【华泰建筑建材】细分行业周度经营数据跟踪260130 水泥：上周全国水泥市场价格环比回落0.8%。 价格回落地区主要是内蒙古、山东、广东和青海地区，幅度10-40元/吨。 元月底，南方地区气温回升，部分工程项目仍在赶工，水泥需求略有恢复，国内重点地区水泥企业出货率环比提 升3个百分点。 浮法玻璃：上周国内浮法玻璃均价62元/重箱，环比+0.9%。 【华泰建筑建材】细分行业周度经营数据跟踪260130 水泥：上周全国水泥市场价格环比回落0.8%。 浮法玻璃：上周国内浮法玻璃均价62元/重箱，环比+0.9%。 截至上周四，全国浮法玻璃生产线共计262条，在产210条，日熔量共计150135吨，较上一周增加600吨，行业产能 利用率81.94%。 周内产线点火1条，改产1条，暂无停产线。 截至1月29日，重点监测省份生产企业库存总量4927万重量箱，环比减少50万重量箱，降幅1.00%，库存天数26.71 天，环比减少0.27天。 上周重点监测省份产量1183.18万重量箱，消费量1233.18万重量箱，产销104.23%。 光伏玻璃：2.0mm镀膜玻璃主流订单价格10.8元/平方米，环比持平；3.2mm镀膜主流订 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The real estate market in first-tier cities has shown strong performance, particularly in second-hand housing transactions, indicating a potential recovery in the sector [1][2] - Government debt issuance has significantly increased, with a total of 863.35 billion yuan in January 2026, reflecting a 204.3% month-on-month increase and a 54.8% year-on-year increase, which may alleviate fiscal pressure and accelerate municipal projects [1] - The glass manufacturing sector is approaching a supply-demand balance due to accelerated cold repairs, while photovoltaic glass companies are reducing production to ease supply tensions [1][3] - The cement industry is experiencing a demand bottoming process, with increased off-peak production efforts and a focus on regional demand recovery, particularly in areas like Tibet and Xinjiang [1][2] - The demand for fiberglass remains robust, driven by growth in wind energy and high-end applications, indicating structural investment opportunities [1][6] Summary by Sections Cement Industry Tracking - As of January 30, 2026, the national cement price index is 342.94 yuan/ton, down 0.69% week-on-week, with a total cement output of 2.278 million tons, a decrease of 4.27% [2][18] - The capacity utilization rate for cement clinker kilns is 45.19%, up 2.77 percentage points from the previous week, indicating a slight recovery in production [2][18] - The market is currently undergoing structural adjustments, with infrastructure remaining the main support but showing weak growth [2][18] Glass Industry Tracking - As of January 29, 2026, the average price of float glass is 1144.80 yuan/ton, reflecting a week-on-week increase of 0.53% [3][31] - Inventory levels have decreased, with a total of 49.27 million weight boxes, down 500,000 from the previous week [3][31] - Demand is expected to slow down as many small processing plants will shut down for the holiday, leading to a quieter market [3][31] Fiberglass Industry Tracking - The price of non-alkali roving remains stable, with demand primarily driven by essential purchases, while supply remains unchanged [6] - The average price of electronic yarn is stable, with expectations of price increases in high-end products due to ongoing demand [6] Carbon Fiber Industry Tracking - The carbon fiber price remains stable, with a weekly production of 2,369 tons and an operating rate of 76.28% [7] - The industry continues to face profitability challenges, with an average production cost of 113,300 yuan/ton and a negative gross margin [7] Consumer Building Materials - The consumer building materials sector is benefiting from the recovery in second-hand housing and renovation demand, with significant potential for market share growth [1][6]

Industrial Sector - Industrial production shows mixed recovery, with steel and building materials output increasing while cement and glass production rates are stabilizing[2] - The steel output for major varieties has increased, while apparent demand for steel building materials has decreased[7] - The operating rate for cement clinker has improved, while the operating rate for flat glass has also seen a seasonal recovery[11][13] Real Estate - New home sales in 30 major cities have stabilized, with a year-on-year growth rate of 109.1% due to a low base last year[2] - The sales area of new homes in January has decreased by 23.8% year-on-year, but improved by 2.8 percentage points compared to the previous month[2] - The second-hand housing listing price index has decreased by 0.45%, with the decline narrowing by 0.48 percentage points from the previous value[25] Domestic Demand - Retail sales of passenger cars from January 1 to 18 have dropped by 28% year-on-year, with a slight expected increase of 0.3% for the entire month due to the Spring Festival timing[28] - Major home appliance retail sales have decreased by 27.9% year-on-year, but improved by 3.3 percentage points compared to the previous value[30] - The volume of postal express collection has increased by 3.7% year-on-year, showing a recovery trend[33] External Demand - Port cargo throughput has increased by 4.3% year-on-year, with container throughput rising by 7.7%[35] - The export container freight rate index has decreased by 2.7% this week, indicating a decline in shipping costs[35] - The manufacturing PMI for the Eurozone has improved to 49.4%, while the US manufacturing PMI has decreased to 51.8%[35] Price Trends - The Nanhua Industrial Price Index has risen by 1.4%, while the black raw materials index has fallen by 0.2% and the non-ferrous metals index has decreased by 0.9%[36] - The agricultural product wholesale price index has increased by 0.2% week-on-week, indicating slight inflation in food prices[41]

