Group 1 - The core viewpoint of the articles highlights the resilience of Suqian's foreign trade enterprises, exemplified by Suqian Aozhong Glass Co., which achieved a sales revenue budget completion rate of 110.19% and a year-on-year growth of 21.76% in the first four months of the year [2][4] - Suqian's total import and export value reached 3.377 billion USD in the first four months, marking a year-on-year increase of 4.8%, showcasing the city's strong support for foreign trade enterprises despite challenging international trade conditions [2][4] - The local government has implemented eight measures to stabilize foreign trade and investment, focusing on policy enhancement, platform empowerment, and service upgrades to boost the confidence and vitality of foreign trade enterprises [4][6] Group 2 - The city has initiated a "one enterprise, one policy" support mechanism to address the specific challenges faced by foreign trade companies, ensuring tailored assistance in production operations, export orders, and financing [6][10] - Suqian's customs and logistics infrastructure, including the newly approved bonded logistics center, is set to enhance operational efficiency and reduce costs for foreign trade enterprises, thereby fostering an open economy [7][9] - The city is actively promoting participation in international trade fairs and exhibitions, aiming to facilitate over 300 enterprises in attending more than 100 key events throughout the year, thereby expanding market reach [9][11] Group 3 - Export credit insurance is being heavily promoted, with the local government providing at least 60% support for insurance premiums, resulting in 324 enterprises insured and supporting an export value of 3.8 billion USD, a 27% increase year-on-year [10] - The collaboration with JD Group for the 2025 export-to-domestic sales initiative aims to connect over 300 foreign trade enterprises with domestic markets, showcasing nearly 5,000 products and achieving significant exposure [11][13] - Suqian is adopting a dual approach of online and offline strategies to enhance market penetration for foreign trade products, organizing various promotional events to facilitate domestic market expansion [13]

| | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | 2025/5/22 | | | | | | | | 玻 璃 | | | | | | | | | 2025/5/14 | 2025/5/20 | | 2025/5/21 周度变化 日度变化 | | | 2025/5/14 | 2025/5/20 | | 2025/5/21 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1173.0 | 1138.0 | 1138.0 | -35.0 | 0.0 | FG09合约 | 1046.0 | 1025.0 | 1034.0 | -12.0 | 9.0 | | 沙河长城 5mm大板 | 1164.0 | 1130.0 | 1130.0 | -34.0 | 0.0 | FG01合约 | 1098.0 | 1081.0 | 1088.0 | -10.0 | 7.0 | | 沙河5mm大 板低 ...

Group 1: Natural Rubber Industry Report Industry Investment Rating No information provided. Core View The demand for natural rubber is expected to remain weak, and the expected increase in raw materials during the peak - production season will suppress the upside of rubber prices. It is expected that rubber prices will continue to fluctuate widely, with the operating range referring to 14,500 - 15,500. It is advisable to short at high levels within the range [1]. Summary by Directory - **Spot Prices and Basis**: On May 21, the price of Yunnan state - owned whole - miscible rubber (SCRWF) in Shanghai decreased by 50 yuan/ton to 14,850 yuan/ton, a decline of 0.34%. The basis of whole - milk rubber (switched to the 2509 contract) increased by 70 yuan/ton to 30 yuan/ton, a rise of 175.00%. The price of Thai standard mixed rubber decreased by 50 yuan/ton to 14,550 yuan/ton, a decline of 0.34%. The non - standard price difference increased by 70 to - 270, a rise of 20.59% [1]. - **Inter - month Spreads**: The 9 - 1 spread increased by 5 yuan/ton to - 815 yuan/ton, a rise of 0.61%. The 1 - 5 spread decreased by 5 yuan/ton to - 130 yuan/ton, a decline of 4.00%. The 5 - 9 spread remained unchanged [1]. - **Fundamental Data**: In March, Thailand's production decreased by 197,200 tons to 149,200 tons, a decline of 56.93%. Indonesia's production increased by 11,700 tons to 209,300 tons, a rise of 5.92%. India's production decreased by 21,000 tons to 53,000 tons, a decline of 28.38%. China's production increased by 15,800 tons to 15,800 tons. The weekly operating rate of semi - steel tires for automobile tires increased by 19.98 percentage points to 78.33%, and that of all - steel tires increased by 20.32 percentage points to 65.09%. In April, domestic tire production decreased by 544,400 to 102,002,000, a decline of 5.07%. The export volume of new pneumatic rubber tires decreased by 490,000 to 5,739,000, a decline of 7.87%. In March, the total import volume of natural rubber increased by 90,900 tons to 594,100 tons, a rise of 18.07%. In April, the