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银河证券:9月家装市场有望恢复,叠加城市更新带动下,消费建材需求有望改善
人民财讯9月25日电,中国银河(601881)证券研报表示,2025年1—8月建筑及装潢材料类零售额同比 增长1.8%,增幅较1—7月收窄0.4个百分点,其中8月单月同比下降0.7%,环比下降1.19%,8月受高温雨 水等因素影响,家装市场需求减弱,消费建材零售需求减少。后续来看,9月天气好转,叠加以旧换新 政策的持续释放,预计家装市场需求逐步改善,此外,随着城市更新的推进,旧改、修缮需求将进一步 拉动消费建材市场需求。 ...
大连:1—8月份,全市规上工业增加值同比增长12.8%
Economic Overview - Dalian's economy showed stable performance in the first eight months of the year, with industrial production improving and consumer momentum continuing to release [1] - The city's industrial added value for enterprises above designated size increased by 12.8% year-on-year, maintaining the same growth rate as the previous month [1] Industrial Performance - The added value of high-tech manufacturing increased by 15.9% year-on-year, continuing a double-digit growth trend [1] - State-owned enterprises saw a significant increase in added value by 21.9%, while joint-stock enterprises grew by 16.7%, foreign and Hong Kong, Macao, and Taiwan-invested enterprises by 4.2%, and private enterprises by 2.3% [2] - Mining industry added value surged by 61.5%, while manufacturing grew by 13.3% and the production and supply of electricity, heat, gas, and water increased by 6.8% [2] - Key industries such as petrochemical increased by 7.1%, equipment manufacturing by 17.8%, with notable growth in the railway and shipbuilding industry at 62.0% and the automotive industry at 27.7% [2] - Pharmaceutical manufacturing saw a remarkable increase of 42.9%, with raw material drug manufacturing skyrocketing by 536.3% [2] Service Sector - The service sector in Dalian remained stable, with most industries experiencing growth [3] - The total turnover of road, water, and air transport increased by 1.8%, 4.1%, and 2.5% respectively [3] - Retail sales for large-scale units reached 579.9 billion yuan, marking an 8.2% year-on-year increase, with significant growth in categories such as building materials (990.7%) and home appliances (285.9%) [3] Consumer Prices and Electricity Consumption - Consumer prices in Dalian continued to operate at low levels, with food and beverage prices decreasing by 1.6% [4] - Total electricity consumption in the city reached 33.79 billion kWh, a year-on-year increase of 2.7%, with industrial electricity consumption at 20.49 billion kWh, growing by 1.6% [4]
青海省社零增速连续两月超全国平均增速
Zhong Guo Xin Wen Wang· 2025-09-20 02:13
Group 1 - Qinghai Province's retail sales of consumer goods have shown a continuous increase, surpassing the national average growth rate for two consecutive months [1][3] - From January to August, Qinghai's total retail sales reached 68.339 billion yuan, with a year-on-year growth of 5.1%, exceeding the national growth rate by 0.5 percentage points [1][3] - In August alone, the retail sales amounted to 10.614 billion yuan, growing by 6.1% year-on-year, which is 2.7 percentage points higher than the national average [1][3] Group 2 - The retail sales of above-limit units in Qinghai increased by 8.4% from January to August, with a 0.6 percentage point rise compared to the previous seven months [3] - The retail sales in the above-limit retail sector grew by 13.5%, achieving double-digit growth for two consecutive months [3] - The catering industry in Qinghai saw an 8.5% increase in revenue, consistently outperforming the national growth rate of 5.7% for five months [3] Group 3 - The "old-for-new" policy has significantly supported retail growth, with categories such as home appliances and audio-visual equipment, building materials, and communication devices seeing retail sales growth of 63.4%, 12.9%, and 7.5% respectively [3] - Automotive retail sales increased by 20% year-on-year, contributing to the overall growth of above-limit retail sales [3] - There is a strong demand for smart and green consumption, with smart home appliances and audio-visual equipment sales growing by 100.7% and wearable smart devices by 132.9%, while new energy vehicle sales rose by 95.4% [3] Group 4 - Overall, the consumption structure in Qinghai is upgrading, and the trend of retail sales growth is expected to continue [3] - However, with the tightening of the "old-for-new" policy, a significant decline in the growth rate of automotive and home appliance products is anticipated starting in September, which may lead to a decrease in overall retail sales growth [3]
