建筑材料 2025 年 06 月 29 日 房地产市场政策不断加码，关注建材投资机会 ——行业周报 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 建筑材料 沪深300 相关研究报告 《房地产市场边际改善，关注建材投 资机会—行业周报》-2025.6.22 《城市更新政策落实到位，关注建材 投资机会—行业周报》-2025.6.15 《城市更新释放消费潜力，关注建材 投资机会—行业点评报告》-2025.6.9 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 房地产市场政策不断加码，关注建材投资机会 本周房地产行业政策频出，央行等六部门联合印发意见，提出围绕居住服务等领域 创新融资模式。地方层面，广东鼓励各地通过发放购房补贴等支持首次置业居民购 房，落实异地公积金贷款等政策。北京就老旧小区改造工程施工现场安全生产管理 导则征求意见。山东济南允许公积金支付保障房首付款，儋州第二轮出台商品房团 购补贴措施等。伴随宏观政策继续加力，房地产市场将继续向供需平衡发展，核 ...

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Views - The recent Politburo meeting emphasized the need for proactive macro policies to stabilize the real estate market, which is expected to create investment opportunities in building materials [3] - The report highlights the importance of local government bond issuance and the acceleration of urban renewal actions to support the industry [3] - Recommendations for consumer building materials include companies like Sankeshu, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware, while beneficiaries include Beixin Building Materials [3] Market Performance - The building materials index increased by 0.22% in the week from April 21 to April 25, 2025, underperforming the CSI 300 index, which rose by 0.38% [4][13] - Over the past three months, the building materials index has risen by 3.00%, outperforming the CSI 300 index by 4.19% [4][13] - In the past year, the building materials index has increased by 2.03%, underperforming the CSI 300 index by 3.63% [4][13] Cement Sector - As of April 25, 2025, the average price of P.O42.5 bulk cement was 332.84 RMB/ton, a slight decrease of 0.03% [6][26] - The clinker inventory ratio reached 63.80%, an increase of 2.46 percentage points [6][26] - Regional price variations were noted, with Northeast prices increasing by 7.14% while prices in other regions like North China and South China saw declines [26][28] Glass Sector - The spot price of float glass remained stable at 1331.00 RMB/ton as of April 25, 2025, while the price of photovoltaic glass was 139.06 RMB/weight box, also stable [6][90] - The inventory of float glass decreased by 6,000 weight boxes, a decline of 0.11% [84][85] Fiberglass Sector - The report indicates a growing interest in the LowDk electronic cloth supply chain, which is primarily used in 5G communication and AI applications [3] - Recommendations for the fiberglass sector include China Jushi, with beneficiaries being Zhongcai Technology and Changhai Co [3] Valuation Metrics - The average PE ratio for the building materials sector is 27.25, ranking it 17th lowest among all A-share industries, while the PB ratio is 1.10, ranking it 5th lowest [21][24]

建筑材料 2025 年 04 月 27 日 政治局会议巩固地产稳定态势，关注建材投资机会 ——行业周报 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 建筑材料 沪深300 相关研究报告 《提振内需预期加强，关注建材投资 机会—行业周报》-2025.4.20 《对等关税利空落地，内需刺激值得 期待—行业周报》-2025.4.13 《建材出口区域多元化，"对等关 税"实际影响有限 —行业周报》- 2025.4.6 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 政治局会议巩固地产稳定态势，关注建材投资机会 4 月 25 日，中共中央政治局召开会议，分析研究当前经济形势和经济工作，会议强 调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽 松的货币政策。加快地方政府专项债券、超长期特别国债等发行使用。兜牢基层 "三保"底线。会议并指出，继续实施地方政府一揽子化债政策，加快解决地方政 府拖欠企业账款问题。加力实施城市更新行动，有力有序推进 ...