Core Viewpoint - The company has entered into a purchase agreement with J.P. Morgan Securities (Asia Pacific) Limited for the issuance of notes totaling $300 million, which will mature in November 2029 unless redeemed earlier according to the terms of the notes [1] Group 1 - The company and its guarantors will issue notes with a principal amount of $300 million, pending the completion of certain conditions [1] - The net proceeds from the note issuance will be used to repurchase, redeem, or repay existing debts, including the 2026 notes, and for working capital purposes [1] - The notes will be issued with a maturity date set for November 2029, unless an early redemption occurs [1]

Core Viewpoint - The company, Western Cement (02233), has announced a purchase agreement with J.P. Morgan Securities (Asia Pacific) Limited for the issuance of notes totaling $300 million, set to mature in November 2029, unless redeemed earlier according to the terms of the notes [1] Group 1 - The company and its guarantors will enter into a purchase agreement for the issuance of notes amounting to $300 million on February 2, 2026 [1] - The net proceeds from the note issuance will be used to repurchase, redeem, or repay existing debts, including the 2026 notes, and for working capital purposes [1] - The notes will mature in November 2029, unless redeemed earlier as per the terms outlined in the notes [1]

Core Viewpoint - The company, Western Cement (02233.HK), has announced a purchase agreement with J.P. Morgan for the issuance of $300 million in senior notes, which will mature in 2029 at an interest rate of 10.500% [1] Group 1 - The net proceeds from the note issuance will be used alongside existing cash to repurchase, redeem, or repay existing debts, including the 2026 notes [1] - The funds will also be allocated for working capital purposes, including current liabilities [1]

中国建材(03323)发布公告，预期本集团截至2025年12月31日止十二个月未经审核的权益持有人应占亏 损约为人民币23亿元至人民币40亿元之间，而截至2024年12月31日止12个月的权益持有人应占利润约为 人民币23.87亿元。 上述预期下降主要由于本集团物业、厂房及设备减值拨备以及商誉减值拨备增加、主要产品水泥的销量 下降所致，但部份被水泥、商品混凝土的销售成本下降，玻璃纤维的销售价格上升和销售成本下降，风 电叶片及涂料的销量增加，以及应占联营公司利润上升所抵销。预计减值拨备增加中涉及对所属部分水 泥熟料生产线进行产能置换后退出的生产线对应的物业、厂房及设备和商誉减值拨备。 本集团聘请评估机构进行减值测试，目前正在开展相关工作，参考评估机构的初步测算，预计截至2025 年12月31日止年度须确认的相关资产减值拨备约为人民币60亿元至人民币83亿元。 ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook for the industry [2]. Core Views - The construction materials sector is expected to benefit from a new round of urban renewal, with significant potential in the consumer building materials segment as it shows resilience against the declining demand in the new housing market [2][9]. - The industry is witnessing a consolidation trend, with leading companies emerging from the profit trough, while smaller firms are being eliminated due to declining profitability [2][9]. - Price increases have been observed in various segments, including waterproofing, coatings, and gypsum board, as companies adjust their strategies post-downturn [2][9]. Summary by Sections Cement - The cement market is entering a traditional off-season, with demand expected to weaken. The average price is around 350 RMB per ton, showing a slight decrease of 2.7 RMB per ton [25][32]. - The average shipment rate for cement companies has increased by approximately 3 percentage points, reaching about 32% [27][32]. - Recommendations include companies like Huaxin Cement and Conch Cement, with a focus on potential new projects post-Chinese New Year [32]. Glass - The glass sector is also entering a demand lull, with the average price of float glass at 1,145 RMB per ton, reflecting a weekly increase of 6 RMB [34]. - Inventory levels have decreased, with a reported stock of approximately 4,927 million weight boxes, down by 1% week-on-week [34]. - Companies to watch include Qibin Group and Xinyi Glass, as the industry anticipates a stabilization point after recent downturns [34][46]. Fiberglass - The fiberglass market is expected to maintain stable prices in the short term, with a potential for price increases post-holiday due to stable demand in wind power and thermoplastic sectors [9][12]. - The price of electronic cloth is currently stable, with expectations for continued high demand in mid-to-high-end products [12]. - Key recommendations include China Jushi and International Composites, with a focus on their growth potential [9][12]. Carbon Fiber - Carbon fiber prices are stable, with the commercial aerospace sector expected to drive new demand growth in 2026 [12][15]. - The industry is currently facing profitability pressures, but the development of commercial aerospace may provide new opportunities [12][15]. - Companies to monitor include Zhongfu Shenying and Guangwei Composites, as they may benefit from this emerging demand [12][15].

