【隔夜行情】 •周四（2025年4月18日），A股三大股指涨跌互现，截至收盘，上证综指涨0.13%，报3280.34点；科创 50指数涨0.23%，报1016.81点；深证成指跌0.16%，报9759.05点；创业板指涨0.09%，报1908.78点。沪 深两市成交总额9995亿元，较前一交易日的11119亿元减少1124亿元。 •周四（2025年4月18日），港股三大指数强势反弹，恒科指一度涨超2%。截止收盘，恒生指数涨1.61% 或338.16点，报21395.14点，全日成交额1924.11亿港元；恒生国企指数涨1.52%，报7897.44点；恒生科 技指数涨1.9%，报4887.37点。 【重要新闻】 【六部门印发《促进和规范金融业数据跨境流动合规指南》 进一步明确数据出境的具体情形以及可跨 境流动的数据项清单】4月17日，央行等六部门联合印发《促进和规范金融业数据跨境流动合规指 南》，旨在促进中外资金融机构金融业数据跨境流动更加高效、规范，进一步明确数据出境的具体情形 以及可跨境流动的数据项清单，便利数据跨境流动。《指南》要求金融机构采取必要的数据安全保护管 理和技术措施切实保障数据安全。下一步，中 ...

Investment Rating - The industry rating is "Outperform the Market" [8][69] Core Viewpoints - The report highlights that the recent increase in tariffs on Chinese goods by the US and corresponding adjustments by China are expected to boost domestic demand for building materials. The urgency to expand domestic demand and promote investment has intensified due to the escalating global trade war [3][13]. - Short-term factors include the real estate policy window period before the April Politburo meeting, and the gradual alleviation of risks associated with major real estate companies, which is favorable for the building materials sector. In the medium to long term, the opening of the interest rate cut channel in Europe and the US is expected to provide more room for monetary and fiscal policies in China [3][6]. - The report anticipates that the real estate market will stabilize, driven by policies aimed at restoring homebuyer willingness and ability, which will also alleviate credit risks for companies in the industry [6][20]. Summary by Sections Recent Developments - On April 10, the US government announced an increase in tariffs on Chinese imports to 125%, prompting China to respond with similar measures. Additionally, various local governments are implementing policies to support urban renewal and housing market stability [3][13]. - In the first quarter, high-end residential transaction prices in Shanghai increased by 0.5% to 144,600 CNY per square meter, while Shenzhen saw a 67.7% year-on-year increase in new and second-hand residential transactions [3][13]. High-frequency Data - As of April 11, 2025, the national average price of bulk P.O 42.5 cement is 399.0 CNY per ton, showing a 1.2% decrease week-on-week but a 15.0% increase year-on-year. The average price of glass (5.00mm) is 1272.9 CNY per ton, reflecting a 0.3% increase week-on-week but a 26.5% decrease year-on-year [4][21]. Sector Review - From April 7 to April 11, the Shanghai Composite Index fell by 3.11%, while the building materials index decreased by 2.42%. Among sub-sectors, cement manufacturing saw a slight increase of 1.01%, while glass manufacturing declined by 6.21% [5][54]. Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock reform, undervalued stocks with long-term alpha attributes, and leading cyclical building material companies showing signs of bottoming out [6][60].

