Company Overview - Changshu Jingyao Glass Co., Ltd. has recently been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Liang Dandan [1] Business Scope - The company is engaged in the sales of optical glass, glass instruments, technical glass products, glass fiber and products, daily glass products, synthetic materials, metal products, building materials, sanitary ware, daily necessities, hardware retail, daily goods, textile products, and raw materials [1] - The company also involves in the sales of doors and windows, goods import and export, technology import and export, and import and export agency services, except for projects that require approval by law [1]

7月份，"反内卷"呼声愈演愈烈，引发市场对多个品种供给侧改革的强烈预期，助力相关期货品种价格 快速上涨。玻璃作为主要建材品种，也在十大重点行业稳增长领域之中，7月主力合约盘面上涨幅度最 高达36%，位列前茅。但由于缺乏具体措施落地，叠加市场"反内卷"情绪有所降温，盘面出现快速回 落。截至8月8日，2509合约收盘价为1063元/吨，较最高点1370元/吨下跌307元/吨，下跌幅度为22.4%。 从现货价格来看，由期货上涨叠加社会库存偏低引发的投机性补库支撑现货价格上涨，但涨幅不及期货 盘面。在期货价格下跌后，期现商低价出售手中货源冲击玻璃厂价格，导致市场进入消化中下游货源阶 段。近期部分区域厂家库存快速增加，价格再次回落。截至8月8日，沙河市场大板价格为1181元/吨， 基差为118元/吨。 与7月初中央财经委员会第六次会议提出的"依法依规治理企业低价无序竞争，推动落后产能有序退 出"相比，7月30日中央政治局会议删除了"低价"二字，改为"依法依规治理企业无序竞争"，同时将"推 动落后产能有序退出"调整为"推进重点行业产能治理"。市场期待的供给侧强力改革预期骤然降温，且 浮法玻璃基本面没有实质性的改善，盘面急 ...

Market Performance - The Hang Seng Index (HSI) closed at 24,859, down 0.9% for the day but up 23.9% year-to-date (YTD) [1] - The HSCEI closed at 8,895, down 1.0% for the day and up 22.0% YTD [1] - The MSCI China index decreased by 0.8% to 80, with a YTD increase of 23.0% [1] Commodity Prices - Brent Crude oil price was $66 per barrel, down 0.4% for the day and down 8.3% YTD [2] - Gold prices reached $3,395 per ounce, down 0.1% for the day but up 29.3% YTD [2] - Copper prices increased by 0.8% to $9,762 per ton, with a YTD rise of 11.3% [2] Economic Indicators - The US CPI for urban consumers showed a month-over-month increase of 0.2% and a year-over-year increase of 2.8% [3] - The PPI for final demand increased by 0.2% month-over-month and 2.5% year-over-year [3] - The NFIB Small Business Optimism Index was reported at 98.6, slightly below the consensus of 98.9 [3] Corporate Insights - SMIC reported a 16% year-over-year revenue increase in Q2 2025, with a gross profit margin (GPM) of 20.4% [10] - However, SMIC's Q3 2025 revenue guidance was conservative, projecting a 6% quarter-over-quarter increase, below the consensus of 7% [11] - The target price for SMIC has been raised to HK$56.70 based on a price-to-book ratio of 2.8x [12]

Group 1: Natural Rubber Industry Report Industry Investment Rating Not provided Core View Supply side is affected by labor return in Cambodia and disrupted rubber tapping in Thailand, with expected stronger raw material prices. Demand side shows good replacement demand, and market trading activity is expected to increase. Winter snow tire orders are expected to rise in the next period [1]. Summary by Directory - **Spot Price and Basis**: Yunnan state - owned whole - miscible rubber price decreased by 0.69%, while Thai standard mixed rubber price increased by 0.35%. Cup rubber price increased slightly, and glue price remained unchanged. Basis of whole milk and non - standard price difference changed [1]. - **Inter - month Spread**: 1 - 5 spread increased by 20.83%, and 5 - 9 spread decreased by 2.28%, while 9 - 1 spread remained unchanged [1]. - **Production and Consumption Data**: In June, Thailand's production increased by 44.23%, Indonesia's decreased by 12.03%, India's increased by 30.82%, and China's increased slightly. Tire production and export data also changed.开工率 of semi - steel and all - steel tires decreased slightly [1]. - **Inventory Change**: Bonded area inventory increased by 0.91%, and Shanghai Futures Exchange's factory - warehouse futures inventory increased by 6.34%. Warehouse entry and exit rates of dry glue in Qingdao also changed [1]. Group 2: Glass and Soda Ash Industry Report Industry Investment Rating Not provided Core View For soda ash, it is in an obvious oversupply pattern, with weakening spot sales. Future demand has no growth expectation, and inventory may face more pressure. For glass, the market sentiment has declined, and the downstream demand is weak. The industry needs capacity clearance [3]. Summary by Directory - **Glass - related Price and Spread**: Prices in North China, East China, and South China remained unchanged, while that in Central China decreased by 0.83%. Futures