（文章来源：每日经济新闻） 建材ETF（159745）跟踪的是建筑材料指数（931009），该指数从沪深市场中选取涉及建筑原材料、装 饰材料等相关行业的上市公司证券作为指数样本，以反映建材行业相关上市公司证券的整体表现。建筑 材料指数成分股具有较强的周期性特征，在行业配置上主要覆盖基础建设与房地产相关领域，体现了对 经济周期敏感度较高的风格特点。 东莞证券指出，在水泥行业经历下行周期下，部分企业凭借区域布局、经营管理及战略优势，表现出较 强的业绩韧性及较高的盈利能力。2025年水泥市场供需格局将进一步改善，水泥价格有望持续修复，带 动行业业绩回升。近年来行业整体毛利率虽呈现下降趋势，但龙头企业通过海外扩张和多元化业务布局 增强抗周期性，例如海外水泥产能计划从当前2500万吨提升至约5000万吨，未来海外业务或成为重要增 长引擎。此外，行业维持稳定分红比例，随着业绩修复，持续分红能力将增强。 ...

Core Viewpoint - The market experienced a strong upward trend on July 22, with all three major indices reaching new highs for the year, driven by significant inflows into the Yajiang Hydropower Station concept stocks and related ETFs [1][3]. Fund Performance - The Yajiang Hydropower Station concept funds saw substantial gains, with four leading products collectively attracting over 2.2 billion yuan in net inflows [1][4]. - The total scale of stock ETFs in the market reached 3.77 trillion yuan, with a net inflow of 1.624 billion yuan on the same day [3]. - The construction materials index led the net inflows among industry indices, attracting 1.822 billion yuan [3]. ETF Inflows and Outflows - Major ETFs from leading fund companies continued to receive net inflows, with notable contributions from E Fund and Huaxia Fund [6][8]. - Despite the overall market strength, broad-based ETFs experienced a net outflow of 5.828 billion yuan, with the CSI A500 index seeing the largest outflow of 2.272 billion yuan [8][9]. - Specific ETFs such as the construction materials and infrastructure ETFs showed significant net inflows, indicating strong investor interest in these sectors [4][5]. Market Sentiment - Analysts from various institutions remain optimistic about the A-share market, citing strong performance and positive external policy signals [9]. - The market is viewed as being in a new development window, with increasing investor confidence and expectations for future index performance [9].