Investment Rating - The report maintains a "Buy" rating for the non-metallic building materials sector and an "Overweight" rating for the construction and engineering sector [5]. Core Insights - The Ministry of Industry and Information Technology and five other departments issued the "Building Materials Industry Steady Growth Work Plan (2025-2026)", focusing on quality and efficiency while prohibiting new capacity [2][3]. - The new plan emphasizes the need for coordinated efforts on both supply and demand sides, aiming to enhance profitability levels effectively [3]. - The plan sets a specific target for 2026, aiming for green building material revenue to exceed 300 billion yuan [2]. Summary by Sections Policy Background - The new plan is introduced against a backdrop of weak market demand and prominent structural issues in the building materials industry, contrasting with the previous plan which was released during the early recovery phase post-pandemic [2]. Overall Requirements - The current plan focuses on quality and efficiency, integrating technological and industrial innovation, and emphasizes strict control over new capacity while promoting traditional material upgrades and advanced inorganic non-metallic materials [2][3]. Main Goals - Unlike the previous plan, which set specific growth targets for industrial added value, the current plan does not set total industry targets but emphasizes improving profitability and achieving specific revenue goals for green materials [2]. Key Measures - The new plan prioritizes strengthening industry management and promoting the survival of the fittest, with a focus on strict capacity control in cement and glass production [2][3]. - It outlines specific development directions for advanced materials, including advanced glass, artificial crystals, and high-performance fibers, while promoting pilot platform construction and application verification [3]. Investment Recommendations - The report suggests focusing on companies in the new materials sector such as China Jushi, Guoen Co., Puyang Huicheng, Keda Manufacturing, Hongrun Construction, and Jiemai Technology, as well as companies in the infrastructure and real estate chain like China State Construction, Oriental Yuhong, and Anhui Conch Cement [4].

2025 年 9 月 15 日 行业研究 8 月，一二线城市新房价格环比小幅下跌，但降幅较上月已收窄，三线城市价格 环比下跌、降幅略有扩大；一二三线城市新房价格同比均小幅下降，且降幅较上 月均有收窄。前期上海、北京等城市陆续出台了当地房地产市场宽松政策，助力 当地市场止跌回稳，且均有一定成效；在 8 月房价数据中，一线城市表现最为坚 挺。期待宽松政策效力逐渐体现到基本面中，带动地产链需求回暖。 国家发改委与多国达成多份合作文件，其中包括共建"一带一路"相关规划。 8 月 30 日至 9 月 4 日，习近平主席出席 2025 年上海合作组织峰会、中国人民 抗日战争暨世界反法西斯战争胜利 80 周年纪念活动，并同与会外方领导人举行 系列活动。期间，国家发展改革委同有关国家达成 30 余份合作文件。重点包括： 共建"一带一路"方面，同哈萨克斯坦、乌兹别克斯坦等签署关于共建"一带一 路"合作规划，同古巴签署"一带一路"合作重点项目和任务清单的谅解备忘录， 同巴基斯坦签署关于中巴经济走廊合作对接的谅解备忘录。 8 月新房价格降幅总体收窄，发改委签署"一带一路"相关合作规划 ——建材、建筑及基建公募 REITs 周报（9 ...

Core Viewpoint - The article outlines the agenda for the upcoming research framework training hosted by Guotai Junan Securities, focusing on various sectors including advanced manufacturing, pharmaceuticals, and technology [12]. Group 1: Event Schedule - The training sessions are scheduled for August 18, 19, 25, and 26, from 9:00 AM to 5:40 PM [8]. - The agenda includes a variety of research topics such as non-metallic building materials, non-ferrous metals, public utilities, steel, construction engineering, and more [9][10]. Group 2: Research Topics - On August 25, the focus will be on cyclical sectors, including non-metallic building materials and steel research [9]. - On August 26, the sessions will cover pharmaceuticals, technology, and advanced manufacturing, with specific topics like biomedicine and overseas technology research [10]. Group 3: Additional Information - The training aims to provide insights and foster collaboration for future value creation [12]. - The content is intended for clients of Guotai Junan Securities' research services, emphasizing the importance of appropriate access to the information provided [13].

Group 1 - The article outlines a comprehensive research framework training program titled "洞察价值，共创未来" (Insight Value, Co-create Future) scheduled for August 18-19 and August 25-26, 2025, focusing on various sectors including macroeconomics, consumption, finance, cycles, medicine, technology, and manufacturing [18][19]. - The training sessions will cover a wide range of topics, with specific time slots allocated for each area of research, such as food and beverage, internet applications, and renewable energy [14][15][16]. - The event will take place at the Guotai Junan Financial Bund Plaza in Shanghai, emphasizing the importance of in-depth analysis across all sectors [18]. Group 2 - The training program is designed to enhance the research capabilities of analysts and is led by various chief analysts specializing in different fields, ensuring a comprehensive approach to industry analysis [8][10]. - Participants will have the opportunity to engage with experts in macroeconomic research, strategy, fixed income, and various sector-specific studies, fostering a collaborative learning environment [14][15][16]. - The program aims to equip analysts with the necessary tools and insights to navigate the complexities of the financial markets and identify potential investment opportunities [18].