prices of glass 2505 and 2509 decreased [3]. - **Soda Ash - related Price and Spread**: Prices in North China, East China, and Central China remained unchanged, while that in Northwest China decreased by 2.78%. Futures prices of soda ash 2505 and 2509 decreased [3]. - **Supply**: Soda ash's operating rate increased by 6.40%, and weekly output increased by 6.42%. Float glass and photovoltaic glass melting volumes remained unchanged [3]. - **Inventory**: Glass factory - warehouse inventory increased by 3.95%, soda ash factory - warehouse inventory increased by 3.86%, and soda ash delivery - warehouse inventory increased by 16.40% [3]. - **Real Estate Data**: New construction area decreased by 0.09%, construction area decreased by 2.43%, completion area decreased by 0.03%, and sales area decreased by 6.50% [3]. Group 3: Log Industry Report Industry Investment Rating Not provided Core View Last week, spot prices rose due to reduced available sources and trader reluctance to sell, and the new outer - market quotation increased. However, weak demand leads to low acceptance of price increases by downstream and low willingness of traders to take delivery. The supply pressure may increase this week, and the short - term market is expected to fluctuate between 800 - 850 [4]. Summary by Directory - **Futures and Spot Price**: Futures prices of logs 2509, 2511, and 2501 changed slightly. Spot prices of some radiation pine in Shandong and Jiangsu increased. Outer - market quotation increased by 1.75% [4]. - **Cost**: Import theoretical cost increased by 2% [4]. - **Supply**: Port shipping volume increased by 2.12%, and the number of ships from New Zealand to China, Japan, and South Korea decreased by 8.62% [4]. - **Inventory**: National coniferous log inventory remained unchanged, Shandong's inventory increased by 1.04%, and Jiangsu's decreased by 5.55% [4]. - **Demand**: Weekly demand increased slightly, with national average daily outbound volume increasing by 0.01 million cubic meters [4]. Group 4: Industrial Silicon Industry Report Industry Investment Rating Not provided Core View Under the anti - involution policy, the price center of industrial silicon is expected to move up. In August, supply and demand both increase, and it may reach a tight balance. But inventory and warehouse receipt pressure are emerging. The main price range is expected to be 8000 - 9500 yuan/ton, and it is advisable to consider buying on dips when the price drops to 8000 - 8500 yuan/ton [5]. Summary by Directory - **Spot Price and Basis**: Prices of different types of industrial silicon remained unchanged, while basis decreased [5]. - **Inter - month Spread**: Some spreads changed, such as 2508 - 2509 spread decreased by 137.50% [5]. - **Fundamental Data**: National industrial silicon production increased by 3.23%, with different changes in Xinjiang, Yunnan, and Sichuan. Organic silicon DMC output decreased, while polysilicon and recycled aluminum alloy output increased. Industrial silicon export volume increased by 22.77% [5]. - **Inventory Change**: Xinjiang's factory - warehouse inventory decreased slightly, while social inventory and non - warehouse receipt inventory increased [5]. Group 5: Polysilicon Industry Report Industry Investment Rating Not provided Core View In early August, polysilicon futures prices rose. In August, supply and demand both increase, but supply growth is larger, with inventory accumulation pressure. If there is new progress in capacity integration or clearance, prices may rise again; otherwise, they may fluctuate and decline. The spread between PS2511 and PS2512 is expected to narrow [6]. Summary by Directory - **Spot Price and Basis**: Spot prices of N - type polysilicon and related products remained mostly unchanged, while basis of N - type materials decreased [6]. - **Futures Price and Inter - month Spread**: The main contract price increased by 1.36%. Some inter - month spreads changed significantly, such as the decrease of the spread between the current month and the first - continuous contract by 5800.00% [6]. - **Fundamental Data**: Weekly and monthly polysilicon and silicon wafer production data changed. Polysilicon import volume decreased, and export volume increased [6]. - **Inventory Change**: Polysilicon and silicon wafer inventories increased, and polysilicon warehouse receipts increased [6].

