Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Viewpoints - The construction materials sector has shown a 2.45% increase in the past week, outperforming the CSI 300 and Wind All A indices by 1.07% and 0.33%, respectively [3] - The report emphasizes the importance of domestic demand changes and anticipates a recovery in the construction materials market due to government policies aimed at boosting consumption [4][5] Summary by Sections 1. Industry Trends - The cement market price is currently at 344.0 CNY/ton, showing a week-on-week increase of 1.3 CNY/ton but a year-on-year decrease of 40.7 CNY/ton [3][18] - The average cement inventory level among sample enterprises is 65.0%, up 0.9 percentage points from the previous week [23] 2. Bulk Construction Materials Fundamentals 2.1 Cement - The cement market is experiencing weak demand, but prices are expected to trend upwards due to companies' efforts to improve profitability [10] - The industry is expected to maintain a better profit level compared to last year, supported by a consensus on supply discipline among leading companies [10] 2.2 Glass - The glass market is currently facing a stalemate with high inventory levels and weak demand, but supply-side adjustments are anticipated to continue [13] - The report recommends focusing on leading companies like Qibin Group, which may benefit from industry capacity reductions [13] 2.3 Glass Fiber - The report suggests that the profitability of glass fiber products is expected to improve in the medium term, with a focus on high-end products [11] - The industry is seeing a gradual reduction in supply pressure, which may stabilize prices [11] 3. Industry Dynamics - The report highlights the government's commitment to boosting domestic demand and consumption, which is expected to positively impact the construction materials sector [14] - The anticipated recovery in the housing market, driven by government policies, is expected to enhance demand for home improvement materials [14] 4. Weekly Market Review - The construction materials sector has shown resilience, with key companies expected to benefit from ongoing policy support and market recovery [5] - The report identifies several companies as potential investment opportunities, including Conch Cement, China National Building Material, and others [5][15]

Core Insights - The cement sector experienced a slight increase of 0.49% on September 15, with Sichuan Jinding leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index rose by 0.63% to 13005.77 [1] Cement Sector Performance - Sichuan Jinding (600678) closed at 10.24, up 3.33% with a trading volume of 404,000 shares and a transaction value of 411 million [1] - Guotong Co. (002205) and Huaxin Cement (600801) also showed strong performance, with increases of 3.19% and 3.16% respectively [1] - The overall trading volume and transaction values for various cement stocks indicate active market participation, with notable figures such as Huaxin Cement reaching 722 million in transaction value [1] Capital Flow Analysis - The cement sector saw a net outflow of 268 million from institutional investors, while retail investors contributed a net inflow of 242 million [2] - The data indicates a mixed sentiment among different investor types, with retail investors showing more confidence in the sector [2] Individual Stock Capital Flow - Sichuan Jinding had a net inflow of 38.69 million from institutional investors, while retail investors showed a net outflow of 30.35 million [3] - Other stocks like Shangfeng Cement (000672) and Guotong Co. (002205) also experienced varied capital flows, with institutional inflows and retail outflows [3]

Core Viewpoint - The cement sector experienced a slight increase of 0.61% on September 12, with Huaxin Cement leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3883.69, up by 0.22% [1] - The Shenzhen Component Index closed at 12996.38, up by 0.13% [1] Group 2: Individual Stock Performance - Huaxin Cement (600801) closed at 17.70, with a rise of 3.69% and a trading volume of 371,100 shares, totaling a transaction value of 650 million yuan [1] - Tianshan Shares (000877) closed at 6.59, up by 3.13%, with a trading volume of 579,100 shares and a transaction value of 378 million yuan [1] - Quanjing Group (601992) closed at 1.68, increasing by 2.44%, with a trading volume of 1,248,200 shares and a transaction value of 209 million yuan [1] - Other notable performances include: - Shangfeng Cement (000672) at 8.87, up by 1.60% [1] - Qingsong Jianhua (600425) at 4.73, up by 1.50% [1] - Hongzhi House (002596) at 3.75, up by 1.35% [1] Group 3: Capital Flow - The cement sector saw a net outflow of 158 million yuan from main funds, while retail funds experienced a net inflow of 34.59 million yuan [1] - Speculative funds had a net inflow of 124 million yuan [1]

Group 1 - The core viewpoint of the news is that Tianshan Co., Ltd. has shown fluctuations in stock performance, with a year-to-date increase of 15.19% and a recent decline of 1.66% over the past five trading days [1][2] - As of September 12, Tianshan's stock price reached 6.52 yuan per share, with a total market capitalization of 46.36 billion yuan [1] - The company has a diverse revenue structure, with cement and clinker accounting for 63.16% of total revenue, followed by ready-mixed concrete at 28.24%, aggregates at 5.55%, and other sources at 3.05% [1] Group 2 - Tianshan Co., Ltd. operates in the building materials sector, specifically in cement manufacturing, and is associated with concepts such as Xinjiang revitalization and the Belt and Road Initiative [2] - As of June 30, the number of shareholders increased to 77,900, with an average of 91,309 circulating shares per shareholder [2] - For the first half of 2025, Tianshan reported a revenue of 35.98 billion yuan, a year-on-year decrease of 9.37%, while the net profit attributable to shareholders was -922 million yuan, reflecting a 73% increase compared to the previous year [2] Group 3 - Tianshan Co., Ltd. has distributed a total of 8.718 billion yuan in dividends since its A-share listing, with 3.327 billion yuan distributed over the past three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited was the tenth largest circulating shareholder, holding 27.88 million shares, a decrease of 9.846 million shares from the previous period [3]