Investment Rating - The report maintains a positive outlook on the coal chemical engineering sector, particularly highlighting China Chemical as a representative company [1]. Core Insights - New coal chemical technology is seen as a beneficial supplement to petroleum chemistry, especially in the context of high dependence on foreign oil and gas in China. The importance of ensuring energy and supply chain security is emphasized [1]. - The report notes that China's coal chemical technology and scale are globally leading, with potential for high-quality exports to countries along the Belt and Road Initiative [1]. - Specific technologies such as methanol-to-olefins (MTO) are highlighted, with advancements leading to significant reductions in methanol consumption and promoting large-scale, low-carbon coal chemical industry development [1]. - The report provides a detailed analysis of key companies in the sector, including their price-to-book (PB) and price-to-earnings (PE) ratios, along with expected profit growth rates for 2025 [1]. Market Overview - As of January 30, 2026, the issuance of new local government special bonds reached 193.069 billion yuan, a week-on-week increase of 199.70%. The total issuance for the month was 367.679 billion yuan, reflecting a year-on-year increase of 79.53% [2]. - The national cement market price saw a week-on-week decline of 0.8%, with an average ex-factory price of 259.2 yuan per ton, down 0.6% from the previous week and down 19.8% year-on-year [2][35]. - The construction index fell by 1.44% during the week, while the building materials index rose by 0.73%. Year-to-date, the construction index has increased by 6.44%, ranking 11th among 30 industries [2][9]. Company Recommendations - The report recommends focusing on companies with low growth, low valuation, and low holdings in the construction and building materials sector, specifically China Chemical, Sinopec Engineering, and others [3]. - It also highlights real estate chain leaders such as Oriental Yuhong and Honglu Steel Structure, which are expected to benefit from market share increases [3]. - In the cement sector, companies like Conch Cement and Tianshan Cement are recommended, with a focus on regional cooperation in cement production [3].

Core Insights - The construction materials industry is currently at a low valuation level, with a focus on urban renewal and related opportunities. The allocation ratio for construction materials in Q4 2025 is 0.72%, an increase of 0.11 percentage points from Q3 2025, indicating significant potential for valuation recovery [6][15]. Group 1: Urban Renewal and Market Dynamics - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued a notice on January 20, 2026, to support urban renewal actions, providing specific operational guidelines for the "14th Five-Year Plan" urban renewal strategy. This includes a focus on "two renewals and two new projects," emphasizing the construction of underground pipelines and comprehensive utility tunnels [24]. - Companies involved in urban renewal and the renovation of old neighborhoods, such as Dongfang Yuhong, Keshun Co., Sankeshu, Weixing New Materials, and China Liansu, are recommended for attention [24]. Group 2: Construction Materials Sector Overview - The construction materials sector is experiencing a recovery in profitability, with expectations for continued improvement in 2026. The supply-side adjustments and structural changes in demand are expected to support this recovery [37]. - The cement market saw a 0.8% decrease in prices week-on-week, with the national average price at 345 RMB/ton as of January 30, 2026. The industry is currently at a historical low valuation, with companies like Huaxin Cement, Conch Cement, and Shafeng Cement recommended for investment [6][38]. Group 3: Key Company Developments - Keshun Co. established a semiconductor company to explore a second growth curve, focusing on integrated circuit chips and related technologies [20]. - Weixing New Materials plans to acquire an 88.26% stake in Beijing Songtiancheng Technology Co., enhancing its capabilities in municipal pipeline systems and expanding its market reach [23]. - Leading companies in the construction materials sector, such as Sankeshu and Huaxin Cement, are expected to report significant profit growth in 2025, driven by strong operational resilience and strategic adjustments [25][27].