建筑材料&新材料行业周报：水泥收并购加速，关注龙头份额提升

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report emphasizes the ongoing adjustments in the real estate sector and highlights the performance release of leading companies in the new materials sector, particularly in electronic materials [4][10] - It notes that while the number of mergers and acquisitions in the cement industry decreased in 2024 compared to 2023, the scale of these mergers reached a five-year high, increasing by 80.17% year-on-year [4][5] - The report suggests that leading cement companies are enhancing their profitability through mergers and acquisitions, both domestically and internationally [5][10] Summary by Relevant Sections Cement Industry - The average national cement price was 514.48 RMB/ton, with a week-on-week decline of 1.2% [7] - The cement output for the week of January 24, 2025, was 2.255 million tons, showing a 16.1% decrease week-on-week [7] - The report indicates a weak market demand leading to a further decline in cement prices before the Spring Festival [7] New Materials - The report highlights the strong recovery in global semiconductor and display market demand, benefiting companies like Feikai Materials, which expects a net profit growth of 83.66%-138.76% in 2024 [6][10] - It recommends focusing on leading electronic materials companies as they are expected to release strong performance results [10] Flat Glass - The report notes a 0.8% increase in the price of flat glass as of January 20, 2025, while inventory levels decreased by 49.7 million weight boxes [8] - The production of float glass remained stable, with a daily output of 157,400 tons as of January 24, 2025 [8] Photovoltaic Glass - The average price of photovoltaic glass remained stable, with 2.0mm and 3.2mm coated glass priced at 12 RMB/square meter and 19.5 RMB/square meter, respectively [9] Fiberglass - The price of fiberglass remained stable during the reporting period, indicating a steady market [9]