Soochow Securities·2025-04-28 07:56Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The industry is expected to focus on stability, with technology and domestic demand as the main themes [1] - The construction materials sector has shown a slight increase of 0.22% this week, underperforming compared to the Shanghai Composite Index and the Wind All A Index [4] - The report anticipates a significant acceleration in home decoration demand in Q3 2025, driven by policies promoting consumption [4] Summary by Sections 1. Industry Trends - The construction materials sector has experienced a price fluctuation, with the national average price of high-standard cement at 390.8 RMB/ton, down 1.8 RMB/ton from last week but up 35.7 RMB/ton year-on-year [4][22] - Cement market demand has slightly weakened due to seasonal rainfall, with a national average shipment rate of 47.4%, down 1.3 percentage points from last week [30] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The national cement market price has decreased by 0.5% this week, with price adjustments mainly in East, Central, and Southwest regions [21] - The report highlights that the cement industry is expected to maintain profitability, with leading companies showing a strong willingness to protect margins [5][12] - The average cement inventory ratio is 61.8%, unchanged from last week but down 6.6 percentage points year-on-year [30] 2.2 Glass Fiber - The glass fiber industry is experiencing a recovery in profitability, with demand in wind power and thermoplastics sectors continuing to grow [13] - The report suggests that leading companies in the glass fiber sector are likely to benefit from structural advantages and cost efficiencies [13] 2.3 Glass - The glass industry is facing a weak balance between supply and demand, with slow inventory depletion and limited price rebound potential [15] - The report recommends focusing on leading companies that can leverage resource advantages and benefit from industry capacity reductions [15] 3. Industry Dynamics Tracking - The report notes that external uncertainties, such as trade tensions, are increasing, but domestic policies are expected to support consumption and stabilize the real estate market [16] - The report emphasizes the importance of government policies in boosting home decoration demand, with a notable increase in sales in early 2024 [16] 4. Weekly Market Review - The construction materials sector has shown a slight increase in performance compared to broader market indices, indicating potential investment opportunities [4][20]