Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The ongoing "anti-involution" initiative is expected to improve the fundamentals of the construction materials industry, with a focus on enhancing product quality and phasing out outdated production capacity [3] - The report highlights specific companies to watch, including SanKeTree, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware, as well as beneficiaries like Beixin Building Materials [3] - The cement sector is projected to benefit from energy-saving and carbon reduction initiatives, with a target to control cement clinker capacity to around 1.8 billion tons by the end of 2025 [3] Market Performance - The construction materials index increased by 3.96% in the week from June 30 to July 4, outperforming the CSI 300 index by 2.42 percentage points [4][13] - Over the past three months, the CSI 300 index rose by 8.01%, while the construction materials index only increased by 2.47%, indicating a lag of 5.55 percentage points [4][13] - In the past year, the CSI 300 index has risen by 16.06%, compared to an 11.69% increase in the construction materials index, resulting in a 4.38 percentage point underperformance [4][13] Cement Sector - As of July 4, 2025, the average price of P.O42.5 bulk cement was 293.11 RMB/ton, reflecting a 1.97% decrease from the previous period [6][24] - The clinker inventory ratio nationwide was 68.18%, down by 1.18 percentage points [6][25] - Regional price variations were noted, with the Northeast region remaining stable, while other regions like North China and Southwest saw declines of 4.13% and 6.58%, respectively [6][24] Glass Sector - The average price of float glass was 1201.35 RMB/ton as of July 4, 2025, showing a slight increase of 0.07% [6][74] - The inventory of float glass decreased by 1.17%, with a total of 58.31 million weight boxes reported [6][76] - The price of photovoltaic glass fell by 3.88%, with an average price of 116.02 RMB/weight box [6][81] Fiberglass Sector - The price of non-alkali 2400tex direct yarn ranged from 3400 to 4100 RMB/ton, with variations based on specific product types [6] - The fiberglass sector is expected to benefit from favorable tariffs for companies with overseas production bases [3] Consumer Building Materials - The report indicates that raw material prices for consumer building materials have remained relatively stable with slight fluctuations [6][5]

Investment Rating - The report maintains a "Recommendation" rating for the building materials industry [2] Core Views - The real estate policy continues to stabilize, which is expected to support the recovery of leading companies in the consumption building materials sector [14][15] - The cement market is experiencing continued low demand and overall price decline, with a national average shipment rate of 43.4% [11][21] - The float glass market is facing price declines and weak supply-demand support, with a current average price of 1174 RMB/ton [12][21] - The fiberglass market shows stable pricing for alkali-free roving, while electronic yarn prices remain steady [13] Summary by Sections Industry Dynamics - The cement market saw a price drop of 1.1% this week, with significant declines in various regions, while some areas like Jilin and Henan experienced slight price increases [11][21] - The float glass market's average price decreased by 7.14 RMB/ton, with a total production of 1.0909 million tons this week, reflecting a year-on-year decline of 8.2% [12][21] - The fiberglass market remains stable, with prices for alkali-free roving around 3500-3600 RMB/ton, while electronic yarn prices are expected to remain stable due to tight supply [13] Consumption Building Materials - The real estate policy is expected to drive demand for high-quality building materials, with the "Good House" national standard promoting industry transformation [14][15] - The report highlights the potential for recovery in the consumption building materials sector, particularly for leading companies [15] Recommended Stocks - Key recommended stocks include Weixing New Materials, Keda Manufacturing, Mona Lisa, Beixin Building Materials, Keshun Co., Dongpeng Holdings, with a focus on companies like China National Materials and Tianan New Materials [16][18]

Market Demand and Business Strategy - Current market demand is weak and continues the previous trend [2] - The average cost for PPR products for a 100 square meter house is approximately 1,000-2,000 RMB [2] - Retail business is primarily driven by first-time renovations, with significant regional variations [2] - The likelihood of second-hand homes undergoing renovation increases if they are over 10 years old [2] Company Response to Industry Challenges - The company is focusing on two main strategies: enhancing product and service quality to strengthen competitive advantage, and improving internal management for cost control and efficiency [2] - Emphasis on a "three high" strategy: high-end brand, high-end service, and high-end value to improve consumer experience and brand image [3] Financial Policies and Future Outlook - The company's dividend policy is stable and transparent, with future plans based on various factors [3] - In 2024, the company recognized goodwill impairment of 21.26 million RMB for Guangzhou Hexin and 52.71 million RMB for Zhejiang Kerui, with over 13 million RMB remaining unrecognized [3] - Decisions regarding goodwill impairment for 2025 will depend on accounting standards and auditor evaluations [3]

