建材ETF（159745）盘中涨超2.8%，行业供需格局或迎改善

Core Viewpoint - The construction materials ETF (159745) has seen a rise of over 2.8%, indicating potential improvements in the supply-demand dynamics of the cement industry [1] Industry Summary - The cement industry is strictly implementing production based on approved capacity, with over 280 clinker production lines expected to be replaced by the end of 2025, resulting in an annual capacity reduction of 150 million tons [1] - From January 1, 2026, major enterprises will fully execute production based on approved capacity, alongside regular staggered production, which is expected to curb "inward competition" within regions [1] - A decline in cement production is anticipated due to the real estate sector hitting a bottom and a slowdown in infrastructure growth in 2025, leading to overall low price fluctuations [1] - The widening price gap between cement and coal is expected to improve profitability [1] - Significant infrastructure projects and urban renewal are projected to support demand in 2026, with ongoing optimization of supply under the "dual carbon" policy [1] - Profitability is expected to improve, but the situation requires continuous observation due to anticipated low price fluctuations and rising coal cost pressures [1] Company Summary - The construction materials ETF (159745) tracks the building materials index (931009), which selects listed companies involved in the production, sales, and related services of cement, glass, ceramics, and new building materials from the Shanghai and Shenzhen markets [1] - This index reflects the overall performance and development trends of listed companies in the building materials industry, balancing traditional and new building materials sectors, showcasing the diversity and innovation within the industry [1]