中邮证券近日发布建筑材料行业周报：消费建材行业龙头企业已逐步披露中报，行业整 体虽然需求仍属于承压阶段，但我们也观察到积极信号不断出现，如防水、涂料等行业龙头 企业加强协同，开始在底部区域协同提价，各个品类价格竞争明显缓和，同时如三棵树披露 中报，我们看到其产品结构提升、费用降低带来的盈利改善逻辑如期兑现。 以下为研究报告摘要： 风险提示： 反内卷政策落地不及预期，地产及基建需求超预期下行风险。（中邮证券 赵洋） 水泥：7月1日水泥协会发布响应反内卷政策文件，我们判断会推动限制超产政策更好的 执行。从中期维度来看，水泥行业产能有望在限制超产政策下产能持续下降，产能利用率从 而大幅提升，目前水泥行业处于淡季需求低点及价格低点，我们判断行业有望在8月份需求 回暖后逐步价格提升。关注：海螺水泥、华新水泥。 玻璃：行业需求端在地产影响下25年呈现持续下行态势，6-8月淡季需求表现尚可，但 供需仍有矛盾。供给端，考虑到目前浮法玻璃行业中大部分企业已能达到环保要求，我们判 断反内卷政策不会产生一刀切式产能出清，但仍会提升环保要求及成本，加速行业的冷修进 度。关注：旗滨集团。 玻纤：传统无碱粗砂需求表现平淡，细分领域表现景 ...

Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1] Core Views - The sentiment of "anti-involution" is rising, leading to significant price increases in cement, glass, and fiberglass commodities. The industry is expected to see a long-term trend improvement in fundamentals due to policy catalysts, as both prices and profitability are currently at the bottom [4] - Cement production capacity is anticipated to continue declining under the implementation of policies to limit overproduction, which will significantly enhance capacity utilization. A recovery in demand is expected in August, leading to gradual price increases [4] - The glass industry is experiencing price increases driven by environmental regulations, which will enhance standards and costs, accelerating the industry's cold repair progress [5] - The fiberglass sector is benefiting from demand driven by the AI industry, with a clear trend of volume and price increases expected [5] - The consumer building materials sector has reached a profitability bottom, with strong demands for price increases due to the "anti-involution" policies [5] Summary by Sections Industry Basic Situation - Closing point: 5007.18 - 52-week high: 5128.73 - 52-week low: 3435.69 [1] Recent Market Performance - The construction materials sector index increased by 8.20% in the past week, outperforming major indices such as the Shanghai Composite Index (1.67%) and the Shenzhen Component Index (2.33%) [6] Cement Market Insights - Cement prices are currently in a downtrend due to seasonal factors, with a 2.13% decrease in bagged P.O 42.5 ordinary cement prices week-on-week. The monthly production in June 2025 saw a year-on-year decline of 5.3% [8] Glass Market Insights - Glass prices increased by 0.76% this week, with futures closing at 1362 yuan/ton, primarily driven by "anti-involution" policies [12] Key Announcements - Tower Group reported a revenue of 2.056 billion yuan for the first half of 2025, a year-on-year increase of 4.05%, with a net profit of 435 million yuan, up 92.47% [16] - Puyang Co. signed a strategic cooperation framework agreement for 500,000 tons of active magnesium oxide orders from 2026 to 2028 [17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported an unexpected strong performance, with a projected net profit attributable to shareholders for the first half of 2025 estimated between 1.65 billion to 1.70 billion yuan, representing a year-on-year growth of 71.65% to 76.85% [6] - The increase in profit is primarily attributed to the contribution from the average price per ton, despite a gradual decline in industry average prices [6] - The company is actively investing in new production capacities and product development, enhancing its competitive edge in the market [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 18,178 million yuan, with a year-on-year growth rate of 14.6% [5] - The net profit attributable to shareholders for 2025 is estimated at 3,349 million yuan, reflecting a year-on-year increase of 37.0% [5] - The earnings per share for 2025 is forecasted to be 0.84 yuan, with a gross margin of 29.8% [5]

Summary of Zhongcai Technology Conference Call Industry and Company Overview - The conference call focuses on Zhongcai Technology, a leading player in the electronic materials and wind power sectors, particularly in special glass fiber and low-expansion materials [2][4][6]. Key Points and Arguments Electronic Materials Sector - Zhongcai Technology benefits from increased penetration of low dielectric products and second-generation JDC products, leading to significant profit contributions from the electronic materials segment [2][3]. - The demand for low-power DDR5 is strong, especially in AI servers and smart driving applications, with a market condition described as "supply as much as needed," expected to last until Q3 or Q4 of this year [2][12]. Wind Power Sector - The wind power segment shows a significant improvement in market conditions, with price increases in wind turbine blades positively impacting profit margins [4][6]. - Wind power blade business accounts for approximately 30% of the company's revenue, with expected profits from this segment reaching 1.5 to 1.6 billion yuan in Q2 2025 [6][10]. - The company anticipates a doubling of profits in the glass fiber segment year-over-year, driven by price increases and strong demand [2][8]. Special Glass Fiber Business - The special glass fiber business is expected to see substantial growth, with optimistic projections for shipment volumes and net profit levels [2][11]. - The first and second-generation low dielectric special glass fiber products have shown significant profit contributions, with a projected increase in shipment volumes by 20% to 50% in Q2 2025 [3][11]. Low-Expansion Materials - The market for low-expansion materials is gaining attention, with production challenges noted among domestic manufacturers. The company plans to expand production in Q3, with potential profit contributions starting in Q4 2025 [13]. Other Important Insights - The overall performance of Zhongcai Technology in Q2 2025 is expected to be outstanding, with strong contributions from both the special glass fiber and wind power segments [14]. - The company is positioned as a strong investment opportunity within the building materials sector, benefiting from favorable market conditions and robust performance metrics [7]. Conclusion - Zhongcai Technology is poised for significant growth in both its electronic materials and wind power segments, driven by strong market demand, price increases, and strategic expansions. The company is well-positioned to capitalize on emerging trends in low-power DDR5 and low-expansion materials, making it a compelling investment choice in the current market landscape [2][4][14].

Group 1 - The Red Flag Canal, completed 60 years ago, transformed the water supply situation in Lin County, now Linzhou, alleviating water scarcity for 567,000 people and 370,000 livestock, increasing irrigated land from less than 10,000 acres to 600,000 acres [11][12] - Over the past 60 years, the canal has delivered over 13 billion cubic meters of water, irrigating farmland over 47 million acres and contributing to an increase in grain production by 8 billion pounds [12][16] - The Red Flag Canal has become a symbol of resilience and determination, inspiring local communities to tackle challenges and pursue development opportunities, such as rural tourism [14][15] Group 2 - The construction of the Red Flag Canal involved 100,000 laborers over a decade, who carved out 1,500 kilometers of waterway through difficult terrain, showcasing the spirit of hard work and collaboration [6][11] - The canal's legacy continues to influence local industries, with many businesses in Linzhou drawing inspiration from the Red Flag Canal spirit, emphasizing quality and responsibility in construction [28][29] - The Red Flag Canal has also become a focal point for tourism, with visitor numbers increasing annually, reflecting the growing interest in the region's history and achievements [29]