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施工旺季带动需求恢复,关注供给侧变化
Yin He Zheng Quan·2025-03-17 09:35

Investment Rating - The report maintains a "Recommended" rating for the construction materials industry [1] Core Views - The construction materials industry is experiencing a recovery in demand driven by the peak construction season, with a focus on supply-side changes [1] - Cement prices are expected to continue rising in the short term due to recovering demand and low inventory levels, while long-term policies may boost infrastructure investment [38] - The consumer building materials sector is anticipated to see a rebound as government policies facilitate the clearance of existing housing stock [39] - The fiberglass market is stabilizing, with prices for both roving and electronic yarn expected to remain steady in the short term [40] - Float glass prices are under pressure, with an expected decline due to increased supply and stagnant demand [40] Summary by Sections Industry News - Sichuan has announced its peak production tasks for the cement industry for 2025, requiring a baseline of 190 days for staggered production [7] - A meeting in Shanxi focused on promoting stable growth in the cement industry, emphasizing the importance of policy implementation and industry self-discipline [9][10] Industry Data - The national average cement price is reported at 352.69 CNY per ton, with a week-on-week increase of 3.24% [16] - The average price of float glass has decreased to 1324.01 CNY per ton, reflecting a 2.14% decline from the previous week [18] Market Review - The construction materials sector has seen a weekly increase of 1.18%, underperforming the CSI 300 index by 0.40 percentage points [25] - The top-performing companies in the construction materials sector this week include Fashilong and Fujian Cement, with significant weekly gains [32]