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the real estate market policies are continuously tightening, creating investment opportunities in building materials. Recent policies from the central bank and local governments aim to support home purchases and improve safety in construction sites, indicating a shift towards a balanced supply-demand dynamic in the real estate market [3][4] - Recommended stocks in the consumer building materials sector include Sankeshu (channel penetration and retail expansion), Dongfang Yuhong (waterproof leader with optimized operational structure), Weixing New Materials (high-quality operations with a significant retail business), and Jianlang Wujin. Beneficiary stocks include Beixin Building Materials (gypsum board leader with diversified expansion in coatings and waterproof sectors) [3] - The report also notes that the National Development and Reform Commission has issued a plan for energy conservation and carbon reduction in the cement industry, aiming to control cement clinker capacity to around 1.8 billion tons by the end of 2025, which is expected to accelerate the iteration of energy-saving and efficient equipment [3][4] Market Performance - The building materials index increased by 2.41% in the week from June 23 to June 27, 2025, outperforming the CSI 300 index, which rose by 1.95%, resulting in a 0.46 percentage point advantage [4][13] - Over the past three months, the CSI 300 index has risen by 0.88%, while the building materials index has decreased by 3.79%, indicating a 4.67 percentage point underperformance [4][13] - In the past year, the CSI 300 index has increased by 13.29%, while the building materials index has only risen by 7.19%, showing a 6.11 percentage point underperformance [4][13] Cement Sector - As of June 27, 2025, the average price of P.O42.5 bulk cement nationwide was 284.72 yuan/ton, a decrease of 4.47% month-on-month. The price trends varied by region, with Northeast China seeing a significant drop of 21.95% [6][24] - The clinker inventory ratio reached 69.36%, an increase of 1.27 percentage points from the previous month [6][25] Glass Sector - The report indicates that the spot price of float glass as of June 27, 2025, was 1200.53 yuan/ton, reflecting a slight increase of 0.13%. The inventory of float glass decreased by 2.51%, with a total of 59 million weight boxes [6][75] - The average price of photovoltaic glass was 120.70 yuan/weight box, down by 3.44% [6][78] Fiberglass Sector - The report notes that the price of fiberglass remains stable, with various types of fiberglass priced between 3400 to 6600 yuan/ton depending on the type and region [6][3] Consumer Building Materials - The report tracks the prices of key raw materials for consumer building materials, noting slight fluctuations. For instance, the price of asphalt remained stable at 4520 yuan/ton, while the price of acrylic acid increased by 1.87% to 6825 yuan/ton [6][3]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Viewpoints - The construction materials sector is experiencing a demand season that is not significantly weak, supported by delayed renovations in the second-hand housing market [2] - The glass market is facing a contradiction between supply and demand, with a continuous decline in demand expected post-2025, although there has been marginal improvement since March [2] - The cement industry is in a phase of seeking a bottom, with increased off-peak production efforts by companies, leading to fluctuating prices around unprofitable levels [2] - The fiberglass market has shown signs of bottoming out, with price wars ending and prices beginning to recover, particularly in the wind power sector [2] - Carbon fiber demand is slowly recovering, with growth expected in downstream sectors such as wind power and hydrogen bottles [2] Summary by Sections Cement Industry Tracking - As of June 20, 2025, the national cement price index is 362.67 yuan/ton, down 0.21% from the previous week, with a total cement output of 2.781 million tons, a decrease of 2.88% [3][16] - The cement market is currently in a phase of "weak reality" and "weak expectations," with potential for weak recovery by the end of Q3 if policies are strengthened or the rainy season ends [16] Glass Industry Tracking - The average price of float glass is 1209.75 yuan/ton, down 1.64% from the previous week, with inventory levels increasing [32] - The market is expected to experience short-term price fluctuations downward, with ongoing challenges in meeting demand during the seasonal downturn [32] Fiberglass Industry Tracking - The price of non-alkali roving has shown a stable decline, with demand for high-end products like wind power yarn performing relatively well [6] - The overall price of fiberglass is expected to maintain a weak and stable trend in the short term [6] Carbon Fiber Industry Tracking - The carbon fiber market price remains stable, with a weekly production of 1781 tons and an operating rate of 60.13% [7] - The industry continues to face losses, with a production cost of 106,500 yuan/ton and a negative gross margin [7] Key Stocks - Recommended stocks include Beixin Building Materials (Buy), Weixing New Materials (Overweight), and China Jushi (Buy) with respective EPS forecasts for 2024A to 2027E [8]

