GOLDEN SUN SECURITIES·2025-03-30 08:23Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [3] Core Views - The construction materials sector is experiencing a marginal improvement in demand due to active second-hand housing transactions, despite a recent decline in the sector [1][11] - The report highlights the potential for recovery in municipal engineering projects, driven by increased local government bond issuance and fiscal pressure relief [2] - The glass market shows signs of marginal improvement, particularly in photovoltaic glass, with price increases being implemented [2] - Cement prices are stabilizing after a period of decline, with short-term price increases expected due to production cuts and rising infrastructure demand [2] - The fiberglass market is stabilizing, with price recovery anticipated due to increased demand from wind power projects [2] Summary by Sections Market Overview - From March 21 to March 28, 2025, the construction materials sector (SW) declined by 1.82%, with specific declines in cement (1.63%), glass manufacturing (3.49%), fiberglass (1.52%), and renovation materials (1.75%) [1][11] - The sector experienced a net capital outflow of 821 million yuan during this period [1] Cement Industry Tracking - As of March 28, 2025, the national cement price index was 393.69 yuan/ton, reflecting a week-on-week increase of 0.57% [15] - Cement output reached 2.905 million tons, up 17.61% from the previous week, with a clinker capacity utilization rate of 60.5% [15] Glass Industry Tracking - The average price of float glass was 1306.69 yuan/ton, with a week-on-week increase of 0.30% [32] - Inventory levels for float glass decreased by 2.74 million weight boxes compared to the previous week [32] Fiberglass Industry Tracking - The price of non-alkali fiberglass remained stable, with the average price for 2400tex non-alkali winding direct yarn at 3833 yuan/ton, unchanged from the previous week [44] - The electronic yarn market also showed stability, with prices for G75 electronic yarn ranging from 8800 to 9200 yuan/ton [44] Key Stocks - Recommended stocks include: - Puhua Co., Ltd. (Buy) with an EPS forecast of 0.25 yuan for 2023 [7] - Qibin Group (Increase) with an EPS forecast of 0.65 yuan for 2023 [7] - China Jushi (Buy) with an EPS forecast of 0.76 yuan for 2023 [7] - Beixin Building Materials (Buy) with an EPS forecast of 2.09 yuan for 2023 [7]