Investment Rating - The report maintains an "Outperform" rating for the construction materials industry, indicating a positive outlook compared to the broader market [3][4]. Core Insights - The report emphasizes the potential for price elasticity in bulk construction materials, particularly in the context of seasonal demand and production adjustments in the East China cement sector [25][27]. - The ongoing development in the western regions of China is highlighted as a significant driver for economic growth, with key projects expected to accelerate, thus benefiting leading companies in the sector [23][25]. - Recent production adjustments by cement companies, including staggered production schedules and price increases, are expected to support price stability and potential growth in the construction materials market [25][27]. Summary by Sections 1. Weekly Overview - The construction materials sector saw a 2.6% increase last week, underperforming the CSI 300 index by 1.6 percentage points. Year-to-date, the sector has risen by 10.1%, outperforming the index by approximately 3.3 percentage points [15][21]. - Cement prices have shown a slight increase, with the national average price at 348 RMB/ton, reflecting a week-on-week increase of 2.3 RMB/ton [21][27]. 2. High-Frequency Data - Cement demand has stabilized, with a national average shipment rate of 46% as of August 22, showing a slight week-on-week improvement [21][27]. - The average price of float glass has decreased to 1,206 RMB/ton, with inventory levels rising slightly [32][36]. - The price of glass fiber remains stable, with the average price for non-alkali glass fiber yarn at 3,400 RMB/ton [36][37]. 3. Cost Side - The prices of most raw materials have decreased year-on-year, which is expected to positively impact the profitability of companies in the construction materials sector [39][41].
建筑材料行业周报：看好西部开发建设，关注旺季反内卷下大宗建材价格弹性-20250825
East Money Securities·2025-08-25 08:10