Hua Yuan Zheng Quan·2025-05-27 11:40Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Viewpoints - The report highlights that the U.S.-China geopolitical competition may accelerate the narrative around nuclear power, with nuclear fusion emerging as a key competitive point. Recent U.S. executive orders aim to revitalize the nuclear energy sector, which could benefit related companies in the context of increased capital expenditure driven by military competition [4] - The report anticipates that 2025 will be a turning point for listed companies, with 2026 marking an industry inflection point. It suggests that the current market downturn presents opportunities to capitalize on "cognitive differences" [4] Summary by Sections 1. Controlled Nuclear Fusion Research - Controlled nuclear fusion offers unparalleled advantages over other energy sources, including abundant raw materials from seawater and minimal environmental impact [8] - The global number of operational fusion devices has reached over 100, with various countries accelerating their fusion development strategies [12][16] 2. Sector Tracking - The construction materials index has decreased by 1.1%, with cement and glass fiber sectors showing varied performance [25] - Notable stock performances include companies like Xiong Plastic Technology (+13.2%) and Jingang Photovoltaic (+11.7%) [25] 3. Data Tracking Cement - The average price of 42.5 cement nationwide is 370.8 RMB/ton, down 7.8 RMB/ton month-on-month but up 5.2% year-on-year [33] - The cement inventory ratio is 65.3%, showing a month-on-month increase of 1.3 percentage points [33] Float Glass - The average price of 5mm float glass is 1378.3 RMB/ton, down 16.6 RMB/ton month-on-month and down 401.5 RMB/ton year-on-year [50] Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 13.7 RMB/sqm, remaining stable month-on-month but down 4.2 RMB/sqm year-on-year [55] Glass Fiber - The average price for alkali-free glass fiber yarn is 4700.0 RMB/ton, down 10.0 RMB/ton month-on-month but up 45.0% year-on-year [60] Carbon Fiber - The average price for large tow carbon fiber is 72.5 RMB/kg, stable month-on-month but down 5.0 RMB/kg year-on-year [63]