import volume of natural and synthetic rubber (including latex) decreased by 70,000 tons to 690,000 tons, a decline of 9.21% [1]. - **Inventory Changes**: The bonded area inventory increased by 4,506 tons to 618,693 tons, a rise of 0.73%. The factory - warehouse futures inventory of natural rubber on the SHFE decreased by 4,435 tons to 70,257 tons, a decline of 5.94%. The inbound rate of dry rubber in the bonded warehouse in Qingdao decreased by 1.54 percentage points to 7.04%, and the outbound rate increased by 1.25 percentage points to 5.17%. The inbound rate of dry rubber in general trade in Qingdao increased by 1.06 percentage points to 6.14%, and the outbound rate increased by 2.20 percentage points to 7.38% [1]. Group 2: Glass and Soda Ash Industry Report Industry Investment Rating No information provided. Core View - **Soda Ash**: The supply of soda ash has new pressure with the output of Lianyungang Alkali Industry. Although the production decreased significantly due to maintenance last week and the market has a strong expectation of maintenance from May to June, the inventory is expected to remain flat in the short term. In the medium - to - long term, there is still pressure for further inventory accumulation after the maintenance. From May to June, the implementation of maintenance can be tracked. If the maintenance is implemented, it will be beneficial to the June - July contracts. For single - side trading, short - term high - selling operations on the far - month contracts are recommended, and for inter - month trading, a long - July and short - September strategy can be considered [3]. - **Glass**: The spot market of glass is generally weak, and the market sentiment is still pessimistic. The spot price of glass has further declined recently. Although the downstream deep - processing orders have gradually improved from April to May and the demand of processing plants has seasonally recovered, the market expectation is poor, and there is an expectation of a summer rainy - season off - peak from June. The actual fundamentals have marginally improved, but the expectation and sentiment are moderately weak. It is expected that the glass price will continue to be under pressure and fluctuate weakly in the short term. It is necessary to observe whether the 1000 level can provide support for the 09 contract [3]. Summary by Directory - **Glass - related Prices and Spreads**: On May 22, the North China quotation remained unchanged at 1,180 yuan/ton, the East China quotation decreased by 10 yuan/ton to 1,310 yuan/ton, a decline of 0.76%, the Central China quotation remained unchanged at 1,130 yuan/ton, and the South China quotation remained unchanged at 1,320 yuan/ton. The price of Glass 2505 increased by 7 yuan/ton to 1,136 yuan/ton, a rise of 0.62%, and that of Glass 2509 increased by 9 yuan/ton to 1,034 yuan/ton, a rise of 0.88%. The 05 basis decreased by 7 yuan/ton to 44 yuan/ton, a decline of 13.73% [3]. - **Soda Ash - related Prices and Spreads**: The North China, East China, Central China, and Northwest quotations of soda ash remained unchanged at 1,500 yuan/ton, 1,450 yuan/ton, 1,400 yuan/ton, and 1,120 yuan/ton respectively. The price of Soda Ash 2505 remained unchanged at 1,315 yuan/ton, and that of Soda Ash 2509 increased by 8 yuan/ton to 1,288 yuan/ton, a rise of 0.61%. The 05 basis remained unchanged at 185 yuan/ton [3]. - **Supply Volume**: The operating rate of soda ash decreased by 8.51 percentage points to 80.27%, and the weekly production decreased by 63,000 tons to 677,700 tons, a decline of 8.52%. The daily melting volume of float glass increased by 2,000 tons to 156,700 tons, a rise of 1.03%. The daily melting volume of photovoltaic glass remained unchanged at 99,990 tons. The mainstream price of 3.2mm coated glass increased by 1 yuan to 20.49 yuan, a rise of 5.02% [3]. - **Inventory**: The glass factory - warehouse inventory increased by 522,000 weight - boxes to 68,082,000, a rise of 0.77%. The soda ash factory - warehouse inventory increased by 11,000 tons to 1,712,000 tons, a rise of 0.63%. The soda ash delivery - warehouse inventory decreased by 11,000 tons to 365,000 tons, a decline of 2.90%. The number of days of soda ash inventory in glass factories remained unchanged at 18.1 days [3]. - **Real Estate Data Year - on - Year**: The year - on - year growth rate of new construction area increased by 2.99 percentage points to - 18.73%, that of construction area decreased by 7.56 percentage points to - 33.33%, that of completion area increased by 15.67 percentage points to - 11.68%, and that of sales area increased by 12.13 percentage points to - 1.55% [3]. Group 3: Industrial Silicon Industry Report Industry Investment Rating No