证券研究报告 | 行业周报 gszqdatemark 2025 08 24 年 月 日 建筑材料 弱地产，期待更多政策托底 2025 年 8 月 18 日至 8 月 22 日建筑材料板块（SW）上涨 1.83%，其中 水泥（SW）上涨 0.48%，玻璃制造（SW）上涨 1.39%，玻纤制造（SW） 上涨 2.40%，装修建材（SW）上涨 2.95%，本周建材板块相对沪深 300 超额收益-1.44%。本期建筑材料板块（SW）资金净流入额为-6.16 亿元。 【周数据总结和观点】 根据 wind 统计，2025 年 7 月地方政府债总发行量 12134.93 亿元，发行 金额环比 2025 年 6 月增长 3.2%，同比 2024 年 7 月增长 70.7%。截至目 前，2025 年一般债发行规模 1.73 万亿元，同比+0.30 万亿元，专项债发 行规模 5.60 万亿元，同比+2.11 万亿元。化债政策加码下政府财政压力 有望减轻，企业资产负债表也存在修复的空间，市政工程类项目有望加快 推进，市政管网及减隔震实物工作量有望加快落地，关注龙泉股份、青龙 管业、中国联塑、震安科技。浮法玻璃供需仍有矛盾，光伏玻璃 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The construction materials sector is experiencing weak fundamentals, with expectations for more supportive real estate policies [1] - The sector saw a net capital outflow of 517 million yuan during the week, indicating a cautious market sentiment [1] - The report highlights the potential for recovery in municipal engineering projects due to improved government fiscal policies [2] Summary by Sections Cement Industry Tracking - As of August 15, 2025, the national cement price index is 335.75 yuan/ton, a slight decrease of 0.06% from the previous week [3] - The cement output was 2.608 million tons, down 1.27% week-on-week, with a clinker capacity utilization rate of 51.74%, down 13.01 percentage points [3][16] - The cement industry faces challenges including slowing infrastructure growth, increasing differentiation in housing construction, and intense competition in the civil market [16] Glass Industry Tracking - The average price of float glass is 1235.66 yuan/ton, reflecting a decline of 3.08% from the previous week [3] - Inventory levels for float glass have increased, indicating ongoing supply-demand imbalances [6] Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with slight fluctuations in demand due to seasonal factors [7] - The report notes a potential recovery in demand for wind power fiberglass as bidding volumes increase [2] Consumer Building Materials - Consumer building materials are benefiting from favorable second-hand housing transactions and consumption stimulus policies [2] - The report recommends stocks such as Beixin Building Materials and Weixing New Materials for their long-term market share growth potential [9] Carbon Fiber Market - The carbon fiber market is showing signs of slow recovery, with a production rate of 61.49% and an increase in inventory levels [8] - The report emphasizes the importance of monitoring price stabilization in the context of improving economic expectations [2]

