This week (March 28-April 1), driven by the real estate recovery and the signal released by the national standing committee, the building materials sector rose sharply and outperformed the market. At present, the demand for cement and glass of traditional building materials is still relatively weak, the price of cement rises and falls, and the price of glass falls slightly, but the trend of continuous accumulation of inventory has been temporarily alleviated.
The sector rose sharply and outperformed the market: this week, Shenwan building materials index closed at 7234.8 points, up 6.29%, outperforming wandequan a. The industry’s average p / E ratio was 12.97 times, up 0.79 times from last week.
The national Standing Committee once again sent the signal of steady growth, and completed 800 billion yuan of water conservancy investment this year. On March 29, Premier Li Keqiang held a national standing committee meeting, demanding that the remaining special debt limit be issued as soon as possible, and favor regions with strong solvency and sufficient reserves for projects. The quota issued in advance last year shall be issued before the end of May, and the quota issued this year shall be issued before the end of September. The meeting also focused on water conservancy investment, with an annual investment of 800 billion yuan. On the one hand, the national Standing Committee further transmitted the signal of steady growth and accelerating special debt and infrastructure investment; On the other hand, it defines the investment intensity of water conservancy facilities emphasized many times this year. We believe that the construction of water conservancy facilities will stimulate the demand for concrete pipes, and on the other hand, it will also drive the demand for cement
Cement demand rose month on month and was still insufficient year on year: in terms of supply, the supply gradually increased after the peak staggering, and the inventory began to come under pressure. The demand for cement increased more than last week, but it was still insufficient year-on-year. At present, the coal price is still high, which has squeezed the profits of the cement industry. The price rose slightly and the inventory accumulated more. This week, clinker and P · O42 5、P·S32. 5 powder prices were 424.5, 476.3 and 455.5 yuan / ton respectively, up 0.6 yuan, down 2.1 yuan and 2.4 yuan respectively compared with last week. The mill operating rate and clinker storage ratio were 59.4% and 61.1% respectively, unchanged and increased by 3.7% compared with last week.
Glass: the price decreased slightly, and the inventory decreased slightly: the price of flat glass this week was 105.2 yuan / weight box, down 1.0 yuan from last week; Inventory days were 18.5 days, down 0.1 days from last week. During the week, the market demand of float glass in China was general, and some regional processing plants had some replenishment. At present, the newly added orders of downstream processing plants are general, the capital problem is still prominent, and there are many orders in hand, so there is no rush to deliver.
Glass fiber: the alkali free yarn market is generally stable, and the electronic yarn is declining. This week, the market price of alkali free tank kiln roving is still basically stable, and the market price adjustment is less. At present, the short-term pond kiln plant is mainly on the sidelines for the time being. At present, the overall trading of electronic yarn market is relatively general, and under the weak supply and demand, some manufacturers reduced the quotation of electronic yarn at the weekend. At present, the mainstream transaction is 850010000 yuan / ton, with a month on month decline.
Key recommendation
The cement industry recommends Huaxin Cement Co.Ltd(600801) , Anhui Conch Cement Company Limited(600585) , Tangshan Jidong Cement Co.Ltd(000401) , and it is suggested to pay attention to Gansu Shangfeng Cement Co.Ltd(000672) , Ningxia Building Materials Group Co.Ltd(600449) ; Plastic pipe recommends ad shares and Zhejiang Weixing New Building Materials Co.Ltd(002372) , and it is suggested to pay attention to China Liansu; Waterproof recommendations Jiangsu Canlon Building Materials Co.Ltd(300715) , Beijing Oriental Yuhong Waterproof Technology Co.Ltd(002271) ; In the glass industry, the pharmaceutical glass faucet Shandong Pharmaceutical Glass Co.Ltd(600529) , with flexible volume and price, and the flat glass faucet Zhuzhou Kibing Group Co.Ltd(601636) , with relatively low valuation at present, are the first to be promoted; Recommended by glass fiber industry China Jushi Co.Ltd(600176) , Sinoma Science & Technology Co.Ltd(002080) , Shandong Fiberglass Group Co.Ltd(605006) , Jiangsu Changhai Composite Materials Co.Ltd(300196) ; Recommended water reducing agent Lets Holdings Group Co.Ltd(002398) .
Main risks of rating
Risk tip: the demand for glass fiber is less than expected, and the pace of production capacity is accelerated; The fiscal rhythm is still slow, and the real estate easing and infrastructure recovery are less than expected; Industry policy risk; The cost of raw materials has risen.
