行业周报：绿色政策推动供给格局改善，建材反内卷进行时-20250824

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Insights - The construction materials industry has made significant progress in energy conservation and carbon reduction, with six major sub-industries releasing carbon reduction technology guidelines and a notable increase in the share of clean energy [3][4] - The cement industry is expected to benefit from national policies aimed at controlling cement clinker production capacity and improving energy efficiency standards [3] - The report recommends several companies within the construction materials sector, including SanKeTree, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware, as well as beneficiaries like Beixin Building Materials and Haizhu Cement [3] Summary by Sections Market Performance - The construction materials index rose by 2.91% from August 18 to August 22, 2025, underperforming the CSI 300 index by 1.27 percentage points [4][13] - Over the past three months, the CSI 300 index increased by 13.42%, while the construction materials index rose by 16.67%, outperforming the CSI 300 by 3.25 percentage points [4][13] - In the past year, the CSI 300 index increased by 30.86%, and the construction materials index rose by 35.30%, outperforming the CSI 300 by 4.44 percentage points [4][13] Cement Sector - As of August 22, 2025, the average price of P.O42.5 bulk cement was 280.47 CNY/ton, reflecting a 1.94% increase from the previous period [6][24] - The clinker inventory ratio was 64.62%, showing a decrease of 1.56 percentage points [6][24] - Regional price trends varied, with notable increases in East China (+5.05%) and Central China (+6.53%), while South China saw a decrease of 2.82% [24][26] Glass Sector - The average spot price for float glass was 1187.88 CNY/ton, down by 1.78% from the previous period [6][81] - The inventory of float glass increased by 28 million weight boxes, a rise of 0.50% [6][83] - The price of photovoltaic glass remained stable at 116.41 CNY/weight box [6][87] Fiberglass Sector - The market prices for fiberglass remained stable, with some flexibility in transactions noted [6][19] - The report highlights the performance of various companies within the fiberglass sector, indicating a generally positive trend [6][19] Consumer Building Materials - The prices of raw materials for consumer building materials showed slight fluctuations, with specific price data provided for various materials [6][20]