Report Summary Industry Investment Ratings - No industry investment ratings are provided in the report. Core Views - Glass: Market sentiment has stabilized, and attention should be paid to the restocking intensity at the end of the month. The fundamental situation has weakened in the short term, with frequent regulatory actions from the exchange, so short - term risks should be vigilant. [1][40] -纯碱: The fundamental situation has not improved, and it will fluctuate weakly in the short term. The market is significantly affected by macro - emotions, and subsequent changes in market sentiment should be monitored. [1][5] Summary by Section 1. Soda Ash - **Price**: Spot prices remained stable this week, with the price difference between heavy and light soda ash remaining stable. Futures prices were weakly stable last week, with the main SA2509 contract closing at 1249 (-7), the 9 - 1 spread at - 83 (-6), and the basis of the main 09 contract at +95 (-9). [6][10] - **Supply**: Last week, soda ash production was 744,600 tons (+24,700, +3.46%), with light soda ash production at 321,200 tons (+9,900) and heavy soda ash production at 423,400 tons (+14,800). The operating rate was 85.41% (+5.14%). [5][16] - **Demand**: Last week, the shipment volume of soda ash enterprises was 675,400 tons, a week - on - week decrease of 12.13%; the overall production - sales rate was 90.69%, a week - on - week decrease of 19.14%. Demand weakened slightly last week, and downstream enterprises mainly purchased on a rigid - demand basis. Net exports decreased. [5][25] - **Inventory**: Last week, the inventory of soda ash enterprises was 1.8651 million tons (+69,300, +3.86%), with light soda ash inventory at 717,600 tons (+24,600) and heavy soda ash inventory at 114,750 tons (+44,700). [5][32] - **Cost and Profit**: Last week, the profit of the dual - ton combined - soda process was +68.5 yuan/ton (-38), and the profit of the ammonia - soda process was +56.2 yuan/ton (-0.9), remaining basically flat overall. [5][37] 2. Glass - **Price**: Spot prices were stable with a slight decline last week. The main 2509 contract closed at 1063 (-39), the 9 - 1 spread was - 133 (-11), and the basis of the main 09 contract was +197 (-1). [40][41][48] - **Supply**: Last week, the daily output of float glass in production was 159,600 tons, a week - on - week increase of 0.00%. The production was 110.70 tons, a week - on - week increase of 0.16%. The operating rate was 75.00%, a week - on - week decrease of 0.34%, and the capacity utilization rate was 79.78%, a week - on - week increase of 0.13%. [40][54] - **Demand**: As of the end of July, the order days of deep - processing enterprises were 9.55 days, an increase of 0.25 compared to the previous period. Downstream demand recovery was slow. The real - estate market recovery was weak, while the automobile production and sales situation in June was at a relatively high level in recent years. [40][63] - **Inventory**: Last week, the total inventory of national float glass sample enterprises was 61.847 million heavy boxes, a week - on - week increase of 3.95%. Inventory increased in all regions. [40][70] - **Cost and Profit**: Last week, the profit of coal - gas - made float glass was +111.05 yuan/ton (-27.09); the profit of natural - gas - made float glass was - 150.36 yuan/ton (+0); the profit of petroleum - coke - made float glass was - 130.57 yuan/ton (-7.14). Industry profits were stable in the short term. [40][84]

1. Report Industry Investment Rating - Glass: Oscillating [3] - Soda Ash: Bearish [4] 2. Core Viewpoints of the Report - The anti - involution logic is long - term, but the weak reality persists. The near - term prices are constrained by the weak reality, with the oversupply situation continuing. For glass, demand has some resilience but is hard to improve in the off - season, supply is stable, and inventory accumulates significantly. For soda ash, supply returns to a high level, demand weakens, costs provide support, but near - term inventory is large and faces delivery pressure. It is recommended to focus on long positions in the