Core Points - Tianshan Co., Ltd. experienced a stock price decline of 2.02% on September 10, trading at 6.30 CNY per share with a market capitalization of 44.796 billion CNY [1] - The company has seen a year-to-date stock price increase of 11.31%, with a recent 5-day decline of 2.93% and a 60-day increase of 38.46% [1] - For the first half of 2025, Tianshan Co. reported a revenue of 35.980 billion CNY, a year-on-year decrease of 9.37%, and a net profit attributable to shareholders of -0.922 billion CNY, a 73.00% increase year-on-year [2] Financial Performance - The company has cumulatively distributed 8.718 billion CNY in dividends since its A-share listing, with 3.327 billion CNY distributed in the last three years [3] - As of June 30, 2025, Tianshan Co. had 77,900 shareholders, an increase of 6.08% from the previous period, with an average of 91,309 circulating shares per shareholder, up 267.85% [2] Shareholder Information - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 27.8878 million shares, a decrease of 9.846 million shares from the previous period [3]

Core Viewpoint - The construction materials sector has experienced a decline of 2.79% this week, underperforming compared to the Shanghai Composite Index and the Wind All A Index, which fell by 0.81% and 1.37% respectively, resulting in excess returns of -1.98% and -1.41% [2][3] Group 1: Cement Market - The national high-standard cement market price is 342.7 CNY/ton, down by 1.7 CNY/ton from last week and down by 40.0 CNY/ton compared to the same period in 2024 [3][9] - The average cement inventory level among sample enterprises is 64.1%, up by 0.4 percentage points from last week but down by 1.7 percentage points year-on-year [3][9] - The average daily cement shipment rate is 45.7%, up by 0.1 percentage points from last week but down by 5.3 percentage points year-on-year [3][9] Group 2: Glass Market - The average price of float glass is 1193.0 CNY/ton, up by 3.3 CNY/ton from last week but down by 147.2 CNY/ton compared to the same period in 2024 [3][10] - The inventory of float glass among sample enterprises is 56.04 million heavy boxes, up by 0.5 million heavy boxes from last week but down by 6.92 million heavy boxes year-on-year [3][10] Group 3: Fiberglass Market - The domestic non-alkali roving market price remains stable, with mainstream transaction prices for 2400tex non-alkali winding direct yarn ranging from 3100 to 3700 CNY/ton, remaining flat compared to previous periods [4][7] - The market for electronic yarn G75 is stable, with mainstream prices ranging from 8300 to 9200 CNY/ton, also remaining flat compared to the previous week [4][7] Group 4: Investment Recommendations - Recommended companies in the cement sector include Conch Cement, Huaxin Cement, and Tianshan Cement, among others [5][9] - In the consumer building materials sector, companies such as Arrow Bathroom, Dongpeng Holdings, and Oppein Home are recommended due to expected growth in the second half of the year [5][11] - The report suggests focusing on undervalued Hong Kong-listed construction central enterprises [5]

Group 1 - The cement sector experienced a rise of 1.03% on September 5, with Tianshan Shares leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Group 2 - On that day, the cement sector saw a net inflow of 48.45 million yuan from main funds, while retail funds had a net inflow of 38.68 million yuan [2] - The main funds for Conch Cement showed a net outflow of 52.74 million yuan, while Tianshan Shares had a net inflow of 41.49 million yuan [2] - The table provided indicates various net inflows and outflows for different companies within the cement sector, highlighting the financial movements among institutional, retail, and speculative investors [2]

Market Overview - On September 4, the cement sector declined by 0.27% compared to the previous trading day, with Tianshan Co. leading the decline [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Notable gainers in the cement sector included: - Hainan Ruize (002596) with a closing price of 3.58, up 3.47% on a trading volume of 592,700 shares and a turnover of 212 million yuan [1] - Sifang New Material (605122) closed at 13.44, up 2.28% with a trading volume of 44,700 shares [1] - Tower Group (002233) closed at 9.08, up 2.25% with a trading volume of 173,300 shares [1] - Conversely, Tianshan Co. (000877) closed at 6.38, down 1.69% with a trading volume of 714,400 shares and a turnover of 462 million yuan [2] Capital Flow Analysis - The cement sector experienced a net outflow of 43.79 million yuan from institutional investors and 54.62 million yuan from speculative funds, while retail investors saw a net inflow of 98.40 million yuan [2] - Specific stock capital flows included: - Xizang Tianlu (600326) with a net inflow of 64.38 million yuan from institutional investors [3] - Tianshan Co. (000877) had a net inflow of 13.79 million yuan from institutional investors [3] - Huanxin Cement (600801) reported a net outflow of 406,900 yuan from institutional investors [3]

Market Overview - The cement sector experienced a decline of 1.29% on September 3, with Guotong Co. leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Qingsong Jianhua (600425) saw an increase of 3.04%, closing at 4.75 with a trading volume of 1.1363 million shares and a turnover of 537 million yuan [1] - Huaxin Cement (600801) rose by 0.83%, closing at 15.75 with a trading volume of 257,300 shares and a turnover of 407 million yuan [1] - Guotong Co. (002205) experienced a significant drop of 10.01%, closing at 12.86 with a trading volume of 158,600 shares and a turnover of 211 million yuan [2] - Sichuan Jinding (600678) fell by 6.69%, closing at 9.90 with a trading volume of 372,200 shares and a turnover of 379 million yuan [2] Capital Flow Analysis - The cement sector saw a net outflow of 187 million yuan from institutional investors, while retail investors contributed a net inflow of 138 million yuan [2] - The main capital inflow and outflow for specific stocks showed varied trends, with Tian Shan Co. (000877) experiencing a net outflow of 38.968 million yuan from institutional investors [3] - Qingsong Jianhua (600425) had a net inflow of 28.312 million yuan from institutional investors, while retail investors saw a net outflow of 52.448 million yuan [3]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]