建筑建材双周报（2025年第12期）：“反内卷”与城市更新共振，建筑建材供需格局有望改善-20250715

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating expected performance above the market index by over 10% [4][70]. Core Views - The construction materials sector is expected to benefit from a shift towards healthy competition driven by technological innovation and quality, as highlighted by a recent initiative from the State-owned Assets Supervision and Administration Commission and the All-China Federation of Industry and Commerce [1]. - The demand side is anticipated to see a release of new demand due to urban renewal, leading to a marginal improvement in the supply-demand balance in the construction materials industry [1]. Summary by Sections Cement - National cement prices decreased by 0.4% week-on-week, with specific regions like Anhui, Hubei, and Shaanxi seeing declines of 10-20 CNY per ton. Despite seasonal demand weakness, major enterprises maintained an average shipment rate of 43% [2][20]. - Future price trends are expected to show slight fluctuations due to planned price increases in regions like Ningxia and the Yangtze River Delta, although demand remains subdued [2][20]. Glass - The domestic float glass market saw stable prices with minor increases, driven by some replenishment demand from downstream sectors. However, supply-demand contradictions persist, and manufacturers are focused on sales [2][34]. - The photovoltaic glass market is under pressure, with low operating rates among downstream component manufacturers leading to cautious purchasing behavior [2][37]. Fiberglass - The price of domestic non-alkali roving remained stable, with the average price for 2400tex winding direct yarn at 3,300-3,700 CNY per ton, unchanged from the previous week [2][40]. - Electronic yarn prices are expected to rise due to tight supply-demand conditions, with G75 electronic yarn quoted at 8,800-9,200 CNY per ton [2][40]. Investment Recommendations - The report suggests focusing on resilient consumer building material leaders, particularly those benefiting from second-hand housing and stock renovation demand, recommending companies like Sanke Tree, Beixin Building Materials, and others [3]. - For the cement and fiberglass sectors, companies like Conch Cement and China Jushi are highlighted for their potential recovery in performance [3]. - In the construction sector, firms such as China Railway Construction and China State Construction Engineering are recommended due to their improving asset quality amid a challenging environment [3].