Investment Rating - The industry rating is "Recommended" [5] Core Views - October domestic fixed asset investment data is under pressure, with a focus on companies benefiting from overseas business growth, such as Huaxin Cement, which saw a 76.01% year-on-year increase in net profit [6] - The cement price is marginally rising, while the decline in float glass prices is narrowing [2] - The real estate market remains under pressure, with significant year-on-year declines in new and second-hand housing transactions [3] Summary by Sections Investment Recommendations - Recommended companies include Huaxin Cement, Conch Cement, and others benefiting from domestic demand recovery and tariff disruptions [6] - Companies in the waterproofing sector like Oriental Yuhong and Keshun Co. are recommended due to frequent price increases [6] - The solar glass sector is also highlighted, with companies like Qibin Group and Xinyi Solar expected to benefit from price adjustments [6] Cement Market Analysis - National cement prices increased by 0.3% week-on-week, with price rises mainly in Hebei, Fujian, Henan, Hunan, and Guangxi [2] - The average price of float glass decreased slightly, with a 0.16% decline [2] - The market for photovoltaic glass remains stable, with no significant changes in prices [2] Real Estate Market Insights - In the 46th week, new housing transaction area in 30 major cities was 1.6452 million square meters, down 26% year-on-year [3] - Second-hand housing transactions in 15 monitored cities showed a year-on-year decline of 8% [3] Company Performance Highlights - Huaxin Cement's net profit for the first three quarters reached 2.004 billion yuan, up 76.01% year-on-year, driven by overseas business growth [6] - Keda Manufacturing reported a 47.19% increase in revenue, with net profit rising by 63.49% [6] - The company Three Trees achieved a revenue of 9.39 billion yuan, with a net profit increase of 81.2% year-on-year [6]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The "14th Five-Year Plan" emphasizes urban renewal and underground pipeline renovation, with an expected investment demand exceeding 5 trillion yuan for over 700,000 kilometers of pipeline construction [6] - The report highlights the impact of renewed tariff conflicts and the acceleration of industry self-discipline, recommending companies with strong pricing power and cost advantages in the cement and waterproof sectors [6] - The report notes that the special electronic fabric sector is experiencing high demand, with companies like China Jushi and China National Materials Technology benefiting from this trend [7] Summary by Sections Investment Suggestions - Recommended companies benefiting from urban pipeline renovation include Qinglong Pipe Industry, Donghong Co., and China Liansu [6] - In the cement sector, companies like Huaxin Cement and Conch Cement are recommended due to their cost and scale advantages amid tariff conflicts [6] - The waterproof industry is seeing frequent price increases, with recommendations for Oriental Yuhong and Keshun Co. [6] - In the photovoltaic glass sector, companies such as Qibin Group, Fuyao Glass, and Xinyi Solar are recommended due to price increases [6] - The report suggests strong resilience in operations for companies like Sanhe Tree and high dividend yield firms like Rabbit Baby and Weixing New Materials [6] - The fire alarm leader Qingniao Fire is recommended due to its upcoming commercialization of fire-fighting robots [7] - The report highlights the strong performance of special electronic fabrics, recommending China Jushi and China National Materials Technology [9] Market Trends - The national cement market price increased by 0.4% week-on-week, with price rises in regions like Guizhou and Jiangsu [22][23] - The average price of float glass decreased by 4.40% to 1243.68 yuan/ton, indicating a shift from an upward trend to a decline [64] - The photovoltaic glass market remains stable, with mainstream order prices for 2.0mm coated panels at around 13 yuan/square meter [72]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights the benefits of the new national fire safety standards and the commercialization of fire-fighting robots, recommending Qingniao Fire Protection as a leading beneficiary [6] - The cement industry is experiencing self-discipline and price increases under the "anti-involution" initiative, with recommendations for Huaxin Cement and Conch Cement [6] - The photovoltaic glass industry is seeing price increases from a bottoming out, with recommendations for Qibin Group, Fuyao Glass, and Xinyi Solar [6] - The report emphasizes the high demand for specialty electronic fabrics, recommending China Jushi, China National Materials, and International Composites [6] - The report suggests investing in companies with strong operational resilience and high dividends, such as Weixing New Materials and Tubao [6] Summary by Sections Cement Industry - National cement market prices decreased by 0.4% week-on-week, with average shipment rates below 45% in key regions [2][28] - Price adjustments varied by region, with increases in Hebei and Jiangxi, while declines were noted in Beijing, Tianjin, Jiangsu, Zhejiang, and Anhui [2][28] - The report anticipates continued price fluctuations in the cement market due to insufficient demand support [28] Glass Industry - The average price of float glass increased to 1289.81 CNY/ton, a rise of 5.31% from the previous week [2][67] - The industry maintains a production capacity utilization rate of 82.20%, with no significant changes in production lines [67] Real Estate Market - In the 41st week, new home transaction volume in 30 major cities decreased by 46% year-on-year and 33.94% month-on-month [3][23] - The report indicates a slight improvement in second-hand housing transactions in 15 monitored cities, with a year-on-year increase of 15% [3][23] Specialty Electronic Fabrics - China Jushi reported a revenue of 9.109 billion CNY in the first half of 2025, a year-on-year increase of 17.70% [6] - The company is advancing low-dielectric product development, with significant growth in net profit [6] Investment Opportunities - The report identifies investment opportunities in regions like Xinjiang due to increased infrastructure investments related to the 70th anniversary celebrations [7] - Recommendations include companies like Tianshan Shares and Xinjiang Jiaojian, which are expected to benefit from regional investments [7]

Investment Rating - The industry rating is "Recommended" [5] Core Views - The construction materials industry is entering a peak season, with increasing downstream demand and effective implementation of staggered production, benefiting companies like Conch Cement, Huaxin Cement, and Tapai Group [1][7] - The recovery of second-hand housing transactions and government initiatives to boost consumption are expected to drive demand for consumer building materials, recommending companies such as Sankeshu and Weixing New Materials [1][8] - The government's focus on low-altitude economy development presents opportunities for companies like Huase Group and Design Institute [1][8] - Major engineering projects, such as the Yarlung project, are anticipated to commence, benefiting companies like Zhongyan Dadi [1][9] - The domestic demand for automotive coatings is expected to grow due to strong domestic substitution demand, recommending companies like Songji Coatings [1][11] Summary by Sections Market Overview - In the 11th week of 2025, new home transactions in 30 major cities showed a 2% year-on-year increase, with a total transaction area of 1,733.17 million square meters, up 11% year-on-year [2] - Second-hand housing transactions in 15 monitored cities increased by 42% year-on-year, indicating a robust market [2] Cement Market - The national average cement price rose to 393.86 yuan/ton, a 1.6% increase from the previous week, with significant price hikes in East, Central, and Southwest regions [3][24] - The operating load of cement mills increased to 37.12%, reflecting a recovery in demand [32] Investment Recommendations - Recommended companies include: - Conch Cement and Huaxin Cement for benefiting from rising cement prices [1][7] - Sankeshu and Weixing New Materials for their strong consumer building materials attributes [1][8] - Huase Group and Design Institute for low-altitude economy opportunities [1][8] - Zhongyan Dadi for potential orders from the Yarlung project [1][9] - Songji Coatings for growth in automotive coatings [1][11]