行业周报：城市更新行动进度加速，关注建材投资机会-20250518

Investment Rating - Investment rating for the construction materials industry is "Positive" (maintained) [1] Core Viewpoints - The acceleration of urban renewal actions is expected to create investment opportunities in construction materials, as the government emphasizes the need for renovation and infrastructure improvements [3] - The potential market space for the renovation of existing buildings is gradually being developed, leading to a stabilization and recovery in demand for construction materials [3] Market Performance - The construction materials index decreased by 0.24% from May 12 to May 16, 2025, underperforming the CSI 300 index by 1.36 percentage points [5][14] - Over the past three months, the construction materials index increased by 2.72%, outperforming the CSI 300 index by 4.01 percentage points [5][15] - In the past year, the construction materials index decreased by 9.08%, underperforming the CSI 300 index by 14.82 percentage points [5][15] Sector Recommendations - Recommended companies in the consumer building materials sector include: - Sanke Tree (channel penetration, retail expansion) - Dongfang Yuhong (waterproof leader, operational structure optimization) - Weixing New Materials (high-quality operations, high retail business proportion) - Jianlang Hardware [4] - Beneficiary companies include: - Beixin Building Materials (gypsum board leader, diversified expansion in coatings and waterproof sectors) [4] Cement Sector Insights - As of May 16, 2025, the average price of P.O42.5 bulk cement was 317.07 CNY/ton, a decrease of 2.04% from the previous period [7][26] - The clinker inventory ratio was 66.98%, an increase of 3.74 percentage points [27] Glass Sector Insights - As of May 16, 2025, the average price of float glass was 1288.00 CNY/ton, down by 2.35% [7][81] - The average price of photovoltaic glass remained stable at 135.16 CNY/weight box [88] Fiberglass Sector Insights - The fiberglass market is seeing increased attention, particularly in applications related to 5G communication, AI, and aerospace [4]