Group 1 - Yilida plans to repurchase shares worth 30 to 50 million yuan for employee stock ownership plans, with a maximum price of 6.5 yuan per share [1] - Yinglian shares two major shareholders plan to reduce their holdings by up to 5% [1][2] - Zhongbing Hongjian reports a net loss of 327 million yuan for 2024, with a revenue decline of 25.29% [2][3] Group 2 - Zhongke Electric reports a net profit increase of 626.56% for 2024, with a revenue growth of 13.72% [3][4] - Yong'an Futures reports a net profit decline of 21.07% for 2024, with a revenue decrease of 8.76% [5][6] - Yongjie New Materials reports a net profit increase of 34.28% for 2024, with a revenue growth of 24.71% [7][8] Group 3 - Xibu Securities reports a net profit increase of 20.38% for 2024, despite a revenue decline of 2.64% [9][10] - Jinying Heavy Industry reports a net profit decline of 35.54% for 2024, with a slight revenue increase of 1.13% [10][11] - Haineng Industry reports a net profit decline of 40.45% for 2024, despite a revenue growth of 16.26% [12][13] Group 4 - Penghui Energy reports a net loss of 252 million yuan for 2024, with a revenue increase of 14.83% [14][15] - Weiming Pharmaceutical reports a net loss of 137 million yuan for 2024, with a revenue decline of 16.14% [16][17] - Huachang Technology reports a net profit increase of 184.26% for 2024, with a revenue growth of 6.74% [18][19] Group 5 - Ancar Detection reports a net loss of 213 million yuan for 2024, with a revenue decline of 3.05% [20][21] - Saiwei Intelligent reports a net loss of 507 million yuan for 2024, with a significant revenue decline of 68.03% [22][23] - Qinglong Pipe Industry reports a net profit increase of 976.43% for 2024, with a revenue growth of 36.71% [24][25] Group 6 - Huayin Electric reports a net loss of 113 million yuan for 2024, with a revenue decline of 16.00% [26][27] - Zhongqi New Materials reports a net profit decline of 61.59% for 2024, with a revenue decrease of 22.88% [28][29] - Guangzheng Eye Hospital reports a net loss of 175 million yuan for 2024, with a revenue decline of 16.94% [30][31] Group 7 - Zhenlan Instrument reports a net profit increase of 2.16% for 2024, with a revenue growth of 11.63% [32][33] - Zaiseng Technology reports a net profit increase of 137.99% for 2024, despite a revenue decline of 10.87% [34][35] - Haitai High-tech reports a net profit increase of 51.34% for 2024, with a revenue growth of 25.26% [36][37] Group 8 - Runze Technology reports a net profit increase of 1.62% for 2024, with a revenue growth of 0.32% [38][39]

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]

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]

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]