继续关注消费建材触底回升 | 投研报告

Core Viewpoint - The construction materials sector is experiencing mixed performance, with cement prices showing slight increases but overall demand recovery remaining slow due to various factors, including weather conditions and market liquidity [1][6]. Cement Industry - The national high-standard cement market price is 342.7 yuan/ton, up by 2.3 yuan/ton from last week but down by 35.7 yuan/ton compared to the same period in 2024 [1][3]. - The average cement inventory level among sample enterprises is 64.6%, down by 1.8 percentage points from last week and down by 2.2 percentage points from 2024 [1][3]. - The average cement shipment rate is 45.7%, down by 0.1 percentage points from last week and down by 2.7 percentage points from 2024 [1][3]. - Some regions have seen price increases, particularly in the Yangtze River Delta (+20.0 yuan/ton) and the Yangtze River Basin (+12.9 yuan/ton) [3]. - The industry is expected to maintain a steady upward price trend, supported by a consensus on supply discipline among leading enterprises [6]. Glass Industry - The average price of float glass is 1205.8 yuan/ton, down by 29.9 yuan/ton from last week and down by 216.2 yuan/ton from 2024 [3]. - The inventory of float glass among sample enterprises is 5.636 million heavy boxes, up by 280,000 heavy boxes from last week but down by 4.51 million heavy boxes from 2024 [3]. - The industry is expected to see a supply-side contraction, which may improve the short-term supply-demand balance [9]. Fiberglass Industry - The domestic market for electronic fiberglass cloth is stable, with mainstream prices for G75 products ranging from 8300 to 9200 yuan/ton [3]. - The market for ordinary fiberglass remains resilient, with demand in wind power and thermoplastics continuing to grow [7]. - The valuation of leading companies in the fiberglass sector is at historical lows, with potential for recovery as supply-demand balance improves [7]. Renovation and Building Materials - The government is expected to continue promoting domestic demand and consumption, with policies aimed at stabilizing the real estate market [10]. - The demand for home improvement and building materials is anticipated to improve, supported by government subsidies and consumer confidence [10]. - Leading companies in the sector are exploring new models and extending their industrial chains to enhance efficiency and pricing power [10].