行业需求端在地产影响下25年呈现持续下行态势，6-8月淡季需求表现尚可，但行业供需矛盾仍存，下 游终端需求改善有限。供给端，考虑到目前浮法玻璃行业中大部分企业已能达到环保要求，判断反内卷 政策不会产生一刀切式产能出清，但仍会提升环保要求及成本，加速行业的冷修进度。关注：旗滨集 团。 玻纤：AI产业链有望提振需求，细分领域表现景气 智通财经APP获悉，中邮证券发布研报称，消费建材行业虽然需求仍属于承压阶段，但也观察到积极信 号不断出现。展望下半年，预计行业已从左侧逐步进入右侧区域，一方面先行于行业基本面的地产开工 及施工数据有望进入企稳区间，另一方面，在低基数+竞争缓和背景下，盈利改善逻辑会在更多品类逐 步兑现，建议关注：东方雨虹(002271.SZ)、三棵树(603737.SH)、北新建材(000786.SZ)、兔宝宝 (002043.SZ)。 中邮证券主要观点如下： 水泥：逐步进入旺季，整体需求恢复缓慢 7月1日水泥协会发布响应反内卷政策文件，判断会推动限制超产政策更好的执行。从中期维度来看，水 泥行业产能有望在限制超产政策下产能持续下降，产能利用率从而大幅提升，目前水泥行业处于淡季需 求低点及价格低点。8 ...

证券研究报告：建筑材料|行业周报 发布时间：2025-08-25 行业投资评级 强于大市|维持 行业相对指数表现 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 近期研究报告 《俄乌冲突有望结束，关注乌克兰重建 受益标的》 - 2025.08.18 建材行业报告 （2025.08.18-2025.08.24） 中报逐步披露，关注下半年消费建材盈利改善 投资要点 消费建材行业龙头企业已逐步披露中报，行业整体虽然需求仍属 于承压阶段，但我们也观察到积极信号不断出现，如防水、涂料等行 业龙头企业加强协同，开始在底部区域协同提价，各个品类价格竞争 明显缓和，同时如三棵树披露中报，我们看到其产品结构提升、费用 降低带来的盈利改善逻辑如期兑现。 展望下半年，我们认为行业已从左侧逐步进入右侧区域，一方面 先行于行业基本面的地产开工及施工数据有望进入企稳区间，另一方 面，在低基数+竞争缓和背景下，盈利改善逻辑会在更多品类逐步兑 现，建议关注：东方雨虹、三棵树、北新建材、兔宝宝。 | 行业基本情况 | | | --- | --- | | 收盘点位 | 5 ...

Market Overview - The market experienced a slight decline yesterday, with the three major indices showing minor drops. The Shanghai Composite Index fell by 0.02%, the Shenzhen Component Index by 0.12%, and the ChiNext Index by 0.17% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.59 trillion yuan, a decrease of 175.8 billion yuan compared to the previous trading day, marking the fifth consecutive day with trading volume exceeding 2 trillion yuan [1] - Sectors such as liquor, Huawei HiSilicon, CPO, and humanoid robots saw significant gains, while insurance, military, securities, and gaming sectors experienced notable declines [1] Investment Insights Rare Earths - Huatai Securities emphasizes the strategic importance of rare earths and anticipates a price increase, projecting that the price center for rare earths will continue to rise from 2025 to 2026. The strategic significance of rare earths has become more pronounced in the context of "de-globalization" [2] - The active bidding for praseodymium and neodymium metals that started in July reflects strong market bullish sentiment, suggesting that related companies' performance is expected to improve continuously [2] Solar Thermal Power - CITIC Construction Investment highlights the potential for solar thermal power to undergo a qualitative change in the energy storage era, noting its importance in building a new power system. The installed capacity of solar thermal power in China is projected to reach 838.2 MW by the end of 2024, with an additional 300 MW expected to be added from 2021 to 2024 [3] - The report indicates that the industry still has significant growth potential, despite historical fluctuations in installed capacity due to economic viability and policy uncertainties. Current pricing policies in Qinghai province suggest that solar thermal power is beginning to demonstrate economic feasibility [3] Building Materials - Galaxy Securities recommends focusing on opportunities in the building materials sector, anticipating a recovery in demand due to expected policy support and improved channel layouts. Companies with product quality and brand advantages are highlighted as potential leaders in the consumer building materials industry [4] - In the cement sector, stricter supply controls are expected to ease supply-demand conflicts, leading to a potential increase in cement prices and profitability for regional leaders [4] - For fiberglass, the report suggests that demand recovery driven by emerging markets and price increases for mid-to-high-end products could lead to a full-year performance recovery for leading companies [4]

Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1]. Core Insights - The report highlights the potential benefits from the reconstruction of Ukraine, with an estimated total cost of approximately $524 billion, which is nearly three times Ukraine's GDP for 2024. Key areas of investment include housing ($84 billion), transportation ($78 billion), energy ($68 billion), industrial and commercial sectors ($64 billion), and agriculture ($55 billion) [3]. - The report emphasizes the competitive advantages of domestic international engineering companies in Ukraine's post-war reconstruction, despite the U.S. leading the efforts. Companies such as China Communications Construction Company, China Chemical Engineering, China National Materials, and China Steel International are noted as potential beneficiaries [4]. - In the cement sector, a policy to limit overproduction is expected to enhance capacity utilization, with a forecasted recovery in demand and price increases starting in August [4]. - The glass industry is facing a downward trend in demand due to real estate impacts, with supply-demand imbalances persisting. However, the report anticipates that environmental regulations will accelerate the industry's cold repair processes [4]. - The fiberglass sector is experiencing growth driven by demand from the AI industry, with expectations for a significant increase in both volume and price [5]. - The consumer building materials sector is projected to see a recovery in profitability, with price increases across various categories such as waterproofing, coatings, and gypsum boards [5]. Summary by Sections Cement - The national cement market price is stabilizing, but demand remains low due to seasonal factors, with July's production down 5.6% year-on-year to 146 million tons [9]. Glass - Glass prices continue to decline, with regional prices dropping by 1-4% per weight box. The report predicts ongoing price fluctuations due to limited demand improvement [14]. Company Announcements - Three companies reported their mid-year results: - **Sanhe Building Materials**: Revenue of 5.816 billion yuan, up 0.97% year-on-year, with net profit increasing by 107.53% [17]. - **Puyang Refractories**: Revenue of 2.79 billion yuan, up 3.6% year-on-year, but net profit down 48.3% [18]. - **Tianan New Materials**: Revenue of 1.444 billion yuan, up 3.97% year-on-year, with net profit increasing by 16.59% [17].

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The construction materials sector is experiencing weak fundamentals, with expectations for more supportive real estate policies [1] - The sector saw a net capital outflow of 517 million yuan during the week, indicating a cautious market sentiment [1] - The report highlights the potential for recovery in municipal engineering projects due to improved government fiscal policies [2] Summary by Sections Cement Industry Tracking - As of August 15, 2025, the national cement price index is 335.75 yuan/ton, a slight decrease of 0.06% from the previous week [3] - The cement output was 2.608 million tons, down 1.27% week-on-week, with a clinker capacity utilization rate of 51.74%, down 13.01 percentage points [3][16] - The cement industry faces challenges including slowing infrastructure growth, increasing differentiation in housing construction, and intense competition in the civil market [16] Glass Industry Tracking - The average price of float glass is 1235.66 yuan/ton, reflecting a decline of 3.08% from the previous week [3] - Inventory levels for float glass have increased, indicating ongoing supply-demand imbalances [6] Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with slight fluctuations in demand due to seasonal factors [7] - The report notes a potential recovery in demand for wind power fiberglass as bidding volumes increase [2] Consumer Building Materials - Consumer building materials are benefiting from favorable second-hand housing transactions and consumption stimulus policies [2] - The report recommends stocks such as Beixin Building Materials and Weixing New Materials for their long-term market share growth potential [9] Carbon Fiber Market - The carbon fiber market is showing signs of slow recovery, with a production rate of 61.49% and an increase in inventory levels [8] - The report emphasizes the importance of monitoring price stabilization in the context of improving economic expectations [2]

