Investment Rating - The report suggests a positive outlook for the construction and building materials industry, with specific recommendations for companies like Honglu Steel Structure, China Jushi, Puyang Refractories, Hainan Huatie, Beixin Building Materials, China Chemical, China State Construction, Shanghai Port, and China National Materials [3]. Core Views - The cement industry shows signs of improvement in the fundamentals from Q4 2024 to Q1 2025, with a focus on corporate discipline and peak production implementation, as well as cement price trends [3][10]. - The glass industry experienced widespread losses in Q4 2024, but there was a significant improvement in Q1 2025, driven by the price of photovoltaic glass [3][15]. - The fiberglass sector saw a general improvement in profitability from Q4 2024 to Q1 2025, with all sample companies achieving profitability due to stable price increases and effective industry self-discipline [3][16]. - The consumer building materials sector continues to face declining revenues and profits, with expectations of sustained pressure on downstream demand from construction completions [3][20]. - The construction industry is experiencing a decline in revenue and profits among leading companies, indicating weak operational data [3][24]. Summary by Sections Cement Industry - The cement industry's fundamentals improved from Q4 2024 to Q1 2025, with a narrowing decline in quarterly cement production growth rates and a general recovery in net profits for leading companies [10]. - The national average cement price in early May 2025 was slightly lower than the same period last year, indicating a need to monitor corporate discipline and price trends [10]. Glass Industry - The glass industry faced significant losses in Q4 2024, but Q1 2025 showed marked improvement, particularly in photovoltaic glass prices [15]. - Key variables to watch include glass price trends and downstream demand changes [15]. Fiberglass Industry - Fiberglass companies reported improved profitability from Q4 2024 to Q1 2025, with all sample companies achieving profits due to stable price increases and effective supply-side management [16]. - The inventory levels remained stable, indicating a weak balance in supply and demand [16]. Consumer Building Materials - Leading companies in the consumer building materials sector reported widespread revenue declines, with expectations of continued pressure on downstream demand linked to construction completions [20]. - The report anticipates a narrowing decline in new construction demand over the next year [20]. Construction Industry - The construction sector is seeing a decline in revenue and profits among major companies, with many reporting weak operational data [24]. - The report highlights a significant drop in orders and revenues for central state-owned enterprises in Q1 2025 [24].

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - The monetary policy has been intensified, with simultaneous reductions in reserve requirements and interest rates, which is expected to support the real estate market and stabilize housing demand [5][21] - Cement prices continue to decline, while glass inventory has increased on a month-on-month basis [6][40] - Recommendations include focusing on the African supply chain and domestic substitution chain, with leading companies being the main investment focus for the year [8][9] Summary by Sections Monetary Policy - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [5] - The policy interest rate was lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4% [5][21] - The personal housing provident fund loan interest rate was reduced by 0.25 percentage points, with the rate for first-time homebuyers over five years dropping from 2.85% to 2.6% [5] Cement Market - The average shipment rate for cement companies in key regions was 48%, down approximately 1.4 percentage points month-on-month and 6.3 percentage points year-on-year [6] - National cement prices decreased by 1.2% month-on-month, with regional production issues contributing to the price decline [6][25] - The national average cement price was 387.42 yuan/ton, a decrease of 4.52 yuan/ton month-on-month, but an increase of 25.16 yuan/ton year-on-year [26] Glass Market - The overall price of float glass has seen more declines than increases, with a slight downward shift in price levels [7][40] - The production capacity of float glass decreased, with 220 out of 286 production lines operational, and daily melting capacity reduced to 156,505 tons [7] - The total inventory of glass in monitored provinces increased by 191 million weight boxes, a rise of 3.39% [7][40] Recommended Companies - For the African supply chain, Keda Manufacturing is recommended as a leading local player with advantages in production, channels, and brand [8] - For domestic substitution, companies such as China National Materials, Puyang Huicheng, and Meijiaxin Color are highlighted due to their strong market positions and growth potential [8] - The report emphasizes the importance of existing leading companies as a stable investment focus for 2025 [9]

