行业周报 · 建筑材料行业 施工旺季带动需求恢复,关注供给侧变化 2025年3月16日 核心观点 建筑材料行业 推荐 维持评级 分析师 贾亚萌 ☎: 010-80927680 网: jiayameng_yj@chinastock.com.cn 分析师登记编码：S0130523060001 相对沪深 300 表现图 2025-03-14 建筑材料(SW) 30% 20% 10% 0% -10% -20% -30% 24-03 24-05 24-07 24-09 24-11 25-01 25-03 资料来源:中国银河证券研究院 相关研究 水泥:需求恢复带动价格上涨,错峰即将结束,关注供给端变化。本周全 ● 国水泥价格小幅上涨。市场需求增幅明显,本周全国水泥磨机开工负荷均值环 比增长 7.16pct。本周全国范围内错峰停窑率仍偏高,熟料库存小幅下降。后 续来看,需求将继续处于恢复状态,对价格起到支撑效果,下周开始北方错峰 生产将陆续结束,但短期熟料库存低位,对价格影响不大,预计短期水泥价格 仍有增长空间;中长期来看,政策发力有望带动基建投资增速,提振水泥市场 需求,此外,随着水泥纳入全国碳市场,行业落后产能出清将加 ...

Group 1 - The National People's Congress (NPC) serves as a significant platform for observing China's democratic practices and high-quality development, attracting international media attention [1][4]. - Foreign journalists express interest in China's advancements in various sectors such as livelihood, technology, and education, aiming to share these insights with their home countries [2][4]. - The NPC is seen as a key platform for consensus-building within China, while also providing inspiration for other developing nations [2][3]. Group 2 - The NPC emphasizes the importance of nurturing emerging industries and promoting green and digital trade as new growth points [3]. - China's commitment to poverty alleviation and its successful experience in lifting 800 million people out of poverty are highlighted as valuable lessons for other developing countries [4]. - The NPC's discussions on expanding foreign investment and promoting private sector development are crucial for sustaining economic growth [5][6]. Group 3 - The NPC conveys confidence and strength to the world, reinforcing the belief that China's long-term development goals will ultimately be achieved despite challenges [6]. - The NPC's focus on international cooperation, particularly in technology and renewable energy, is expected to enhance collaboration between China and other countries [3][4]. - The NPC's initiatives in artificial intelligence and electric vehicles are part of broader efforts to attract foreign investment and optimize the business environment [6].

Investment Rating - The industry investment rating is Neutral [4][17]. Core Insights - The report emphasizes that innovation and industrial upgrades are driving high-quality development in the non-ferrous metals industry, with emerging demands from sectors like commercial aerospace, Beidou applications, and new energy storage significantly increasing the demand for high-performance non-ferrous metals [5][7]. - The rapid growth of industries such as new energy vehicles, photovoltaics, and wind power is expected to amplify the demand for metals like copper, aluminum, lithium, and cobalt [5][7]. - The government's focus on expanding domestic demand and promoting green low-carbon development presents new opportunities for the industry, particularly for basic metals like copper and aluminum [8][9]. - The report highlights the importance of the "Belt and Road" initiative in enhancing international cooperation and optimizing the supply chain for non-ferrous metal enterprises [9]. - The digital transformation of the industry, aided by AI and other technologies, is expected to improve efficiency and reduce costs across various stages from mineral exploration to market monitoring [9]. Summary by Sections Government Work Report Overview - The government work report outlines the overall requirements and policy directions for economic and social development in 2025, emphasizing the need for high-quality development in the non-ferrous metals sector [6]. Emerging Industry Trends - The report identifies that new industries are emerging, which will drive the demand for high-performance non-ferrous metals, with significant growth expected in the use of copper and aluminum in new energy sectors [7][8]. Domestic Demand and Green Development - The government's strategy to expand domestic demand is expected to boost the demand for non-ferrous metals, particularly in infrastructure, real estate, and automotive sectors [8][9]. International Cooperation and Market Expansion - The "Belt and Road" initiative is seen as a key factor in enabling non-ferrous metal companies to expand internationally and secure more resources [9]. Digital Transformation - The report discusses the potential of AI and digital technologies to enhance the quality and efficiency of the non-ferrous metals industry [9].

主办： 中关村储能产业技术联盟、中国能源研究会、中国科学院工程热物理研究所 展馆冠名： 阳光电源、中天科技、宁德时代、新源智储、海博思创、中车株洲所 公牛集团股份有限公司 将亮相第13届储能国际峰会暨展览会，展位位于 A3馆（中天科技馆） A327展位 。 公牛集团股份有限公司 第十三届储能国际峰会暨展览会（ESIE 2025） 时间：2025年4月10-12日 地点：首都国际会展中心 公 司 还 拥 有 汽 车 行 业 体 系 标 准 认 证 IATF16 9 4 9 、 全 球 质 量 管 理 体 系 1S09001 、 环 境 管 理 体 系 1SO1 40 01 3大认证，通过了GB/T 18487、GB/T 20 234.1、NB 33008.1 3大标准，自有的专 业老化/性能/负载检测团队，已覆盖超90%产品线，为每一台出厂产品提供质量保证。 在当前全球能源转型和绿色低碳发展的背景下，储能技术的重要性日益凸显。 作为实现光储充、能源互联网、促进可再生能源广泛应用等的关键技术之一，储能技术的创新 发展对于推动能源结构优化升级具有重要意义。 公牛工商业储能 正是在这样的大环境下，不断探索和创新，致力 ...

程序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之 用。投资者应当以正式公告的招股说明书作为投资决定的依据。 杭州热威电热科技股份有限公司 Hangzhou Heatwell Electric Heating Technology Co., Ltd. （浙江省杭州市滨江区长河街道建业路 576 号） 首次公开发行股票并在主板上市 招股说明书 保荐人（主承销商） （上海市广东路 689 号） 二〇二三年二月 1-1-1 （申报稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应 杭州热威电热科技股份有限公司 招股说明书（申报稿） 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1- ...