Core Viewpoint - The article outlines the schedule and topics for the 2025 research framework training organized by Guotai Junan Securities, emphasizing a comprehensive approach across various sectors and inviting participation from interested parties [19]. Group 1: Event Schedule - The training sessions are scheduled for August 18-19 and August 25-26, covering a range of topics from macroeconomic research to sector-specific studies [14][19]. - The first two days focus on total, consumption, and financial sectors, while the latter two days will delve into cyclical, pharmaceutical, technology, and manufacturing sectors [19]. Group 2: Research Topics - The training will include sessions on food and beverage research, retail and service research, textile and apparel research, internet applications, home appliances, agriculture, forestry, animal husbandry, and fishery research [15]. - Additional topics will cover macroeconomic research, strategy research, overseas strategy research, fixed income research, fund evaluation, financial engineering, small and medium-sized enterprises, and new stock research [15][16]. - The second week will feature non-metallic building materials, non-ferrous metals, public utilities, biological medicine, cultural communication, electronics, and various engineering and manufacturing studies [16][17].

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and a "Buy" rating for non-metallic building materials [1][11]. Core Insights - The Yajiang Hydropower Station has officially commenced construction with a total investment of approximately 1.2 trillion yuan, differing structurally from the Three Gorges Dam [3]. - The Yarlung Tsangpo River downstream hydropower project in Tibet will implement a run-of-river development approach, constructing five tiered power stations to enhance power generation efficiency through cascading water flow [3]. - The average cost of newly approved hydropower projects in 2023 is estimated at 20,344 yuan per kW, suggesting an expected installed capacity of 60 million kW for the Yarlung Tsangpo project [3]. Summary by Sections Project Overview - The Yajiang Hydropower Station project is expected to catalyze future developments, with the next phases likely involving "bidding" and "performance release" [4]. - The project structure is anticipated to differ significantly from traditional reservoir dams, such as the Three Gorges Dam [4]. Comparative Analysis - The Zangmu Hydropower Station, the first large-scale hydropower station on the Yarlung Tsangpo River, has a total installed capacity of 510,000 kW and a total investment of 9.6 billion yuan, with a construction period of nearly eight years [5]. - The Dadu River Hard Beam Package Hydropower Station, with an installed capacity of 1.116 million kW, showcases advanced construction techniques that may parallel those of the Yajiang project [6]. Supplier Insights - The report identifies potential suppliers for the Yajiang project based on bidding data from the Zangmu Hydropower Station, highlighting companies such as China Power Construction, China Energy Engineering, and Huaxin Cement as key players [7]. - The report notes significant stock price increases for several suppliers since July 21, with China Power Construction and Huaxin Cement both seeing a rise of 33% [7]. Investment Recommendations - The commencement of the Yajiang Hydropower Station is expected to generate new demand for construction and materials, prompting a focus on companies involved in hydropower engineering and infrastructure, such as China Power Construction and China Railway [8]. - Material suppliers like Huaxin Cement and equipment providers such as Tianqiao Hoisting are also recommended for investment consideration [8].

Investment Rating - Non-metallic building materials: Buy (Maintain) [5] - Construction and engineering: Overweight (Maintain) [5] Core Viewpoints - The State Council emphasizes the need to construct a new model for real estate development, aiming to stabilize and recover the real estate market [1] - Guangzhou's proposal to eliminate restrictive measures and reduce down payment and interest rates signals a positive market outlook [2] - The current market performance shows a decline in key indices, with the CITIC building materials index down 2.16% and the CITIC construction index down 1.27% [3] Market Data Summary - Cement: The national average price for PO42.5 cement is 365.70 CNY/ton, with a week-on-week increase of 0.45 CNY/ton; the national cement enterprise shipment rate is 45.7%, down 2.3 percentage points [3] - Glass: The current spot price for glass is 1203 CNY/ton, down 20 CNY/ton; glass inventory stands at 69.685 million heavy boxes, down 0.1% [3] - Fiberglass: The price for winding direct yarn is 4550 CNY/ton, unchanged; G75 electronic yarn is priced at 9100 CNY/ton, unchanged [3] Investment Recommendations - Focus on companies such as Honglu Steel Structure, China Jushi, Puyang Refractories, Hainan Huatie, Beixin Building Materials, China Chemical, China State Construction, Shanghai Port Bay, China National Materials, and Keda Manufacturing due to their respective growth prospects and market conditions [3]