KAIYUAN SECURITIES·2025-06-15 09:59Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Viewpoints - The implementation of urban renewal policies across multiple provinces is expected to bring certainty in revenue growth for the construction materials sector. Notable projects include approximately 600 urban renewal key areas in Sichuan and 1,459 old residential area renovations in Henan for 2025 [3][4] - Recommended companies in the consumer building materials segment include Sankeshu (channel penetration and retail expansion), Dongfang Yuhong (waterproofing leader with optimized operational structure), Weixing New Materials (high-quality operations with a significant retail business), and Jianlang Wujin. Beneficiary stocks include Beixin Building Materials (gypsum board leader with diversified expansion into coatings and waterproofing) [3] - The cement sector is expected to benefit from the National Development and Reform Commission's energy-saving and carbon reduction action plan, which aims to control cement clinker capacity at around 1.8 billion tons by the end of 2025 [3] - The glass fiber sector is seeing increased attention due to the "equal tariff" policy, which is expected to benefit leading fiberglass companies with overseas production bases [3] Market Performance - The construction materials index fell by 2.77% in the week from June 9 to June 13, 2025, underperforming the CSI 300 index by 2.51 percentage points. Over the past three months, the CSI 300 index decreased by 3.58%, while the construction materials index dropped by 7.35% [4][12] - The average PE ratio for the construction materials sector is 25.55 times, ranking it 16th lowest among all A-share industries, while the PB ratio is 1.08 times, ranking it 5th lowest [18][22] Cement Sector - As of June 13, 2025, the average price of P.O42.5 bulk cement nationwide is 304.74 yuan/ton, with a month-on-month increase of 0.78%. The price trends vary by region, with Northeast China seeing a significant increase of 17.45% [22][25] - The clinker inventory ratio reached 62.24%, up by 0.43 percentage points from the previous month [23] Glass Sector - The average price of float glass as of June 13, 2025, is 1,218.00 yuan/ton, down by 46.00 yuan/ton, a decrease of 3.64%. The inventory of float glass increased by 340,000 weight boxes, reflecting a growth of 0.57% [74][76] - The average price of photovoltaic glass is 127.30 yuan/weight box, down by 0.43 yuan/weight box, a decline of 0.34% [81]