建筑材料&新材料行业周报：开复工关注元宵后集中修复，AI应用加速半导体材料机会

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The construction materials industry is showing signs of gradual recovery post the Spring Festival, with a notable increase in the resumption of work rates across various projects. As of February 13, 2025, the resumption rate was 23.5%, with labor and funding availability also improving [3][4] - The demand for construction materials is expected to rise as housing projects recover faster than non-housing projects, which will stimulate related material needs [3] - In the new materials sector, the acceleration of AI applications is driving demand for semiconductor materials, with a projected market size of $33.7 billion by 2026, nearly 1.77 times the size in 2024 [4] Summary by Sections Cement - The average national cement price was 510.39 RMB/ton, with a week-on-week decrease of 0.5%. The cement shipment volume increased by 74% week-on-week, indicating a recovery in demand [5] - The clinker inventory ratio was 54.49%, showing a slight decrease of 0.66 percentage points week-on-week [5] Flat Glass - The price of flat glass (4.8/5mm) was 1403.8 RMB/ton, reflecting a week-on-week increase of 1.1%. However, inventory levels continued to rise, indicating a slower recovery in downstream demand [5] Photovoltaic Glass - The operating rate for photovoltaic glass production was stable at 68.12% [6] Fiberglass and Carbon Fiber - Prices for fiberglass and carbon fiber remained stable during the reporting period, indicating a steady market condition [6][6] Investment Recommendations - The report suggests focusing on resilient consumer building material leaders such as Beixin Building Materials and Weixing New Materials, as well as opportunities in municipal projects due to improved cash flow [7][8] - In the new materials sector, attention is drawn to semiconductor core materials like photoresists and polishing pads, with recommendations to monitor leading electronic materials companies such as Tongcheng New Materials and Dinglong Co., Ltd. [8]