建筑材料行业跟踪周报：适当关注战略性基建项目主题-20250622

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector has shown a decline of 1.42% in the past week, underperforming the CSI 300 and the Wind All A Index, which declined by 0.45% and 1.07% respectively [4] - The report suggests that strategic infrastructure projects in the central and western regions may become a focus for investors, particularly in areas like hydropower and major construction projects [4] - The real estate sector is nearing a clearing phase, leading to improved supply dynamics, which may benefit leading companies in the industry [4] Summary by Sections 1. Industry Trends - The construction materials sector has experienced a price drop in cement, with the national average price at 356.8 RMB/ton, down 3.3 RMB/ton from the previous week and 36.0 RMB/ton from the same period last year [4][20] - The average cement inventory level is at 66.4%, a slight decrease of 0.1 percentage points from last week but an increase of 2.7 percentage points year-on-year [25] 2. Bulk Construction Materials Fundamentals 2.1 Cement - The average shipment rate for cement is 44.0%, down 1.7 percentage points from last week and 4.3 percentage points year-on-year [25] - The report anticipates that the cement industry will maintain a higher profit margin compared to last year due to improved supply-demand balance and ongoing policy support for domestic demand [12][19] 2.2 Glass Fiber - The report indicates that the profitability of glass fiber remains resilient, with demand in wind power and thermoplastics continuing to grow [13] - The industry is expected to see a gradual recovery in supply-demand balance, benefiting leading companies with strong product structures [13] 2.3 Glass - The glass sector is facing weak terminal demand, with inventory levels remaining high and price pressures expected to increase as the market enters a seasonal downturn [14] - The report recommends focusing on leading companies like Qibin Group, which may benefit from industry capacity reductions and diverse business growth [15] 3. Renovation and Building Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand and consumption, particularly in the renovation sector [16] - Companies with strong growth intentions and those benefiting from government subsidies are recommended for investment consideration [16]