1. Report Industry Investment Ratings There is no information about industry investment ratings in the provided reports. 2. Core Views Glass and Soda Ash - Soda ash: Production is gradually recovering to a high level, and the weekly output has returned to around 73 - 740,000 tons. There has been a slight reduction in inventory, but with the increase in production, there is still expected to be inventory pressure. The market for soda ash remains under pressure due to the lag in photovoltaic resumption, and the futures market is expected to continue its weak oscillation in the future [1]. - Glass: The spot market is weak, and the macro - level is bearish, which jointly puts pressure on glass prices. The 05 contract is affected by the expansion of the delivery warehouse in Hubei and is showing a weak performance. The 09 contract has a relatively low price, and the market has expectations for stimulus policies, but there is currently no short - term driver [1]. Industrial Silicon The spot price of industrial silicon continues to decline, and the futures price has reached a new low. Supply has a slight increase, demand remains weak, and downstream prices are showing a downward trend, which drags down the price of industrial silicon. There are concerns about inventory accumulation, and the price fluctuation range is further adjusted to 8,500 - 10,500 yuan/ton [3]. Polysilicon The polysilicon futures price has fallen sharply, and the current spot price is at a significant premium to the futures price. There is support from downstream demand in April, but polysilicon inventory has not continued to decline, and downstream prices are starting to weaken. The futures price is expected to have limited room for further decline [4]. Natural Rubber Domestic rubber - producing areas are entering the new tapping season, and overseas areas are also gradually starting to tap after the Songkran Festival. The cost support for rubber prices has weakened. On the demand side, the inventory of semi - steel tires continues to increase, and enterprises are reducing production to control inventory. Short - term rubber prices are expected to face significant pressure [5]. 3. Summary by Relevant Catalogs Glass and Soda Ash Prices and Spreads - Glass: Spot prices in North China, East China, Central China, and South China remained unchanged. The 2505 contract decreased by 0.69% to 1144 yuan/ton, and the 2509 contract decreased by 2.07% to 1181 yuan/ton. The 05 basis increased by 8.16% [1]. - Soda ash: Spot prices in North China, East China, Central China, and Northwest China remained unchanged. The 2505 contract decreased by 0.60% to 1331 yuan/ton, and the 2509 contract decreased by 0.67% to 1368 yuan/ton. The 05 basis increased by 3.79% [1]. Supply and Demand - Soda ash: The operating rate increased from 82.38% to 88.05%, and the weekly output increased by 3.46% to 737,700 tons. The daily melting volume of float glass and photovoltaic glass remained unchanged [1]. - Glass: There is no significant change in the main supply - related data [1]. Inventory - Glass: The inventory in the market decreased by 0.84% to 65,203,000 weight boxes [1]. - Soda ash: The factory inventory decreased by 0.49% to 1.693 million tons, and the delivery warehouse inventory decreased by 3.08% to 402,700 tons [1]. Real Estate Data New construction area decreased by 2.88% year - on - year, construction area decreased by 20.51% year - on - year, completion area increased by 5.27% year - on - year, and sales area increased by 1.81% year - on - year [1]. Industrial Silicon Spot Prices and Basis The prices of East China oxygen - containing S15530 industrial silicon, East China SI4210 industrial silicon, and Xinjiang 99 silicon all decreased, while the basis increased [3]. Monthly Fundamental Data In March, the national industrial silicon output increased by 18.20% to 3.422 million tons, the output in Xinjiang increased by 26.57% to 2.108 million tons, the output in Yunnan decreased by 14.58% to 123,000 tons, and the output in Sichuan increased by 170.59% to 46,000 tons. The national operating rate increased by 13.29% to 57.80% [3]. Inventory Changes Xinjiang factory inventory increased by 4.42% to 226,700 tons, Yunnan factory inventory decreased by 11.40% to 24,100 tons, social inventory increased by 0.66% to 612,000 tons, and warehouse receipt inventory decreased by 0.55% to 349,000 tons [3]. Polysilicon Spot Prices and Basis The average prices of N - type re -投料, P - type cauliflower - like material, and granular silicon remained unchanged. The basis of N - type material and cauliflower - like material increased [4]. Futures Prices and Inter - month Spreads The PS2506 contract decreased by 0.54% to 40,265 yuan/ton. Some inter - month spreads changed significantly, such as the PS2506 - PS2507 spread increasing by 91.50% [4]. Weekly and Monthly Fundamental Data In March, the polysilicon output increased by 6.66% to 96,100 tons. In February, the import volume decreased by 29.29% to 23,000 tons, the export volume decreased by 72.88% to 16,000 tons, and the net export volume decreased by 130.20% to - 8,000 tons [4]. Inventory Changes Polysilicon inventory increased by 3.39% to 244,000 tons, and silicon wafer inventory decreased by 8.37% to 19.15 GW [4]. Natural Rubber Spot Prices and Basis The price of Yunnan state - owned whole - latex rubber decreased by 0.68% to 14,650 yuan/ton, and the whole - latex basis decreased by 62.50%. The price of Thai standard mixed rubber decreased by 0.69% to 14,350 yuan/ton [5]. Inter - month Spreads The 9 - 1 spread increased by 7.06%, the 1 - 5 spread decreased by 21.47%, and the 5 - 9 spread increased by 138.10% [5]. Fundamental Data In February, the production in Thailand decreased by 37.99% to 3.464 million tons, in Indonesia decreased by 0.50% to 1.976 million tons, and in India decreased by 31.48% to 740,000 tons. The operating rate of semi - steel tires decreased by 3.23% to 78.52%, and the operating rate of all - steel tires decreased by 0.37% to 66.15% [5]. Inventory Changes The bonded area inventory increased by 0.13% to 620,670 tons, and the natural rubber factory - warehouse futures inventory on the SHFE increased by 49.13% to 77,717 tons [5].

