——建筑材料行业周报（26/03/09-26/03/15）：上游原材料压力或导致细分板块修复斜率分化-20260316

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The construction materials industry is expected to see a recovery in the real estate sector, with a potential bottoming out of the market. The report highlights two key judgments: 1) The fundamental bottom of the real estate market is likely to appear; 2) Outstanding listed companies may recover ahead of the industry due to their alpha advantages [5] - The report indicates that the pressure from rising upstream raw material prices may lead to differentiated recovery slopes across various segments of the construction materials industry. Companies in advantageous positions may increase prices and enhance profits, while those in less favorable positions may face accelerated market exit due to cost pressures [5] - The underground pipeline network is identified as a key area for urban renewal, with significant investment potential projected during the 14th Five-Year Plan period, reaching an average annual investment of 1 trillion yuan, which is over three times that of 2024 [5] Summary by Sections 1. Sector Tracking - The construction materials index decreased by 1.3% during the week, while the Shanghai Composite Index fell by 0.7% and the Shenzhen Component Index rose by 0.8% [9] - Notable stock performances included Yangzi New Materials (+12.2%) and Jingxue Energy Saving (+9.2%), while Qinglong Pipeline (-9.9%) and Puren (-9.3%) saw significant declines [9] 2. Data Tracking 2.1 Cement - The average price of 42.5 cement nationwide is 337.0 yuan/ton, down 1.0 yuan/ton month-on-month and down 59.7 yuan/ton year-on-year. The cement inventory ratio is 62.4%, down 0.4 percentage points month-on-month and up 8.0 percentage points year-on-year [16] - The cement shipment rate is 24.9%, up 9.7 percentage points month-on-month and down 18.5 percentage points year-on-year [16] 2.2 Float Glass - The average price of 5mm float glass is 1269.0 yuan/ton, up 15.0 yuan/ton month-on-month and down 177.8 yuan/ton year-on-year. The total inventory of key production enterprises in 13 provinces is 69.72 million heavy boxes, up 5.1% month-on-month and up 13.0% year-on-year [33] 2.3 Photovoltaic Glass - The average price of 2.0mm coated photovoltaic glass is 10.2 yuan/square meter, down 0.2 yuan/square meter month-on-month and down 3.6% year-on-year. The average price of 3.2mm coated photovoltaic glass is 17.2 yuan/square meter, down 0.1 yuan/square meter month-on-month and down 5.1% year-on-year [38] 2.4 Glass Fiber - The average price of alkali-free glass fiber yarn is 4615.0 yuan/ton, unchanged month-on-month and down 105.0 yuan/ton year-on-year. The average price of electronic yarn is 11000.0 yuan/ton, unchanged month-on-month and up 2050.0 yuan/ton year-on-year [46] 2.5 Carbon Fiber - The average price of large tow carbon fiber is 73.0 yuan/kg, up 0.5 yuan/kg month-on-month and year-on-year. The average price of small tow carbon fiber is 95.0 yuan/kg, unchanged month-on-month and year-on-year [50]