Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [3] Core Views - The construction materials sector is experiencing a marginal improvement in demand due to active second-hand housing transactions, despite a recent decline in the sector [1][11] - The report highlights the potential for recovery in municipal engineering projects, driven by increased local government bond issuance and fiscal pressure relief [2] - The glass market shows signs of marginal improvement, particularly in photovoltaic glass, with price increases being implemented [2] - Cement prices are stabilizing after a period of decline, with short-term price increases expected due to production cuts and rising infrastructure demand [2] - The fiberglass market is stabilizing, with price recovery anticipated due to increased demand from wind power projects [2] Summary by Sections Market Overview - From March 21 to March 28, 2025, the construction materials sector (SW) declined by 1.82%, with specific declines in cement (1.63%), glass manufacturing (3.49%), fiberglass (1.52%), and renovation materials (1.75%) [1][11] - The sector experienced a net capital outflow of 821 million yuan during this period [1] Cement Industry Tracking - As of March 28, 2025, the national cement price index was 393.69 yuan/ton, reflecting a week-on-week increase of 0.57% [15] - Cement output reached 2.905 million tons, up 17.61% from the previous week, with a clinker capacity utilization rate of 60.5% [15] Glass Industry Tracking - The average price of float glass was 1306.69 yuan/ton, with a week-on-week increase of 0.30% [32] - Inventory levels for float glass decreased by 2.74 million weight boxes compared to the previous week [32] Fiberglass Industry Tracking - The price of non-alkali fiberglass remained stable, with the average price for 2400tex non-alkali winding direct yarn at 3833 yuan/ton, unchanged from the previous week [44] - The electronic yarn market also showed stability, with prices for G75 electronic yarn ranging from 8800 to 9200 yuan/ton [44] Key Stocks - Recommended stocks include: - Puhua Co., Ltd. (Buy) with an EPS forecast of 0.25 yuan for 2023 [7] - Qibin Group (Increase) with an EPS forecast of 0.65 yuan for 2023 [7] - China Jushi (Buy) with an EPS forecast of 0.76 yuan for 2023 [7] - Beixin Building Materials (Buy) with an EPS forecast of 2.09 yuan for 2023 [7]

证券研究报告 | 行业周报 gszqdatemark 2025 03 16 年 月 日 建筑材料 需求边际回暖 2025 年 3 月 7 日至 3 月 14 日建筑材料板块（SW）上涨 1.18%，上证综 指上涨 1.39%，建材板块相对沪深 300 超额收益-0.40%。其中水泥（SW） 上涨 1.47%，玻璃制造（SW）下跌 0.03%，玻纤制造（SW）下跌 0.75%， 装修建材（SW）上涨 1.90%。本期建筑材料板块（SW）资金净流入额为 -2.26 亿元。 【周数据总结和观点】 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 0.30 万亿元，同比-0.11 万亿元，专项债发行规模 1.87 万亿元，同比+1.12 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，关注龙泉股份、青龙管业、中国联塑、震安科技。玻璃需求 边际改善，关注收储落地，重点关注光伏玻璃：2025 年后玻璃 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 低估值的消费细分龙头具有较高胜率 2025 年 03 月 17 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -24% -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 2024/3/18 2024/7/16 2024/11/13 2025/3/13 建筑材料 沪深300 相关研究 《政策刺激力度符合预期》 2025-03-10 《建筑业 PMI 低位大幅反弹》 2025-03-03 东吴证券研究所 1 / 22 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.3.10–2025.3.14，下同）：本周建筑材料板块（SW）涨跌幅 1.18%，同期沪深 300、万得全 A ...

Investment Rating - The report does not explicitly state an investment rating for the industry or the company under review. Core Insights - The company has adjusted its profit distribution plan for 2024 to enhance investor returns and ensure stability in cash dividends, responding to investor feedback and regulatory guidance [19][20][21] - The shift to a multi-dividend distribution model aligns with the company's seasonal cash flow characteristics, allowing for better liquidity management and risk mitigation [21][22] - Despite a decline in overall revenue and profit for 2024, the company has maintained a strong cash flow position, enabling it to sustain a high dividend payout [24][26] Summary by Sections 1. Research Overview - The research focuses on the company Oriental Yuhong in the renovation and building materials industry, with a meeting held on March 12, 2025 [13] 2. Detailed Research Institutions - Various financial institutions participated in the research, including Guotai Junan Securities, China Merchants Fund, and others [14][15] 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved. 4. Main Content Information - The company has shifted its business model from a direct sales approach to a channel sales model, focusing on retail and engineering channels, which has led to a decrease in revenue from traditional large clients [23][24] - The retail channel achieved a revenue of 10.209 billion, showing a nearly 10% increase, while the engineering channel also experienced growth, contributing to a combined revenue of 23.562 billion from both channels [24][25] - The company plans to implement a mid-year dividend distribution after the 2025 semi-annual report, aiming to enhance investor satisfaction and maintain stable returns [22][23] - The decision to maintain a high dividend payout despite profit declines is supported by strong operating cash flow, which increased by 64.39% to 3.457 billion [24][26] - The company’s financial health is robust, with a low debt ratio of 43% and a manageable interest-bearing debt ratio of 15%, allowing for continued high dividend distributions without impacting operational capabilities [26][28]