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: May 13, 2024 [2] - Research Team: Energy and Chemical Research Team [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Views - On May 12, the main soda ash futures contract SA509 rebounded after hitting a bottom, with a closing price of 1,318 yuan/ton, up 2 yuan/ton or 0.15%, and an increase in positions of 11,751 lots. The spot prices of heavy and light soda ash in Central China remained unchanged from the previous day. Soda ash production continued to rise, and demand increased. However, the supply side is at a high level year-on-year, and the downward pressure on prices is becoming more significant. New production capacity will be put into operation, further increasing supply pressure [8]. - The supply side of the glass market is showing a contraction trend, but it is difficult to form a large-scale cold repair wave in the short term. The peak demand season fell short of expectations, and with the approaching of the traditional off-season, market sentiment is pessimistic. The combination of复产 expectations and high inventory is suppressing futures prices. In the short term, the glass market lacks effective driving factors, and prices will continue to fluctuate weakly [9]. 3. Summary by Directory 3.1 Soda Ash and Glass Market Review and Operation Suggestions - **Futures Trading Data on May 12**: The SA505 contract opened at 1,276 yuan/ton, closed at 1,291 yuan/ton, down 9 yuan or 0.69%, with a position of 0.31 million lots, a decrease of 796 lots. The SA509 contract opened at 1,299 yuan/ton, closed at 1,318 yuan/ton, up 2 yuan or 0.15%, with a position of 123.31 million lots, an increase of 11,751 lots. The FG505 contract opened at 1,044 yuan/ton, closed at 1,047 yuan/ton, up 7 yuan or 0.67%, with a position of 0.53 million lots, a decrease of 822 lots. The FG509 contract opened at 1,034 yuan/ton, closed at 1,045 yuan/ton, down 3 yuan or 0.28%, with a position of 133.57 million lots, a decrease of 2,299 lots [7]. - **Soda Ash Market**: The weekly production of soda ash in China reached 757,000 tons in the week of May 8, near the highest level this year, and the weekly operating load rate remained at 90%. As of May 8, the weekly enterprise inventory of heavy soda ash in China remained at 880,000 tons, continuing the inventory accumulation trend. The supply side is at a high level year-on-year, and the downward pressure on prices is significant. Although some production line maintenance plans may have an impact on the supply rhythm in May, it is difficult to fundamentally reverse the oversupply situation [8]. - **Glass Market**: The supply side is showing a contraction trend, but it is difficult to form a large-scale cold repair wave in the short term due to cost and capacity limitations. The peak demand season fell short of expectations, and with the approaching of the traditional off-season, market sentiment is pessimistic. The combination of复产 expectations and high inventory is suppressing futures prices. In the short term, the glass market lacks effective driving factors, and prices will continue to fluctuate weakly [9]. 3.2 Industry News - The market price of baking soda in Henan is stable. Jinshan's baking soda plant is under maintenance, and downstream users maintain a rigid procurement rhythm. The mainstream ex-factory price of food-grade baking soda is estimated at 1,200 - 1,260 yuan/ton [10]. - In May 2025, the weighted order days of domestic soda ash manufacturers' sample enterprises were 14.6 days, basically flat month-on-month. The operating load of the soda ash industry decreased in May, and the supply of goods decreased, but downstream demand was weak, and the enthusiasm for purchasing was not high, so new orders from soda ash manufacturers were average [10]. - Based on the period from 10:00 to 14:00 on the day, the average market price of 5mm large float glass in Shahe decreased by 0.21 yuan/square meter compared with the previous working day, with an average price of 14.77 yuan/square meter; the average price of 4.4mm small float glass decreased by 0.32 yuan/square meter, with an average price of 12.69 yuan/square meter. The Shahe float glass market continued to weaken over the weekend, and the futures price remained sluggish, with the market price center further moving down. Some spot-futures traders' shipments improved. The market basically stabilized today, and traders' selling prices were flexible [10]. - In April, China's automobile production and sales reached 2.619 million and 2.59 million units respectively, down 12.9% and 11.2% month-on-month, and up 8.9% and 9.8% year-on-year. Domestic automobile sales were 2.073 million units, down 13.9% month-on-month and up 11.7% year-on-year; automobile exports were 517,000 units, up 2% month-on-month and 2.6% year-on-year. In April, the production and sales of new energy vehicles reached 1.251 million and 1.226 million units respectively, up 43.8% and 44.2% year-on-year, and the sales of new energy vehicles accounted for 47.3% of the total sales of new vehicles [10]. 3.3 Data Overview - The report provides multiple data charts, including the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, the market price of heavy soda ash in Central China, and flat glass production, with data sources from Wind and Zhuochuang Information [14][17][18].

