Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Viewpoints - The recent National People's Congress emphasized policies to stabilize the real estate market, which is expected to boost confidence in the construction materials sector. Key measures include reducing restrictive policies, promoting the renovation of urban villages and old houses, and expanding the use of existing land and commercial properties [3][4] - The construction materials index increased by 1.18% in the week from March 10 to March 14, 2025, but underperformed the CSI 300 index, which rose by 1.59% [11][19] - Over the past three months, the CSI 300 index has increased by 1.87%, while the construction materials index has decreased by 4.91%, indicating a 6.78% underperformance [11][14] Summary by Sections Market Overview - The construction materials index rose by 1.18% this week, lagging behind the CSI 300 index by 0.40 percentage points [11] - The average PE ratio for the construction materials sector is 27.32 times, and the PB ratio is 1.15 times, ranking it among the lowest in the A-share market [21][25] Cement Sector - As of March 15, 2025, the average price of P.O42.5 bulk cement was 354.52 RMB/ton, reflecting a 1.33% increase from the previous period. The clinker inventory ratio decreased by 2.21 percentage points to 42.45% [25][27] - Regional price variations were noted, with the highest increase in North China at 7.94% and a decrease in East China by 0.79% [25][30] Glass Sector - The price of float glass decreased to 1324.00 RMB/ton, down by 2.14%, while the futures price also fell by 3.27% to 1154 RMB/ton [67][68] - The national inventory of float glass increased by 1.49%, reaching 62.6 million weight boxes [69][70] Fiberglass Sector - The market for non-alkali fiberglass continues to show stable pricing, with electronic fiberglass prices remaining steady after recent increases [19][67] Consumer Building Materials - The prices of key raw materials in the consumer building materials sector have shown slight fluctuations, with acrylic prices rising by 5.26% this week [4][5]

证券研究报告 | 行业周报 gszqdatemark 2025 03 02 年 月 日 建筑材料 资金到位持续改善，关注旺季预期及政策催化 2025 年 2 月 21 日至 2 月 28 日建筑材料板块（SW）上涨 1.63%，上证 综指下跌 1.72%，建材板块相对沪深 300 超额收益 3.85%。其中水泥（SW） 上涨 0.94%，玻璃制造（SW）上涨 2.92%，玻纤制造（SW）上涨 4.5%， 装修建材（SW）上涨 0.93%。本期建筑材料板块（SW）资金净流入额为 2.15 亿元。 【周数据总结和观点】 据百年建筑调研，截至 2 月 27 日（农历正月三十），全国 13532 个工地 开复工率为 64.6%，农历同比减少；劳务上工率 61.7%，农历同比减 少；资金到位率 49.1%，农历同比略增。其中房建项目开复工率农历同 比减少；非房建项目开复工率农历同比减少。根据 wind 统计，2025 年 2 月地方政府债总发行量 13057.3 亿元，发行金额同比 2024 年 2 月增长 133.2%，截至目前，2025 年一般债发行规模 0.24 万亿元，同比-0.07 万 亿元，专项债发行规模 ...