far - month contracts for glass and cash - and - carry arbitrage for soda ash [40]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview Glass - Supply: Bearish. The daily output of national float glass is 159,600 tons, remaining stable. The industry start - up rate is 75.34%, up 0.34 percentage points from the 31st, and the capacity utilization rate is 79.78%, remaining unchanged. One production line restarted this week, and it is estimated that next week's output will remain stable [3]. - Demand: Neutral. There is short - term resilience, but overall demand is under pressure in the off - season. Speculative demand fades as prices decline [3]. - Inventory: Bearish. Enterprise inventory is 61.847 million heavy cases, a week - on - week increase of 2.348 million heavy cases, or 3.95%, and a year - on - year decrease of 8.18%. The inventory days are 26.4 days, an increase of 0.9 days from the previous period [3]. - Basis/Spread: Neutral. This week, the basis declined, and the 09 - 01 spread decreased [3]. - Valuation: Neutral. Currently, prices are mainly under pressure, and costs provide support [3]. - Macro and Policy: Neutral. The anti - involution logic is long - term, but the weak reality remains, and overall sentiment fluctuates sharply [3]. - Investment View: Oscillating. Weak reality and strong expectations lead to price oscillations [3]. - Trading Strategy: Hold long positions in far - month contracts for unilateral trading; no arbitrage strategy. Pay attention to daily melting volume, production and sales, and domestic and overseas macro - policy disturbances [3]. Soda Ash - Supply: Bearish. This week's soda ash output is 744,700 tons, a week - on - week increase of 44,900 tons, or 6.41%. Light soda ash output is 321,200 tons, a week - on - week increase of 20,100 tons, and heavy soda ash output is 423,500 tons, a week - on - week increase of 24,800 tons. Supply increases as maintenance enterprises resume production [4]. - Demand: Bearish. Short - term direct demand is weak, and photovoltaic production continues to decline. Speculative demand weakens as prices fall [4]. - Inventory: Bearish. Total manufacturer inventory is 1.8651 million tons, an increase of 69,300 tons from last Thursday, or 3.86%. Light soda ash inventory is 717,600 tons, a week - on - week increase of 24,600 tons, and heavy soda ash inventory is 1.1475 million tons, a week - on - week increase of 44,700 tons [4]. - Basis/Spread: Neutral. This week, the basis declined, and the 09 - 01 spread decreased [4]. - Valuation: Neutral. Currently, prices fluctuate significantly, and costs provide support [4]. - Macro and Policy: Neutral. The anti - involution logic continues, mainly affecting far - month contracts, and sentiment fluctuates sharply [4]. - Investment View: Bearish. Weak reality and strong expectations, with high inventory [4]. - Trading Strategy: No unilateral trading strategy; take profit on cash - and - carry arbitrage. Pay attention to soda ash plant production, glass production and sales, and domestic and overseas macro - policy disturbances [4]. 3.2 Futures and Spot Market Review - Glass: This week, prices declined. The main contract closed at 1063 (- 39), and the Shahe spot price was 1104 (- 80) [6]. - Soda Ash: This week, prices declined. The main contract was transferred to the 01 contract, closing at 1332, and the Shahe spot price was 1257 (+ 10) [11]. - Spread/Basis: For soda ash, the 09 - 01 spread and the basis both decreased significantly. For glass, the 09 - 01 spread and the basis also decreased significantly [20]. 