Summary of the Consumer Building Materials Industry Research Industry Overview - The consumer building materials industry experienced a peak in 2021 followed by a correction, but is expected to grow over the next decade due to increasing demand for renovation of existing homes, with the renovation ratio rising to 50% [1][6] - Real estate policies directly impact the demand for consumer building materials by affecting sales, new starts, and completions. A decline of 10% in new home sales, completions, and new starts is anticipated by 2025, with new starts potentially declining even more significantly [1][5] Key Growth Drivers - Renovation of existing homes is becoming a crucial growth point for consumer building materials, with a significant amount of existing residential space available for renovation. The next 5-10 years are expected to be a golden period for residential renovations [1][6] - The demand for building materials is primarily divided into residential and public renovations, with residential demand accounting for 50%-60% of the total. The proportion of old home renovations has increased from 20%-30% to 50% and is expected to rise further [1][7] Market Dynamics - The renovation market is significantly influenced by categories such as exterior wall coatings, waterproofing, insulation materials, and pipeline construction, with an expected renovation ratio of 30% in the commercial market for these categories [1][10] - The consumer building materials sector differs from traditional materials like cement and glass, exhibiting cyclical growth characteristics. The market share of consumer building materials has been steadily increasing over the past decade, with a notable rise in the CR3 (top three companies' market share) compared to ten years ago [2][4] Competitive Landscape - Companies such as Sanke Tree, Henkel Group, Rabbit Baby, Weixing, and Beixin have shown strong competitiveness during the industry's downturn, with retail business share increases contributing to overall gross margin improvements [4][20] - Recommended leading companies based on high renovation share include Beixin in gypsum board, Sanke Tree in coatings, Arrow Home in sanitary ware, Rabbit Baby in boards, and Henkel Group in hardware [11] Future Trends - The public renovation market holds significant potential, particularly with urban renewal projects supported by special bonds. The area of old community renovations has reached 1 billion square meters and continues to grow [9] - The consumer building materials industry is expected to recover to previous high levels as the renovation ratio increases, driven by the existing stock of residential properties [8] Financial Outlook - The industry is currently facing challenges, with many companies experiencing historical low profitability. However, companies with high provisions, such as Yuhong, Keshun, and Sanke Tree, may show greater performance elasticity in the future [21] - Mid-term profit forecasts suggest that the coatings market could grow from 100 billion to 130-140 billion, with companies like Yuhong and Sanke Tree expected to see significant profit increases [22] Investment Considerations - The supply exit in the consumer building materials industry is closely related to the cycle, with a 25%-30% decline in demand compared to peak periods, leading to a market contraction of 30%-40% [19] - Despite the overall industry shrinkage, certain companies have demonstrated resilience and strong competitive advantages, highlighting the importance of scale economies and brand strength [20][23] Conclusion - The consumer building materials industry is poised for growth driven by renovation demand and structural changes in the market. Companies that adapt to these changes and leverage their competitive advantages are likely to succeed in the evolving landscape [17][24]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [4] Core Views - The report highlights the initiation of the Xinjiang-Tibet Railway project, which is expected to benefit leading cement companies in Xinjiang due to their established supply capabilities [5] - The demand for high-end electronic fabrics is anticipated to grow significantly, driven by advancements in AI and hardware performance requirements, with a particular focus on Low-DK and Low-CTE electronic fabrics [5] - The report suggests that 2025 will be a turning point for listed companies, while 2026 will mark an industry turning point, indicating a potential recovery in the sector [5] Section Summaries 1. Sector Tracking - The construction materials index rose by 1.2%, with cement and decoration materials showing positive trends, while glass fiber declined [9] - Notable stock performances included Tianshan Cement (+10.9%) and Guotong Shares (+10.6%), while Han Jian Heshan (-13.3%) and Xizang Tianlu (-10.1%) faced declines [9] 2. Data Tracking 2.1 Cement - The average price of 42.5 cement nationwide is 339.7 RMB/ton, unchanged month-on-month but down 42.5 RMB/ton year-on-year [17] - The cement inventory ratio is 67.4%, showing a slight increase [17] - The cement shipment rate is 43.7%, reflecting a decrease compared to previous periods [17] 2.2 Float Glass - The average price of 5mm float glass is 1327.0 RMB/ton, down 31.4 RMB/ton month-on-month and 219.0 RMB/ton year-on-year [37] - Inventory levels for major producers decreased by 2.9% [37] 2.3 Photovoltaic Glass - The average price for 2.0mm coated photovoltaic glass is 10.9 RMB/sqm, with a slight increase month-on-month [42] - The production capacity for photovoltaic glass remains stable, but year-on-year production has decreased by 16.7% [42] 2.4 Glass Fiber - The average price for alkali-free glass fiber yarn is 4585.0 RMB/ton, unchanged month-on-month but down 45.0 RMB/ton year-on-year [49] 2.5 Carbon Fiber - The average price for large tow carbon fiber is 72.5 RMB/kg, with a year-on-year decrease of 5.0 RMB/kg [52] - The average operating rate for carbon fiber companies is 61.49%, showing an increase compared to previous periods [52] 3. Industry Dynamics - Recent policy changes in Beijing aim to optimize housing purchase conditions, potentially stimulating demand in the construction materials sector [16] - The report notes a decline in the supply of new residential properties in major cities, indicating a tightening market [16]

建筑材料 2025 年 08 月 10 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-08 2024-12 2025-04 建筑材料 沪深300 相关研究报告 《政治局经济政策布局，建材反内卷 投资进行时—行业周报》-2025.8.3 《雅江下游水电工程顺利开工，关注 建 材 投 资 机 会 — 行业周报》- 2025.7.27 《中央城市工作会强调城市更新，关 注 建 材 投 资 机 会 — 行 业 周 报 》- 2025.7.20 政策多角度推动供给新格局，建材反内卷进行时 ——行业周报 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 政策多角度推动供给新格局，建材反内卷投资进行时 近日《经济日报》刊发专题报道，系统梳理我国建材行业绿色低碳最新进展：水 泥行业正式纳入全国碳市场，30 个"六零"示范工厂攻关项目已有逾 1/3 取得阶 段性成果，水泥、平板玻璃等行业碳排放核算标准完成修订，碳标签体系加速落 地。政策端持续加码《建材行业碳达峰实施方案》配套研究，重点推进水泥、平 板玻璃、 ...

