建材行业策略周报：C端建材显韧性，存量需求释放有望延续

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The C-end building materials show resilience in H1 2024, with the release of existing demand expected to continue [2][6] - The B-end building materials are under pressure due to the real estate market, but companies are adapting by expanding retail and rural market strategies [2][6] - The cement market is gradually recovering as weather impacts diminish, with prices expected to stabilize and rise [17][18] - The glass market is facing challenges with weak prices and rising inventories, while photovoltaic glass remains stable but cautious [18][17] Summary by Sections Consumer Building Materials - In H1 2024, C-end building materials demonstrated resilience despite weak downstream demand influenced by real estate fluctuations. B-end companies like Dongfang Yuhong and Keshun experienced revenue declines of -10% to -30% [2][6] - C-end companies such as Beixin Building Materials and Weixing New Materials reported revenue growth of +19% and +5% respectively, indicating stronger performance compared to B-end [6][8] - The overall C-end market is expected to remain robust due to increased renovation demand from the second-hand housing market [7][8] Cyclical Materials - The cement market is seeing a slight improvement in demand as high temperatures and rain decrease, with average shipment rates at 49.7% [17] - Companies are actively raising prices to improve profitability, with expectations for prices to maintain an upward trend [17] - The float glass market is experiencing weak price adjustments and rising inventories, with prices down by 1-5 yuan per weight box in various regions [18] New Materials - The fiberglass market is stable with slight price increases for certain products, while carbon fiber remains weak with prices holding steady at 91.25 yuan per kilogram [22][24] - The demand for electronic yarn is limited, with prices remaining stable but sales slowing down due to insufficient orders from the PCB market [22][24]