information provided. Core View The spot price of industrial silicon in East China continued to decline by 100 yuan/ton, and the futures price continued to be under pressure and declined. The price has been continuously falling mainly because, even at low prices, the supply is still expected to increase while the demand remains weak. The fundamentals have not shown signs of improvement, and the price may continue to be under pressure. The price fluctuation range is adjusted down to 7,500 - 9,500 yuan/ton. If the price continues to fall, attention can be paid to the capacity clearance [4]. Summary by Directory - **Spot Prices and Basis of the Main Contract**: On May 21, the price of oxygen - passing SI5530 industrial silicon in East China decreased by 100 yuan/ton to 8,700 yuan/ton, a decline of 1.14%. The basis (based on oxygen - passing SI5530) decreased by 55 yuan/ton to 835 yuan/ton, a decline of 6.18%. The price of SI4210 industrial silicon in East China decreased by 100 yuan/ton to 9,600 yuan/ton, a decline of 1.03%. The basis (based on SI4210) decreased by 55 yuan/ton to 935 yuan/ton, a decline of 5.56%. The price of Xinjiang 99 - silicon remained unchanged at 8,100 yuan/ton, and the basis (in Xinjiang) increased by 45 yuan/ton to 990 yuan/ton, a rise of 4.55% [4]. - **Inter - month Spreads**: The 2506 - 2507 spread increased by 5 yuan/ton to - 25 yuan/ton, a rise of 16.67%. The 2507 - 2508 spread increased by 5 yuan/ton to - 25 yuan/ton, a rise of 16.67%. The 2508 - 2509 spread decreased by 5 yuan/ton to - 35 yuan/ton, a decline of 16.67%. The 2509 - 2510 spread increased by 5 yuan/ton to - 30 yuan/ton, a rise of 14.29%. The 2510 - 2511 spread decreased by 10 yuan/ton to - 30 yuan/ton, a decline of 50.00% [4]. - **Fundamental Data (Monthly)**: In April, the national industrial silicon production decreased by 41,400 tons to 300,800 tons, a decline of 12.10%. Xinjiang's production decreased by 43,300 tons to 167,500 tons, a decline of 20.55%. Yunnan's production increased by 1,200 tons to 13,500 tons, a rise of 9.35%. Sichuan's production increased by 6,700 tons to 11,300 tons, a rise of 145.65%. The national operating rate decreased by 6.57 percentage points to 51.23%. Xinjiang's operating rate decreased by 17.31 percentage points to 60.74%. Yunnan's operating rate decreased by 1.84 percentage points to 18.13%. Sichuan's operating rate increased by 6.81 percentage points to 7.30%. The production of organic silicon DMC in April decreased by 15,100 tons to 172,800 tons, a decline of 8.04%. The production of polysilicon decreased by 700 tons to 95,400 tons, a decline of 0.73%. The production of recycled aluminum alloy decreased by 34,000 tons to 610,000 tons, a decline of 5.28%. The export volume of industrial silicon increased by 1,000 tons to 60,500 tons, a rise of 1.64% [4]. - **Inventory Changes**: The factory - warehouse inventory in Xinjiang decreased by 17,000 tons to 201,400 tons, a decline of 7.79%. The factory - warehouse inventory in Yunnan decreased by 200 tons to 23,800 tons, a decline of 0.83%. The factory - warehouse inventory in Sichuan increased by 100 tons to 22,600 tons, a rise of 0.22%. The social inventory increased by 3,000 tons to 599,000 tons, a rise of 0.50%. The warehouse - receipt inventory decreased by 3,000 tons to 328,300 tons, a decline of 0.90%. The non - warehouse - receipt inventory increased by 6,000 tons to 270,700 tons, a rise of 2.26% [4]. Group 4: Polysilicon Industry Report Industry Investment Rating No information provided. Core View The SMM - quoted price of N - type re - feed material decreased by 1,000 yuan/ton to 36,500 yuan/ton, and the price of PS2507 increased by 235 yuan/ton to 35,860 yuan/ton. From the perspective of supply - demand fundamentals, the demand is highly likely to decline in May, and attention should be paid to the inventory accumulation expectation due to the non - decreasing supply. It was originally expected that production enterprises would increase maintenance and reduce production in May and postpone the restart plan, and slow inventory reduction was expected according to industry self - discipline. However, the uncertainty of joint production reduction has increased, and the polysilicon production is expected to increase with the restart of some enterprises. As it gradually enters mid - May and the first delivery is approaching in June, the warehouse receipts are expected to gradually increase. The warehouse receipts increased significantly by 310 to 450. Attention should be paid to the digestion ability of the market. Although the quality of the warehouse - receipt products traded in the futures market is higher, and special production lines need to be planned in advance for producing