ACC(SH:600585) Hua Yuan Zheng Quan·2025-03-10 03:18Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [2] Core Insights - The inclusion of "good housing" in the government work report is expected to drive the return of building material prices, indicating a shift towards high-quality residential development [3] - The report highlights that the government is focusing on stabilizing the real estate market, with an emphasis on promoting healthy development in both the real estate and stock markets [3] - The estimated urban residential stock in China is approximately 350 billion square meters, with a low penetration rate of high-quality housing, particularly in first-tier cities [3] - The report anticipates a reversal of the consumption downgrade in the building materials industry, with prices expected to recover before sales, indicating an early turning point [3] Data Tracking Cement - The average price of 42.5 cement nationwide is 390.3 RMB/ton, up 2.8 RMB/ton month-on-month and up 32.7 RMB/ton year-on-year [16] - The cement inventory ratio is 55.2%, down 2.0 percentage points month-on-month and down 9.3 percentage points year-on-year [16] - The cement shipment rate is 38.5%, up 7.2 percentage points month-on-month and up 10.5 percentage points year-on-year [16] Float Glass - The average price of 5mm float glass is 1446.8 RMB/ton, down 38.1 RMB/ton month-on-month and down 669.2 RMB/ton year-on-year [26] - The total inventory of key production enterprises in 13 provinces is 61.68 million heavy boxes, up 3.1% month-on-month and up 15.1% year-on-year [26] Photovoltaic Glass - The average price of 2.0mm coated photovoltaic glass is 13.8 RMB/square meter, up 1.8 RMB/square meter month-on-month and down 2.6% year-on-year [29] - The average price of 3.2mm coated photovoltaic glass is 22.3 RMB/square meter, up 2.9 RMB/square meter month-on-month and down 3.4% year-on-year [29] Glass Fiber - The average price of alkali-free glass fiber yarn is 4745.0 RMB/ton, up 30.0 RMB/ton month-on-month and up 770.0 RMB/ton year-on-year [34] - The average price of electronic yarn is 9100.0 RMB/ton, up 450.0 RMB/ton month-on-month and up 1850.0 RMB/ton year-on-year [34] Carbon Fiber - The average price of large tow carbon fiber is 72.5 RMB/kg, unchanged month-on-month and down 2.0 RMB/kg year-on-year [35] - The average price of small tow carbon fiber is 95.0 RMB/kg, unchanged month-on-month and down 22.5 RMB/kg year-on-year [35] Investment Analysis Recommendations - The report maintains that 2025 will be a turning point for listed companies, while 2026 will be a turning point for the industry [4] - It suggests focusing on three areas: consumer building materials, cement, and high-prospect sectors [4]