Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [2]. Core Insights - The construction materials sector is experiencing a dual boost from urban renovation demands and supply restrictions due to the "anti-involution" trend, leading to sustained growth in the cement sector [6][35]. - The report highlights the strong demand for specialty electronic fabrics, driven by upgrades in cloud manufacturing, and recommends companies like Zhongcai Technology and Huazhong Technology [6]. - Cement prices are expected to stabilize and potentially rise due to self-regulatory measures in the industry, with recommendations for companies such as Conch Cement and Huaxin Cement [6][35]. Summary by Sections Industry Overview - The construction materials industry consists of 73 listed companies with a total market value of 807.18 billion yuan and a circulating market value of 761.71 billion yuan [2]. Key Companies and Performance - Key companies include: - Beixin Building Materials: EPS forecast for 2024A is 2.2 yuan, with a PE ratio of 12.2, rated as "Buy" [4]. - Conch Cement: EPS forecast for 2024A is 1.5 yuan, with a PE ratio of 16.7, rated as "Buy" [4]. - China Jushi: EPS forecast for 2024A is 0.6 yuan, with a PE ratio of 20.2, rated as "Buy" [4]. - Weixing New Materials: EPS forecast for 2024A is 0.6 yuan, with a PE ratio of 17.9, rated as "Buy" [4]. - Sankeshu: EPS forecast for 2024A is 0.5 yuan, with a PE ratio of 87.9, rated as "Overweight" [4]. - Huaxin Cement: EPS forecast for 2024A is 1.2 yuan, with a PE ratio of 14.0, rated as "Buy" [4]. Market Trends - The report notes that the cement market is currently stable, with an average shipment rate of 44% across key regions, and prices have reached or fallen below cost lines in many areas [35]. - The report emphasizes the importance of self-regulatory measures to alleviate operational pressures and suggests that if effectively implemented, cement prices may begin to rise [35]. Recommendations - The report recommends increasing allocations in construction materials, particularly in cement and specialty electronic fabrics, highlighting companies that are expected to benefit from ongoing market trends and regulatory changes [6][35].

证券代码：002372 证券简称：伟星新材 公告编号： 中国证券登记结算有限责任公司证券质押及冻结明细。 特此公告。 浙江伟星新型建材股份有限公司 董 事 会 | | | | 浙江伟星新型建材股份有限公司 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 浙江伟星新型建材股份有限公司（以下简称"公司"或"本公司"）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。 | | | | | | | | | | | 公司近日接到股东临海慧星集团有限公司（以下简称"慧星公司"）的通知，获悉其所 | | | | | | | | | | | 持有本公司的部分股份发生了解除质押及再质押的行为，具体事项如下： | | | | | | | | | | | 一、股东股份解除质押基本情况 | | | | | | | | | | | 是否为控股股东 | | | | | | | | | | | 本次解除质押股 | | | 占其所持 | | 占公司 ...

证券代码：002372 证券简称：伟星新材 公告编号：2025-022 截至公告披露日，上述股东所持质押股份情况如下： 浙江伟星新型建材股份有限公司 关于股东部分股份解除质押及再质押的公告 浙江伟星新型建材股份有限公司（以下简称"公司"或"本公司"）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。 公司近日接到股东临海慧星集团有限公司（以下简称"慧星公司"）的通知，获悉其所 持有本公司的部分股份发生了解除质押及再质押的行为，具体事项如下： | 股东名称 | 是否为控股股东 | 本次解除质押股 | 占其所持 | 占公司总 | 起始日 | | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 或第一大股东及 其一致行动人 | 份数量（股） | 股份比例 | 股本比例 | | | | | | 慧星公司 | 否 | 36,000,000 | 15.41% | 2.26% | 2022 年 8 | | 2025 年 8 | 中国银河证券 | | | | | | | 月 10 | 日 ...

Group 1 - Public fund research enthusiasm has increased in the second half of the year, with 178 public funds conducting research on 463 listed companies as of August 6 [1] - The telecommunications equipment industry has become a focal point for public funds, with DingTong Technology, ZhongJi XuChuang, and XinYiSheng receiving attention from 75, 71, and 63 public funds respectively, ranking as the top three [3] - Other notable companies in the top ten for public fund research include Jianghe Group from the construction decoration industry and ShiJia GuangZi from the telecommunications equipment sector, with over 40 public funds researching them [3] Group 2 - Notable fund managers participated in the research activities, such as Zhu Hongyu from China Merchants Fund, who focused on GuoJi JingGong's main business and future acquisition plans [3] - Xie ZhiYu from XingZheng Global Fund researched AiEr Eye Hospital, discussing the company's overseas business layout and strategies against industry competition [4] - Zhu ShaoXing from FuGuo Fund and Fu PengBo from RuiYuan Fund also conducted research on QiLu Bank and YiYuan Communication respectively, indicating a diverse interest in various sectors [4]

