继续关注二手房成交对建材需求的影响

Investment Rating - The report maintains a "Buy" rating for several companies in the construction materials sector, including Puhua Co., China Jushi, Beixin Building Materials, and Yixing New Materials, while recommending "Hold" for Weixing New Materials [9]. Core Insights - The construction materials sector is experiencing a weak recovery, with cement prices fluctuating around the industry average without profitability [3][17]. - The demand for glass is showing seasonal improvement, but there are still supply-demand contradictions, with expectations of price fluctuations [4][34]. - The report emphasizes the positive impact of second-hand housing transactions and consumption stimulus policies on the demand for consumer building materials, recommending companies like Beixin Building Materials and Weixing New Materials [2][4]. Summary by Sections Cement Industry Tracking - As of April 30, 2025, the national cement price index is 379.72 yuan/ton, down 1.62% week-on-week, with a cement output of 3.545 million tons, up 0.7% [3][17]. - The cement industry is in a weak recovery phase, with construction demand being the main driver, but regional performance varies significantly [17]. Glass Industry Tracking - The average price of float glass is 1331.98 yuan/ton, with a slight increase of 0.02% week-on-week, and inventory levels are up year-on-year [4][34]. - Market demand remains moderate, and there is a lack of pre-holiday replenishment from downstream sectors [34]. Fiberglass Industry Tracking - The fiberglass market is experiencing weak demand, with prices under pressure due to increased supply and low operating rates in downstream processing plants [7]. - The report highlights the potential for price increases in high-end products due to strong demand [7]. Carbon Fiber Market Tracking - The carbon fiber market shows stable production levels, with a weekly output of 1679 tons and an operating rate of 60.62% [8]. - The report notes a gradual recovery in downstream demand, particularly in wind energy and hydrogen storage sectors [8]. Key Stocks - Recommended stocks include Puhua Co. (Buy), China Jushi (Buy), Beixin Building Materials (Buy), and Weixing New Materials (Hold) [9].