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].

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]

Core Viewpoint - The construction materials sector is experiencing price fluctuations, with a notable decline in cement prices compared to previous years, while other materials like glass and fiberglass show mixed trends in pricing and demand [1][3][6]. Group 1: Cement Market - The national high-standard cement market price is 343.8 yuan/ton, down 3.3 yuan/ton from last week and down 46.2 yuan/ton from the same period in 2024 [1][3]. - Average cement inventory among sample enterprises is 65.8%, up 0.1 percentage points from last week but down 1.8 percentage points from 2024 [3]. - The average cement shipment rate is 45.9%, up 2.4 percentage points from last week but down 0.5 percentage points from 2024 [3]. Group 2: Glass Market - The average price of float glass is 1212.0 yuan/ton, up 7.0 yuan/ton from last week but down 324.1 yuan/ton from 2024 [3]. - The inventory of float glass among sample enterprises is 5.559 million heavy boxes, down 175,000 heavy boxes from last week and down 292,000 heavy boxes from 2024 [3]. - The glass industry is expected to see a supply-side contraction, which may improve the short-term supply-demand balance and lead to price stabilization [8]. Group 3: Fiberglass Market - The domestic fiberglass market is experiencing a downward trend in pricing, with mainstream prices for non-alkali yarn at 3200-3700 yuan/ton, down 0.54% from the previous week [3][7]. - The market for electronic fiberglass is stable, with mainstream prices for G75 remaining at 8800-9200 yuan/ton [3][7]. - The industry is expected to see a recovery in profitability as supply-demand balance improves, particularly in high-end products driven by technological advancements [7]. Group 4: Investment Recommendations - Companies such as Shanghai Port Bay, Yipuli, and Huaxin Cement are recommended due to their potential benefits from infrastructure investments and stable demand expectations [5]. - The construction materials sector is suggested for investment due to its low valuation and potential for recovery, particularly in leading companies like Huaxin Cement and Sichuan Road and Bridge [5][10]. - The fiberglass sector is highlighted for its growth potential, especially for companies like Zhongcai Technology and Honghe Technology, which are positioned to benefit from technological upgrades [5][7].

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Views - The short-term economic downturn is causing the real estate chain to hover at the bottom, but the overall direction remains positive with expectations for recovery in the home improvement sector by Q3 2025 [3][4] - The cement market is experiencing a slight price decline, with a national average price of 387.7 RMB/ton, down 3.2 RMB/ton from last week, but up 29.7 RMB/ton year-on-year [3][19] - The report highlights the potential for recovery in demand for building materials, driven by government policies aimed at stabilizing the real estate market and boosting domestic consumption [15] Summary by Sections 1. Sector Overview - The building materials sector saw a decline of 2.14% this week, underperforming the CSI 300 index, which fell by 0.43% [3] - The report emphasizes the importance of low-valuation leading companies and expansion-oriented firms, recommending companies like Beixin Building Materials and SanKeTree [3][4] 2. Bulk Building Materials Fundamentals and High-Frequency Data 2.1 Cement - The national cement market price has decreased by 0.8% this week, with regional price fluctuations observed [18] - The average cement inventory level is at 61.7%, down 0.1 percentage points from last week, while the average shipment rate is 49.5%, up 2.1 percentage points week-on-week [27] - The report anticipates a weak and fluctuating price trend in the near future due to weak market demand [18][19] 2.2 Glass Fiber - The glass fiber industry is expected to see a gradual recovery in profitability, with demand in wind power and thermoplastics continuing to grow [12] - The report notes that leading companies are likely to benefit from structural advantages in product offerings [12] 2.3 Glass - The glass industry is currently facing a weak balance between supply and demand, with slow inventory depletion [13] - The report suggests that the profitability of the glass sector remains at a low point, but may improve with supply adjustments [14] 3. Industry Dynamics Tracking - The report discusses the impact of external uncertainties such as tariffs and trade tensions, which are expected to enhance domestic demand expectations [15] - It highlights the government's commitment to stabilizing the real estate market and the anticipated positive effects of new policies on home improvement consumption [15] 4. Weekly Market Review - The report provides a detailed analysis of price changes in the cement market, with specific regional price movements noted [20] - It also includes a summary of the performance of various companies within the building materials sector, emphasizing the potential for valuation recovery [16][17]