Investment Rating - The report does not explicitly state an investment rating for the home decoration and building materials industry or the specific company involved. Core Insights - The joint venture established by the company aims to create a smart home IoT open platform, integrating resources from all parties involved to enhance consumer experience and product offerings [9][10]. - The company anticipates a revenue growth target of 10%-16% for 2025, based on the employee stock ownership plan performance assessment [11]. - The company is focusing on optimizing its store network, with a trend of increasing store numbers after closing underperforming locations [15]. Summary by Sections Joint Venture Overview - The company signed an investment cooperation agreement to establish a joint venture with Bee Assistant and Good Wife, with a registered capital of 50 million yuan, where the company holds a 50% stake [9]. - The joint venture will leverage the company's full-house customization products and digital resources to develop smart home products [9]. Investor Q&A - The joint venture's business model focuses on developing smart home products and creating an open platform for digital goods, providing diverse options for consumers [10]. - Initial sales strategies will include both online and offline channels, targeting both C-end consumers and B-end enterprise clients [11]. - The joint venture will utilize existing channels from the company and Good Wife for rapid market penetration [11]. Market Trends and Goals - The company expects a gradual recovery in order trends influenced by national subsidy policies and seasonal factors [11]. - The company plans to maintain steady growth in bulk channels, which are seen as a major contributor to revenue [15]. - The shift in channel structure is expected to impact the overall gross margin, but individual channel margins are projected to remain stable [15]. Store Network and Sales Strategy - The company is optimizing its store network by closing underperforming locations while opening new, strategically located stores [15]. - The sales expense ratio may not decrease significantly due to the costs associated with opening new stores [15].

[Table_Title] 建材行业周报 政策稳中求进、水泥持续复价，继续关 注建材春季躁动及数字化转型机会 2025 年 03 月 09 日 [Table_Author] 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：姚旭东 证书编号：S1160525010001 [Table_PicQuote] 相对指数表现 -21.64% -13.20% -4.75% 3.69% 12.13% 20.58% 3/7 5/7 7/7 9/7 11/7 1/7 3/7 建筑材料 沪深300 [Table_Summary] 【投资要点】 【配置建议】 【风险提示】 需求不及预期，毛利率不及预期，回款不及预期。 挖掘价值 投资成长 强于大市（维持） [Table_Report] 相关研究 《立邦 2024 年 TUC 业务逆势增长， 指引乐观，2025 行业或迎向上拐点》 2025.03.03 《实物量和二手销售景气修复，水泥 玻纤龙头竞合策略改善，重视建材春 季躁动》 2025.03.02 《复工实物量温和回升、华东水泥开 ...

Investment Rating - The industry investment rating is "Recommended" [1] Core Viewpoints - The construction materials sector has shown a decline in the Shenyin Wanguo Construction Materials Index by 0.30%, underperforming the CSI 300 Index by 2.28% [4][5] - The cement prices have slightly decreased, while glass prices have increased. The national average cement price is 391.17 RMB/ton, down by 0.51% from January 27 [7][14] - The report highlights a significant drop in real estate transactions due to the Spring Festival, with a 71.5% decrease in transaction area [6] Summary by Sections Market Performance Review - The Shenyin Wanguo Construction Materials Index fell by 0.30%, while the CSI 300 Index rose by 1.98%, indicating a 2.28% underperformance [5] - The cement index decreased by 0.88%, while the glass and fiberglass index increased by 1.74% [5] Industry Dynamics and Key Sub-industry Tracking - Real estate transactions in 30 major cities saw a total of 5,359 units sold, a decrease of 12,846 units from the previous week, with a transaction area of 56.18 million square meters, down 71.5% [6] - The national cement average price has slightly decreased, with the largest drop in East China at 6.67 RMB/ton [7] - The national average price for float glass increased to 1,347.14 RMB/ton, up by 1.51% from January 27, with the largest increase in South China at 80 RMB/ton [14] Core Investment Insights - The cement industry is experiencing a continued price decline with reduced inventory levels, indicating a potential bottoming out of the market [16] - The glass industry is facing a balance of weak supply and demand, with a slight increase in production expected in 2024 compared to 2023 [16] - The report identifies a positive trend in the plastic pipe, building coatings, and gypsum board sectors, with leading companies likely to increase market share [17] Recommended Stocks - Recommended stocks include Conch Cement, Huaxin Cement, Qibin Group, and Weixing New Materials, with expected net profits for 2024-2026 outlined for each company [18][20]

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 ...

Investment Rating - The report maintains an "Accumulate" rating for the home improvement and building materials industry [1] Core Viewpoints - The demand structure is expected to stabilize, with potential for transformation and upgrades in the industry by 2025 [1] - Despite pressure on new housing demand, the existing housing market is expected to support demand for home improvement materials, aided by policies promoting renovation and upgrades [3][6] - The concentration of leading companies in the industry is anticipated to increase, as smaller firms exit the market, enhancing the stability of leading companies' profitability and cash flow [3][4] Summary by Sections 1. Demand - The new housing market is under pressure, but policies are expected to stabilize the market, with a projected 14.3% year-on-year decline in new housing sales area in 2024 [6] - The existing housing market is showing signs of recovery, with a 1.1% year-on-year increase in second-hand housing transactions in the first ten months of 2024 [19] - The "old-for-new" policy is expected to boost demand for home improvement materials, with subsidies likely to continue into 2025 [32][39] 2. Industry Structure - The industry is undergoing repair and adjustment, with an expected increase in market concentration as smaller companies exit [3][4] - The performance of leading companies remains stable, with a focus on maintaining market share and improving cash flow [40][41] 3. Development - Companies are accelerating diversification and integration to seek growth, with a focus on breaking regional and category boundaries [3][4] - The trend towards integrated services is becoming more prominent, with leading companies exploring one-stop sales and service models [3][4] 4. Investment Recommendations - Continuous support from real estate policies and the stabilization of sales indicators are expected to improve market sentiment towards home improvement demand [3][4] - Key companies to watch include Beixin Materials, Tubao, Weixing New Materials, and others that are actively adjusting their business models and expanding their product categories [3][4]