3.3 Supply and Demand Fundamental Data Glass - Supply: Stable. The daily output of national float glass is 159,600 tons, remaining stable. The start - up rate is 75.34%, up 0.34 percentage points from the 31st, and the capacity utilization rate is 79.78%, remaining unchanged. One production line restarted this week, and it is estimated that next week's output will remain stable. Glass production profits decline as spot prices fall [23]. - Demand: Resilient. The average order days of national deep - processing sample enterprises is 9.55 days, a week - on - week increase of 2.7% and a year - on - year decrease of 1.55%. Real - estate mid - and back - end completion data is poor. From January to June, the floor area under construction decreased by 9.1% year - on - year, the newly started area decreased by 20.0%, and the completed area decreased by 14.8% [26][27]. - Inventory: Accumulating. Enterprise inventory is 61.847 million heavy cases, a week - on - week increase of 2.348 million heavy cases, or 3.95%, and a year - on - year decrease of 8.18%. The inventory days are 26.4 days, an increase of 0.9 days from the previous period [28]. Soda Ash - Supply: Output returns to a high level. This week's soda ash output is 744,700 tons, a week - on - week increase of 44,900 tons, or 6.41%. Light soda ash output is 321,200 tons, a week - on - week increase of 20,100 tons, and heavy soda ash output is 423,500 tons, a week - on - week increase of 24,800 tons. Alkali plant profits decline as soda ash prices weaken [31][32]. - Demand: Weakening. Overall demand is weakening, short - term direct demand is weak, and photovoltaic production continues to decline. Speculative demand fades as prices fall. Manufacturer inventory increases significantly [35].

Investment Rating - The report does not provide an investment rating for the glass industry. Core Viewpoints - The glass market is in a pattern of strong supply and weak demand in the medium to long term, so it is considered bearish. However, considering the possible improvement in sales in Hebei and the relatively strong macro - expectations, short - term long positions can be tried for the 01 contract [3]. - The 09 contract has limited upside and downside space, and it is recommended that short positions stop profit and exit [3]. Summary by Directory 01 Investment Strategy - The investment strategy is to try short - term long positions. The 01 contract should pay attention to the support level of 1160 - 1170 and try short - term long positions for one week [2][3]. 02 & 03 Market Review - **Price Changes**: As of August 8, the 5mm float glass market price in North China was 1,180 yuan/ton (-60), in Central China was 1,190 yuan/ton (-30), and in East China was 1,270 yuan/ton (-40). The glass 09 contract closed at 1063 yuan/ton last Friday, down 39 for the week [10]. - **Spread Changes**: As of August 8, the difference between soda ash and glass futures prices was 269 yuan/ton (+115). The basis of the glass 09 contract last Friday was 77 yuan/ton (-21), and the 09 - 01 spread was - 133 yuan/ton (-11) [12][15]. 04 Profit - **Natural Gas Process**: The cost was 1,592 yuan/ton (-3), and the gross profit was - 322 yuan/ton (-37). - **Coal - Gas Process**: The cost was 1,180 yuan/ton (+9), and the gross profit was 0 yuan/ton (-69). - **Petroleum Coke Process**: The cost was 1,106 yuan/ton (-3), and the gross profit was 84 yuan/ton (-27) [16][20]. 05 Supply - The daily melting volume of glass last Friday was 158,355 tons/day (+600), with 223 production lines in operation. The No. 1 float line of Zhejiang Futele restarted with a daily melting volume of 600T/D [22]. 06 Inventory - As of August 8, the national inventory of 80 glass sample manufacturers was 6,184.7 million weight boxes (+234.8). Inventories in North China, Central China, East China, South China, and Southwest China all increased, and the inventories in Shahe and Hubei factories also rose [26][32]. 07 Deep - processing - On August 4, the comprehensive sales - to - production ratio of float glass was 87% (+7%). On August 7, the operating rate of LOW - E glass was 47.1% (+2.2%). At the beginning of August, the order days of glass deep - processing were 9.55 days (+0.25) [33]. 08 & 09 Demand - **Automobile**: In June, China's automobile production was 2.794 million vehicles (month - on - month increase of 145,000 and year - on - year increase of 287,000), and sales were 2.904 million vehicles (month - on - month increase of 218,000 and year - on - year increase of 352,000). In July, the retail volume of new - energy passenger vehicles was 987,000, with a penetration rate of 54% [45]. - **Real Estate**: In June, China's real estate completion area was 41.8147 million square meters (-2% year - on - year), new construction area was 71.8071 million square meters (-9%), construction area was 83.0189 million square meters (+5%), and commercial housing sales area was 105.354 million square meters (-7%). The real estate development investment in June was 1.042416 trillion yuan (-12% year - on - year) [53]. 