天风证券指出，当前长三角、湖北、湖南及川渝等地区企业正在就错峰生产方案展开积极磋商，若 后续行业自律措施有效落实，水泥价格将开启恢复性上调走势。新藏铁路有限公司的成立（注册资本 950亿元）及三峡水运新通道、浙赣粤运河等重点工程有望为水泥需求带来增量。此外，高端电子布基 本面呈现量价齐升趋势，玻纤电子布投资链条值得关注。水泥市场近期重点地区企业平均出货率约 44%，中长期供需格局有望随基建需求改善而优化。 建材ETF（159745）跟踪的是建筑材料指数（931009），该指数从沪深市场中选取涉及水泥、玻 璃、陶瓷等基础建材及新型建材制造业务的上市公司证券作为指数样本，以反映建筑装修材料相关上市 公司证券的整体表现。该指数兼具周期性与成长性特征，涵盖建筑与装修材料全产业链领域。 没有股票账户的投资者可关注国泰中证全指建筑材料ETF发起联接C（013020），国泰中证全指建 筑材料ETF发起联接A（013019）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议 ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 8月11日，建材ETF（159745）涨超1.2%。 天风证券指出，中共中央政治局会议强调"稳增长"基调，并提出"反内卷"治理框架，对水泥行业形 成积极影响。短期来看，水泥行业具备较好协同基础且需求有支撑，复价效果或更明显；中长期则有望 通过"市场+行政+法律"组合拳推动产能治理。预计短期内水泥价格将呈现震荡趋稳态势，行业景气已接 近周期底部，后续基建和地产需求改善预期有望带动基本面修复，中长期供给格局或持续优化。 建材ETF（159745）跟踪的是建筑材料指数（931009），该指数从沪深市场中选取涉及水泥、玻 璃、陶瓷等建材制造业务的上市公司证券作为指数样本，以反映建筑材料行业相关上市公司证券的整体 表现。该指数成分股兼具周期性与成长性特征，行业配置主要集中于基础建设及房地产相关领域。 没有股票账 ...

建材ETF（159745）跟踪的是建筑材料指数（931009），该指数从沪深市场中选取涉及水泥、玻璃、陶 瓷等传统建材及新型环保建材生产与销售的上市公司证券作为指数样本，以反映建筑材料行业相关上市 公司证券的整体表现。该指数具有较强的周期性特征，与房地产、基建等行业的发展密切相关。 没有股票账户的投资者可关注国泰中证全指建筑材料ETF发起联接A（013019），国泰中证全指建筑材 料ETF发起联接C（013020）。 天风证券指出，中共中央政治局会议强调"稳增长"基调，短期来看，水泥行业因协同基础较好且需求有 支撑，价格修复效果或更明显；中长期部分行业产能治理将依靠行政化手段。当前水泥市场价格延续下 行态势，受高温、强降雨等天气影响，需求依旧疲软，全国重点地区水泥企业平均出货率不足45%。由 于多数地区水泥价格已跌至低位，整体降幅较前期显著收窄，预计短期内价格将呈现震荡趋稳态势。政 策预期升温及基本面改善（如旺季涨价）有望对行业估值形成二次催化。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提 ...

Group 1 - The core viewpoint is that the cement industry is expected to see price increases as demand enters a peak season, with current valuations remaining low at a price-to-book ratio of 0.7, which is at the 17th percentile over the past three years [1] - The cement industry is projected to achieve a total profit of 15-16 billion yuan in the first half of 2025, marking a significant turnaround from losses, driven by factors such as increased pricing awareness among leading companies, a year-on-year increase in average cement prices by approximately 20 yuan per ton, and a 4.3% year-on-year decline in cement production [1] - The Ministry of Industry and Information Technology will implement a new round of growth stabilization plans for the building materials industry, aiming to optimize supply and eliminate outdated production capacity, which is expected to improve the supply-demand dynamics in the industry [1] Group 2 - The building materials ETF (159745) tracks the CSI Building Materials Index (931009), which reflects the overall performance of listed companies in the building materials sector, including cement, glass, and new building materials [1] - Investors without stock accounts can consider the Guotai CSI All-Share Building Materials ETF Initiated Link A (013019) and Link C (013020) for exposure to the building materials sector [1]

Core Viewpoint - The construction materials ETF (159745) has risen over 2.2%, with seasonal price pressures but increasing expectations for recovery in peak season [1] Group 1: Industry Insights - Cement prices are expected to increase after the demand surge in August, with the current industry valuation at a low point (PB at 0.7x, in the 17th percentile over the past three years) [1] - Policy expectations are rising, coupled with the Ministry of Industry and Information Technology's efforts to promote stable growth in the construction materials sector, which may catalyze valuation recovery [1] - The industry is projected to achieve a total profit of 15-16 billion yuan in the first half of 2025, with significant performance improvements among leading companies [1] Group 2: Factors Influencing Performance - Key factors contributing to performance improvement include: 1. Enhanced awareness among companies regarding price stability and profit increase, with average cement prices rising approximately 20 yuan/ton year-on-year [1] 2. Narrowing demand decline, with production down 4.3% year-on-year [1] 3. Decrease in coal costs by about 200 yuan/ton year-on-year [1] - The trend of profit recovery in the industry is becoming clear due to policy-driven supply-side optimization and the approaching peak demand season [1] Group 3: Investment Options - The construction materials ETF (159745) tracks the construction materials index (931009), which selects listed companies engaged in the production and sales of construction materials, reflecting the overall performance of the sector [1] - Investors without stock accounts can consider the Guotai CSI All-Share Construction Materials ETF Initiated Link A (013019) and Guotai CSI All-Share Construction Materials ETF Initiated Link C (013020) [1]

Core Insights - The cement industry is experiencing measures to combat internal competition, including increased staggered production limits and overproduction governance, which are expected to drive a recovery in prices during the peak season in the second half of the year [1] - By April 2025, approximately 31.65 million tons of cement production capacity will be eliminated nationwide, with a net exit of 12.2 million tons, and a faster capacity clearance is anticipated in the second half of the year [1] - The cement market in Tibet is characterized by a favorable structure, with regional isolation and high concentration supporting price stability [1] - The commencement of the Yaxia hydropower project is expected to generate over 34 million tons of cement demand, accounting for more than 17% of Tibet's annual production, pushing the local market into an upward cycle [1] - The national cement industry's supply-demand dynamics are expected to achieve long-term optimization through staggered collaboration and overproduction governance [1] Industry and Investment Insights - The Building Materials ETF (159745) tracks the construction materials index (931009), which is compiled by China Securities Index Co., Ltd., selecting listed companies involved in the production and sales of cement, glass, ceramics, and other building materials from the Shanghai and Shenzhen markets [1] - This index aims to reflect the overall performance of listed companies in the building materials sector, focusing on traditional infrastructure materials, with constituent stocks primarily representing industry leaders and exhibiting significant cyclical characteristics [1] - Investors without stock accounts may consider the Guotai CSI All-Share Building Materials ETF Initiated Link C (013020) and Guotai CSI All-Share Building Materials ETF Initiated Link A (013019) [1]