建筑材料行业跟踪周报：内需方向或需要更加重视-20250907

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The report emphasizes the need to focus more on domestic demand as the industry navigates through current challenges [1] - The construction materials sector has shown a decline of 2.79% this week, underperforming compared to the Shanghai Composite Index and the Wind All A Index [5] - The report highlights potential recovery in consumption-related building materials, with expectations for growth in the second half of the year [5] Summary by Sections 1. Industry Trends - The construction materials sector has experienced fluctuations, with a notable decline in prices for cement and glass products [5][12] - The average price of high-standard cement is reported at 342.7 yuan/ton, down 1.7 yuan from the previous week and down 40.0 yuan from the same period last year [19][20] - The average cement inventory level is at 64.1%, showing a slight increase from the previous week but a decrease compared to last year [22] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - Cement demand has not shown significant improvement, with a slight increase in average shipment rates [12] - The report anticipates a rebound in cement prices due to ongoing efforts to stabilize the market [12] - Major cement companies are expected to benefit from improved industry dynamics and potential consolidation [12] 2.2 Glass - The glass market is currently facing weak demand and high inventory levels, leading to price fluctuations [14] - The report suggests that supply-side adjustments may help stabilize prices in the medium term [14] 2.3 Fiberglass - The fiberglass sector is expected to see a recovery in profitability as supply pressures ease and demand remains resilient [13] - The report highlights the potential for growth in new applications, particularly in renewable energy sectors [13] 3. Industry Dynamics Tracking - The report notes that government policies aimed at boosting domestic demand are expected to positively impact the construction materials sector [15] - The ongoing recovery in the real estate market is anticipated to further enhance demand for building materials [15] 4. Weekly Market Review - The construction materials sector has underperformed compared to broader market indices, indicating potential investment opportunities in undervalued stocks [5][20]