Group 1: Event Overview - The 137th Canton Fair is being held from today until May 5 in Guangzhou, with over 200,000 foreign buyers pre-registered from 215 countries and regions as of April 13 [1] - 255 major retailers, including Walmart, Carrefour, and Tesco, have confirmed their participation, with 68 of the world's top 250 retailers and 20 of the Fortune Global 500 companies attending [1] Group 2: Shenzhen Participation - The Shenzhen delegation consists of 1,448 enterprises with 3,304 exhibition booths, including 93 brand exhibitors occupying 471 booths [2] - A new service robot section has been added, covering 4,200 square meters, showcasing the latest advancements in artificial intelligence, including various types of robots [2] - 867 enterprises in the Shenzhen delegation hold national or provincial-level specialized and innovative titles, accounting for 61% of the total participating enterprises, marking an 84% increase from the previous fair [2] Group 3: Trade Dynamics - The ongoing U.S.-China trade tensions have made the future of Chinese manufacturing exports to the U.S. a focal point at the fair [3] - Shenzhen Aokande Glass, a leading enterprise, secured a 30 million yuan order during a recent U.S. exhibition, indicating strong demand despite tariff increases [3] - The company has plans to develop other global markets and innovate new products to offset the loss of the U.S. market [4] Group 4: Product Showcase - The total exhibition area of the fair is 1.55 million square meters, with approximately 74,000 booths and around 31,000 participating enterprises, marking an increase of nearly 900 from the last fair [5] - The fair features 55 exhibition zones and 172 product sections, with new areas dedicated to integrated housing and smart logistics, among others [5] - Notable new products include a humanoid robot, an intelligent cockpit evaluation robot, and a multifunctional air purifier, showcasing the strength of Chinese manufacturing [6]

Core Viewpoint - The Chinese government aims to support at least 2 million migrant workers in continuing education by 2030 to adapt to rapid industrial changes, emphasizing the need for higher-skilled modern industrial workers [1] Group 1: Industry Transformation - The shift towards digital and intelligent manufacturing has led to significant changes in production environments, with increased automation resulting in higher efficiency but also creating challenges for traditional laborers [1] - In a glass manufacturing company in Shanxi, advanced production techniques have enabled the production of specialized glass for automobiles, highlighting the need for skilled workers who can operate sophisticated machinery [2][4] Group 2: Training and Skill Development - Since 2017, the city of Lüliang has focused on enhancing vocational training for workers, with over 520,000 individuals trained, including more than 112,800 migrant workers [6] - Companies are increasingly investing in employee training, with an average annual expenditure of 12 million yuan on education and training for frontline workers [6][8] - The shift from a focus on production to training is evident, as companies are now prioritizing skill development in response to national policies aimed at improving the workforce [8][10] Group 3: Employment Stability and Labor Brands - In Deyang, a boiler manufacturing company has seen workers transition from manual labor to specialized roles such as non-destructive testing, resulting in stable incomes and improved job satisfaction [11][15] - The "Dezhi Equipment Craftsman" training program has been established to provide targeted skills training, aligning with local industry needs and facilitating job placements for workers [15][19] - National efforts have led to the cultivation of over 2,300 labor brands, which have created nearly 60 million jobs, enhancing the employment prospects for migrant workers [19]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Viewpoints - The impact of the "reciprocal tariffs" is limited, and there is an expectation for domestic demand stimulation. The tariffs primarily affect fiberglass and its products, with 202,000 tons of fiberglass exported in 2024, accounting for 26.7% of total production. A complete halt in exports to the U.S. could reduce domestic GDP by 1.5 percentage points, necessitating increased investment and consumption to achieve a 5% GDP growth target. The construction materials sector is expected to benefit from ongoing macroeconomic policies and fiscal stimulus [3][5][12] - Recommended stocks in the consumer construction materials sector include: Sankeshu (channel expansion, retail growth), Dongfang Yuhong (waterproof leader, optimized operations), Weixing New Materials (high-quality operations, significant retail business), and Jianlang Hardware. Beneficiary stocks include: Beixin Building Materials (gypsum board leader, diversified expansion in coatings and waterproofing) [3][5] - The National Development and Reform Commission has issued a plan to control cement clinker capacity at around 1.8 billion tons by the end of 2025, with a target to reduce energy consumption per unit of cement clinker by 3.7% compared to 2020 levels, accelerating energy-saving and carbon reduction efforts [3][5] Market Performance - The construction materials index fell by 2.42% during the week of April 7 to April 11, 2025, outperforming the CSI 300 index, which fell by 2.87%, by 0.46 percentage points. Over the past three months, the CSI 300 index rose by 0.48%, while the construction materials index increased by 4.81%, outperforming the CSI 300 by 4.32 percentage points. However, over the past year, the construction materials index rose by only 1.64%, underperforming the CSI 300 index, which increased by 7.90% [3][12][19] Cement Sector - As of April 11, 2025, the average price of P.O42.5 bulk cement nationwide was 341.69 CNY/ton, a decrease of 1.82% from the previous period. The clinker inventory ratio was 57.52%, an increase of 4.24 percentage points [5][24][26] - Regional price trends show mixed results: Northeast (+0.90%), North China (-5.46%), East China (-0.89%), South China (-1.30%), Central China (-9.81%), Southwest (+4.40%), and Northwest (0.00%) [24][26] Glass Sector - The spot price of float glass as of April 11, 2025, was 1324.00 CNY/ton, reflecting a week-on-week increase of 10.00 CNY/ton (0.76% rise). The futures price decreased by 5.10% to 1154 CNY/ton [5][77][79] - National float glass inventory decreased by 83 million weight boxes, a decline of 1.45%, with key provinces also showing reduced inventory levels [80][84] Fiberglass Sector - The market for fiberglass shows varied pricing, with no-alkali 2400tex direct yarn priced between 3800-4500 CNY/ton, and other fiberglass products showing flexible pricing based on regional demand [5][14] Consumer Construction Materials - As of April 11, 2025, the price of crude oil was 66.16 USD/barrel, down 1.08% week-on-week, and asphalt was priced at 4390 CNY/ton, down 1.13% week-on-week. Prices for acrylic acid and titanium dioxide showed slight increases [5][19]

Core Viewpoint - The company Fulaite (601865.SH) announced a share reduction plan by a specific shareholder, Tao Hongzhu, due to personal financial needs, intending to sell up to 2,500,000 shares, representing 0.1067% of the total share capital, within three months after the announcement [1][2][3] Shareholder Reduction Plan - Shareholder Tao Hongzhu plans to reduce holdings by up to 2,500,000 shares through centralized bidding, with the reduction period starting 15 trading days after the announcement and lasting for three months [1][2] - As of the announcement date, Tao holds 12,840,000 shares, accounting for 0.5480% of the total share capital, with shares acquired before the company's IPO [2][3] Company Background - Fulaite was listed on the Shanghai Stock Exchange on February 15, 2019, with an initial issuance of 150 million shares at a price of 2.00 yuan per share, raising a total of 30 million yuan [3] - The net proceeds from the IPO amounted to approximately 25.44 million yuan, which were allocated to projects including the production of photovoltaic component glass and online Low-E coated glass [3] Fundraising Activities - In June 2020, Fulaite issued convertible bonds totaling 1.45 billion yuan, with a net amount received of approximately 1.44 billion yuan after deducting issuance costs [4] - In January 2021, the company conducted a non-public offering of A-shares, raising nearly 2.48 billion yuan after expenses [5] - In May 2022, Fulaite issued additional convertible bonds, raising approximately 3.98 billion yuan net [6] - In July 2023, the company raised about 5.97 billion yuan through a targeted issuance of A-shares, bringing the total fundraising since its listing to approximately 14.25 billion yuan [7]

证券研究报告 | 行业周报 gszqdatemark 2025 04 06 年 月 日 建筑材料 关注刺激内需政策 2025 年 3 月 28 日至 4 月 3 日建筑材料板块（SW）下跌 0.28%，其中水 泥（SW）上涨 0.19%，玻璃制造（SW）下跌 0.14%，玻纤制造（SW） 上涨 1.22%，装修建材（SW）下跌 1.31%，本周建材板块相对沪深 300 超额收益 1.09%。本期建筑材料板块（SW）资金净流入额为-5.37 亿元。 【周数据总结和观点】 本周美国政府宣布对中国输美商品征收"对等关税"，在关税超预期环境 下，提振内需是国内经济增长的重要动力，关注后续刺激内需政策。根据 wind 统计，2025 年 3 月地方政府债总发行量 9788.03 亿元，发行金额同 比 2024 年 3 月增长 55.5%，截至目前，2025 年一般债发行规模 0.41 万 亿元，同比-0.10 万亿元，专项债发行规模 2.43 万亿元，同比+1.35 万亿 元。化债下加码政府财政压力有望减轻，企业资产负债表也存在修复的空 间，市政工程类项目有望加快推进，市政管网及减隔震实物工作量有望加 快落地，关注龙泉 ...

