20250831-开源证券-建筑材料行业周报_建材工业景气指数回升_积极布局建材投资_21页_1mb

Industry Overview: The building materials sector saw a strong rebound in the industry景气 index, rising to 101.2 in August 2025, up 6.4 points from July, ending three consecutive months of contraction and returning to a favorable growth zone. This is driven by policy support, infrastructure investment, and improving demand from real estate, though external demand remains weak.

Key Metrics：

• Cement prices mixed, with nationwide average falling 0.44%/month due to region-specific factors like price drops in Northeast.
• Glass and fiberglass sectors showed positive trends, with float glass prices rising slightly and fiberglass inventory decreasing.
• Valuation: Avg PE @31.09, PB @1.34, indicating undervaluation compared to peers.

Market Performance: The building materials index gained 0.14% this week, underperforming the沪深300 by 2.57 percentage points, but still outperforming over short and longer terms (e.g., -7.38pct one-year lag). Sub-sectors like fiberglass and consumption materials led the gains.

Analyst Recommendations: Strongly recommended for building materials with focus on cement-steel, glass, and fiberglass companies. Notable picks include Sanhua Building Materials and Taohua Fenxi.

Risk Factors: Economic slowdown, rising raw material costs, delayed real estate recovery, and liquidity risks in the sector. Trade and international demand remain challenges.

Overall, industry outlook is optimistic with policy and demand drivers outweighing short-term risks, but monitoring inventory and pricing is key.