传统市场需求较弱,新领域高景气延续 | 投研报告
Group 1: Cement Industry - In July, the cement industry experienced a seasonal downturn, with high temperatures and rain affecting downstream construction, leading to a decrease in national cement demand and an increase in the clinker line shutdown rate [1][2] - Clinker inventory continued to grow, indicating a significant supply-demand imbalance, resulting in a downward trend in cement prices [1][2] - It is expected that demand will gradually recover in late August, and cement prices may stabilize and begin to rise [1][2] Group 2: Building Materials Consumption - Retail sales of building and decoration materials increased by 2.6% year-on-year from January to June 2025, with June showing a 1.0% year-on-year increase and a 14.8% month-on-month increase [2] - The expectation of policy implementation is enhancing the recovery outlook for the retail market, with potential demand from renovation and upgrading of existing properties, as well as urban village and dilapidated housing renovations [2] Group 3: Fiberglass Industry - In July, the price of fiberglass roving showed slight weakening, with traditional thermosetting products experiencing weak sales, while wind power and high-end products remained the main focus [3] - The supply of fiberglass remains high, and prices are expected to trend weakly [3] - For electronic fiberglass, prices remained stable, but there is a supply shortage for high-end products, which is expected to support prices at a high level [3] Group 4: Float Glass - In July, float glass prices stopped declining and began to rise, with inventory shifting towards downstream [3] - The demand from the middle and downstream sectors increased, leading to a recovery in spot prices [3] - The market outlook for August suggests continued speculative demand and inventory buildup, with potential for slight price increases in the fourth quarter due to urgent construction needs [3] Group 5: Investment Recommendations - For building materials, companies with strong channel layouts, product quality, and brand advantages such as Beixin Building Materials, Weixing New Materials, and Dongfang Yuhong are recommended, along with attention to Sanke Tree and Rabbit Baby [4] - In the cement sector, stricter supply controls are expected to ease supply-demand imbalances, with price increases anticipated for regional leaders like Shangfeng Cement, while Huaxin Cement and Conch Cement are also worth monitoring [4] - In the fiberglass sector, companies like China Jushi are recommended due to expected demand recovery and price increases for mid-to-high-end products [4] - For the glass industry, attention is drawn to Qibin Group as the supply-demand balance is expected to improve with increased cold repair production lines [4]
上半年我省社会消费品零售总额增长11.2%
Hai Nan Ri Bao· 2025-08-11 01:27
Group 1 - The total retail sales of social consumer goods in Hainan Province reached 132.99 billion, with a year-on-year growth of 11.2%, and the growth rate increased by 7 percentage points compared to the first quarter [1] - Urban retail sales increased by 9.7%, while rural retail sales saw a significant rise of 17.2% [1] - Online retail sales grew by 7.8%, with physical goods online retail sales increasing by 5.5%, accelerating by 8 percentage points compared to the first quarter [1] Group 2 - The "old for new" policy effectively stimulated consumption, with retail sales of household appliances and audio-visual equipment increasing by 28.9%, up 4.9 percentage points from the first quarter [2] - Furniture retail sales surged by approximately 1.5 times, and building and decoration materials retail sales increased by 4.8 times [2] - Retail sales of communication equipment grew by 49.6%, and automotive retail sales increased by 91.9%, with new energy vehicle sales rising by about 1.8 times [2]
房地产及建材行业双周报(2025/07/18-2025/07/31):基建发力叠加“防内卷”及消费提振,预计建材企业基本面将持续修复-20250801
Dongguan Securities· 2025-08-01 11:11
Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3] Core Insights - The report highlights that the construction materials sector is expected to continue its recovery due to increased infrastructure investment and consumption stimulation, supported by government policies [3][4] - The real estate sector has seen a weakening in sales momentum over the past two months, with the market remaining in a low-level fluctuation, influenced by policy developments [3][28] - The report suggests focusing on stable and leading companies in the real estate sector, particularly those operating in first and second-tier cities, such as Poly Developments, China Merchants Shekou, and others [3][28] - In the building materials sector, the report emphasizes the potential for profit recovery in cement companies, recommending firms with solid fundamentals and attractive dividend yields [4][50] Summary by Sections Real Estate Sector - The report notes that the recent Central Political Bureau meeting emphasized the importance of urban renewal and fiscal measures to support the real estate sector [3][28] - It anticipates ongoing issuance of special bonds to support urban renewal and old community renovations, which will provide some demand support for real estate [3][28] - The report indicates that the real estate sector's sales have weakened, and the market is currently in a policy negotiation phase, with potential short-term rebounds driven by policy announcements [3][28] - It highlights the need to monitor the recovery of sales and improvements in the fundamentals of real estate companies for medium-term outlooks [3][28] Building Materials Sector - The report discusses recent environmental regulations aimed at improving standards in the glass and cement industries, which are expected to positively impact company operations and profit recovery [4][50] - It mentions that the cement market is currently facing weak demand and excess capacity, but infrastructure investment is expected to support cement demand in the second half of the year [4][50] - The report provides data indicating that retail sales of building and decoration materials reached 15.8 billion yuan in June, with a year-on-year growth of 1.0% [5][53] - It suggests that the building materials sector will see improvements in sales and profit margins due to market recovery and internal optimization efforts by companies [7][53]
房地产及建材行业双周报(2025、07、18-2025、07、31):基建发力叠加“防内卷”及消费提振,预计建材企业基本面将持续修复-20250801
Dongguan Securities· 2025-08-01 10:19
Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3]. Core Insights - The report highlights that the construction materials sector is expected to continue its recovery due to increased infrastructure investment and consumption stimulation, supported by government policies [3][4]. - The real estate sector has shown weakened sales momentum in recent months, with a focus on policy impacts for short-term rebounds and a need for improved sales recovery and company fundamentals for medium-term outlook [3][28]. - The building materials sector is facing challenges such as weak demand, excess capacity, and inventory pressure, but upcoming policies are expected to enhance environmental standards and control capacity, positively impacting profitability [4][50]. Summary by Sections Real Estate Sector - The central government is emphasizing urban renewal and fiscal measures to support the real estate market, including the issuance of special bonds [3][28]. - The real estate sector has seen a slight increase of 0.66% over the past two weeks, outperforming the CSI 300 index by 0.24 percentage points [15][20]. - Key companies to watch include Poly Developments, China Merchants Shekou, and China Vanke, focusing on stable operations and strong positions in first and second-tier cities [3][28]. Building Materials Sector - The building materials sector has experienced a 6.23% increase over the past two weeks, ranking second among 31 sectors [29][31]. - Cement prices are under pressure due to weak demand, with the national average price at 320 RMB per ton, down 4 RMB from the previous week [36][50]. - Companies such as Conch Cement and Huaxin Cement are recommended for their solid fundamentals and attractive dividend yields [4][50]. Consumer Building Materials - Retail sales of building and decoration materials reached 15.8 billion RMB in June, with a year-on-year growth of 1.0% [5][53]. - The report anticipates a recovery in sales and profit margins for consumer building materials companies due to market improvements and cost optimization strategies [7][53]. - Recommended companies include Beixin Building Materials, Rabbit Baby, and Three Trees for their competitive advantages and solid fundamentals [7][53].
