国金证券近日发布非金属建材周观点：本周全国高标均价349元/t，同比-53元/t，环比-2 元/t，全国平均出货率44.5%，环比-1.9pct，库容比为66.7%，环比+1.1pct，同比+2.7pct。玻 璃：本周浮法均价1289.81元/吨，环比上涨65.07元/吨，涨幅5.31%，截至9月30日重点监测 省份生产企业库存天数约24.8天，较上周四减少1.38天。截至本周四，2.0mm镀膜面板主流 订单价格13元/平左右，环比持平。 ①9月29日，中材科技公告称，拟定增募资不超过44.8亿元，用于年产3,500万米低介电 纤维布项目、年产2,400万米超低损耗低介电纤维布项目、偿还国拨资金专项应付款、补充 流动资金。②10月8日，华新水泥发布公告：拟向激励对象11人授予限制性股票257.8万股； 拟斥3225.0万-6450.0万元回购公司股份，回购股份价格不超25元/股；公司终止筹划境外子 公司分拆上市；公司拟更名为"华新建材"，证券代码未变。③10月10日，中材国际发布2025 年第三季度主要经营数据。 风险提示： 【周期联动】 ①水泥：本周全国高标均价349元/t，同比-53元/t，环比-2元/t ...

①水泥：本周全国高标均价 351 元/t，同比-35 元/t，环比+5 元/t，全国平均出货率 46.5%，环比-1.9pct，库容比为 65.7%，环比+0.9pct，同比+0.3pct。②玻璃：本周浮法均价 1224.74 元/吨，环比上涨 16.79 元/吨，涨幅 1.39%，截 至 9 月 18 日重点监测省份生产企业库存天数约 26.18 天，较上周四减少 0.69 天。截至本周四，2.0mm 镀膜面板主流 订单价格 13 元/平方米左右，环比持平。③混凝土搅拌站：本周混凝土搅拌站产能利用率为 7.67%，环比+0.17pct。 ④玻纤：本周国内 2400tex 无碱缠绕直接纱均价 3524.75 元/吨，环比持平，电子布市场主流报价 4.1-4.2 元/米不 等，环比持平。⑤电解铝：美强劲数据打压美联储降息预期 铝价短期内震荡回升为主。⑥钢铁：钢材产量有所下降， 主要集中在螺纹钢产量下降较为明显。⑦其他：原油价格环比上涨，煤炭、有机硅、PE 价格环比下跌。 【重要变动】 ①9 月 25 日，中国巨石发布回购预案，拟以不超过 22 元/股回购不低于不低于 3,000 万股（含），不超过 4,000 ...

Investment Rating - The report maintains an "Overweight" rating for the building materials industry [2]. Core Insights - The real estate sector remains in a weak economic environment, but changes on the supply side are more promising [1]. - The cement sector is expected to benefit from demand driven by urban renewal and supply restrictions, leading to improved market conditions [4][7]. - The report highlights the potential for price increases in waterproofing products, which could enhance industry profit margins [7]. Summary by Sections Industry Overview - The building materials industry consists of 73 listed companies with a total market value of 838.733 billion yuan and a circulating market value of 789.313 billion yuan [2]. - The report notes a decline in real estate development investment, with a 12% year-on-year decrease, and a 4% drop in commercial housing sales area [7]. Key Companies - North New Building Materials: EPS forecast for 2024A is 2.2 yuan, with a "Buy" rating [5]. - Conch Cement: EPS forecast for 2024A is 1.5 yuan, with a "Buy" rating [5]. - China Jushi: EPS forecast for 2024A is 0.6 yuan, with a "Buy" rating [5]. - Weixing New Materials: EPS forecast for 2024A is 0.6 yuan, with a "Buy" rating [5]. - Sankeshu: EPS forecast for 2024A is 0.5 yuan, with an "Overweight" rating [5]. - Huaxin Cement: EPS forecast for 2024A is 1.2 yuan, with a "Buy" rating [5]. - Shandong Pharmaceutical Glass: EPS forecast for 2024A is 1.4 yuan, with a "Buy" rating [5]. - Qibin Group: EPS forecast for 2024A is 0.1 yuan, with an "Overweight" rating [5]. - Dongfang Yuhong: EPS forecast for 2024A is 0.1 yuan, with a "Buy" rating [5]. - Jianlang Hardware: EPS forecast for 2024A is 0.3 yuan, with a "Buy" rating [5]. - China National Materials: EPS forecast for 2024A is 1.5 yuan, with a "Buy" rating [5]. Market Trends - The cement market saw a 0.2% increase in prices, with specific regions experiencing price hikes of 10-30 yuan per ton [31]. - The national cement output for January to July 2025 was 958 million tons, a 4.5% year-on-year decrease [7]. - The report anticipates a steady upward trend in cement prices due to rising coal costs and improved demand conditions [31]. Recommendations - The report recommends focusing on companies that are likely to benefit from supply restrictions and urban renewal projects, such as Huaxin Cement and Conch Cement [7][8]. - It also suggests monitoring companies in the waterproofing sector, like Dongfang Yuhong, for potential profit margin improvements [7].