Cement in the hottest building materials industry

2022-08-10
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Building materials industry: Cement looks forward to integrated glass, but also looks at low carbon

1 Since the end of 2008, the effect of the economic stimulus package implemented by the state has appeared. Driven by fixed asset investment, the macro economy has stabilized and rebounded since the second quarter. In July and August of the third quarter, the recovery has accelerated and gradually bottomed out Thanks to the rapid growth of fixed asset investment, the building materials industry as a whole performed well According to the National Bureau of statistics, the added value of the non-metallic mineral products industry increased by 13.6% year-on-year in 2009, much higher than the overall growth rate of 9.4%

2. Investment strategy of cement industry in 2010: through the sensitivity analysis of the growth rate of national cement demand and the elimination of backward production capacity in 2010, it is found that when the growth rate of cement demand exceeds 8% and the elimination of backward production capacity exceeds 100 million tons, compared with 2009, the supply-demand relationship of the industry is expected to be further improved next year

although the overall supply-demand relationship of the cement industry in 2010 was balanced, the unbalanced development between regions made great regional differences; At the same time, in order to solve the problem of overcapacity in the future, the state has continuously issued policies to limit the excessive expansion of capacity and promote industry integration Therefore, we believe that there are two investment opportunities in the cement industry in 2010: 1 Investment opportunities brought by industry integration driven by national policies; 2. Can universal machine do impact test? Seek investment opportunities in areas where demand exceeds expectations

we maintain the medium and long-term "recommended" investment rating of the cement industry We believe that the overall demand of the industry will continue to improve in 2010. Driven by national policies, industry integration is expected to become increasingly strong

in this scenario, we suggest focusing on conch cement, Jidong Cement, Yatai group and tapai group; In addition, in the process of the state's full support for the economy of Xinjiang, Qingsong Jianhua will fully benefit, which is very noteworthy

3. Investment strategy of the glass industry in 2010: the operation trajectory of the domestic glass industry in 2009 was basically suppressed first and then increased. Because the supply cannot be released immediately in the short term, we believe that the price of flat glass still has room to continue to rise in the short term; Coupled with the further recovery of the real estate industry next year, domestic glass demand continues the positive trend and gives the glass industry a "recommended" investment rating Today, on Monday, among the relevant sub industries, we are more optimistic about Low-E engineering glass with energy-saving and environmental protection effects and ultra white photovoltaic glass in the new energy industry, which will fully benefit from the coming low-carbon economy and society

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