建材ETF（159745）跟踪的是建筑材料指数（931009），该指数主要涵盖从事建材生产、销售及相 关服务的企业，包括水泥、玻璃、陶瓷等子行业，以反映建筑材料相关上市公司证券的整体表现。 根据wind数据，建材ETF（159745）盘中净流入4.08亿份，资金抢筹布局。 中泰证券指出，水泥行业在"反内卷"大背景下易涨难跌。全国水泥市场价格环比保持平稳。元月下 旬，受全国大范围降温、雨雪天气影响，水泥需求大幅下滑，国内重点地区水泥企业平均出货率降至 29%，环比回落约10个百分点，临近春节，预计后期需求恢复空间有限，水泥价格多将维持稳中趋弱态 势为主。此外，2025年行业通过产线置换实现历史首次实质性去产能，2026-27年有含去30%产能的预 期，行业盈利能力有望大幅改善。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投 ...

Core Viewpoint - The cement industry is experiencing a trend of rising prices with difficulty in price declines under the backdrop of "anti-involution" [1] Group 1: Industry Outlook - The real estate market is expected to stabilize, which will significantly benefit the building materials sector, a core industry in the real estate chain [1] - The supply of cement is anticipated to accelerate clearing, showing a noticeable year-on-year improvement [1] Group 2: Investment Vehicle - The Building Materials ETF (159745) tracks the Building Materials Index (931009), which selects listed companies involved in the production and sales of traditional and new building materials such as cement, glass, and ceramics [1] - The building materials industry exhibits strong cyclical characteristics, heavily influenced by the real estate market and infrastructure construction [1]

Core Viewpoint - The cement industry is expected to see a gradual easing of supply-demand conflicts by 2025, despite ongoing declines in demand due to unstable real estate and limited infrastructure support [1] Group 1: Industry Outlook - Cement demand is projected to continue declining, but the industry's awareness of "anti-involution" is increasing, which may lead to a slight recovery in average cement prices [1] - Industry profits are anticipated to experience a certain degree of recovery due to improved collaboration and carbon emission controls, which are expected to gradually enhance the supply-demand landscape [1] Group 2: Investment Opportunities - Leading cement companies are expected to stand out due to their cost advantages and high dividend attractiveness, making them appealing for investment [1] - The Building Materials ETF (159745) tracks the construction materials index (931009), which includes publicly listed companies involved in the manufacturing and sales of cement, glass, ceramics, and other building materials [1] - The index constituents exhibit significant cyclical characteristics, closely related to the real estate and infrastructure sectors, with a primary focus on traditional manufacturing industries [1]

Group 1 - The core viewpoint is that despite the downturn in the cement industry, certain companies are demonstrating strong performance resilience and profitability due to regional positioning, management, and strategic advantages [1] - The cement market supply-demand dynamics are expected to improve by 2025, leading to a potential continuous recovery in cement prices and a rebound in industry performance [1] - Although the overall gross margin of the industry has been declining, leading companies are enhancing their cyclical resilience through overseas expansion and diversified business layouts, with plans to increase overseas cement capacity from 25 million tons to approximately 50 million tons [1] Group 2 - The construction materials ETF (159745) tracks the building materials index (931009), which selects listed companies related to construction raw materials and decorative materials from the Shanghai and Shenzhen markets [1] - The building materials index constituents exhibit strong cyclical characteristics and primarily cover infrastructure and real estate-related sectors, reflecting a high sensitivity to economic cycles [1]

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].