建材ETF（159745）涨超2.2%，淡季价格承压但旺季修复预期升温

Core Viewpoint - The construction materials ETF (159745) has risen over 2.2%, with seasonal price pressures but increasing expectations for recovery in peak season [1] Group 1: Industry Insights - Cement prices are expected to increase after the demand surge in August, with the current industry valuation at a low point (PB at 0.7x, in the 17th percentile over the past three years) [1] - Policy expectations are rising, coupled with the Ministry of Industry and Information Technology's efforts to promote stable growth in the construction materials sector, which may catalyze valuation recovery [1] - The industry is projected to achieve a total profit of 15-16 billion yuan in the first half of 2025, with significant performance improvements among leading companies [1] Group 2: Factors Influencing Performance - Key factors contributing to performance improvement include: 1. Enhanced awareness among companies regarding price stability and profit increase, with average cement prices rising approximately 20 yuan/ton year-on-year [1] 2. Narrowing demand decline, with production down 4.3% year-on-year [1] 3. Decrease in coal costs by about 200 yuan/ton year-on-year [1] - The trend of profit recovery in the industry is becoming clear due to policy-driven supply-side optimization and the approaching peak demand season [1] Group 3: Investment Options - The construction materials ETF (159745) tracks the construction materials index (931009), which selects listed companies engaged in the production and sales of construction materials, reflecting the overall performance of the sector [1] - Investors without stock accounts can consider the Guotai CSI All-Share Construction Materials ETF Initiated Link A (013019) and Guotai CSI All-Share Construction Materials ETF Initiated Link C (013020) [1]