Group 1 - The glass fiber industry has seen a resurgence, with the A-share glass fiber index rising by 14.46% in July 2023, indicating a positive market trend [1] - China's glass fiber yarn production is projected to reach 7.56 million tons in 2024, reflecting a year-on-year growth of 4.6%, marking a period of low-speed growth after previous intense competition [1] - The supply-demand dynamics in the glass fiber industry are improving, with reduced market supply due to capacity adjustments and increased demand from sectors like wind energy and consumer electronics [1] Group 2 - The glass fiber industry is expected to experience a gradual price recovery, with forecasts indicating a stable growth trajectory through 2025, driven by demand from wind energy, automotive, electronics, and high-tech fields [2] - Shandong Glass Fiber Group anticipates a stable demand for glass fiber yarn, with a projected net profit increase of 109% to 113% for the first half of 2025, attributed to rising prices [2] - The industry has undergone multiple price increases since 2024, with early 2025 showing a recovery in prices for electronic yarn and other products, reflecting improved supply-demand conditions [2] Group 3 - The company plans to deepen its technological research and application in cutting-edge fields such as 5G, AI, and autonomous driving, while also expanding into emerging markets like photovoltaic new energy and green building materials [3] - The company believes that with steady industry demand recovery and its technological advancements, it is poised for a turning point in performance and enhanced growth momentum [3]

证券研究报告 | 行业定期报告 2025 年 07 月 08 日 反内卷升级，看好建材板块盈利能力修复 建材行业定期报告 中游制造/建材 本周（2025/6/30-7/6）建材动态：水泥高温雨季压制需求，价格延续下滑趋势， 水泥协会发布《通知》打响"反内卷"攻坚战；浮法玻璃价格整体偏弱运行， 区域涨跌互现；玻纤中，粗纱稳中偏弱，电子纱高端产品仍有涨价预期；消费 建材方面，头部企业自律升级、破除内卷，消费建材中长期配置价值凸显。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 96 | 1.9 | | 总市值（十亿元） | 795.7 | 0.9 | | 流通市值（十亿元） | 736.6 | 0.9 | 行业指数 % 1m 6m 12m 绝对表现 3.1 15.0 24.4 相对表现 0.7 10.6 8.8 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Jul/24 Oct/24 Feb/25 Jun/25 (%) 建材 沪深300 相关报告 1、《建材行业定期报告—地产政策 延续止跌回稳，看好中报龙头基本面 修复》202 ...

本周沪深 300 涨 1.54%，建材(中信)涨 3.63%。个股中，亚玛顿（+34.9%）， 中材科技（+20.7%），凯盛新能（+19.6%），正威新材（+18.2%），山东玻纤 （+18.2%），涨幅居前。上周我们重点推荐组合的表现：中材科技（+20.7%）、 宏和科技（+23.89%）、西部水泥（+6.5%）、华新水泥（+4.8%）、科达制造（与 机械组联合覆盖）（-0.97%）、青松建化（+2.2%）、高争民爆（-1.0%）、三棵 树（+2.5%）。 水泥出海再提速，继续推荐非洲龙头 行业报告 | 行业研究周报 建筑材料 证券研究报告 反内卷利好水泥，继续推荐高端电子布品种 行情回顾 据 Wind，0628-0703 一周，30 个大中城市商品房销售面积 245.15 万平米， 同比-18.92%。7 月 2 号，国家统计局公布住房城乡建设部审批及备案项目 一览表，涵盖住房公积金、工程造价咨询、城镇老旧小区改造等 9 项审批 统计调查制度，以及城镇保障性安居工程等 2 项备案统计调查制度，并明 确了各项目的批准文号与有效期。7 月 4 号，住房城乡建设部调研组近日赴 广东、浙江两省调研。调研组表示， ...

证券研究报告 | 行业周报 gszqdatemark 2025 07 06 年 月 日 建筑材料 供给侧改革预期升温，关注水泥、玻璃积极变化 2025 年 6 月 30 日至 7 月 4 日建筑材料板块（SW）上涨 3.50%，其中水 泥（SW）上涨 2.57%，玻璃制造（SW）上涨 7.52%，玻纤制造（SW） 上涨 11.14%，装修建材（SW）上涨 0.38%，本周建材板块相对沪深 300 超额收益+2.33%。本期建筑材料板块（SW）资金净流入额为+0.96 亿元。 【周数据总结和观点】 本周中央财经委员会第六次会议强调"纵深推进全国统一大市场建设，要 聚焦重点难点，依法依规治理企业低价无序竞争，引导企业提升产品品质， 推动落后产能有序退出"，同时本周住建部调研组表示，"促进房地产市场 平稳、健康、高质量发展具有重要意义"，"持续巩固房地产市场稳定态势"， "要多管齐下稳定预期、激活需求、优化供给、化解风险，更大力度推动 房地产市场止跌回稳"。根据 wind 统计，2025 年 6 月地方政府债总发行 量 11753.22 亿元，发行金额环比 2025 年 5 月增长 50.8%，同比 2024 年 ...