Group 1 - Recent data indicates a surge in international capital reallocating towards Chinese assets, with nearly 60% of sovereign wealth funds prioritizing China as an investment market [1][2] - Korean investors have shown increasing enthusiasm for Chinese stocks, with a cumulative trading volume of $5.764 billion in 2023, making China the second-largest overseas investment destination for Korean investors [2] - UBS's survey reveals that 19% of global family offices plan to increase their allocation to Chinese assets, marking a 3 percentage point increase from 2024 [2] Group 2 - In July, five major overseas Chinese stock ETFs attracted over $2 billion in investments, with significant growth in assets under management for several ETFs [3] - Sovereign wealth funds are driven to allocate to Chinese assets due to attractive local returns, diversification benefits, and expanded market access for foreign investors [3] Group 3 - The Chinese economy's recovery has exceeded market expectations, bolstered by rapid policy responses to stabilize expectations and stimulate growth, enhancing international investor confidence [4] - China has made significant advancements in technology and innovation, leading to a re-evaluation of asset valuations by international investors [4] Group 4 - As of August 1, four A-share stocks have over 24% foreign ownership, indicating strong foreign interest in companies with global competitiveness [5] - Foreign investors are selectively investing in growth stocks, focusing on companies with sustainable performance and expanding market shares [6] Group 5 - Foreign capital is favoring high-dividend stocks and growth stocks, reflecting a dual strategy of defense and offense in investment [7] - High-dividend stocks are recognized for their stable cash flows and strong governance, while growth stocks represent long-term bets on China's economic transformation [8]

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector is experiencing weak demand, with the PMI showing a decline. The market is awaiting new policies to stimulate demand [4] - The report highlights that the cement market is facing challenges due to adverse weather conditions, leading to a low average shipment rate of less than 45% in key regions. However, the overall price decline has slowed down, indicating potential stabilization in the near term [11][18] - The report suggests that the supply-side consensus on self-discipline within the industry is strengthening, which may lead to better profitability compared to the previous year [11] - The report recommends focusing on cyclical industries that may benefit from policy support, particularly in cement and glass sectors, and highlights specific companies such as Huaxin Cement, Conch Cement, and others as potential investment opportunities [4][11] Summary by Sections 1. Industry Trends - The construction materials sector has seen a decline of 2.31% in the past week, underperforming against the Shanghai Composite Index [4] - The report notes that the cement price is currently at 339.7 RMB/ton, down 1.0 RMB/ton from the previous week and down 42.5 RMB/ton year-on-year [19][20] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The average cement shipment rate is reported at 44.7%, with a slight increase of 1.7 percentage points from the previous week, but a decrease of 2.0 percentage points year-on-year [26] - The report anticipates that cement prices will stabilize in the short term, despite current weak demand [11][18] 2.2 Glass - The average price of float glass is reported at 1295.3 RMB/ton, which is an increase of 56.7 RMB/ton from the previous week but a decrease of 175.7 RMB/ton year-on-year [4] - The report indicates that the glass industry is expected to see a supply-side contraction, which may improve the supply-demand balance in the short to medium term [14] 2.3 Fiberglass - The report highlights that the market for electronic fiberglass products is evolving, with a clear trend towards high-end products, which are expected to see increased penetration and value growth [12] - The profitability of ordinary fiberglass remains resilient, with ongoing demand in sectors like wind power and thermoplastics [12] 3. Industry Dynamics Tracking - The report discusses the impact of government policies aimed at stimulating domestic demand, particularly in the housing market, which is expected to improve the outlook for construction materials [15] - The report emphasizes the importance of companies that are exploring new business models and enhancing their supply chain efficiency [15]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [3] Core Views - The sentiment of "anti-involution" is cooling down, and attention should be paid to changes in the fundamentals of the construction materials sector [2] - The construction materials sector experienced a decline of 2.30% from July 28 to August 1, 2025, with specific declines in sub-sectors such as cement (1.25%), glass manufacturing (4.55%), and fiberglass manufacturing (4.01%) [1][11] - The report highlights the importance of urban renewal as a key driver for real estate demand, while also emphasizing the need for regulatory compliance to curb disorderly competition among enterprises [2] Summary by Sections Cement Industry Tracking - As of August 1, 2025, the national cement price index is 337.69 yuan/ton, a decrease of 0.76% from the previous week, with a total cement output of 2.754 million tons, up 1.07% week-on-week [15] - The utilization rate of cement clinker production capacity is 58.09%, down 0.01 percentage points from the previous week, and the cement inventory ratio is 62.21%, down 0.39 percentage points [15] - Infrastructure remains the core support for cement demand, with expectations of resilient demand in Q3 due to accelerated issuance of special bonds and the promotion of "dual-use" infrastructure projects [15] Glass Industry Tracking - The average price of float glass this week is 1295.28 yuan/ton, an increase of 4.58% from the previous week, with a total inventory of 51.78 million weight boxes, down 156,000 weight boxes week-on-week [28] - Market sentiment has weakened due to falling futures prices, leading to the release of speculative inventory and a decrease in shipments from float glass manufacturers [28] Fiberglass Industry Tracking - The price of non-alkali fiberglass has decreased, primarily due to previous price adjustments, while demand remains weak during the traditional off-season [6] - The price of G75 electronic yarn remains stable, supported by high-end product demand, while supply is expected to increase in the future [6] Consumer Building Materials - Consumer building materials are benefiting from improved second-hand housing transactions and consumption stimulus policies, with a focus on companies like Beixin Building Materials and Weixing New Materials [2][8] - The report recommends monitoring companies with growth potential in the consumer building materials sector, such as Puyuan Co. and Yilong Co. [4]