Investment Rating - The report maintains a recommendation for the building materials industry [2] Core Views - The real estate chain is stabilizing due to continued policy support, and industrial transformation is aiding fundamental recovery [1] - The cement market is experiencing weak demand and price fluctuations, while the float glass market is seeing price declines and weak shipments [1][12][13] - The consumption building materials sector is benefiting from ongoing "good housing" construction initiatives, with leading companies in sub-sectors maintaining their advantages [15][16] Summary by Sections 1. Weekly Core Views - Cement Industry: Demand remains poor, with prices continuing to decline. The national average cement price fell by 0.9% week-on-week, with significant price drops in regions like North China and South China [12][22] - Float Glass Industry: Prices are declining, with the national average price at 1200 RMB/ton, down 7.14 RMB/ton from the previous week. The market is facing weak demand and cautious purchasing behavior [13] - Fiberglass Industry: The price of non-alkali roving remains stable, while electronic yarn prices are seeing slight increases due to tight supply [14] - Consumption Building Materials: The government is emphasizing affordable housing and youth apartment supply, which is expected to boost demand for consumption building materials [15][16] 2. Industry Dynamics - Macro: The e-commerce logistics index in May rose to 111.6 points, indicating a steady increase in supply and demand [20] - Real Estate: Policies are being implemented to enhance community services and support flexible employment in housing funds [20] - Infrastructure: Investment in railway and civil aviation construction is expected to grow, with significant projects planned for unconventional water development [21] 3. Recommended Stocks - Weixing New Materials: Transitioning to a system integration service provider with a focus on risk control and sustainable growth [17] - Mona Lisa: Aiming for high-end market positioning with continuous improvement in operational quality [18] - Keshun Co.: Expected recovery in profitability as the waterproofing industry consolidates [19] - North New Materials: Expanding globally with a focus on gypsum board and related products [19] - Dongpeng Holdings: Diversifying product offerings to meet comprehensive consumer needs [19]

Core Viewpoint - The article discusses the 16th Investor Relations Management Forum held in Yangzhou, where the winners of the Tianma Award for outstanding investor relations management were announced, highlighting the importance of effective communication between listed companies and their investors [1][2]. Group 1: Tianma Award Overview - The Tianma Award, organized by the Securities Times, is one of the earliest evaluation activities focused on investor relations management in China's capital market [2]. - The award aims to enhance the investor relations management level of listed companies and recognize those that excel in this field [2]. Group 2: Award Categories - Six categories of awards were presented: 1. Investor Relations Management Tianma Award 2. Outstanding Secretary of the Board Award 3. Excellent Team Award 4. Shareholder Return Award 5. Innovative Practice Award 6. Hong Kong Stock Market Investor Relations Management Tianma Award [2]. Group 3: Award Winners - A list of companies that received awards includes notable names such as BYD (002594), Mindray Medical (300760), and Yunnan Copper (000878) among others [3][4][5][6][8][9]. - The awards recognize companies across various sectors, indicating a broad commitment to improving investor relations [3][4][5][6][8][9]. Group 4: Notable Individuals - The article also highlights the names of secretaries of the board from awarded companies, showcasing the individuals who play a crucial role in investor relations [8][10]. - This recognition emphasizes the importance of leadership in fostering effective communication with investors [8][10]. Group 5: Hong Kong Stock Market Awards - The article lists the winners of the Hong Kong Stock Market Investor Relations Management Tianma Award, including companies like China Merchants Industry Holdings (1919.HK) and Kuaishou Technology (1024.HK) [19]. - This segment illustrates the growing recognition of investor relations practices in the Hong Kong market [19].

