KAIYUAN SECURITIES·2025-07-20 11:43Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The central urban work conference emphasized urban renewal, which is expected to drive demand for construction materials such as pipes, waterproofing, and coatings. This will lead to significant improvements in the real estate chain's fundamentals [3] - The report recommends several companies in the consumer building materials sector, including Sankeshu (channel expansion), Dongfang Yuhong (waterproofing leader), Weixing New Materials (high retail business ratio), and Jianlang Hardware. Beneficiary companies include Beixin Building Materials (gypsum board leader) [3] - The National Development and Reform Commission's action plan for the cement industry aims to control cement clinker capacity at around 1.8 billion tons by the end of 2025, which is expected to accelerate energy-saving and carbon reduction efforts [3] Market Performance - The construction materials index fell by 0.23% in the week from July 14 to July 18, 2025, underperforming the CSI 300 index by 1.32 percentage points. Over the past three months, the CSI 300 index rose by 7.17%, while the construction materials index increased by 4.36%, underperforming by 2.82 percentage points. In the past year, the CSI 300 index rose by 14.68%, and the construction materials index increased by 16.62%, outperforming by 1.94 percentage points [4][13] Cement Sector - As of July 18, 2025, the average price of P.O42.5 bulk cement nationwide was 280.87 CNY/ton, down 0.71% month-on-month. The clinker inventory ratio was 67.24%, up 1.35 percentage points [6][27] - The report highlights regional price variations, with Northeast China stable, North China up by 0.74%, and East China down by 1.90% [26] Glass Sector - The spot price of float glass as of July 18, 2025, was 1214.63 CNY/ton, an increase of 0.71% from the previous week. The inventory of float glass nationwide decreased by 175 million weight boxes, a decline of 3.05% [82][84] - The average price of photovoltaic glass remained stable at 116.02 CNY/weight box [89] Fiberglass Sector - The market price for non-alkali 2400tex direct yarn ranged from 3300 to 4100 CNY/ton, with variations depending on the manufacturer [6] Consumer Building Materials - As of July 18, 2025, the price of asphalt was 4570 CNY/ton, stable week-on-week, and up 2.93% year-to-date. The price of titanium dioxide was 13050 CNY/ton, down 1.14% month-on-month [6]