国泰海通｜建材：6月开始逐步迎来低基数期

Group 1: Cement Industry - The national cement market price decreased by 1.2% week-on-week, with price drops mainly in Shanxi, Shanghai, Jiangsu, Anhui, Hubei, Hunan, and Guangdong, ranging from 10 to 20 CNY per ton [1] - Some regions, including Jiangsu, Shanghai, Zhejiang, and Guangxi, experienced price increases of 20 to 30 CNY per ton [1] - Domestic cement demand remains weak due to multiple adverse factors, with an average shipment rate of 48% in key regions [1] - Although the Yangtze River Delta region has started to increase prices, the overall demand insufficiency and unclear peak production execution may hinder the effectiveness of this price increase [1] Group 2: Glass and Fiberglass - The average price of float glass in China is 1250.27 CNY per ton, down by 20.69 CNY per ton from the previous week, indicating a weak market with increased inventory due to the Dragon Boat Festival [2] - The fiberglass market saw local high prices decrease, while electronic yarn prices remained stable; however, demand is still weak with limited order growth [2] - The overall supply of non-alkali fiberglass is expected to maintain a certain growth rate, but competition among leading companies remains strong [2] Group 3: Future Outlook - June marks the beginning of a low base period for construction materials demand, with a significant decline expected from June to September 2024 due to local debt pressures in developed regions [3] - The glass processing sector shows resilience, with leading companies benefiting from high barriers to competition and favorable valuation and dividend advantages [3] - The fiberglass sector is seeing gradual price increases for long-term contracts, with leading companies having a higher sales proportion of high-end products [3]