Investment Rating - The report assigns an "Overweight" rating to the construction materials industry [1]. Core Insights - The confidence in the commencement rhythm of key infrastructure projects in Xinjiang and Tibet continues to improve, while the marginal optimization of real estate policies in Beijing is noted. The consumption building materials sector has entered a phase of fundamental stabilization and recovery [2]. - The report highlights the expected recovery in revenue and profitability for the consumption building materials sector, driven by improved real estate policies and a reduction in price competition [6]. - The cement market is experiencing price stabilization, with regional variations in pricing adjustments due to demand fluctuations and operational strategies among companies [21][22]. - The glass and fiberglass sectors are witnessing a return to value, with strong demand for high-end products and a focus on new structural trends in demand [7]. Summary by Sections 1. Construction Materials Industry Investment Strategy - The report emphasizes the advantages of the cement industry in the western region, including strong infrastructure demand, reliable funding sources, and a concentrated market structure. The industry is expected to see improved profitability in 2025 [5]. - Key companies recommended include Conch Cement, Huaxin Cement, and Tianshan Cement, among others [5]. 2. Market Review - The construction materials sector saw a 1.19% increase from August 4 to August 8, 2025, with cement manufacturing up 2.20% and glass manufacturing down 0.62% [9]. - Individual stock performance showed significant fluctuations, with Tianshan Cement leading with a 10.90% weekly increase [14]. 3. Cement Industry - The national average price for high-standard cement was 339.7 CNY/ton, remaining stable week-on-week. The average price for clinker was 221 CNY/ton [25]. - The report notes that the average shipment rate for cement companies in key regions is around 44%, indicating ongoing demand challenges [21]. - Inventory levels are high, with a national cement inventory ratio of 67.38%, reflecting a slight increase [37]. 4. Glass Industry - The average price of float glass was 1274.90 CNY/ton, down 20.38 CNY/ton week-on-week, with market conditions remaining generally weak [42]. - The report indicates that the production capacity for float glass is stable, with 283 production lines and a daily melting capacity of 158,355 tons [42][59]. 5. Fiberglass Industry - The market for non-alkali fiberglass is stable, with prices for electronic yarns expected to remain steady due to strong demand for high-end products [63]. - The report highlights the need to reassess the fiberglass industry's profitability due to structural demand changes, recommending companies like China Jushi and China National Building Material [63].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The cement and explosives sector is expected to benefit from key projects such as the New Tibet Railway, with a continuous positive outlook on the fundamentals of high-end electronic fabrics, which are seeing both volume and price increases [2][15] - Recent data shows that the sales area of commercial housing in 30 major cities was 1.2645 million square meters, down 13.04% year-on-year, indicating a decline in real estate demand [15] - The establishment of the New Tibet Railway Company with a registered capital of 95 billion yuan is anticipated to benefit local cement and explosives companies [15] - Current cement prices in many regions have reached or fallen below cost lines, and with rising coal prices, companies are facing increased profit pressures [2][18] - If industry self-discipline measures are effectively implemented, cement prices are expected to begin a recovery trend [2][18] Summary by Sections Market Review - During the week of August 4 to August 10, 2025, the Shanghai and Shenzhen 300 index rose by 1.2%, while the construction materials sector (CITIC) increased by 2.1%, with ceramics and cement sectors performing particularly well [12][18] - Notable stock performances included Zhenan Technology (+19.8%), ST Sansheng (+16.3%), and Tianshan Shares (+10.9%) [12] Key Sub-industry Tracking - Cement: The national cement market price remained stable, with slight adjustments in specific regions. The average shipment rate for major regions was around 44% [18] - Glass: The photovoltaic glass market showed slight price increases, with the main order prices for 2.0mm coated panels rising by 2.38% [18] - Fiberglass: The market for non-alkali yarns remained weak, with average prices declining by 2.06% compared to the previous week [19] Recommended Stocks - The report recommends focusing on companies such as Qingsong Jianhua, Gaozheng Minbao, Xibu Cement, Huaxin Cement, Honghe Technology, and Zhongcai Technology, indicating a favorable outlook for these stocks in the current market environment [20]

Core Viewpoint - The construction materials industry is facing challenges due to low demand for cement, with average shipment rates around 44%, and prices hitting or falling below cost levels, exacerbated by rising coal prices [1][6]. Investment Highlights - The construction materials sector saw a weekly change of 1.19%, underperforming the Shanghai Composite and Wind All A indices, which changed by 1.23% and 1.94% respectively [2]. - The national average price for high-standard cement is 339.7 yuan/ton, unchanged from the previous week but down 42.5 yuan/ton compared to the same period last year [3]. - The average cement inventory level among sample enterprises is 67.4%, up 1.2 percentage points from last week and 1.1 percentage points from the same period last year [3]. Cement Market Analysis - The cement market is experiencing low demand due to high temperatures and rainfall, with companies in key regions discussing staggered production to alleviate operational pressures [6]. - There is a consensus on supply discipline within the industry, which may lead to better profitability compared to last year, with potential price increases expected in mid-August [6]. - The sector's price-to-book ratio is at historical lows, and industry policies may drive profitability recovery and valuation improvement [6]. Glass Fiber Market Insights - The electronic glass fiber market is seeing an upgrade trend, with high-end products expected to gain market share due to technological advancements [7]. - The ordinary glass fiber market remains under pressure, but demand in wind power and thermoplastics is expected to grow, supporting mid-term profitability [8]. - Leading companies in the glass fiber sector are positioned to benefit from structural adjustments and increasing demand in emerging applications [8]. Glass Industry Overview - The glass industry is facing significant losses, but supply-side contractions may improve the short-term supply-demand balance, with potential price stabilization [9]. - The industry is expected to benefit from policy measures aimed at reducing excess capacity, with leading companies likely to enjoy cost advantages and excess profits [9]. Renovation and Building Materials Sector - Increased external uncertainties and government policies aimed at boosting domestic demand are expected to enhance consumption in the home improvement and building materials sector [10]. - The market for home improvement materials is anticipated to improve, with leading companies likely to see valuation recovery as consumer confidence strengthens [10]. - Companies are exploring new business models and extending their supply chains to enhance efficiency and pricing power [10].

