -0.03 | | 重组蛋白 | 2.92 | ST板块 | -0.01 | | 海南自贸区 | 2.76 | 猪肉 | 0.00 | | 创新药 | 2.68 | 大豆 | 0.01 | | CRO概念 | 2.61 | 装配式建筑 | 0.05 | 资金面上看，今日 ...

金融界7月16日消息，上证指数低开震荡，中证香港300原材料指数 (H300材料，L11221)报2311.34点。 数据统计显示，中证香港300原材料指数近一个月上涨6.83%，近三个月上涨23.83%，年至今上涨 41.40%。 据了解，中证香港300行业指数系列在中证香港300指数样本中，按中证行业分类标准进行分类，以进入 各一、二、三级行业的全部证券作为样本编制指数，形成中证香港300行业指数系列，以反映香港市场 不同行业的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 本文源自：金融界 作者：行情君 从中证香港300原材料指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300原材料指数持仓样本的行业来看，有色金属占比78.94%、非金属材料占比15.04%、化工 占比4.62%、造纸与包装占比1.41%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证香港300指 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **consumption building materials industry** and its performance in 2024, highlighting a **7.2% year-on-year decline** in revenue for the sector [1] - The **real estate demand** remains weak, impacting the consumption building materials sector, which has seen continuous revenue pressure over the past few quarters [1] Key Points and Arguments - **Revenue Trends**: The revenue growth for the consumption building materials sector is expected to decline in 2024, with quarterly comparisons showing fluctuations: **0.2% growth**, **5.3% decline**, **10.7% decline**, **10.9% decline**, and **5.7% decline** from Q1 2024 to Q1 2025 [1] - **Profitability Issues**: The industry faces challenges such as **declining gross margins** due to reduced demand and increased expense ratios. Some companies have reported increased impairments on goodwill and assets [2] - **Improvement in Profitability**: In Q1 2024, some companies managed to stabilize and improve profitability through better gross margins and expense control, with half of the consumption building materials companies reporting year-on-year gross margin increases [2] - **Net Profit Performance**: Among 26 analyzed companies, **10 reported year-on-year net profit increases**, and **9 showed improvements in net profit margins** both year-on-year and quarter-on-quarter, particularly in waterproofing and coating sectors [3] - **Market Resilience**: Despite the downturn in new housing demand, the sector shows resilience supported by the high demand for second-hand housing, which could lead to revenue growth if new housing demand stabilizes [4] Additional Insights - **Future Growth Potential**: Companies with strong brand and channel capabilities are expected to have significant growth potential. Key players mentioned include **Sanhe Tree, Tubaobao, Beixing Building Materials, and others** [5] - **Cement Industry Outlook**: The cement sector is projected to see a bottoming out in Q1 2024, with expectations of gradual improvement in profitability throughout the year. The industry experienced a **35% year-on-year decline** in scale in 2024 [5] - **Price Trends**: Cement prices are expected to rise after a period of decline, with a **1.4% year-on-year drop** in demand noted in Q1 2024, but a recovery is anticipated post-Chinese New Year [6] - **Cost Management**: The decline in coal prices is expected to stabilize industry profitability, with a projected **6% year-on-year decline** in cement demand for 2025 [7] - **Investment and Dividends**: Companies with low cash flow and stable investment returns, such as **Tapai Group and Ningxia Building Materials**, are highlighted for their significant profit contributions [8] Conclusion - The consumption building materials and cement industries are navigating through challenging market conditions, with signs of potential recovery in profitability and demand stabilization. Key players are expected to leverage their market positions for future growth opportunities.

Summary of Conference Call on Urban Development and Industry Insights Industry and Company Involved - **Industry**: Real Estate, Building Materials, Energy Drinks - **Companies Mentioned**: Dongpeng Beverage, Conch Cement, Taipai Group, Huaxin Cement, China Resources, Binjiang, Greentown, Jianfa Zhonghai Key Points and Arguments Urban Development and Real Estate Policy - The Central Urban Work Conference emphasizes a shift from large-scale expansion to improving existing urban stock, indicating a focus on urban renewal rather than large-scale stimulus, which benefits post-cycle industries like building materials and home appliances [1][2][3] - The policy aims to steadily advance the renovation of urban villages and dilapidated housing, avoiding a return to the monetization of shantytown renovations seen in 2015-2016, suggesting limited demand for incremental cyclical products [1][3][5] - The real estate market is transitioning from expansion to quality enhancement, focusing on improving existing housing quality and surrounding environments rather than new construction [1][6][7] Regional Market Performance - The real estate markets in first and second-tier core cities and their metropolitan areas are expected to outperform the national average, with regional developers like China Resources, Binjiang, Greentown, and Jianfa Zhonghai being noteworthy [1][8] Energy Drink Consumption Trends - Population movement significantly impacts energy drink consumption, with higher preferences in first and second-tier cities. As population density increases, energy drink consumption is expected to rise, making Dongpeng Beverage a recommended investment [1][9][10] - The consumption of energy drinks varies across provinces, with Guangdong leading in market share for Red Bull and Dongpeng, which is projected to maintain a 35% revenue growth rate [1][11] Building Materials Industry Insights - Urban renewal and village renovation will have limited demand pull for the building materials industry, with the consumption of building materials being most affected, particularly in segments like waterproofing, piping, and coatings [2][12][15] - The cement sector is expected to benefit from demand growth and supply-side reforms, with recommendations for Conch Cement, Taipai Group, and Huaxin Cement as investment targets due to their strong market positions and profitability [2][15][16] Market Outlook and Investment Strategy - The overall sentiment from the conference indicates a cautious approach to large-scale stimulus, with the market expected to remain within a relatively stable range [3][5] - Investment strategies should focus on a "barbell" approach, balancing technology and military sectors with dividend-paying assets like bank stocks and high-dividend service sector stocks [3] Conclusion - The conference highlights a significant policy shift in urban development and real estate, with implications for various industries. The focus on quality over quantity in housing and urban infrastructure suggests a need for investors to adapt their strategies accordingly, particularly in the building materials and consumer goods sectors.