建筑材料、新材料行业周报：关注存储市场回暖，春季需求复苏水泥市场升温-2025-03-18

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The storage market is showing signs of recovery, with price increases for storage chips expected due to supply-demand changes and rising demand from AI, mobile phones, and PCs [1] - The cement market is entering a spring demand recovery phase, with prices continuing to rise, particularly in northern regions due to improved construction conditions and supply-side production adjustments [2] - The average national cement price reached 519.84 RMB/ton, with a week-on-week increase of 2.3%, and cement output increased by 6.5% week-on-week [3] Summary by Sections New Materials - Storage chip prices are set to increase by over 10% starting April, driven by supply-side reductions and increased demand from AI and consumer electronics [1] - The recovery in the storage market is expected to boost demand for upstream materials and enhance domestic production rates [1] Cement - Cement prices have been rising, with the highest increases observed in North China, attributed to better construction conditions and ongoing supply-side production adjustments [2] - In Anhui, cement prices were raised by 40 RMB/ton, supported by supply-side measures and increased demand from infrastructure projects [2] Key Industry Data Tracking - The national average cement price as of March 14 was 519.84 RMB/ton, with regional increases of 8.3% in North China and 3.0% in East China [3] - The cement output for the week of March 14 was 2.211 million tons, reflecting a 6.5% increase week-on-week [3] Glass and Fiber - The price of flat glass decreased by 2.4% week-on-week, with inventory levels rising, indicating slow demand recovery [3] - The price of photovoltaic glass remained stable, with a utilization rate of 67.56% [4] Investment Recommendations - The report suggests focusing on resilient consumer building material leaders and companies benefiting from improved cash flow due to municipal project demand [10] - It also highlights opportunities in semiconductor materials driven by AI applications and hardware upgrades, recommending attention to leading electronic materials companies [10]