Investment Rating - The report recommends a "Buy" rating for companies such as Beixin Building Materials and China Jushi, while suggesting an "Overweight" rating for Weixing New Materials [9]. Core Views - The construction materials sector has shown a mixed performance, with cement prices stabilizing while glass and fiberglass sectors face challenges [2][3]. - The recent policy changes in Beijing regarding real estate are expected to influence demand dynamics across the sector [2]. - The report highlights the potential for recovery in the construction materials sector, particularly in municipal engineering projects due to increased government bond issuance [2]. Summary by Sections 1. Market Overview - From August 4 to August 8, 2025, the construction materials sector (SW) increased by 1.24%, with cement rising by 2.81% and glass manufacturing declining by 0.37% [12]. - The net capital inflow for the construction materials sector was -680 million yuan during this period [12]. 2. Cement Industry Tracking - As of August 8, 2025, the national cement price index was 335.96 yuan/ton, a decrease of 0.51% from the previous week [16]. - The national cement output was 2.6415 million tons, down 4.08% week-on-week, with infrastructure cement supply also declining [16]. - The report notes that while infrastructure remains a key demand driver, residential construction demand is weak, and recovery in civil demand is contingent on seasonal factors [16]. 3. Glass Industry Tracking - The average price of float glass was 1274.90 yuan/ton, reflecting a 1.57% decrease from the previous week [6]. - Inventory levels for glass have increased, indicating ongoing supply-demand imbalances [6]. 4. Fiberglass Industry Tracking - The report indicates that fiberglass prices have stabilized after a period of decline, with demand expected to improve due to growth in wind power installations [7]. - The market for electronic yarn remains stable, with high-end products experiencing strong demand [7]. 5. Consumer Building Materials - The consumer building materials sector is benefiting from improved second-hand housing transactions and consumption stimulus policies [2]. - The report continues to recommend companies like Beixin Building Materials and Weixing New Materials for their growth potential [9]. 6. Carbon Fiber Industry Tracking - The carbon fiber market is showing signs of stability, with production levels remaining consistent and demand expected to grow in various applications [8].

Group 1: Cement Industry - The national high-standard cement market price is 339.7 yuan/ton, down 1.0 yuan/ton from last week and down 42.5 yuan/ton from the same period in 2024 [1][2] - The average cement inventory of sample enterprises is 66.2%, down 0.2 percentage points from last week and down 0.9 percentage points from the same period in 2024 [2] - The average cement shipment rate is 44.7%, up 1.7 percentage points from last week but down 2.0 percentage points from the same period in 2024 [2] Group 2: Glass Industry - The average price of float glass is 1295.3 yuan/ton, up 56.7 yuan/ton from last week but down 175.7 yuan/ton from the same period in 2024 [2] - The inventory of float glass in 13 provinces is 5,178 million heavy boxes, down 156 million heavy boxes from last week and down 1,025 million heavy boxes from the same period in 2024 [2] - The market for electronic glass fiber remains stable, with mainstream prices for G75 products at 8,800-9,200 yuan/ton, unchanged from last week [2] Group 3: Market Trends and Recommendations - The construction materials sector saw a decline of 2.31% this week, while the Shanghai and Shenzhen 300 Index and the Wind All A Index declined by 1.75% and 1.09%, respectively [1] - The industry is expected to see a recovery in profitability due to improved supply-demand balance and potential policy support, with leading companies like Huaxin Cement and Conch Cement recommended for investment [5][6] - The glass fiber market is anticipated to benefit from technological upgrades and increased demand in high-end applications, with companies like Zhongcai Technology and Honghe Technology highlighted as potential investment opportunities [6]

