Investment Rating - The report emphasizes a positive outlook for the construction materials industry, particularly in relation to domestic demand and government policies aimed at stabilizing the housing market and increasing residents' income [1][11]. Core Insights - The Central Political Bureau meeting in 2025 prioritized "maintaining domestic demand and building a strong domestic market," which is crucial for the construction materials sector as it is closely tied to the housing market and residents' income [1][11]. - The Federal Reserve's recent interest rate cut of 25 basis points is expected to alleviate external debt pressures for African countries, potentially increasing investment opportunities in the region, which is highlighted as a key area for expansion [2][12]. - The report discusses the rapid evolution of AI materials, suggesting a strategy of "stability in response to change," with a focus on companies like Zhongcai Technology and Copper Crown Copper Foil, which are positioned to benefit from technological advancements and market demand [3][13]. Summary by Sections Weekly Discussion - The report highlights the importance of domestic demand for the construction materials industry, linking it to government initiatives aimed at increasing income and stabilizing the housing market [1][11]. Market Performance - The construction materials index showed a slight decline of -0.01%, with specific segments like glass manufacturing and cement experiencing varied performance [18][21]. - The report notes that the national average price for cement is 355 RMB/t, with a year-on-year decrease of 70 RMB/t but a month-on-month increase of 5 RMB/t [14][30]. Price Changes in Construction Materials - Cement prices have shown regional variations, with increases in areas like Henan and Guangdong, while declines were noted in Sichuan and Yunnan [30]. - The floating glass market is experiencing a slight upward trend, with the average price reaching 1163.86 RMB/t, reflecting a 1.40% increase from the previous week [41][42]. Industry Trends - The report identifies a trend towards AI materials, particularly in electronic fabrics and high-end copper foil, with companies like Zhongcai Technology and Copper Crown Copper Foil leading the way in innovation and market share [3][13]. - The glass fiber market is showing slight price increases, driven by selective price hikes from certain manufacturers, with the average price for 2400tex non-alkali yarn at 3535.25 RMB/t [65].

第二，从AI材料升级趋势确定以来，国内外厂家加速进入行业，参与者众多、正负反馈高频。我们建 议"以稳应变"的思路，例如AI电子布品类多，"大满贯"定位的中材科技，兼具low-dk一代/二代/cte布、 Q布，而下游行业变化快，谷歌和英伟达对材料升级的态度不同，"材料超市"比"专柜"更安全。hvlp铜 箔同理，铜冠铜箔是国产AI铜箔领跑者，自主研发的技术已经得到海外供应链认可并形成了批量供 货，未来国产替代、扩大份额的过程中，技术实力和成本是关键，铜冠铜箔的技术积累和低负债率，将 继续为"领跑者"定位护航。此外，和电子布对比，铜箔升级方向更"省心"，产品本身没有类似的二代布 和q布的主导权之"争"，升级为第四代铜箔的趋势较为明确。 容易忽视的是，锂电有望成为预期差，铜冠铜箔的锂电铜箔业务，中材科技的锂电隔膜业务，今年以来 均出现了行业性改善。 【周期联动】 国金证券近日发布非金属建材周观点：铜冠铜箔是国产AI铜箔领跑者，自主研发的技术已经得到海外 供应链认可并形成了批量供货，未来国产替代、扩大份额的过程中，技术实力和成本是关键，铜冠铜箔 的技术积累和低负债率，将继续为"领跑者"定位护航。 以下为研究报告摘要： ...