建筑材料、新材料行业周报：存储芯片巨头提价，新政发酵驱动3月光伏玻璃提价-2025-03-12

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Views - The demand for new materials is surging, with high-end chip production capacity being compressed, leading to a price increase of over 10% for consumer storage products by SanDisk starting April 1 [1] - The increase in storage chip prices is driven by supply-side reductions from major manufacturers like Samsung and SK Hynix, alongside a significant rise in demand due to the explosion of AI applications [1] - The report suggests focusing on leading manufacturers and key segments of the supply chain for domestic substitution as industry demand grows [1] Summary by Sections New Materials - SanDisk announced a price increase of over 10% for all consumer storage products effective April 1 due to reduced production capacity and increased demand from AI applications [1] - The report emphasizes the importance of monitoring leading manufacturers and the progress of domestic substitution in the supply chain [1] Building Materials - The report notes a price increase in photovoltaic glass, with prices for 2mm and 3.2mm coated glass rising by 2 CNY/m² and 1.5 CNY/m² respectively as of March 7 [2] - The price increase is attributed to a relief in supply-demand contradictions and the long-term low prices since the second half of 2024, which pressured companies to improve profitability [2] - The "430" and "530" new policies are driving a surge in demand for photovoltaic glass due to a rush in installation [2] Key Industry Data Tracking Cement - The average national cement price as of March 7 is 508.39 CNY/ton, with a slight week-on-week increase of 0.4% [3] - Cement consumption is recovering, with a week-on-week increase of 32.5% in cement outflow, totaling 2.0755 million tons [3] - The report indicates a gradual warming of the cement market, with price increases announced by major brands in the Yangtze River Delta region [3] Flat Glass - As of March 7, the inventory of sample enterprises for flat glass is 6.9548 million weight boxes, reflecting a week-on-week increase of 3.59% [4] - The report highlights pressure on floating glass prices due to limited demand recovery post-Spring Festival and expectations of supply rebound [4] Photovoltaic Glass - The market prices for photovoltaic glass as of March 7 are 14 CNY/m² for 2mm coated glass and 21 CNY/m² for 3.2mm coated glass, with recent increases noted [4] - The operating rate for photovoltaic glass production is reported at 67.39% [4] Investment Suggestions - The report recommends focusing on resilient consumer building material leaders such as Beixin Building Materials and Weixing New Materials [9] - It also suggests monitoring companies benefiting from cash flow improvements due to debt restructuring and those involved in municipal projects [9] - In the new materials sector, the report highlights opportunities in semiconductor core materials like photoresists and polishing pads, recommending attention to leading electronic materials companies [9]