Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Insights - The construction materials industry has made significant progress in energy conservation and carbon reduction, with six major sub-industries releasing carbon reduction technology guidelines and a notable increase in the share of clean energy [3][4] - The cement industry is expected to benefit from national policies aimed at controlling cement clinker production capacity and improving energy efficiency standards [3] - The report recommends several companies within the construction materials sector, including SanKeTree, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware, as well as beneficiaries like Beixin Building Materials and Haizhu Cement [3] Summary by Sections Market Performance - The construction materials index rose by 2.91% from August 18 to August 22, 2025, underperforming the CSI 300 index by 1.27 percentage points [4][13] - Over the past three months, the CSI 300 index increased by 13.42%, while the construction materials index rose by 16.67%, outperforming the CSI 300 by 3.25 percentage points [4][13] - In the past year, the CSI 300 index increased by 30.86%, and the construction materials index rose by 35.30%, outperforming the CSI 300 by 4.44 percentage points [4][13] Cement Sector - As of August 22, 2025, the average price of P.O42.5 bulk cement was 280.47 CNY/ton, reflecting a 1.94% increase from the previous period [6][24] - The clinker inventory ratio was 64.62%, showing a decrease of 1.56 percentage points [6][24] - Regional price trends varied, with notable increases in East China (+5.05%) and Central China (+6.53%), while South China saw a decrease of 2.82% [24][26] Glass Sector - The average spot price for float glass was 1187.88 CNY/ton, down by 1.78% from the previous period [6][81] - The inventory of float glass increased by 28 million weight boxes, a rise of 0.50% [6][83] - The price of photovoltaic glass remained stable at 116.41 CNY/weight box [6][87] Fiberglass Sector - The market prices for fiberglass remained stable, with some flexibility in transactions noted [6][19] - The report highlights the performance of various companies within the fiberglass sector, indicating a generally positive trend [6][19] Consumer Building Materials - The prices of raw materials for consumer building materials showed slight fluctuations, with specific price data provided for various materials [6][20]

建筑材料 2025 年 08 月 10 日 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% 2024-08 2024-12 2025-04 建筑材料 沪深300 相关研究报告 《政治局经济政策布局，建材反内卷 投资进行时—行业周报》-2025.8.3 《雅江下游水电工程顺利开工，关注 建 材 投 资 机 会 — 行业周报》- 2025.7.27 《中央城市工作会强调城市更新，关 注 建 材 投 资 机 会 — 行 业 周 报 》- 2025.7.20 政策多角度推动供给新格局，建材反内卷进行时 ——行业周报 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 政策多角度推动供给新格局，建材反内卷投资进行时 近日《经济日报》刊发专题报道，系统梳理我国建材行业绿色低碳最新进展：水 泥行业正式纳入全国碳市场，30 个"六零"示范工厂攻关项目已有逾 1/3 取得阶 段性成果，水泥、平板玻璃等行业碳排放核算标准完成修订，碳标签体系加速落 地。政策端持续加码《建材行业碳达峰实施方案》配套研究，重点推进水泥、平 板玻璃、 ...

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the real estate market policies are continuously tightening, creating investment opportunities in building materials. Recent policies from the central bank and local governments aim to support home purchases and improve safety in construction sites, indicating a shift towards a balanced supply-demand dynamic in the real estate market [3][4] - Recommended stocks in the consumer building materials sector include Sankeshu (channel penetration and retail expansion), Dongfang Yuhong (waterproof leader with optimized operational structure), Weixing New Materials (high-quality operations with a significant retail business), and Jianlang Wujin. Beneficiary stocks include Beixin Building Materials (gypsum board leader with diversified expansion in coatings and waterproof sectors) [3] - The report also notes that the National Development and Reform Commission has issued a plan for energy conservation and carbon reduction in the cement industry, aiming to control cement clinker capacity to around 1.8 billion tons by the end of 2025, which is expected to accelerate the iteration of energy-saving and efficient equipment [3][4] Market Performance - The building materials index increased by 2.41% in the week from June 23 to June 27, 2025, outperforming the CSI 300 index, which rose by 1.95%, resulting in a 0.46 percentage point advantage [4][13] - Over the past three months, the CSI 300 index has risen by 0.88%, while the building materials index has decreased by 3.79%, indicating a 4.67 percentage point underperformance [4][13] - In the past year, the CSI 300 index has increased by 13.29%, while the building materials index has only risen by 7.19%, showing a 6.11 percentage point underperformance [4][13] Cement Sector - As of June 27, 2025, the average price of P.O42.5 bulk cement nationwide was 284.72 yuan/ton, a decrease of 4.47% month-on-month. The price trends varied by region, with Northeast China seeing a significant drop of 21.95% [6][24] - The clinker inventory ratio reached 69.36%, an increase of 1.27 percentage points from the previous month [6][25] Glass Sector - The report indicates that the spot price of float glass as of June 27, 2025, was 1200.53 yuan/ton, reflecting a slight increase of 0.13%. The inventory of float glass decreased by 2.51%, with a total of 59 million weight boxes [6][75] - The average price of photovoltaic glass was 120.70 yuan/weight box, down by 3.44% [6][78] Fiberglass Sector - The report notes that the price of fiberglass remains stable, with various types of fiberglass priced between 3400 to 6600 yuan/ton depending on the type and region [6][3] Consumer Building Materials - The report tracks the prices of key raw materials for consumer building materials, noting slight fluctuations. For instance, the price of asphalt remained stable at 4520 yuan/ton, while the price of acrylic acid increased by 1.87% to 6825 yuan/ton [6][3]

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 ...

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Viewpoints - The recent National People's Congress emphasized policies to stabilize the real estate market, which is expected to boost confidence in the construction materials sector. Key measures include reducing restrictive policies, promoting the renovation of urban villages and old houses, and expanding the use of existing land and commercial properties [3][4] - The construction materials index increased by 1.18% in the week from March 10 to March 14, 2025, but underperformed the CSI 300 index, which rose by 1.59% [11][19] - Over the past three months, the CSI 300 index has increased by 1.87%, while the construction materials index has decreased by 4.91%, indicating a 6.78% underperformance [11][14] Summary by Sections Market Overview - The construction materials index rose by 1.18% this week, lagging behind the CSI 300 index by 0.40 percentage points [11] - The average PE ratio for the construction materials sector is 27.32 times, and the PB ratio is 1.15 times, ranking it among the lowest in the A-share market [21][25] Cement Sector - As of March 15, 2025, the average price of P.O42.5 bulk cement was 354.52 RMB/ton, reflecting a 1.33% increase from the previous period. The clinker inventory ratio decreased by 2.21 percentage points to 42.45% [25][27] - Regional price variations were noted, with the highest increase in North China at 7.94% and a decrease in East China by 0.79% [25][30] Glass Sector - The price of float glass decreased to 1324.00 RMB/ton, down by 2.14%, while the futures price also fell by 3.27% to 1154 RMB/ton [67][68] - The national inventory of float glass increased by 1.49%, reaching 62.6 million weight boxes [69][70] Fiberglass Sector - The market for non-alkali fiberglass continues to show stable pricing, with electronic fiberglass prices remaining steady after recent increases [19][67] Consumer Building Materials - The prices of key raw materials in the consumer building materials sector have shown slight fluctuations, with acrylic prices rising by 5.26% this week [4][5]