建筑材料行业跟踪周报：基建之外可适当关注转型科技的个股-20250630

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector has shown a weekly increase of 2.41%, outperforming the CSI 300 and Wind All A indices, which increased by 1.95% and 3.56% respectively [3] - The report highlights the importance of focusing on companies transitioning towards technology, especially in the context of strategic infrastructure projects and the recovery of the real estate market [3] - The report suggests that the demand for cement is expected to stabilize in Q4 2025, with undervalued leading brands likely to experience valuation recovery [3][4] Summary by Sections 1. Industry Overview - The construction materials sector is currently experiencing a low demand environment, with the average cement shipment rate at 43.4% and a national cement price of 353.0 CNY/ton, down 3.8 CNY/ton from the previous week [3][20][21] - The report indicates that the cement market is facing downward price pressure due to high temperatures, heavy rainfall, and tight market liquidity [11][20] 2. Cement Market - The average cement price has decreased by 37.5 CNY/ton compared to the same period last year, with significant price drops in regions like the Yangtze River Delta and the Guangxi region [21][22] - The report emphasizes that the cement industry is likely to see a rebalancing of supply and demand, with a potential for profit margins to improve compared to last year [11][20] 3. Glass Fiber Market - The glass fiber sector is experiencing low profitability, with many second and third-tier companies at breakeven or loss [12] - The report notes that the demand for high-end products in wind power and thermoplastics is expected to grow, which may support profitability for leading companies [12] 4. Glass Market - The glass industry is currently in a weak balance state, with inventory levels high and seasonal demand expected to decline [13] - The report suggests that leading companies in the float glass sector may benefit from resource advantages and the clearing of excess capacity [14] 5. Renovation Materials - The report highlights the positive impact of government policies aimed at boosting domestic demand, which is expected to enhance consumer confidence and drive sales in the renovation materials sector [15] - It recommends focusing on leading companies that are well-positioned to benefit from these policies, such as North New Building Materials and Arrow Home [15]