建筑材料行业周报：水泥需求回升价格持续上涨，行业盈利能力有望提升

Investment Rating - The report maintains a "Recommended" rating for the building materials industry, indicating a positive outlook due to the gradual recovery in cement demand and rising prices, which are expected to enhance industry profitability [4]. Core Insights - Cement demand is slowly recovering, with national cement enterprise shipment rates reaching 43%, a slight increase of less than 5 percentage points month-on-month. Southern regions are seeing shipment rates of 50-70%, while northern regions are just starting to see demand, with rates at 10-40% [4][13]. - The national cement price continues to rise, driven by industry self-discipline and peak production adjustments in response to the government's "anti-involution" policy. This price increase aims to alleviate losses faced by enterprises [4][13]. - The glass industry is experiencing a decline in demand, with floating glass prices dropping and inventory levels increasing. The overall market is characterized by weak demand and price flexibility [4][31]. Summary by Sections Cement Industry - The cement market is witnessing a gradual recovery in demand, with a national shipment rate of 43% and regional variations where southern enterprises are performing better than northern ones [4][13]. - Prices are on an upward trend, with increases of 20-40 CNY/ton in various regions, as companies implement peak production strategies and price hikes to improve profitability [4][13][15]. - Key companies to watch include Huanxin Cement (600801.SH), Shangfeng Cement (000672.SZ), and Conch Cement (600585.SH) [4]. Glass Industry - The floating glass market is facing challenges, with prices declining and overall demand sluggish. The average price of floating glass is reported at 1283 CNY/ton, down 20 CNY from the previous week [31]. - Inventory levels are rising, with total stock reaching 7025.7 million weight boxes, indicating a supply-demand imbalance [31][33]. - The market outlook remains cautious, with expectations of continued price declines due to weak demand and high inventory levels [31][33]. Real Estate and Construction Materials - The real estate market shows signs of stabilization, with a reduction in the year-on-year decline in sales volume and prices. This improvement is expected to positively impact the demand for construction materials [39]. - The report highlights a potential recovery in consumer demand for building materials, driven by improving market confidence and a gradual recovery in the real estate sector [39].