Group 1: Industry Overview - The consumption building materials industry is currently under pressure, but positive signals are emerging, indicating a transition from a left-side to a right-side phase in the second half of the year [1] - The real estate construction and operation data is expected to stabilize, contributing to the industry's recovery [1] - Profitability is anticipated to improve across more categories due to a low base and easing competition [1] Group 2: Cement Industry - The cement industry is gradually entering its peak season, with overall demand recovering slowly [2] - A policy document released by the Cement Association aims to limit overproduction, which is expected to enhance capacity utilization in the medium term [2] - The industry is currently at a low point in demand and prices, but a recovery in demand is expected in August, leading to gradual price increases [2] Group 3: Glass Industry - The glass industry is experiencing price fluctuations and significant short-term inventory pressure due to ongoing supply-demand imbalances [3] - The demand side is negatively impacted by the real estate sector, leading to a continuous downward trend in 2025 [3] - Environmental regulations are expected to increase costs and accelerate the industry's cold repair process, although a complete capacity exit is not anticipated [3] Group 4: Glass Fiber Industry - The glass fiber industry is expected to see demand growth driven by the AI industry chain, with a positive outlook for specific segments [4] - Traditional demand for non-alkali coarse sand remains weak, but niche areas are performing well [4] - The industry is experiencing a volume and price increase due to the demand from AI, indicating a trend of sustained growth [4]

中邮证券近日发布建筑材料行业周报：消费建材行业龙头企业已逐步披露中报，行业整 体虽然需求仍属于承压阶段，但我们也观察到积极信号不断出现，如防水、涂料等行业龙头 企业加强协同，开始在底部区域协同提价，各个品类价格竞争明显缓和，同时如三棵树披露 中报，我们看到其产品结构提升、费用降低带来的盈利改善逻辑如期兑现。 以下为研究报告摘要： 风险提示： 反内卷政策落地不及预期，地产及基建需求超预期下行风险。（中邮证券 赵洋） 水泥：7月1日水泥协会发布响应反内卷政策文件，我们判断会推动限制超产政策更好的 执行。从中期维度来看，水泥行业产能有望在限制超产政策下产能持续下降，产能利用率从 而大幅提升，目前水泥行业处于淡季需求低点及价格低点，我们判断行业有望在8月份需求 回暖后逐步价格提升。关注：海螺水泥、华新水泥。 玻璃：行业需求端在地产影响下25年呈现持续下行态势，6-8月淡季需求表现尚可，但 供需仍有矛盾。供给端，考虑到目前浮法玻璃行业中大部分企业已能达到环保要求，我们判 断反内卷政策不会产生一刀切式产能出清，但仍会提升环保要求及成本，加速行业的冷修进 度。关注：旗滨集团。 玻纤：传统无碱粗砂需求表现平淡，细分领域表现景 ...

Group 1 - The Hang Seng Tech Index experienced a decline of over 1% on August 26, with the Hong Kong Tech 30 ETF (513160) down by 0.76% and a trading volume exceeding 93 million yuan, indicating active trading with a turnover rate of 3.84% and a premium trading occurrence of 0.65% [1] - Among the constituent stocks, China Software International rose over 4%, while companies like Meitu, Black Sesame Intelligence, and SenseTime also saw gains. Conversely, Oriental Selection fell over 7%, along with declines in ZTE Corporation and Hua Hong Semiconductor [1] - The Hong Kong Tech 30 ETF (513160) recorded a net inflow of 24.79 million yuan yesterday, accumulating over 290 million yuan in the last five trading days, reflecting strong investor interest [1] - Nvidia launched its Jetson AGX Thor developer kit and mass production module for robotics applications on August 25, with a starting price of $3,499, now available for global customers including those in China [1] Group 2 - China Galaxy Securities indicates that the market is expected to rotate around sectors such as the AI industry chain, anti-involution, and non-bank financials. The technology growth sector is anticipated to maintain high prosperity driven by the AI technology revolution and emerging industry trends [2]