Core Views - The construction materials industry is expected to stabilize and recover due to loose macroeconomic policies, with significant attention on the supply side's proactive changes [4] - The cement industry is implementing self-discipline and peak production measures, accelerating supply reduction amid production restrictions and tightening carbon emission targets [4] - The glass fiber industry is experiencing sustained demand growth, with price increases of 10%-15% for thermoplastic/wind power glass fiber products and 15%-20% for other products, leading to improved performance [4] Cement Industry - Demand is expected to stabilize as housing market confidence strengthens, with signs of recovery in transaction prices and a narrowing decline in transaction volumes [4][19] - The cement and concrete sectors are supported by ongoing infrastructure demand and urban renewal, with industry profitability remaining robust [4][31] - The average coal price, which constitutes the largest portion of cement clinker costs, is predicted to remain low, further reducing costs and supporting profitability recovery in 2025 [4][35] Glass Fiber Industry - The glass fiber sector is seeing a structural improvement in demand, with applications expanding in wind energy, electronics, and thermosetting products [4][42] - The industry is characterized by a high concentration of production capacity, with the top three companies accounting for approximately 63% of domestic capacity [4][49] - Price trends are positive, with a recovery in profitability expected due to demand growth and proactive supply-side changes [4][51] Consumer Building Materials - The consumer building materials sector is benefiting from policies aimed at stabilizing the housing market, with ongoing demand for renovation and urban renewal projects [4][66] - The shift from B-end to C-end customers is creating opportunities for brands with strong channel capabilities, with companies like兔宝宝 (Rabbit Baby) and北新建材 (Beixin Building Materials) being highlighted for their competitive advantages [4][102] - The second renovation demand is anticipated to grow as the housing stock ages, with significant potential for market expansion in the coming years [4][69]

Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1] Core Insights - The report emphasizes the ongoing theme of "anti-involution" in the construction materials sector, with a focus on the marginal changes in the fundamentals. The recent Politburo meeting highlighted the importance of high-quality urban renewal and the need to regulate chaotic competition among enterprises, which is expected to influence capacity management in key industries [4] - In the cement sector, a policy document released by the Cement Association on July 1 is anticipated to enhance the enforcement of production limits, leading to a potential decrease in capacity and an increase in utilization rates. The report predicts a gradual price recovery in August as demand improves [4] - The glass industry is experiencing a downward trend in demand due to the real estate sector's impact, with supply-demand imbalances persisting. However, the report notes that most companies in the float glass sector meet environmental standards, which may prevent drastic capacity cuts but could raise costs and accelerate maintenance schedules [5] - The fiberglass segment is expected to benefit from the AI industry, with demand for low-dielectric products projected to rise significantly. The report highlights a clear upgrade in product structure, indicating a potential explosive growth in demand [5] - The consumer building materials sector has reached a profitability bottom, with no further downward price pressure. The report notes a strong push for price increases across various categories, suggesting a potential improvement in profitability [5] Summary by Sections Cement - Cement prices are currently declining due to seasonal factors, with a 2.13% decrease in the price of ordinary cement (P.O 42.5) reported this week. The monthly production in June 2025 saw a year-on-year decline of 5.3% [8] Glass - The glass market is facing challenges, with a 0.76% increase in prices this week, but overall demand remains weak. The report indicates that the industry is still grappling with supply-demand contradictions [13] Fiberglass - The fiberglass industry is experiencing a positive trend driven by AI-related demand, with expectations for both volume and price increases [5] Consumer Building Materials - The consumer building materials sector is showing signs of recovery, with companies actively raising prices after years of competitive pressure. This sector includes waterproofing materials, coatings, and gypsum boards [5] Recent Company Announcements - Oriental Yuhong reported a revenue of 13.569 billion yuan for the first half of 2025, a year-on-year decrease of 10.84%, with a net profit of 564 million yuan, down 40.16% [17] - Rabbit Baby's associated company, Hanhai Group, was listed on the Shenzhen Stock Exchange, with Rabbit Baby holding a 1.85% stake post-IPO [17]