建材ETF（159745）昨日净流入超4.4亿，水泥行业供需改善预期升温

Core Insights - The cement industry is experiencing measures to combat internal competition, including increased staggered production limits and overproduction governance, which are expected to drive a recovery in prices during the peak season in the second half of the year [1] - By April 2025, approximately 31.65 million tons of cement production capacity will be eliminated nationwide, with a net exit of 12.2 million tons, and a faster capacity clearance is anticipated in the second half of the year [1] - The cement market in Tibet is characterized by a favorable structure, with regional isolation and high concentration supporting price stability [1] - The commencement of the Yaxia hydropower project is expected to generate over 34 million tons of cement demand, accounting for more than 17% of Tibet's annual production, pushing the local market into an upward cycle [1] - The national cement industry's supply-demand dynamics are expected to achieve long-term optimization through staggered collaboration and overproduction governance [1] Industry and Investment Insights - The Building Materials ETF (159745) tracks the construction materials index (931009), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in the production and sales of cement, glass, ceramics, and other building materials from the Shanghai and Shenzhen markets [1] - This index aims to reflect the overall performance of listed companies in the building materials sector, focusing on traditional infrastructure materials, with constituent stocks primarily representing industry leaders and exhibiting significant cyclical characteristics [1] - Investors without stock accounts may consider the Guotai CSI All-Share Building Materials ETF Initiated Link C (013020) and Guotai CSI All-Share Building Materials ETF Initiated Link A (013019) [1]