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 服务消费再贷款落地 2025 年 05 月 12 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 周观点：（1）央行落实此前刺激政策，创设 5000 亿服务消费和养老再 贷款，激励引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费 重点领域和养老产业的金融支持。4 月 CPI 相对平稳，PPI 下行压力加 大，但 4 月房企拿地情况有所好转，整体而言，地产链复苏的方向不变。 在以旧换新补贴和服务消费刺激政策的推动下，我们期待 25 年 Q3 家 装产业链也会迎来明显加速。地产链出清已近尾声，供给格局大幅改善， 25 年需求平稳且企业增长预期较低，板块具备较高的胜率。首选低估值 的消费龙头和扩张型公司，例如北新建材、三棵树、兔宝宝、奥普科技、 欧普照明、伟星新材、欧派家居、箭牌家居等。其次，如果外部需求快 速回落，中西部基建很有可能成为救急的方向，关注华新水泥、四川路 桥、海螺水泥、中国交建、坚朗五金、东方雨虹等。最后，在 25 年流 动性充裕的背景下，科技属性强的公司仍有较高关注度，例如上海港湾、 鸿路钢构、 ...

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The macro - situation has improved with the Sino - US talks making progress and the NDRC improving the long - term mechanism for private enterprises to participate in major national projects and planning to launch high - quality projects worth about 3 trillion yuan. For glass, on the supply side, the profit of glass made from natural gas, coal, and oil has slightly increased due to falling raw material costs, and production remains stable. On the demand side, downstream purchasing enthusiasm is average, and enterprise inventories have increased. The futures price is approaching the production cost, so cost support may work in the short term. For纯碱, the supply is decreasing slightly with some equipment maintenance, and downstream demand is lukewarm with more wait - and - see sentiment and small - scale destocking. It is recommended to temporarily observe both the 2509 contracts of纯碱 and glass [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the 纯碱 main contract is 1318 yuan/ton, up 13 yuan; the closing price of the glass main contract is 1045 yuan/ton, up 11 yuan. The 纯碱 main contract's open interest is 1233186 lots, up 11751 lots; the glass main contract's open interest is 1335775 lots, down 2299 lots. The net position of the top 20 in 纯碱 is - 197814, up 1356; the net position of the top 20 in glass is - 146540, up 43116. The 纯碱 exchange warehouse receipts are 3106 tons, down 237 tons; the glass exchange warehouse receipts are 2380 tons, up 115 tons. The 9 - 1 spread of 纯碱 is 13 yuan, up 14 yuan; the 9 - 1 spread of glass is - 41 yuan, up 3 yuan [2] 3.2 Spot Market - The price of North China heavy 纯碱 is 1325 yuan/ton, up 15 yuan; the price of Central China heavy 纯碱 is 1400 yuan/ton, unchanged. The price of East China light 纯碱 is 1400 yuan/ton, unchanged; the price of Central China light 纯碱 is 1335 yuan/ton, unchanged. The price of Shahe glass sheets is 1116 yuan/ton, down 8 yuan; the price of Central China glass sheets is 1170 yuan/ton, unchanged. The 纯碱 basis is 7 yuan, up 2 yuan; the glass basis is 71 yuan, down 19 yuan [2] 3.3 Industry Situation - The 纯碱 plant operating rate is 87.74%, down 0.93 percentage points; the float glass enterprise operating rate is 75.24%, down 0.61 percentage points. The in - production capacity of glass is 15.52 million tons/year, down 0.26 million tons; the number of in - production glass production lines is 222, down 3. The 纯碱 enterprise inventory is 170.07 million tons, down 0.06 million tons; the glass enterprise inventory is 67560000 weight boxes, up 2571000 weight boxes [2] 3.4 Downstream Situation - The cumulative value of new real - estate construction area is 129964600 square meters, up 63824600 square meters; the cumulative value of real - estate completion area is 130602700 square meters, up 42962700 square meters [2] 3.5 Industry News - The central bank broadens the use scope of re - loans for affordable housing. There are housing purchase subsidies in Shanghai Yangpu, housing development plans in Beijing, and support for housing provident fund loans in Beijing. In April, the second - hand housing transactions in Dongguan increased by 36% year - on - year. The Ministry of Housing and Urban - Rural Development held a meeting to support the development of the private economy. The average rent of 50 cities in April decreased slightly month - on - month. In April, the contracted sales amount of China Merchants Shekou was 14.764 