20230814-中邮证券-建筑建材行业报告_7月社融数据走弱_政策端发力依然可期_24页_1015kb

Key Market Overview

The report analyzes the building materials industry, noting weak July financial data (e.g., lower loan growth) and soft real estate markets, which stimulate policy actions. Despite these challenges, segments like glass show inventory reduction and price increases due to seasonal demand and policy support. The investment outlook is cautiously positive, with recommendations focusing on infrastructure and consumer building materials.

Economic and Sector Data

• July credit data indicates loan contraction, especially in household sector, reflecting weak real estate confidence and policy interventions expected to boost spending.
• Glass sector: National inventories decrease, prices rise, with high产销 rates supporting short-term demand recovery.
• Cement sector: Prices remain under pressure due to weak demand, though regional factors like Xinjiang infrastructure projects offer opportunities.
• Other areas include fiber and raw material tracking, highlighting supply-demand dynamics.

Investment Recommendations

• Consumer Building Materials: Prioritize companies like Eastern Rainproof, Mona Lisa Tiles, and Sichang Paint for their recovery prospects in waterproofing, tiles, and coatings.
• Glass: Recommend industry leaders such as Qijiang Glass and Jinhong Technology for potential earnings growth.
• Construction Infrastructure: Suggest China Electrification and China Mining for growth in green energy and mining; also focus on Xinjiang-based firms like North Road Construction and Xinjiang Transportation Construction.

Risks and Outlook

Major risks include economic slowdown, policy uncertainty, raw material price hikes, and competition. The industry outlook suggests short-term volatility but medium-term recovery through policy support and demand revivals, with a note on Xinjiang infrastructure advancements as a key growth driver.