青海:提振消费政策落地显效 消费态势回升向好
Zhong Guo Xin Wen Wang· 2025-06-21 02:23
Core Insights - Qinghai Province has implemented various measures to boost consumer spending, resulting in a positive trend in retail sales [1][2] - From January to May, the total retail sales of consumer goods reached 38.72 billion yuan, with a year-on-year growth of 2.5% [1] - In May alone, retail sales amounted to 9.296 billion yuan, showing a year-on-year increase of 4.5%, marking three consecutive months of over 4% growth [1] Retail Performance - Retail sales of enterprises above designated size grew by 2% from January to May, with an increase of 0.8 percentage points compared to the previous four months [2] - The retail sales growth rates for wholesale, retail, and catering enterprises were 2.8%, 1.1%, and 6.1% respectively, while the accommodation sector's decline continued to narrow [2] - Among 19 major categories of goods, 8 saw an increase and 11 a decrease in retail sales, with home appliances and audio-visual equipment, building and decoration materials, and hardware and electrical materials leading the growth at 45.1%, 27.8%, and 12.4% respectively [2] Policy Impact - The "trade-in" policy has significantly boosted sales in various categories, with wearable smart devices, new energy vehicles, home appliances, and building materials seeing year-on-year sales growth of 210.8%, 45%, 45.1%, and 27.8% respectively [2] - The Qinghai Provincial Department of Commerce plans to continue promoting large-scale consumption through various initiatives, including "Shopping in China," "Foreign Trade Quality Products," and "Home Feast" food month, as well as the "Home Decoration Festival" [2]
消费活力持续激发 青海省5月社零总额同比增长4.5%
Sou Hu Cai Jing· 2025-06-19 20:20
Core Viewpoint - Qinghai Province is implementing various measures to boost consumer spending, resulting in a positive trend in retail sales and overall consumption recovery in the region [1][8]. Group 1: Retail Performance - From January to May, Qinghai Province achieved a total retail sales of social consumer goods amounting to 38.72 billion yuan, representing a year-on-year growth of 2.5%, which is an increase of 0.6 percentage points compared to the first four months [1]. - In May alone, the retail sales reached 9.296 billion yuan, with a year-on-year growth of 4.5%, marking three consecutive months of over 4% growth [1]. - Retail sales from key enterprises increased by 2% from January to May, with the growth rate improving by 0.8 percentage points compared to the previous four months [2]. Group 2: Key Product Categories - Among key products, retail sales for household appliances and audio-visual equipment surged by 45.1%, while building and decoration materials saw a growth of 27.8% [2][6]. - In May, automotive retail sales experienced a year-on-year increase of 8.6%, continuing a positive growth trend for three consecutive months [2]. Group 3: Policy Impact - The "old for new" policy has become a significant driver of consumption growth, with sales of wearable smart devices, new energy vehicles, household appliances, and building materials seeing year-on-year increases of 210.8%, 45%, 45.1%, and 27.8% respectively [6]. - Online retail sales through key enterprises reached 550 million yuan, reflecting a year-on-year growth of 118.2%, with an acceleration of 28.9 percentage points compared to the previous four months [6]. Group 4: Future Initiatives - The Qinghai Provincial Department of Commerce plans to enhance consumption through a combination of policies and activities, focusing on the implementation of the "old for new" policy and promoting large-scale consumption potential [7]. - Upcoming initiatives include "Purchasing in China," "Foreign Trade Quality Products" events, and themed activities like the "Home Feast" month and "Home Decoration Festival" to invigorate the consumer market [7].
国家统计局:5月以旧换新政策持续显效,消费市场增长加快
news flash· 2025-06-16 07:09
Core Insights - The consumer market in May showed significant recovery, driven by effective consumption policies, early promotional events, and increased holiday periods, leading to a notable rise in consumer demand [1][4] Group 1: Market Sales Performance - In May, the total retail sales of consumer goods reached 41,326 billion yuan, marking a year-on-year growth of 6.4%, with an acceleration of 1.3 percentage points compared to April, representing the highest monthly growth rate in 2024 [1] - The retail sales in county and rural markets grew by 5.4% from January to May, outpacing urban retail sales growth by 0.6 percentage points, with the county and rural market accounting for 38.9% of total retail sales, an increase of 0.1 percentage points year-on-year [1] Group 2: Product Category Growth - In May, retail sales of goods increased by 6.5%, with nearly 90% of product categories in large retail units experiencing growth. Notable increases were seen in sports and entertainment goods (28.3%), staple food (14.6%), and tobacco and alcohol (11.2%) [1] - The "old-for-new" policy significantly boosted sales in categories such as home appliances (53%) and communication equipment (33%), with growth rates accelerating by 14.2 and 13.1 percentage points respectively compared to April [2] Group 3: Online and Offline Retail Dynamics - From January to May, online retail sales of physical goods grew by 6.3%, outpacing overall retail sales growth by 1.3 percentage points, with online sales accounting for 24.5% of total retail sales [3] - Physical retail stores showed stable improvement, with retail sales in large retail units growing by 4.5% from January to May, with warehouse membership stores exceeding 30% growth [3] Group 4: Service Retail Market Trends - Service retail sales increased by 5.2% from January to May, slightly outpacing goods retail growth, driven by enhanced service offerings and diverse consumption scenarios [4] - The tourism and dining sectors saw significant growth, with dining revenue increasing by 5.0% compared to the previous period, reflecting a strong recovery in consumer spending [4]