10 Soda Ash Market - **Price**: As of last weekend, the mainstream market price of heavy soda ash in North China was 1,400 yuan/ton (0), in East China was 1,350 yuan/ton (-25), in Central China was 1,325 yuan/ton (-50), and in South China was 1,500 yuan/ton (0). The soda ash 2509 contract closed at 1,332 yuan/ton last Friday (+76) [55][57]. - **Basis**: The basis of the soda ash Central China 09 contract last Friday was 76 yuan/ton (-43) [59]. 11 & 12 & 13 Cost - end Soda Ash - **Profit**: As of last Friday, the cost of the ammonia - alkali method was 1,305 yuan/ton (+5), with a gross profit of 56 yuan/ton (-1); the cost of the joint - alkali method was 1,790 yuan/ton (-5), with a gross profit of 69 yuan/ton (-38) [63][65]. - **Production and Inventory**: Last week, the domestic soda ash production was 744,600 tons (week - on - week increase of 44,800), including 423,400 tons of heavy soda ash (week - on - week increase of 24,700) and 321,200 tons of light soda ash (week - on - week increase of 20,100). The inventory was 1.8651 million tons (week - on - week increase of 69,300). The exchange soda ash warehouse receipts last weekend were 7,715 (+4,925) [72][78]. - **Apparent Consumption and Sales - to - Production Ratio**: The weekly apparent demand for heavy soda ash was 378,700 tons (week - on - week decrease of 39,600). The sales - to - production ratio of soda ash last week was 90.69% (week - on - week decrease of 19.14%). The soda ash inventory days of sample float glass factories in July were 25.8 days [86].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoint - No explicit core viewpoint presented in the given text 3. Summary by Related Catalogs Glass Price and Contract Information - From August 1 to August 8, 2025, the prices of various 5mm glass products in different regions showed different degrees of change. For example, the price of 5mm large - plate glass in Wuhan Changli decreased by 40.0, and the FG09 contract price decreased by 39.0 [2]. - The FG9 - 1 spread changed from - 122.0 on August 1 to - 133.0 on August 8, with a weekly change of - 11.0 and a daily change of 11.0 [2]. Profit and Cost - From August 1 to August 8, 2025, the profit of North China coal - fired glass decreased by 55.4, and the cost decreased by 2.8. The profit of South China natural gas glass remained unchanged at - 129.1, and the profit of North China natural gas glass decreased by 46.8 [2]. Spot and Sales - The sales of glass factories in Shahe were average, with the low - price of traders around 1150 and the sales volume average. The price of factories in Hubei was around 1060, and the sales of glass in different regions were as follows: Shahe 82, Hubei 79, East China 91, and South China 89 [2]. Soda Ash Price and Contract Information - From August 1 to August 8, 2025, the prices of heavy soda ash in different regions changed. For example, the price of heavy soda ash in Central China decreased by 60.0, and the SA05 contract price increased by 13.0 [2]. - The SA09 - 01 spread changed from - 77.0 on August 1 to - 83.0 on August 8, with a weekly change of - 6.0 and a daily change of 7.0 [2]. Profit and Cost - From August 1 to August 8, 2025, the profit of North China ammonia - soda process decreased by 33.1, and the profit of North China combined - soda process increased by 11.0 [2]. Spot and Industry - The spot price of heavy soda ash in Hebei delivery warehouses was around 1200, and the price delivered to Shahe was around 1240. Downstream customers purchased on a low - price and just - in - time basis, and the futures - spot trading volume was average. The factory inventory of soda ash increased, and the delivery warehouse inventory increased significantly [2].

