Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The construction materials industry is experiencing a slower recovery in work resumption compared to previous years, primarily due to funding issues. As of February 20, 2025, the work resumption rate was 47.7%, with labor engagement at 49.7% and funding availability at 43.6%, showing significant month-on-month increases but still lagging behind the same period last year [5][6] - The report highlights the potential growth in demand for semiconductor materials driven by increased investments in AI and cloud computing infrastructure, particularly from major companies like Alibaba. This trend is expected to boost the semiconductor supply chain, especially for critical materials such as photoresists and polishing pads [4][9] Summary by Relevant Sections Cement - The average national cement price was 505.39 CNY/ton, with a week-on-week decline of 1%. Regional price changes included decreases of 0.6% in North China, 1.7% in Northeast China, 2.2% in East China, and 1.1% in Central South China. Cement consumption showed recovery with a week-on-week increase of 69.2% in cement dispatch volume [6][11] Flat Glass - Inventory levels for flat glass increased by 3.89% week-on-week, reaching 6,555.9 million weight boxes. The daily production of float glass was 155,300 tons, reflecting a slight decrease of 0.32% week-on-week. Demand remains weak, with lower purchasing enthusiasm from downstream sectors [6][17] Photovoltaic Glass - The average prices for 2mm and 3.2mm coated photovoltaic glass remained stable week-on-week. The operating rate was reported at 68.12%, indicating steady supply conditions [6][26] Fiberglass and Carbon Fiber - Prices for fiberglass and carbon fiber remained stable over the past week, indicating a lack of significant market fluctuations [6][28]
建筑材料&新材料行业周报：阿里宣布加大AI和云计算基础设施投入，推动半导体材料需求
上海证券·2025-02-25 01:25