建筑材料行业行业周报：加速“收储”去库，带动建材需求恢复

Investment Rating - The report maintains a "Buy" rating for the construction materials industry, particularly highlighting opportunities in cement and consumer building materials [2][24]. Core Insights - Cement: The market continues to experience a supply-demand tug-of-war, with carbon emissions regulations expected to accelerate industry consolidation. The national average cement price has continued to decline, primarily due to weak demand and stringent supply controls. The clinker line shutdown rate remains high, stabilizing supply. The traditional off-season for cement is currently affecting demand recovery, with adverse weather conditions further impacting the market. However, as some northern regions end their kiln shutdowns and weather improves, demand is expected to gradually recover, leading to a rebound in cement prices [22][23]. - Float Glass: Price declines have slowed, with supply continuing to decrease. The float glass price has continued to drop, but the rate of decline has narrowed. Demand remains weak, with downstream procurement primarily based on need. The industry is currently in a low-demand season, and significant improvements in demand are not anticipated in the short term [22][23]. - Fiberglass: Prices for roving have softened, while electronic yarn prices remain stable. Roving prices have slightly decreased, with general demand being weak. The production capacity remains stable, but inventory pressure persists. Electronic yarn prices are stable, with limited new orders from downstream [22][23]. Summary by Sections Cement - The national average cement price has decreased to 323.20 CNY/ton, down 1.83% week-on-week, but up 4.32% year-on-year. The clinker inventory has slightly decreased, with a weekly capacity utilization rate of 65.20%, down 1.57 percentage points from the previous week [13][22]. Float Glass - The average price of float glass is 1458.28 CNY/ton, down 0.71% week-on-week and down 29.23% year-on-year. Inventory levels remain high despite a slight decrease [14][22]. Fiberglass - The price of roving has decreased to 3825 CNY/ton, down 3.16% week-on-week, while electronic yarn prices remain stable at 9250 CNY/ton, with a year-on-year increase of 12.80% [22][23]. Consumer Building Materials - In the first half of 2024, retail sales of building and decoration materials decreased by 1.20% year-on-year. However, June saw a month-on-month increase of 21.29%, indicating some recovery. Major cities like Shenzhen have initiated "stockpiling" measures to stabilize the real estate market, which is expected to boost consumer building material demand [23][24]. Investment Recommendations - For cement, recommended stocks include Huaxin Cement (600801.SH) and Shangfeng Cement (000672.SZ), with a focus on Conch Cement (600585.SH). For consumer building materials, recommended stocks include Beixin Building Materials (000786.SZ) and Gongyuan Co. (002641.SZ) [23][24].