The backlog of building materials demand in the infrastructure chain is to be released, and the repair of the real estate chain is expected to increase

Cement industry: the epidemic affected the release of short-term demand, and the price fluctuated and adjusted. This week, the national cement market price fluctuated downward, down 0.6% month on month. The price decline areas are mainly concentrated in East China and Central South China, with a range of 20-30 yuan / ton; The price rise area is mainly Chongqing, with a range of 70-80 yuan / ton. This week, the market price of Qinhuangdao thermal coal (q5500) was 735 yuan / ton, which was the same as last week. The difference between the national average cement price and coal price was 387.37 yuan / ton, a decrease of 2.55 yuan / ton compared with last week. This week, the national cement storage capacity ratio was 67.13%, an increase of 2.00% over the previous week. After the Qingming Festival, the domestic cement market demand has increased slightly. Due to the recurrence of the epidemic, the control in areas is still relatively strict, especially the poor road transportation, which hinders the recovery of downstream demand. At the same time, due to the shortage of downstream funds, the demand is tepid, and the cement price maintains a volatile adjustment trend.

Glass industry: insufficient improvement of market demand, pay attention to inventory and trading changes. The average price of domestic float glass this week was 2045.76 yuan / ton, down 12.79 yuan / ton or 0.62% from the average price last week (2058.55 yuan / ton). As of Thursday, there were 304 float glass production lines in China, 259 in production, and the daily melting capacity was 172025 tons, a decrease of 500 tons / day compared with last week. One production line is cold repaired within a week, and there is no ignition and production line change. As of Thursday, the total inventory of production enterprises in key monitoring provinces was 57.73 million weight boxes, an increase of 890000 weight boxes, or 1.58%, and the inventory days were about 27.61 days, an increase of 0.56 days over last week. Recently, uncertain factors in the market have heated up, shipments in some regions are limited, and the market is too wait-and-see. The demand is not improved enough, the overall market expectation is still weak, and the short-term adjustment space is temporarily limited under the thin profit. Pay attention to the later logistics and transaction changes.

Glass fiber industry: the alkali free yarn market maintained stable operation, and the price of electronic yarn decreased significantly. This week, the market price of alkali free tank kiln roving continued a stable trend. There was little change in the market trading during the week. Most enterprises tended to be cautious in price adjustment, the inventory level was acceptable, and the trend was stable in the short term, and there was flexible room for the transaction of some individual products.

Recently, the price of electronic yarn market still maintains a downward trend, the demand support of terminal market is relatively general, the quotation of most enterprises has been reduced, and there is a certain flexible space for transaction.

Consumer building materials industry: steady growth in infrastructure, sustained efforts, and increased expectations for the recovery of the real estate chain. In terms of infrastructure chain, the epidemic situation in many places in China has repeatedly disturbed the economy, and the countercyclical regulation of infrastructure has continued to exert its force. The national Standing Committee proposed about 800 billion yuan of investment in water conservancy projects this year; It is expected to speed up the commencement and construction of the project, form the physical workload, and continue to pay attention to the beneficiary varieties related to water conservancy projects and infrastructure weaknesses. In terms of the real estate chain, the recent reduction of mortgage interest rates in many places, the relaxation of the margin of real estate regulation policies, and the continuous improvement of the credit environment have benefited from the recovery of market confidence and the repair of the valuation of the consumer building materials sector. They are optimistic that the rebound at the bottom of the real estate fundamentals will drive the increase in the demand for consumer building materials. From the perspective of the capital chain, it is more recommended to improve the distribution channels and the leading enterprises with C-end advantages. Recently, the standard for design and selection of prefabricated houses issued by the Ministry of housing and urban rural development is expected to further promote the development of prefabricated components and green building materials market. In the short term, the cost side pressure is mainly concentrated in the ceramic tile industry (LNG price has increased by 65% since the beginning of the year) and the waterproof industry (asphalt price has increased by 22% since the beginning of the year). Most of the titanium dioxide / PVC / PPR and other industries operate at a high and stable price. After the early price increase is transmitted in place, the profitability of the coating / pipe and other industries is expected to improve. The industry leader with prominent scale advantages / strong channel control / vertical integration has achieved contrarian growth in 21 years, paid attention to the configuration value of undervalued targets, and continued to recommend leading enterprises with long-term competitive advantages.