建材ETF（159745）盘中涨超2.3%，行业供需改善预期支撑价格修复

Core Insights - The cement industry is currently at a critical stage of policy implementation and governance improvement, with clear anti-involution policy directions and the cement association promoting the enforcement of technical standards to limit overproduction [1] - Domestic cement demand is weak, with the real fundamentals further deteriorating since October, while overseas markets are performing strongly, leading to significant year-on-year increases in gross profit per ton for companies like Huaxin Cement [1] - The industry is entering a peak season, with many companies attempting to raise prices; however, the pace of price increases is hindered by low capacity utilization rates [1] Industry Overview - The cement industry is experiencing cash flow abundance, and improving shareholder returns could present opportunities [1] - Long-term, supply-demand optimization (such as differentiated peak-shifting and capacity control) is expected to translate into profit recovery under the weak assumption of slowing demand decline, with coal price concessions and low inventory levels laying the foundation for profit improvement [1] Investment Insights - The Building Materials ETF (159745) tracks the construction materials index (931009), which selects 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 reflects the overall performance of listed companies in the building materials industry and is suitable for investors focusing on infrastructure and real estate market developments [1]