delivery products, which will increase the reduction power consumption and cost, so the expected price of deliverable products by enterprises will have a significant premium compared with ordinary spot products. The overall decline in the spot price will also lower the expected futures price. It is expected that the main fluctuation range of the futures price will move down to 34,000 - 40,000 yuan/ton, and the fundamentals will weaken [5]. Summary by Directory - **Spot Prices and Basis**: On May 21, the average price of N - type re - feed material decreased by 1,000 yuan/ton to 36,500 yuan/ton, a decline of 2.67%. The average price of P - type cauliflower material decreased by 1,000 yuan/ton to 30,000 yuan/ton, a decline of 3.23%. The average price of N - type granular silicon remained unchanged at 34,000 yuan/ton. The basis of N - type material (average price) decreased by 1,235 yuan/ton to 640 yuan/ton, a decline of 65.87%. The basis of cauliflower material (average price) decreased by 1,235 yuan/ton to 6,140 yuan/ton, a decline of 16.75% [5]. - **Futures Prices and Inter - month Spreads**: The price of PS2506 increased by 235 yuan/ton to 35,860 yuan/ton, a rise of 0.66%. The PS2506 - PS2507 spread decreased by 5 yuan/ton to 800 yuan/ton, a decline of 0.56%. The PS2507 - PS2508 spread decreased by 30 yuan/ton to 570 yuan/ton, a decline of 5.04%. The PS2508 - PS2509 spread remained unchanged at 240 yuan/ton. The PS2509 - PS2510 spread increased by 85 yuan/ton to 285 yuan/ton, a rise of 42.50%. The PS2510 - PS2511 spread decreased by 85 yuan/ton to 35 yuan/ton, a decline of 70.83%. The PS2511 - PS2512 spread decreased by 50 yuan/ton to - 1,765 yuan/ton, a decline of 2.92% [5]. - **Fundamental Data (Weekly)**: The production of silicon wafers increased by 70 MW

Market Overview - The high-performance glass products market is categorized into various types, including low-emission glass and solar control glass, with significant growth expected from 2020 to 2031 [3][4]. - The market is projected to see substantial revenue growth across different applications, such as commercial, residential, and industrial buildings [3][4]. Industry Development Status - The overall development of the high-performance glass products industry is characterized by increasing demand and technological advancements [4][8]. - Key factors influencing the industry include favorable conditions such as energy efficiency and sustainability, alongside challenges like high production costs [4][8]. Supply and Demand Forecast - Global supply and demand for high-performance glass products are expected to grow significantly from 2020 to 2031, with detailed forecasts on production capacity, output, and utilization rates [4][20]. - China's production capacity and output are projected to account for a significant share of the global market, indicating its growing influence [4][20]. Regional Analysis - The market analysis reveals varying growth trends across major regions, including North America, Europe, and the Asia-Pacific, with specific revenue and volume forecasts for each region [5][21]. - The Asia-Pacific region, particularly China, is anticipated to dominate both production and consumption of high-performance glass products by 2031 [5][21]. Competitive Landscape - The competitive landscape of the high-performance glass market includes major players with significant market shares, production capacities, and revenue rankings [6][7]. - The industry is characterized by a mix of established companies and emerging players, with ongoing innovations and product developments shaping the competitive dynamics [6][7]. Product Type Analysis - Different product types within the high-performance glass segment are expected to experience varied growth rates, with detailed sales and revenue projections provided for each category [5][13]. - The analysis includes market share assessments for each product type, highlighting the competitive positioning of key players [5][13]. Application Analysis - The demand for high-performance glass products across various applications is projected to grow, with specific forecasts for sales and revenue in commercial, residential, and industrial sectors [6][15]. - The report emphasizes the importance of application-specific trends in driving market growth and shaping product development strategies [6][15]. Industry Trends and Drivers - Key trends driving the high-performance glass industry include advancements in technology, increasing environmental regulations, and a growing focus on energy-efficient building materials [8][20]. - The industry is also influenced by government policies and regulations aimed at promoting sustainable practices and reducing carbon footprints [8][20].

