建材ETF（159745）跟踪的是建筑材料指数（931009），该指数从市场中选取涉及水泥、玻璃、陶瓷等 传统建材以及新型建材生产与销售的上市公司证券作为指数样本，以反映建筑材料行业相关上市公司证 券的整体表现。建筑材料行业具有较强的周期性特征，其表现受房地产市场和基础设施建设等因素影响 较大。 中泰证券指出，水泥行业在"反内卷"大背景下呈现易涨难跌态势。《求是》杂志发文"改善和稳定房地 产市场预期"，建材作为地产链条核心行业将显著受益于地产企稳回升，水泥行业供给有望加快出清， 同比改善明显。 （文章来源：每日经济新闻） ...

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].