建材行业周报：信心驱动增配，优先权重龙头

Investment Rating - The report rates the building materials industry as "Overweight" [2] Core Views - The report emphasizes that policy improvements are driving confidence and rapid allocation in the sector, with significant price increases in cement along the Yangtze River, prioritizing leading building material companies for recommendation [4][6] - The cement market has seen a substantial week-on-week price increase of 1.2%, with notable price hikes in regions such as Fujian, Jiangxi, Shandong, Guangdong, Chongqing, and Shaanxi, ranging from 15 to 30 CNY per ton [4][24] - The report highlights the resilience of glass processing demand and the competitive advantages of leading companies, suggesting a continuous value return for these firms [6][15] Summary by Sections 1. Building Materials Industry Investment Strategy - The report indicates a significant recovery in downstream market demand as high temperatures and rainfall recede, with a national cement enterprise shipment rate of 51.7%, an increase of approximately 3 percentage points from the previous week [4][24] - Leading companies are expected to benefit from improved market conditions and demand recovery, with a focus on companies like Dongfang Yuhong, Beixin Building Materials, and Weixing New Materials [4][6] 2. Cement Industry - The report notes that the cement price in the Yangtze River region has increased by 100 CNY per ton, with leading companies showing a strong willingness to reduce production and raise prices [6][24] - The report also mentions that the overall profitability expectations for the cement industry are stabilizing, with seasonal demand expected to support price increases [6][24] 3. Glass Industry - The average price of domestic float glass is reported at 1177.16 CNY per ton, a decrease of 62.04 CNY, indicating a downward trend in prices despite some recovery in demand [15][16] - The report recommends companies like Xinyi Glass and Qibin Group for their cost advantages and leading positions in downstream processing [15][16] 4. Glass Fiber Industry - The report states that glass fiber prices are stable, with limited upward momentum for electronic yarns, and highlights the need for a reassessment of the glass fiber market's profitability due to structural demand changes [16][17] - Leading companies such as China Jushi and China National Materials are recommended based on their competitive advantages and market positioning [16][17]