本文汇报 1、周观点：供给端重现预期，需求端关注升级2、消费建材：格局改善的逻辑开始兑现3、水泥：价格 调整有底，不改同比占优趋势4、建筑玻璃：供需僵持，价格低位震荡 5、光伏玻璃：步入现金亏损区间，冷修提速 6、玻纤：主流电子纱稳中偏强，特种电子布产业趋势关注度高7、碳纤维：风电需求环比有所修复， Q2 迎来盈利改善的确定向较高1、周观点：供给端重现预期，需求端关注升级7 月1 日以来，建材行业 关注度突然迎来了较高的提升。Q2 建材行业关注度显著回落的原因在于，2024 年末需求端政策的提 振，似乎在Q2 迎来了较为明显的需求强度减弱，且在需求政策上，市场对7 月重要会议并没有特别多 的预期。但是在供给端，7 月建材出现了许多边际上超预期的变化。 需求端市场更关注产业的新变化。2025 年5 月以来AI 需求预期加速催化，主要来自于AI 产业链上，终 端云厂商资本开支计划提升、tokens 用量高增、芯片订单饱满、PCB 盈利高位等各个环节景气相互印 证，缓解了市场前期对于AI 基建过剩的担忧，重塑了未来市场对AI 需求的预期曲线，趋势向上明确。 低介电布目前一代、二代和三代（Q 布）升级路径明确，下游C ...

Investment Rating - The report maintains a "Recommendation" rating for the building materials industry [2] Core Views - The real estate policy continues to stabilize, which is expected to support the recovery of leading companies in the consumption building materials sector [14][15] - The cement market is experiencing continued low demand and overall price decline, with a national average shipment rate of 43.4% [11][21] - The float glass market is facing price declines and weak supply-demand support, with a current average price of 1174 RMB/ton [12][21] - The fiberglass market shows stable pricing for alkali-free roving, while electronic yarn prices remain steady [13] Summary by Sections Industry Dynamics - The cement market saw a price drop of 1.1% this week, with significant declines in various regions, while some areas like Jilin and Henan experienced slight price increases [11][21] - The float glass market's average price decreased by 7.14 RMB/ton, with a total production of 1.0909 million tons this week, reflecting a year-on-year decline of 8.2% [12][21] - The fiberglass market remains stable, with prices for alkali-free roving around 3500-3600 RMB/ton, while electronic yarn prices are expected to remain stable due to tight supply [13] Consumption Building Materials - The real estate policy is expected to drive demand for high-quality building materials, with the "Good House" national standard promoting industry transformation [14][15] - The report highlights the potential for recovery in the consumption building materials sector, particularly for leading companies [15] Recommended Stocks - Key recommended stocks include Weixing New Materials, Keda Manufacturing, Mona Lisa, Beixin Building Materials, Keshun Co., Dongpeng Holdings, with a focus on companies like China National Materials and Tianan New Materials [16][18]