证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交4492.65万元，其中，买入成交额为 3499.27万元，卖出成交额为993.37万元，合计净买入2505.90万元。 具体来看，今日上榜的营业部中，沪股通为第四大卖出营业部，卖出金额为132.34万元，合计净卖出 132.34万元。 资金流向方面，今日该股主力资金净流入3202.90万元，其中，特大单净流入3486.19万元，大单资金净 流出283.29万元。近5日主力资金净流入8579.92万元。 安彩高科(600207)今日涨停，全天换手率0.82%，成交额4498.73万元。龙虎榜数据显示，沪股通净卖出 132.34万元，营业部席位合计净买入2638.24万元。 上交所公开信息显示，当日该股因日涨幅偏离值达9.68%上榜，沪股通净卖出132.34万元。 安彩高科5月20日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 开源证券股份有限公司西安太华路证券营业部 | 1005.75 | | | 买二 | 爱建证券 ...

Core Viewpoint - The article explores the fascinating history and production process of glass, highlighting its transformation from a rare luxury item to an essential part of everyday life [2][6]. Production Process - Glass is primarily made from sand, which consists mainly of silicon dioxide (SiO2). When combined with soda (sodium carbonate, Na2CO3), the melting temperature of silicon dioxide is lowered, allowing it to become a molten glass known as water glass (sodium silicate, Na2SiO3) [4]. - To achieve clear glass, iron must be absent from the raw materials; otherwise, the glass will take on a green hue. Various metal oxides can be added to create colored glass, such as cobalt oxide for blue, copper oxide for red, chromium oxide for green, and ferric oxide for brown [4]. Historical Context - Historically, glass was a luxury item reserved for royalty and nobility, but it has since become a common household item, used in mirrors, light bulbs, and various containers [6]. Applications - Ordinary glass, composed of Na₂SiO₃, CaSiO₃, and SiO₂, serves multiple functions, including providing shelter from the elements while allowing sunlight to enter. Techniques such as acid etching can create intricate designs on glass [9]. - Tempered glass, which is rapidly cooled after heating, is known for its safety features, breaking into small, blunt pieces rather than sharp shards [9]. - Quartz glass, made solely from silicon dioxide, is utilized in high-temperature and high-purity applications, such as in the production of high-performance glass fibers and semiconductor manufacturing [12].

身的来源于被广发期货有限公司认为可售的已公开资料，但广发期货对这些信息的精确性及完整生不化任何民证。本报告反映研究人员的不同观点 见解及分析方法，并不代表广发期货或其他周机构的立场。在任何情况下，报告内容仅供参考，提告中的信息或所表达的意见并不构成所选品种买卖的出价或损 管锯此投资,风险自慰。本报告音在发送给广发期货特定客户及其他专业人士，版权归广发期货所有，未经广发明货书面授权，任何人不得对本报告进行 t的发布、复制。如引用、刊发,需注明出处为"广发期货" 交产业期现目报 投资咨询业务资格:证监许可【2011】1292号 2025年5月20日 Z0021810 寇帝斯 | 现货价格及基差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品中 | 5月19日 | 5月16日 | 涨跌 | 涨跌幅 | 单位 | | 云南国营全到胶(SCRWF):上海 | 15000 | 14950 | 50 | 0.33% | | | 全乳基差(切换至2509合约) | -5 | 45 | -50 | -111.11% | 元/吨 | | 泰标混合胶报价 | 14600 ...