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector is experiencing weak demand, with the PMI showing a decline. The market is awaiting new policies to stimulate demand [4] - The report highlights that the cement market is facing challenges due to adverse weather conditions, leading to a low average shipment rate of less than 45% in key regions. However, the overall price decline has slowed down, indicating potential stabilization in the near term [11][18] - The report suggests that the supply-side consensus on self-discipline within the industry is strengthening, which may lead to better profitability compared to the previous year [11] - The report recommends focusing on cyclical industries that may benefit from policy support, particularly in cement and glass sectors, and highlights specific companies such as Huaxin Cement, Conch Cement, and others as potential investment opportunities [4][11] Summary by Sections 1. Industry Trends - The construction materials sector has seen a decline of 2.31% in the past week, underperforming against the Shanghai Composite Index [4] - The report notes that the cement price is currently at 339.7 RMB/ton, down 1.0 RMB/ton from the previous week and down 42.5 RMB/ton year-on-year [19][20] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The average cement shipment rate is reported at 44.7%, with a slight increase of 1.7 percentage points from the previous week, but a decrease of 2.0 percentage points year-on-year [26] - The report anticipates that cement prices will stabilize in the short term, despite current weak demand [11][18] 2.2 Glass - The average price of float glass is reported at 1295.3 RMB/ton, which is an increase of 56.7 RMB/ton from the previous week but a decrease of 175.7 RMB/ton year-on-year [4] - The report indicates that the glass industry is expected to see a supply-side contraction, which may improve the supply-demand balance in the short to medium term [14] 2.3 Fiberglass - The report highlights that the market for electronic fiberglass products is evolving, with a clear trend towards high-end products, which are expected to see increased penetration and value growth [12] - The profitability of ordinary fiberglass remains resilient, with ongoing demand in sectors like wind power and thermoplastics [12] 3. Industry Dynamics Tracking - The report discusses the impact of government policies aimed at stimulating domestic demand, particularly in the housing market, which is expected to improve the outlook for construction materials [15] - The report emphasizes the importance of companies that are exploring new business models and enhancing their supply chain efficiency [15]

证券研究报告 | 行业周报 gszqdatemark 2025 08 03 年 月 日 建筑材料 "反内卷"情绪降温，关注基本面变化 2025 年 7 月 28 日至 8 月 1 日建筑材料板块（SW）下跌 2.30%，其中水 泥（SW）下跌 1.25%，玻璃制造（SW）下跌 4.55%，玻纤制造（SW） 下跌 4.01%，装修建材（SW）下跌 2.03%，本周建材板块相对沪深 300 超额收益-0.35%。本期建筑材料板块（SW）资金净流入额为-24.33 亿元。 【周数据总结和观点】 本周中共中央政治局召开会议，会议强调"落实好中央城市工作会议精神， 高质量开展城市更新"，城市更新为地产需求侧的主要抓手，同时强调"依 法依规治理企业无序竞争。推进重点行业产能治理"，反内卷仍为政策主 线，但基调较中央财经委员会第六次会议有所缓和，市场情绪回归理性。 根据 wind 统计，2025 年 7 月地方政府债总发行量 12134.93 亿元，发行 金额环比 2025 年 6 月增长 3.2%，同比 2024 年 7 月增长 70.7%。截至目 前，2025 年一般债发行规模 1.52 万亿元，同比+0.22 万亿元 ...

Investment Rating - The industry rating is "Recommended" [4] Core Viewpoints - The commencement of the Yaxia Hydropower Station is expected to drive significant demand for engineering, construction materials, and civil explosives, with key beneficiaries including Zhongyan Dadi, China Power Construction, and China Energy Engineering [1][7] - The cement market is experiencing price declines, while the glass market is seeing a rebound in prices due to industry self-discipline and price increases [2][21] - The report emphasizes the importance of domestic substitution in the shipbuilding paint sector, with companies like Maijia Xincai and Songjing Co. expected to benefit from rising demand [1][7] Summary by Sections Market Trends - In the 30th week of the year, new home transaction volume in 30 major cities decreased by 9% year-on-year, with a total transaction area of 1.4758 million square meters [1][18] - The second-hand housing market in 15 monitored cities saw a 4% year-on-year decrease in transaction area, totaling 1.6674 million square meters [1][18] Cement Market - The national average cement price is 356 RMB/ton, down 0.9% from the previous week, with an average shipment rate of 43% [2][21] - The report highlights a significant drop in demand due to adverse weather conditions, impacting construction activities across various regions [21] Glass Market - The average price of float glass increased to 1238.61 RMB/ton, reflecting a 2.20% increase from the previous week [2][64] - The report notes a stable trading environment for photovoltaic glass, with prices remaining unchanged [70] Recommendations - The report recommends focusing on companies with strong pricing power and cost advantages in the cement and waterproofing sectors, such as Huaxin Cement and Dongfang Yuhong [1][7] - It also suggests investing in companies involved in domestic substitution in the paint industry, particularly those with innovative applications in new fields [1][7]