今日早参 2025 年 7 月 02 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 史进峰 经济政策与国际关系首席研究员 邮箱：shijinfeng@htsc.com 今日热点 宏观：美国短期增长放缓，但财政货币宽松预期双双升温 战略：政策观察双周报：7 月的三大宏观焦点 近两周经济政策的核心脉络包括：1. 高层对地方新一轮密集调研，房地产的 关注度边际提升；2. 央行货币委员会二季度例会明确了贸易壁垒增加和物价 持续低位运行挑战；3. 陆家嘴论坛公布了多项金融措施，深化科创板和创业 板的改革是其中重要增量；4. 李强总理在夏季达沃斯论坛进一步释放中国经 济增长稳健的信心和持续扩大对外开放的决心。我们认为 7 月可能又迎来了 政策观察的重要窗口期，三大宏观事件值得关注：对等关税截止日、中欧峰 会、政治局对下半年经济工作的部署。短期 5000 亿新型政策性金融工具的 落地情况，以及消费和地产数据的边际趋弱后如何进一步提振消费和推动房 地产巩固回稳的态势是重点。 风险提示：外部冲击超预期；增量政策落地节奏和力度不及预期。 研报发布日期： ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Views - The cement industry is accelerating its overseas expansion, particularly in Africa, which is seen as a significant investment opportunity due to its rapid population growth and urbanization [3][20] - The recent performance of the construction materials sector shows a positive trend, with the CITIC construction materials index rising by 2.63% [12] - The report highlights the importance of monetary policy in supporting economic recovery, emphasizing a coordinated approach between monetary and fiscal policies [2][14] Summary by Sections Market Review - The Shanghai and Shenzhen 300 index increased by 1.95%, while the construction materials sector rose by 2.63% [12] - Notable stock performances include Saitex New Materials (+27.0%) and Guotong Shares (+14.2%) [12] Cement Industry Expansion - Recent data shows a decline in property sales in major cities, with a year-on-year decrease of 10.14% [2][15] - Companies like Western Cement and Huaxin Cement are making significant moves in Africa, with Western Cement planning to sell assets in Xinjiang to support its expansion [3][20] - Huaxin Cement's new project in Zambia has successfully increased production capacity, indicating a trend of overseas investment in the cement sector [3] Key Recommendations - The report recommends a focus on companies such as China National Materials, Honghe Technology, Western Cement, Huaxin Cement, and others, which are expected to benefit from the ongoing market dynamics [20][4] - The report suggests that traditional building materials are nearing a cyclical bottom, while new materials are expected to continue their growth trajectory [21]

华泰证券指出，电子纱市场价格稳定运行，高端电子纱及电子布供需仍然紧张，部分高端产品如Low- Dk和Low-CTE等需求缺口明显，价格涨后暂稳运行，后期仍有望提价。玻纤行业方面，海外产能关停 导致部分高端电子纱及电子布供需紧张，国内无碱粗纱市场价格平稳运行，但风电及汽车客户抢出货驱 动下，风电纱及热塑纱延续结构性高景气。电子材料领域，低空无人机和出口需求大增推动碳纤维中高 端品类供需延续紧平衡，人形机器人和低空飞行器制造等板块有望提振碳纤维材料需求。 今日，科创芯片ETF（589100）涨超1.9%，半导体设备国产化与电子行业需求增长获关注。 （文章来源：每日经济新闻） 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。 科创芯片ETF国泰跟踪的是科创芯片指数，该指数由中证指数有限公司编制，从科创板市场中选取业务 涉及半导体材料、设备、设计、制造、封装 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Viewpoints - The construction materials sector is experiencing a demand season that is not significantly weak, supported by delayed renovations in the second-hand housing market [2] - The glass market is facing a contradiction between supply and demand, with a continuous decline in demand expected post-2025, although there has been marginal improvement since March [2] - The cement industry is in a phase of seeking a bottom, with increased off-peak production efforts by companies, leading to fluctuating prices around unprofitable levels [2] - The fiberglass market has shown signs of bottoming out, with price wars ending and prices beginning to recover, particularly in the wind power sector [2] - Carbon fiber demand is slowly recovering, with growth expected in downstream sectors such as wind power and hydrogen bottles [2] Summary by Sections Cement Industry Tracking - As of June 20, 2025, the national cement price index is 362.67 yuan/ton, down 0.21% from the previous week, with a total cement output of 2.781 million tons, a decrease of 2.88% [3][16] - The cement market is currently in a phase of "weak reality" and "weak expectations," with potential for weak recovery by the end of Q3 if policies are strengthened or the rainy season ends [16] Glass Industry Tracking - The average price of float glass is 1209.75 yuan/ton, down 1.64% from the previous week, with inventory levels increasing [32] - The market is expected to experience short-term price fluctuations downward, with ongoing challenges in meeting demand during the seasonal downturn [32] Fiberglass Industry Tracking - The price of non-alkali roving has shown a stable decline, with demand for high-end products like wind power yarn performing relatively well [6] - The overall price of fiberglass is expected to maintain a weak and stable trend in the short term [6] Carbon Fiber Industry Tracking - The carbon fiber market price remains stable, with a weekly production of 1781 tons and an operating rate of 60.13% [7] - The industry continues to face losses, with a production cost of 106,500 yuan/ton and a negative gross margin [7] Key Stocks - Recommended stocks include Beixin Building Materials (Buy), Weixing New Materials (Overweight), and China Jushi (Buy) with respective EPS forecasts for 2024A to 2027E [8]