Investment Rating - The report suggests a positive outlook on Sichuan Road and Bridge as a leading player in Southwest infrastructure, highlighting its current combination of regional infrastructure growth and dividend yield [3][15]. Core Insights - The report emphasizes the importance of local manufacturing in Africa, particularly for companies like Keda Manufacturing, which is positioned as a leader in localized production and sales [4][16]. - The report notes a price increase in RTF copper foil, indicating a high demand for HVLP products, and suggests continued investment in copper foil and electronic cloth sectors [5][17]. - The report tracks the performance of various materials, indicating a downward trend in cement prices and a mixed outlook for glass and fiberglass markets [6][18][22]. Summary by Sections Weekly Discussion - Sichuan Road and Bridge is highlighted for its strong position in Southwest infrastructure, with a reported investment of 134.9 billion yuan in transportation construction, ranking second nationally and showing a 3.5% increase year-on-year [3][15]. Cyclical Linkage - Cement prices averaged 340 yuan per ton, down 43 yuan year-on-year, with an average shipment rate of 44.7% [6][18]. - Glass prices increased to 1295.28 yuan per ton, reflecting a 4.58% rise, while concrete mixing stations reported a capacity utilization rate of 7.12% [6][18]. - The report warns of potential price declines in steel due to market fundamentals [6][18]. National Subsidy Tracking - The report mentions the allocation of 690 billion yuan for consumer goods replacement subsidies, with plans for further funding in October [7][19]. Important Changes - Notable acquisitions include Defu Technology's purchase of Circuit Foil Luxembourg for 174 million euros and the listing of Hanhai Group on the A-share market [8][20][21]. Market Performance - The construction materials index fell by 3.96% over the week, with specific declines in glass manufacturing and fiberglass sectors [24]. Material Price Changes - Cement prices continued to decline, with a national average of 340 yuan per ton, while glass prices showed a slight increase [32][41]. - Fiberglass prices remained under pressure, with a reported average of 3595.25 yuan per ton [66].

Core Viewpoint - The stock price of Weixing New Materials closed at 10.67 yuan on July 31, reflecting a decrease of 0.27 yuan or 2.47% from the previous trading day [1] Company Overview - Weixing New Materials primarily engages in the research, production, and sales of plastic pipeline products, which are widely used in construction water supply and drainage, municipal water supply and drainage, gas, and power communication sectors [1] - In 2024, the manufacturing sector is expected to account for 99.29% of the company's revenue [1] Financial Performance - In the first quarter of 2025, Weixing New Materials achieved a revenue of 895 million yuan and a net profit attributable to shareholders of 114 million yuan [1] - On July 31, the net outflow of main funds was 19.88 million yuan, representing 0.13% of the circulating market value [1] Management Changes - On July 31, the company announced that Vice General Manager Hong Yihua applied for retirement due to reaching the retirement age, effective from the date the resignation report was delivered to the board [1] - After retirement, Hong Yihua will no longer hold any positions in the company or its subsidiaries, and he did not hold any shares in the company [1]

Core Viewpoint - The resignation of Mr. Hong Yihua, the Vice General Manager of Zhejiang Weixing New Building Materials Co., Ltd., is due to reaching retirement age, and his departure will not impact the company's normal operations [1] Group 1 - Mr. Hong Yihua submitted a written resignation report, effective from the date it was delivered to the board of directors [1] - After retirement, Mr. Hong will no longer hold any positions within the company or its subsidiaries [1] - The company expresses gratitude for Mr. Hong's contributions during his tenure as Vice General Manager [1]