证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 关注景气低位反弹的机会 2025 年 08 月 18 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 行业走势 -8% -3% 2% 7% 12% 17% 22% 27% 32% 37% 2024/8/19 2024/12/17 2025/4/16 2025/8/14 建筑材料 沪深300 相关研究 《 基建投入持续强化 》 2025-08-11 《 PMI 走弱，需求侧等待新政策 》 2025-08-04 东吴证券研究所 1 / 22 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.8.11–2025.8.15，下同）：本周建筑材料板块（SW）涨跌幅 2.88%，同期沪深 300、万得全 A 指数涨跌幅分别为 ...

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from increased fixed asset investments to stabilize economic expectations, particularly with the launch of major hydropower projects [3][4] - The cement market is experiencing a slight price decline, but overall demand is stabilizing, with an average shipment rate of 46% [11][17] - The report highlights the potential for recovery in valuations for leading companies in the sector due to improved supply-demand dynamics and ongoing industry consolidation [4][12] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight decline of 0.23% in the past week, underperforming the broader market indices [3] - The report emphasizes the importance of government policies aimed at stabilizing the economy and boosting demand in the construction materials sector [3][4] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The national average price for high-standard cement is 343.8 yuan/ton, down 3.3 yuan from last week and down 46.2 yuan from the same period last year [18][19] - The average cement inventory level is 65.8%, with a shipment rate of 45.9%, reflecting a slight increase in demand [27] - The report anticipates that the industry's profit center will be better than last year due to enhanced self-discipline among leading companies [4][11] 2.2 Glass Fiber - The report notes a clear trend towards upgrading electronic glass fiber products, with high-end products expected to see increased market penetration [12] - The profitability of ordinary glass fiber remains resilient, supported by growth in domestic demand from sectors like wind power and thermoplastics [12] - Leading companies are expected to benefit from improved product structures and market conditions, with recommendations for companies like Zhongcai Technology and Honghe Technology [12][13] 2.3 Glass - The glass industry is expected to see a supply-side contraction, which may improve the short-term supply-demand balance [13] - The report suggests that leading companies in the float glass sector will benefit from resource advantages and potential excess profit opportunities [13] 2.4 Renovation and Building Materials - The report highlights the positive impact of government policies on domestic demand for renovation materials, with expectations for continued growth in consumer confidence [14] - Recommendations include companies that are well-positioned to benefit from these trends, such as Beixin Building Materials and Arrow Home [14][15] 3. Industry Dynamics Tracking - The report discusses the ongoing policy environment and its implications for the construction materials sector, emphasizing the need for companies to adapt to changing market conditions [4][14] - The report also tracks the performance of various companies within the sector, providing insights into their financial metrics and market positioning [15][16]