8月25日，A股市场主要指数普遍上涨。成交额放量至3.18万亿元，创历史第二高，为连续9个交易日超2 万亿元。通信板块领涨市场，行业板块全线上涨，整个A股市场超3300只股票上涨，逾90只股票涨停。 分析人士认为，当前市场情况下，赛道轮动仍是最显著的行情特征，市场有望围绕AI产业链、"反内 卷"、非银金融等板块轮动。 ● 本报记者 吴玉华 主要指数普遍上涨 8月25日，A股市场主要指数均上涨。截至收盘，上证指数、深证成指、创业板指、科创50指数、北证 50指数分别上涨1.51%、2.26%、3.00%、3.20%、0.23%。 权重股走强，大盘股集中的上证50指数、沪深300指数分别上涨2.09%、2.08%，小微股集中的中证1000 指数、中证2000指数、万得微盘股指数分别上涨1.56%、1.17%、0.27%，大盘股表现更为强势。 部分大盘股走强带动指数上行，从对指数贡献度来看，中际旭创、新易盛、胜宏科技、宁德时代、阳光 电源对创业板指贡献点数居前，合计为50.94点，占创业板指上涨点数的逾六成。寒武纪-U、海光信 息、澜起科技、芯原股份、大全能源对科创50指数贡献点数居前，合计为38.97点，占科创5 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The construction materials industry is showing signs of improvement despite being under pressure. Leading companies in consumer building materials are beginning to collaborate on price increases, indicating a stabilization in competition. The profitability of companies like Sankeshu is improving due to better product structure and reduced costs. The industry is transitioning from a downturn to a recovery phase, with expectations of improved profitability across various categories in the second half of the year [3][4] - The cement sector is expected to see a price increase as it enters the peak season, with July's cement production at 146 million tons, down 5.6% year-on-year. The glass industry is facing a downward trend in demand, with prices continuing to decline due to supply-demand imbalances [4][8] - The report highlights key companies to watch, including Dongfang Yuhong, Sankeshu, Beixin Building Materials, and Tubao for consumer building materials, and Conch Cement and Huaxin Cement for the cement sector. In the glass sector, Qibin Group is noted for its performance [3][4] Summary by Sections Industry Overview - The construction materials industry index increased by 2.91% in the past week, ranking 8th among 31 sub-industry indices [5] - The closing point for the industry was 5240.54, with a 52-week high of 5240.54 and a low of 3435.69 [1] Cement Sector - The cement market is entering a peak season, with prices expected to rise in September. The production in July was 146 million tons, reflecting a year-on-year decline of 5.6% [4][8] - The implementation of policies to limit overproduction is anticipated to enhance capacity utilization in the cement industry [4] Glass Sector - The glass market is experiencing a continuous decline in demand, with prices dropping 1-4 RMB per weight box across various regions. The industry is facing significant inventory pressure [14] - The report suggests that the "anti-involution" sentiment has led to a significant drop in futures prices, with limited improvement in downstream demand [14] Key Company Announcements - Sankeshu reported a revenue of 5.816 billion RMB for the first half of 2025, a year-on-year increase of 0.97%, with a net profit of 436 million RMB, up 107.53% [18] - Zhongcai Technology achieved a revenue of 13.331 billion RMB, a year-on-year increase of 26%, with a net profit of 999 million RMB, up 115% [18] - Beixin Building Materials reported a revenue of 13.56 billion RMB, a slight decline of 0.3%, with a net profit of 1.93 billion RMB, down 12.9% [19][20]

Market Performance - The Hang Seng Index rose by 1.94% to close at 25,829.91 points, while the Hang Seng Tech Index increased by 3.14% to 5,825.09 points [1] - The National Enterprises Index and Red Chip Index also saw gains of 1.85% and 0.99%, closing at 9,248 points and 4,388.5 points respectively [1] Stock Movements - Notable stock performances included China International soaring over 145% and Dongfeng Group rising over 54% [1] - Other significant gainers included NIO-SW up 15.17%, Luoyang Molybdenum up 10.47%, and Zijin Mining up 6.38% [1] - Conversely, Okavango Vision Bio-B fell by 15.19% and Xirui dropped by 16.91% [1] - Changfei Optical Fiber Cable surged by 26.76% [1] Institutional Insights - China Galaxy Strategy suggests that a potential interest rate cut by the Federal Reserve could lead to increased overseas capital inflow into the Hong Kong stock market, boosting stock prices [2] - The report highlights three sectors to watch: those with better-than-expected interim results, sectors benefiting from favorable policies like AI and "anti-involution," and high-dividend stocks providing stable returns amid uncertainties [2] - Huatai Securities notes that foreign capital may continue to increase its allocation to Chinese markets due to improved domestic fundamentals and a favorable outlook for the RMB exchange rate [2]

Market Overview - Major indices opened higher with Shanghai Composite Index up 0.59%, Shenzhen Component Index up 1.03%, and ChiNext Index up 1.41%, driven by sectors like computing chips and Huawei Ascend [1] Institutional Insights - China Galaxy Securities suggests that the market is likely to rotate around AI industry chain, anti-involution, and non-bank financial sectors, with technology growth sectors expected to maintain high prosperity due to the AI technology revolution [2] - Tianfeng Securities emphasizes the importance of AI industry trends and consumer breakthroughs for investment in the consumption sector, highlighting that current low valuations and favorable policies could lead to a recovery cycle [3] - Huatai Securities identifies AI chain, innovative pharmaceuticals, military industry, and large finance as strategic allocation focuses, noting that the market is entering an upward trend supported by improved domestic and overseas liquidity [4] Industry Developments - CITIC Construction Investment reports rapid advancements in battery technology, particularly solid-state batteries, with Guoxuan High-Tech's "Jinshi Battery" entering trial production and securing significant orders for semi-solid state battery storage projects, marking a milestone in commercial application [5]

