建筑材料行业跟踪周报：PMI环比回升，建筑业相对平淡

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1] Core Views - The construction materials sector has shown a weekly increase of 3.29%, outperforming the Shanghai Composite Index and the Wind All A Index by 1.98% and 1.14%, respectively [1] - The manufacturing PMI has rebounded, indicating a potential recovery in real estate sales and retail sectors, although the construction PMI remains relatively flat with weak new order indices [1] - The report suggests focusing on two investment directions: infrastructure-related companies benefiting from fiscal stimulus and retail companies benefiting from real estate policy relaxations [1] Summary by Sections 1. Sector Insights - The construction materials sector is experiencing a rebound, with the manufacturing PMI showing signs of recovery, while the construction PMI remains subdued [1] - The report emphasizes the importance of fiscal stimulus and suggests that the market may see a recovery in demand for construction materials [1] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1. Cement - The national average price for high-standard cement is 428.2 RMB/ton, showing a slight decrease of 0.3 RMB/ton from the previous week but an increase of 49.3 RMB/ton year-on-year [1][35] - The average cement inventory among sample enterprises is 66.4%, down 0.4 percentage points from the previous week [1] - The average cement shipment rate is 47.9%, down 2.3 percentage points from the previous week [1] 2.2. Glass - The average price for float glass is 1433.3 RMB/ton, down 24.8 RMB/ton from the previous week and down 526.1 RMB/ton year-on-year [1] - The inventory of float glass among sample enterprises is 4.388 million heavy boxes, up 1.06 million heavy boxes from the previous week [1] 2.3. Glass Fiber - The market price for domestic alkali-free roving is stable, with mainstream transaction prices ranging from 3300 to 3600 RMB/ton [1] - The average price for electronic yarn remains stable, with minor fluctuations in some transactions [1] 3. Industry and Company Dynamics - The report highlights the potential for mergers and acquisitions in the construction materials sector, driven by the need for capacity reduction and restructuring [1] - It also notes that the construction materials sector is likely to benefit from ongoing fiscal policies and infrastructure investments [1] 4. Weekly Market Review - The construction materials sector has shown resilience, with significant price movements in cement and glass, indicating a potential recovery in demand [1][34]