Core Viewpoint - The glass and soda ash markets are experiencing fluctuations due to inventory adjustments and varying demand, with expectations of continued low-price volatility in the near term [1] Glass Market Summary - The glass market is seeing strong production and sales driven by midstream inventory replenishment, leading to a downward trend in prices [1] - In March, the main glass futures contract closed at 1181 RMB/ton, down 67 RMB/ton, a decrease of 5.37% for the month [1] - The average price of float glass in the domestic market increased slightly to 1268 RMB/ton, with a week-on-week rise of 3.27 RMB/ton [1] - The production capacity utilization rate for float glass was 78.99%, with a total output of 1.1088 million tons [1] - Total inventory for float glass sample enterprises decreased by 1.87% to 65.757 million heavy boxes [1] Soda Ash Market Summary - The soda ash market is witnessing a recovery in production and inventory levels as companies resume operations after maintenance [1] - In March, the main soda ash futures contract closed at 1373 RMB/ton, down 196 RMB/ton, a decrease of 12.49% for the month [1] - The production of soda ash reached 713,000 tons, reflecting a week-on-week increase of 3.3% [1] - Total inventory for soda ash manufacturers rose by 4.38% to 1.7014 million tons [1] Market Strategies - The strategy for the glass market is to maintain a volatile trading range, while the strategy for soda ash is to lean towards a weaker volatility [1] - There are no cross-variety or cross-period strategies currently in place [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 18.683 billion CNY in 2024, a year-on-year decrease of 13.2%, and a net profit attributable to shareholders of 1.007 billion CNY, down 63.52% year-on-year. In Q4 2024, revenue was 4.079 billion CNY, a decline of 27.67% year-on-year but an increase of 4.37% quarter-on-quarter. The net profit for Q4 was -289 million CNY, a decrease of 136.54% year-on-year [2][4]. Summary by Sections Financial Performance - In 2024, the company's photovoltaic glass revenue was 16.8 billion CNY, down 14.5% year-on-year, with an estimated sales volume of approximately 1.26 billion square meters, an increase of 3.7% year-on-year. The gross margin for photovoltaic glass was 15.6%, a decrease of 6.8 percentage points year-on-year. North America accounted for 1.1 billion CNY in revenue, a significant increase of 231.6% year-on-year, driven by high demand for photovoltaics in the U.S. and the gradual release of local component capacity [4][7]. Market Outlook - The company expects that Q4 2024 will see a bottoming out of single flat profit margins, with a projected increase in sales volume despite a decline in average selling prices. Cost optimization is expected to mitigate some of the impacts of price reductions, and the company maintains a significant profit advantage over second- and third-tier competitors. The recent trends in photovoltaic glass prices suggest that profitability levels have reached a low point [4][7]. Operational Efficiency - The company reported a significant reduction in sales expenses by 56.6% in 2024, attributed to improved efficiency in the use of scaffolding. Financial expenses also decreased by 15.6%, mainly due to reduced bank interest expenses and increased foreign exchange gains. The company experienced asset impairment losses of 356 million CNY in 2024, with inventory write-down losses of 79 million CNY and fixed asset impairment losses of 277 million CNY, primarily due to kiln maintenance [4][7]. Industry Dynamics - The supply-demand dynamics in the industry are improving, with a clear trend of volume and price recovery expected in Q2 2025. As of the end of March, industry inventory days decreased to 27.44 days, leading to price increases in photovoltaic glass in March and further expected improvements in April. The company, as a leading player in the photovoltaic glass market, is well-positioned to benefit from these trends, with ongoing projects in Anhui and Nantong and orderly progress in overseas capacities in Vietnam and Indonesia [4][7].