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Views - The short-term economic downturn is causing the real estate chain to hover at the bottom, but the overall direction remains positive with expectations for recovery in the home improvement sector by Q3 2025 [3][4] - The cement market is experiencing a slight price decline, with the national average price at 387.7 RMB/ton, down 3.2 RMB/ton from last week but up 29.7 RMB/ton year-on-year [3][19] - The report highlights the potential for recovery in demand for building materials, driven by government policies aimed at stabilizing the real estate market and boosting domestic consumption [15] Summary by Sections 1. Industry Overview - The building materials sector saw a decline of 2.14% this week, underperforming the CSI 300 index, which fell by 0.43% [3] - The report emphasizes the importance of low-valuation leading companies and expansion-oriented firms as key investment targets [3][4] 2. Bulk Building Materials Fundamentals and High-Frequency Data 2.1 Cement - The national cement market price has decreased by 0.8% this week, with regional variations noted [18] - The average cement inventory level is at 61.7%, down 0.1 percentage points from last week [27] - The report anticipates a weak but stable price trend moving forward due to ongoing supply-demand adjustments [4][18] 2.2 Glass Fiber - The glass fiber industry is expected to see a gradual recovery in profitability, with demand from wind power and thermoplastics sectors continuing to grow [12] - The report suggests that leading companies may benefit from structural advantages and cost efficiencies [12] 2.3 Glass - The glass industry is currently facing a weak balance between supply and demand, with slow inventory depletion [13] - The report indicates that rising costs from petroleum coke may impact profitability, but leading companies are expected to maintain competitive advantages [14] 3. Industry Dynamics Tracking - The report notes that government policies are increasingly focused on stimulating domestic demand and stabilizing the real estate market, which is expected to positively impact the building materials sector [15] - The anticipated implementation of "old-for-new" policies in 2025 is expected to further boost demand for home improvement materials [15] 4. Weekly Market Review - The report provides a detailed analysis of price changes in the cement market, highlighting significant regional differences [20] - It also includes a summary of the performance of various building materials companies, emphasizing those with strong growth potential and competitive advantages [16][17]

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 以稳为主，科技加内需仍是主线 2025 年 04 月 28 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -23% -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024/4/29 2024/8/27 2024/12/25 2025/4/24 建筑材料 沪深300 相关研究 《期待 25 年 Q3 家装迎来明显加速》 2025-04-20 《继续看好内需消费地产链》 2025-04-13 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.4.21–2025.4.25，下同）：本周建筑材料板块（SW）涨跌幅 0.22%，同期沪深 300、万得 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 以稳为主，科技加内需仍是主线 2025 年 04 月 28 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -23% -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024/4/29 2024/8/27 2024/12/25 2025/4/24 建筑材料 沪深300 相关研究 《期待 25 年 Q3 家装迎来明显加速》 2025-04-20 《继续看好内需消费地产链》 2025-04-13 东吴证券研究所 1 / 21 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.4.21–2025.4.25，下同）：本周建筑材料板块（SW）涨跌幅 0.22%，同期沪深 300、万得 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 低估值的消费细分龙头具有较高胜率 2025 年 03 月 17 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -24% -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 2024/3/18 2024/7/16 2024/11/13 2025/3/13 建筑材料 沪深300 相关研究 《政策刺激力度符合预期》 2025-03-10 《建筑业 PMI 低位大幅反弹》 2025-03-03 东吴证券研究所 1 / 22 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.3.10–2025.3.14，下同）：本周建筑材料板块（SW）涨跌幅 1.18%，同期沪深 300、万得全 A ...