建筑材料行业跟踪周报：海外模型大厂融资落地，算力链条迎来新动力-20260224

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1]. Core Insights - The construction materials sector has shown a weekly increase of 2.86%, outperforming the CSI 300 and Wind All A indices by 2.50% and 1.74%, respectively [5]. - The report highlights the successful financing of overseas model manufacturers, which is expected to drive demand for computing power [5]. - The report suggests focusing on technology-related companies such as China Jushi, China National Materials, and others, as well as consumer-oriented companies like Three Trees and Oppein Home [5]. Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - Cement: The national average price for high-standard cement is 341.2 CNY/ton, down 0.3 CNY/ton from last week and down 53.5 CNY/ton from the same period in 2025. The average cement inventory level is 65.4%, up 2.7 percentage points from last week [5][21]. - Glass: The average price for float glass is 1157.6 CNY/ton, up 3.1 CNY/ton from last week but down 252.2 CNY/ton from the same period in 2025. The inventory of float glass is 51.63 million heavy boxes, up 214 thousand boxes from last week [5][45][48]. - Fiberglass: The effective production capacity for fiberglass is expected to reach 759.2 thousand tons in 2026, a year-on-year increase of 6.9% [7]. 2. Industry Dynamics Tracking - The report notes that the cement industry is undergoing supply-side adjustments, with a focus on eliminating outdated capacity. The net capacity reduction is estimated at 40.49 million tons, which is 2.5% of the national clinker design capacity as of the end of 2024 [7]. - The glass industry is experiencing a supply contraction, which is expected to provide price elasticity in 2026. The report anticipates that the average daily melting capacity for float glass will drop below 14.74 thousand tons per day in the first half of 2026 [7]. 3. Weekly Market Review and Sector Valuation Table - The construction materials sector has shown a positive trend compared to the broader market indices, indicating potential investment opportunities [5][9].