Investment Rating - The report recommends a "Buy" rating for companies such as Beixin Building Materials and China Jushi, while suggesting an "Overweight" rating for Weixing New Materials [9]. Core Views - The construction materials sector has shown a mixed performance, with cement prices stabilizing while glass and fiberglass sectors face challenges [2][3]. - The recent policy changes in Beijing regarding real estate are expected to influence demand dynamics across the sector [2]. - The report highlights the potential for recovery in the construction materials sector, particularly in municipal engineering projects due to increased government bond issuance [2]. Summary by Sections 1. Market Overview - From August 4 to August 8, 2025, the construction materials sector (SW) increased by 1.24%, with cement rising by 2.81% and glass manufacturing declining by 0.37% [12]. - The net capital inflow for the construction materials sector was -680 million yuan during this period [12]. 2. Cement Industry Tracking - As of August 8, 2025, the national cement price index was 335.96 yuan/ton, a decrease of 0.51% from the previous week [16]. - The national cement output was 2.6415 million tons, down 4.08% week-on-week, with infrastructure cement supply also declining [16]. - The report notes that while infrastructure remains a key demand driver, residential construction demand is weak, and recovery in civil demand is contingent on seasonal factors [16]. 3. Glass Industry Tracking - The average price of float glass was 1274.90 yuan/ton, reflecting a 1.57% decrease from the previous week [6]. - Inventory levels for glass have increased, indicating ongoing supply-demand imbalances [6]. 4. Fiberglass Industry Tracking - The report indicates that fiberglass prices have stabilized after a period of decline, with demand expected to improve due to growth in wind power installations [7]. - The market for electronic yarn remains stable, with high-end products experiencing strong demand [7]. 5. Consumer Building Materials - The consumer building materials sector is benefiting from improved second-hand housing transactions and consumption stimulus policies [2]. - The report continues to recommend companies like Beixin Building Materials and Weixing New Materials for their growth potential [9]. 6. Carbon Fiber Industry Tracking - The carbon fiber market is showing signs of stability, with production levels remaining consistent and demand expected to grow in various applications [8].

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Views - The report highlights the ongoing transformation in the building materials industry driven by policies promoting a new supply structure and green innovation, particularly in the cement and glass sectors. The carbon trading market is expected to accelerate the exit of inefficient capacities, optimizing the supply landscape and sustaining investment interest in the sector [3][4][6] Market Performance - The building materials index increased by 1.19% in the week from August 4 to August 8, 2025, underperforming the CSI 300 index, which rose by 1.23%. Over the past three months, the CSI 300 index increased by 5.88%, while the building materials index rose by 11.41%, outperforming the CSI 300 by 5.53%. In the past year, the CSI 300 index increased by 23.21%, and the building materials index rose by 26.53%, outperforming the CSI 300 by 3.31% [4][13][14] Cement Sector - As of August 8, 2025, the average price of P.O42.5 bulk cement nationwide was 273.71 CNY/ton, a decrease of 0.42% from the previous period. The clinker inventory ratio was 67.48%, down by 2.15 percentage points [6][24][27] - The report indicates a regional price divergence in cement, with the Northeast region seeing a decrease of 0.34%, while the North China region remained stable [24][33] Glass Sector - The average spot price of float glass as of August 8, 2025, was 1259.34 CNY/ton, down by 3.19% from the previous period. The inventory of float glass increased by 25.34%, reaching 6490 million weight boxes [74][77] - The price of photovoltaic glass increased slightly, with an average price of 116.25 CNY/weight box, reflecting a 0.54% increase [83] Investment Recommendations - Recommended stocks in the consumption building materials sector include Sankeshu (for channel expansion), Dongfang Yuhong (waterproof leader), Weixing New Materials (high retail business proportion), and Jianlang Hardware. Beneficiary stocks include Beixin Building Materials (gypsum board leader) [3] - In the cement sector, recommended stocks include Conch Cement, Huaxin Cement, and Shangfeng Cement [3]