billion yuan. In April, about 71.7 billion yuan of the newly issued 176.3 billion yuan special bonds were invested in the real - estate related fields. From January to April, the total transaction amount of the national foreclosed housing market was 83.14 billion yuan. Shanghai released the list of the fifth batch of residential land to be transferred this year. In April, the contract sales amount of Jianye Real Estate was 600 million yuan, down 20.2% year - on - year. As of April 30, 2025, the contract sales amount of Shimao Group in four months was about 9.07 billion yuan. In April, the contracted area of Shoukai Co., Ltd. was 108400 square meters, down 24.92% month - on - month [2]

证券研究报告 建筑材料 行业定期报告 hyzqdatemark 2025 年 05 月 12 日 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 朱芸 SAC：S1350524070001 zhuyun@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 板块表现： 房地产政策表述聚焦久期，顺周期依然为盾 源引金融活水 润泽中华大地 内容目录 | 1. 板块跟踪 | | --- | | 1.1. 板块跟踪 | | 1.2. 行业动态 | | 2. 数据跟踪. | | 2.1. 水泥：仍然跌多涨少，下周或将延续跌势 . | | 2.2. 浮法玻璃：价格跌多涨少，交投不温不火. | | 2.3. 光伏玻璃：交投欠佳，库存缓增…………………………………………………………………………………………………………………………… ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the construction materials industry, particularly focusing on cement and glass products, amidst recent monetary policy changes by the central bank [1][2]. Key Points and Arguments - **Monetary Policy Impact**: The central bank announced a 0.5% reduction in the reserve requirement ratio and a 0.1% decrease in policy interest rates, expected to inject approximately 1 trillion yuan into the market [3]. - **Cement Market Performance**: As of May 9, the national cement shipment rates were reported at 48%, with regional rates in East and South China at 52% and 54% respectively, showing a month-on-month decline of 1.5%, 0.9%, and 7.2 percentage points [1]. - **Price Trends**: The average price of cement decreased by 4.5 yuan per ton to 387 yuan per ton, marking a 15 yuan drop since early April [1]. - **Glass Market Update**: The average price of float glass was reported at 1318 yuan per ton, down 14 yuan from the previous week, with inventory levels at 58.17 million heavy boxes, an increase of 3.4% [1]. - **Fiber Market**: The average price of alkali-free glass fiber yarn in East China was 3650 yuan per ton, down 50 yuan from before the May Day holiday [1]. Investment Opportunities - **Excess Return Potential**: Historical data suggests that the construction materials sector has a high probability of achieving excess returns compared to the CSI 300 index when the real estate market shows signs of stability and improvement [3][4]. - **Real Estate Market Indicators**: As of April 28, the second-hand housing price index for first and second-tier cities was 196.84 and 145.02 respectively, indicating a stabilization trend. Notably, the investment amount from 30 monitored real estate companies reached 87.6 billion yuan in April, a year-on-year increase of nearly 100% [3]. Recommended Investment Lines - **Main Line One**: Focus on large-scale construction materials with improving supply-demand dynamics, emphasizing price elasticity and high dividend yields [5]. - **Main Line Two**: Favorable outlook on leading consumer building material companies with long-term growth potential, highlighting performance elasticity in high-demand consumer segments [7]. - **Main Line Three**: Interest in companies transitioning or expanding into high-growth sectors such as semiconductors, AI, and robotics [7]. Recommended Companies - **Cement Companies**: Conch Cement, Huaxin Cement, China Jushi, TPI Cement, Shangfeng Cement, Changhai Co. [6]. - **Consumer Building Materials**: Sankeshu, Oriental Yuhong, Beixin Building Materials, Weixing New Materials, Tubao, with a focus on Jianlang Hardware, Qinglong Pipeline, and Longquan Co. [7]. - **High-Growth Companies**: Quartz Co., Planet Graphite, with attention to Zhongqi New Materials [8]. Risk Factors - Potential risks include demand falling short of expectations, gross margins not meeting forecasts, and delays in receivables [8].

