智通财经APP获悉，申万宏源发布研报称，2025年上半年建材行业营收降幅收窄，利润有所改善，水泥 与玻纤表现亮眼。25H1水泥行业普遍实现大幅改善或扭亏，行业整体已实现营收1188亿元，同比下降 7.5%，归母净利润54亿元，同比增长1110.5%。尽管水泥需求仍然处于惯性下降通道中，但降幅有所收 窄。25H1玻纤行业中报多数实现营收与利润双增长，自24年以来行业头部企业开始推动复价改善利 润，25H1复价效果逐步体现。建议从行业盈利改善角度把握玻纤+水泥行业投资机会。 申万宏源主要观点如下： 2025年上半年建材行业营收降幅收窄，利润有所改善，水泥与玻纤表现亮眼 样本企业2025年上半年合计实现营收2775.7亿元，同比下降4.1%，降幅较2024年全年收窄10.7pct；归母 净利润148.2亿元，同比增长38.9%，行业利润由降转增。 水泥行业盈利弹性逐步释放，利润改善 玻璃在高基数下上半年玻璃行业整体承压，仍然处于周期底部 2025年上半年玻璃行业实现营收246亿元，同比下降17.0%，归母净利润10亿元，同比下降60.3%。上半 年光伏玻璃行业经历阶段性修复，光伏抢装一度带动盈利改善，但去年同期基数 ...

Investment Rating - The report suggests focusing on investment opportunities in the fiberglass and cement industries due to improving profitability, while selecting stocks with alpha characteristics in the consumer building materials and early-cycle sectors [2][5]. Core Insights - The building materials industry has seen a narrowing revenue decline and notable profit improvements, particularly in the cement and fiberglass sectors, with overall revenue for sample companies decreasing by 4.1% year-on-year to 277.57 billion yuan, while net profit increased by 38.9% to 14.82 billion yuan [11][12]. - The cement industry has shown significant recovery, with a revenue of 118.8 billion yuan, a decline of 7.5%, and a net profit of 5.4 billion yuan, reflecting a year-on-year increase of 1110.5% [24][29]. - The fiberglass sector reported a revenue of 31.1 billion yuan, up 20.9%, and a net profit of 3.29 billion yuan, up 127.0%, indicating a strong recovery driven by price improvements and growth in special fabric business [6][38]. Summary by Sections 1. Industry Revenue Decline Narrowing, Cement and Fiberglass Perform Well - Sample companies in the building materials sector achieved a total revenue of 277.57 billion yuan in the first half of 2025, with a year-on-year decline of 4.1%, a significant improvement compared to a 10.7 percentage point decline in 2024 [11][12]. - The overall net profit for the industry turned positive, reaching 14.82 billion yuan, compared to a 50.8% decline in 2024 [11][12]. 2. By Sector: Cement and Fiberglass Recovery, Consumer Building Materials Seek Alpha 2.1 Cement: Bottom Recovery Becoming Certain - The cement industry has shown a significant improvement, with a revenue of 118.8 billion yuan and a net profit of 5.4 billion yuan, reflecting a year-on-year increase of 1110.5% [24][29]. - The demand for cement remains in a declining trend, but the rate of decline has slowed [24]. 2.2 Fiberglass: Profitability Out of Undervaluation, Steady Recovery Expected - The fiberglass sector reported a revenue of 31.1 billion yuan, up 20.9%, and a net profit of 3.29 billion yuan, up 127.0%, with most companies in the sector achieving double-digit revenue growth [6][38]. 2.3 Consumer Building Materials: Revenue Decline Narrowing, Some Companies Show Strong Alpha - The consumer building materials sector saw a revenue of 68.76 billion yuan, down 2.7%, and a net profit of 4.35 billion yuan, down 13.2%, with some companies like Keda Manufacturing and Three Trees showing strong performance [6][12]. 2.4 Glass: Photovoltaic Glass Experiences Phase Recovery, Building Glass Still Under Pressure - The glass industry faced challenges, with a revenue of 24.6 billion yuan, down 17.0%, and a net profit of 1 billion yuan, down 60.3%, indicating ongoing pressure from weak real estate completions [6][12]. 2.5 Early Cycle: Overall Pressure, Leading Companies Recover First - The early-cycle sector remains under pressure, but leading companies like Subote have achieved revenue and profit growth, focusing on major projects in the western regions [7][12].

Group 1 - The core viewpoint is that the photovoltaic and lithium battery industries are experiencing a "de-involution" trend, with capacity clearing becoming crucial for future growth [1][2][3] - The valuation recovery in photovoltaic and lithium battery sectors is still in its early stages, with expectations of improved capacity utilization leading to potential market peaks by 2026 [1][3] - Traditional industries such as agriculture, chemicals, and building materials are emerging as more certain structural opportunities due to differentiation and demand upgrades [1][4] Group 2 - The lithium battery and photovoltaic sectors have seen significant price corrections, with polysilicon futures dropping from 55,000 CNY/ton to 51,400 CNY/ton, and lithium carbonate prices falling from 90,000 CNY/ton to 78,000 CNY/ton [2][3] - The overall profitability in the lithium battery sector is under pressure, with a projected 2.8% decline in revenue for 2024, despite a 32.6% increase in shipment volume [3] - The chemical industry is facing dual pressures of weak product prices and declining capacity utilization, with nearly 25% of chemical companies expected to report losses in 2024 [5][6] Group 3 - Policy measures are reshaping competition across multiple industries, with a focus on capacity clearing and price guidance to improve profitability [5] - The agricultural sector is also expected to benefit from capacity adjustments and environmental regulations, leading to a decrease in outdated production capacity [6] - The "de-involution" policies are anticipated to inject new momentum into corporate profitability, with a projected 53% increase in related industry earnings over the next two years [6]