证券代码：002372 证券简称：伟星新材 公告编号：2025-020 浙江伟星新型建材股份有限公司 关于购买银行理财产品的进展公告 浙江伟星新型建材股份有限公司（以下简称"公司"）及董事会全体成员保证信息披露 的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 经 2025 年 5 月 7 日公司 2024 年度股东大会审议通过，公司及子公司在保证正常经营及 资金安全的前提下使用不超过人民币 12 亿元的闲置自有资金开展投资理财业务，投资期限 自 2025 年 5 月 7 日-2026 年 5 月 6 日。在上述额度内资金可以循环使用，并授权董事长行 使该项投资决策权及签署相关合同文件，具体内容详见 2025 年 4 月 16 日、5 月 8 日刊载于 《证券时报》《中国证券报》《上海证券报》《证券日报》和巨潮资讯网 （http://www.cninfo.com.cn）等相关公告。 截至本公告披露日，公司及全资子公司临海伟星新型建材有限公司（以下简称"临海新 材"）已使用部分闲置自有资金购买了银行理财产品，现将有关情况公告如下： 一、购买银行理财产品的具体情况 （一）2025 年 5 月，公司使用 ...

Investment Rating - The report maintains a "Buy" rating for companies such as Beixin Building Materials, Pona, and China Jushi, while recommending "Hold" for Weixing New Materials [8]. Core Views - The construction materials sector is expected to experience a "not-so-weak" off-season despite the traditional seasonal downturn, with a slight increase in demand for certain materials [1][2]. - Government debt issuance has increased, which may alleviate fiscal pressure and accelerate municipal engineering projects, benefiting companies like Longquan Co., Qinglong Pipe Industry, and China Liansu [2]. - The glass market is facing a supply-demand imbalance, with a marginal improvement in demand since March 2025, but overall demand is expected to decline post-2025 [2][3]. - The cement industry is still in a demand bottoming process, with companies increasing production cuts to stabilize prices [2][15]. - The fiberglass market shows signs of recovery, particularly in wind power applications, while electronic fiberglass demand remains strong [2][7]. Summary by Sections 1. Market Overview - From June 3 to June 6, 2025, the construction materials sector (SW) rose by 0.63%, with cement up 0.38%, glass manufacturing up 1.01%, fiberglass up 2.07%, and renovation materials up 0.24% [1][11]. - The net capital inflow for the construction materials sector was -159 million yuan during this period [1]. 2. Cement Industry Tracking - As of June 6, 2025, the national cement price index was 358.88 yuan/ton, down 0.51% from the previous week, with a total cement output of 3.157 million tons, a decrease of 9.81% [15]. - The cement market is characterized by weak demand in infrastructure and residential construction, with a utilization rate of 61.01% for cement clinker production [15][27]. 3. Glass Industry Tracking - The average price of float glass was 1250.27 yuan/ton, down 1.63% from the previous week, with inventory levels increasing significantly [3][32]. - The demand for glass is expected to remain weak in June, with prices likely to fluctuate downward [3][34]. 4. Fiberglass Industry Tracking - The fiberglass market is witnessing a stabilization in prices, with demand from wind power applications supporting growth [2][7]. - The price of non-alkali fiberglass is expected to stabilize, while electronic fiberglass prices remain steady [6][7]. 5. Carbon Fiber Industry Tracking - The carbon fiber market is stable, with production rates at 60.69% and a slight increase in inventory levels [7]. - The demand for carbon fiber is anticipated to grow, particularly in wind energy and hydrogen storage applications [7]. 6. Consumer Building Materials - The consumer building materials sector is benefiting from improved second-hand housing transactions and consumption stimulus policies, with companies like Beixin Building Materials and Weixing New Materials recommended for investment [2][8].

Market Demand and Pricing Strategy - Current market demand is relatively weak, continuing previous trends [2] - The company will not adjust pricing strategies through product price reductions, focusing instead on a "three high" positioning: high-end brand, high-end service, and high-end value [2] - This strategy may lead to short-term sales challenges due to a competitive market environment [2] Retail Business Stability and Development - The retail business price stability is supported by enhancing product and service quality [2] - Efforts in retail are focused on three areas: improving channel construction to increase market share, expanding product categories to boost average customer spending, and upgrading business models to strengthen core competitiveness [2][3] Market Expansion Efforts - Expansion in the South China market is slow due to consumer habits and competition, but there is gradual improvement through partnerships with home decoration companies [3] - The company's international strategy is in the early stages, focusing on building marketing networks, developing international teams, and establishing production bases, with overseas business currently accounting for about 6% of total sales [3] Cost and Expense Management - The company aims to enhance cost and expense control, focusing on "input-output" analysis to maintain reasonable cost and expense ratios [3] - Initial results of sales expense control were observed in the first quarter of 2025 [3]