Investment Rating - The report highlights a positive outlook on Chinese companies deeply engaged in Africa, suggesting potential revaluation opportunities for these firms [13]. Core Insights - Africa is emerging as a popular region for overseas expansion, with significant growth potential in East African countries such as Tanzania, Kenya, Rwanda, and Zambia, which are expected to see GDP growth rates of 5.44%, 4.51%, 8.89%, and 4.04% respectively in 2024 [13][14]. - The report emphasizes the importance of local integration and operational capabilities for companies looking to expand in Africa, distinguishing between "going abroad" and "exporting" [13]. - The approval of Han Gao Group's IPO is noted, with projected revenue growth of 17.04% to 26.77% for the first half of 2025, indicating a strong market position in the home hardware and outdoor furniture sector [14]. Summary by Sections Weekly Discussion - East Africa is gaining attention for its economic stability and growth potential, with several Chinese companies actively establishing operations in the region [13]. - Key sectors for investment include infrastructure, building materials, mining, and consumer goods, with specific examples of companies like Keda Manufacturing and China National Materials [13]. Cyclical Linkage - The report provides insights into the construction materials market, noting a 27 CNY/t year-on-year increase in cement prices, while glass prices have seen a slight decline [15]. - It suggests a cautious outlook for the steel market due to weak demand compared to the previous year [15]. National Subsidy Tracking - The Chinese government has allocated 810 billion CNY in special bonds to support consumer goods, with local subsidy programs being implemented to stimulate demand in home renovation and construction materials [16]. Important Changes - Notable management share purchases were reported for Huaxin Cement, indicating confidence in the company's future performance [17]. - North New Building Materials announced a stock incentive plan, reflecting strategic growth initiatives [17].

过去四个交易日（0506-0509 ）沪深 300 涨 2.00% ，建材（中信）涨 2.83%，其他专用材料、其他结构材料等子行业涨幅居前。个股中，金刚光 伏（+31.1% ），豪美新材（+19.3% ），北京利尔（+17.4% ），四通股份 （+16.3%），华立股份（+14.0%），涨幅居前。上周我们重点推荐组合的表 现：中材科技（+5.8%）、 三棵树(-1.5%)、西部水泥（-5.1%）、华新水泥 （+1.2%）、华润建材科技（+0.6%）、高争民爆(+2.4%)。 行业报告 | 行业研究周报 建筑材料 证券研究报告 政策协同发力，基本面有望逐步恢复，关注民爆机会 行情回顾 中材科技、高争民爆、三棵树、西部水泥、华新水泥、华润建材科技 政策协同发力，基本面有望逐步恢复，关注民爆机会 据 Wind，0503-0509 一周，30 个大中城市商品房销售面积 137.28 万平 米，同比+13.95%。上周国新办举行新闻发布会，会上一行两局宣布降准、 降息及稳楼市等措施，其中包括降准 0.5 个百分点、下调政策利率 0.1 个 百分点及降低个人住房公积金贷款利率 0.25 个百分点等。此前我们在周报 中曾 ...

宏观层面，央行宣布实施降准降息及下调公积金利率三大举措，但对需求端实际提振有限，玻璃行业仍 面对过剩压力。供应端继续收缩，本周开工率75.24%，环比减少0.22%，产能利用率78.02%，环比减少 0.41个百分点，周产量也回落至109.19万吨，为2个月最低。需求端起色缓慢，加工厂倾向于轻仓运行， 中游较大库存的压制下，一定程度上使得短期反弹被压制。本周全国浮法玻璃样本企业总库存环增近 4%或257.1万重箱至6756重箱，同比增加10.38%。总之，供应端压力缓慢减弱，但需求端起色缓慢，对 行业运行仍存负反馈，意味着玻璃在未来将继续面临过剩的压力，市场预期偏悲观。关注全球市场风险 偏好、下游产销情况。【策略推荐】:FG关注【1040，1070】，5日均线承压。 机构 核心观点 中辉期货 玻璃市场预期偏悲观 新世纪期货 玻璃基本面缺乏推涨动力 5月9日盘中，玻璃期货主力合约弱势震荡，最低下探至1042.00元。截止发稿，玻璃主力合约报1045.00 元，跌幅0.95%。 玻璃期货主力跌近1%，对于后市行情如何，相关机构该如何评价？ 中辉期货：玻璃市场预期偏悲观 新世纪期货：玻璃基本面缺乏推涨动力 近期部分 ...