| | | | | | 玻璃纯碱早报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 研究中心能化团队 | | 2025/5/20 | | | | | | | | 玻 璃 | | | | | | | | | 2025/5/12 | 2025/5/16 | | 2025/5/19 周度变化 日度变化 | | | 2025/5/12 | 2025/5/16 | | 2025/5/19 周度变化 日度变化 | | | 沙河安全 5mm大 板 | 1190.0 | 1150.0 | 1138.0 | -52.0 | -12.0 | FG09合约 | 1045.0 | 1005.0 | 1018.0 | -27.0 | 13.0 | | 沙河长城 5mm大板 | 1181.0 | 1138.0 | 1130.0 | -51.0 | -8.0 | FG01合约 | 1086.0 | 1062.0 | 1075.0 | -11.0 | 13.0 | | 沙河5m ...

Core Viewpoint - The article discusses the recent positive developments in China-US trade relations following negotiations, highlighting a significant increase in shipping orders and a reduction in tariffs, which reflects a deeper economic interdependence between the two countries [3][7][33]. Group 1: Trade Negotiations and Market Reactions - After the China-US trade negotiations, there was a nearly 300% surge in container orders for shipping to the US, indicating a warming of trade relations [3][7]. - The initial tariffs imposed by the US reached as high as 245%, but post-negotiation, they have been reduced to 10%, 20%, and 30%, which many businesses can manage [7][10]. - The negotiations have led to a positive response in both the US and European markets, with a notable recovery in the Chinese stock market [7][10]. Group 2: Factors Influencing Negotiations - Various factors contributed to the successful negotiations, including the recognition by US businesses of the detrimental effects of the trade war on the US economy [8][10]. - Major multinational companies, such as Apple and Walmart, have significant stakes in the Chinese market, which has pressured the US government to reconsider its tariff policies [9][10]. Group 3: Future of Globalization - The article emphasizes that globalization remains a dominant trend despite the presence of anti-globalization sentiments, as countries are increasingly interdependent [22][23]. - China is positioned to leverage its robust infrastructure and talent pool to enhance its global competitiveness [23][30]. - The shift towards a "world for the world" strategy is seen as essential for Chinese companies to mitigate risks and expand their market presence globally [26][30]. Group 4: Opportunities for Chinese Companies - Chinese companies are encouraged to invest in the US to mitigate potential trade risks, with examples of successful investments in various sectors [25][30]. - The article suggests that collaboration with local US businesses can create mutually beneficial partnerships, enhancing the viability of Chinese investments in the US [29][30]. Group 5: Conclusion and Outlook - The article concludes with an optimistic view of the future for Chinese enterprises, emphasizing the importance of adapting to the evolving global landscape and the potential for increased cooperation and mutual benefit in international trade [32][33].

Investment Rating - The industry rating is "Outperform the Market" [8] Core Viewpoints - The report highlights the importance of urban renewal actions initiated by the government, emphasizing the need for existing building renovations and infrastructure improvements, with significant progress expected by 2030 [3][13] - Short-term factors include the pressure for stable growth, the emphasis on stabilizing the real estate market, and the gradual alleviation of risks associated with major real estate companies, which is beneficial for the building materials sector [3][13] - Long-term perspectives suggest that the opening of the interest rate reduction channel in Europe and the U.S. will provide more room for monetary and fiscal policies in China, with expectations for policies to stabilize the real estate market and improve housing loan conditions [3][13] Summary by Sections Recent Developments - The report discusses various local government initiatives aimed at improving housing quality and supporting home purchases, including policies in Shenzhen, Nanjing, Wuhan, and other cities [3][13] - The report notes a 28.7% year-on-year increase in residential transactions in Shenzhen in April, indicating a potential recovery in the housing market [3][13] High-Frequency Data - As of May 16, 2025, the average price of bulk P.O 42.5 cement in China is 386.2 CNY/ton, showing a 0.8% decrease from the previous week but a 10.2% increase year-on-year [4][14] - The average price of glass (5.00mm) is 1260.0 CNY/ton, reflecting a 0.8% decrease from the previous week and a 25.6% decrease year-on-year [4][21] Sector Review - The report indicates that the Shanghai Composite Index rose by 0.76%, while the building materials sector index fell by 0.24% [5][53] - Among sub-sectors, fiberglass manufacturing saw a 3.07% increase, while cement manufacturing experienced a 1.21% decline [5][53] Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock renovations, undervalued stocks with long-term potential, and leading cyclical building material companies showing signs of bottoming out [6][68]