Market Performance - The Hang Seng Index opened up by 1.06% at 25,606.88 points, with the Hang Seng Tech Index rising by 1.49% to 5,731.7 points, and the China Enterprises Index increasing by 1.07% to 9,176.95 points [1][2] - Major tech stocks saw significant gains, with Alibaba up 2.03%, Tencent up 1.42%, and JD.com up 2.14% [2] Company News - Sunshine Insurance reported a total premium income of 80.814 billion yuan, a year-on-year increase of 5.7%, and a net profit of 3.389 billion yuan, up 7.8% [6] - China Coal Energy's revenue decreased by 19.9% to 74.436 billion yuan, with a net profit drop of 31.5% to 7.325 billion yuan [6] - TCL Electronics saw a revenue increase of 20.4% to 54.777 billion yuan, with a net profit growth of approximately 67.8% to 1.09 billion yuan [6] - Chongqing Bank reported interest income of approximately 15.37 billion yuan, up 6.72%, and a net profit of about 3.19 billion yuan, up 5.39% [6] - Huachen Automotive's net profit increased by 15% to 1.7 billion yuan, with revenue rising by 8.4% to 5.617 billion yuan [7] - Black Sesame Intelligence issued a profit warning, expecting a mid-term loss not exceeding 800 million yuan [8] - Greentown China reported a profit attributable to shareholders of 210 million yuan, a decrease of 89.74% year-on-year [9] - Zhaojin Mining reported a profit attributable to shareholders of approximately 1.44 billion yuan, an increase of about 160.44% [10] Institutional Insights - China Galaxy Securities noted that the potential for a Federal Reserve rate cut could lead to increased foreign capital inflow into the Hong Kong stock market, suggesting a focus on sectors with better-than-expected interim performance and those benefiting from favorable policies [11] - Huatai Securities indicated that foreign capital may continue to increase allocation to the Chinese market due to improving domestic fundamentals and potential appreciation of the RMB [12]

Market Performance - The Hong Kong stock market showed mixed performance from August 18 to August 22, with the Hang Seng Index rising by 0.27% to close at 25,339.14 points, the Hang Seng Tech Index increasing by 1.89% to 5,647.68 points, and the Hang Seng China Enterprises Index up by 0.45% to 9,079.93 points [5][3][1] - Among the sectors, six industries saw gains while five experienced declines. Consumer discretionary, information technology, and consumer staples led the gains with increases of 2.46%, 2.10%, and 0.96% respectively, while materials, energy, and utilities faced the largest declines, dropping by 2.42%, 1.96%, and 1.50% respectively [7][1] Liquidity and Trading Volume - The average daily trading volume on the Hong Kong Stock Exchange was HKD 280.46 billion, an increase of HKD 23.61 billion from the previous week. The average daily short-selling amount was HKD 32.34 billion, up by HKD 3.21 billion, with short-selling accounting for 11.61% of total trading volume, an increase of 0.35 percentage points [11][1] - Southbound capital recorded a net inflow of HKD 17.90 billion, a decrease of HKD 20.22 billion from the previous week [11][1] Valuation and Risk Premium - As of August 22, the Hang Seng Index had a PE ratio of 11.54 and a PB ratio of 1.2, reflecting a 0.2% increase in PE and a 0.01% decrease in PB from the previous week, both at the 85th percentile since 2019. The Hang Seng Tech Index had a PE of 21.77 and a PB of 3.13, at the 22nd and 67th percentiles respectively [14][22] - The risk premium for the Hang Seng Index was calculated at 4.4% based on the 10-year US Treasury yield of 4.26%, and 6.88% based on the 10-year Chinese Treasury yield of 1.7818% [20][18] Investment Outlook - The US Department of Commerce announced the inclusion of 407 product categories in the steel and aluminum tariff list with a 50% tax rate, which may affect market sentiment [27][29] - Federal Reserve Chairman Jerome Powell indicated a shift in risk balance, suggesting potential adjustments in policy stance, which could lead to increased foreign capital inflow into the Hong Kong market [29][27] - Domestic fiscal data showed a 2.6% year-on-year increase in public budget revenue for July, the highest growth rate of the year, indicating a positive economic outlook [29][27] - Investment recommendations include focusing on sectors with better-than-expected interim results, those benefiting from favorable policies such as AI and "anti-involution" industries, and high-dividend stocks for stable returns amid uncertainties [29][27]

Group 1 - The market is expected to rotate around sectors such as the AI industry chain, anti-involution, and non-bank financials [1] - The technology growth sector is likely to maintain high prosperity driven by the AI technology revolution and emerging industry trends [1] - The "anti-involution" concept, driven by improved supply-demand patterns and industry profit recovery, remains clear in its allocation logic from a medium to long-term perspective [1] Group 2 - Dividend assets with safe valuation margins are still considered valuable for investment [1] - The consumer sector, supported by favorable policies, presents investment value [1]