银河证券：地产竣工超预期浮法玻璃、消费建材需求恢复可期

智通财经网2023-04-20

银河证券发布研究报告称，基建投资虽有小幅回落，但整体保持较高增速水平。预计后续基建投资维持较高增速，支撑水泥需求，地产开工端保持弱势运行态势，对水泥需求的拉动仍需等待。预计后续竣工端继续保持上行态势，利好浮法玻璃需求修复。建议关注：玻璃：建议关注受益于地产竣工端回暖及高端产品占比提升的行业龙头旗滨集团(601636.SH)、凯盛新能(600876.SH);消费建材：推荐具有规模优势及产品品质优势的...

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href=https://finance.sina.com.cn/stock/hkstock/ggscyd/2023-04-20/doc-imyqytfx5109322.shtml><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>银河证券发布研究报告称，基建投资虽有小幅回落，但整体保持较高增速水平。预计后续基建投资维持较高增速，支撑水泥需求，地产开工端保持弱势运行态势，对水泥需求的拉动仍需等待。预计后续竣工端继续保持上行态势，利好浮法玻璃需求修复。建议关注：玻璃：建议关注受益于地产竣工端回暖及高端产品占比提升的行业龙头旗滨集团(601636.SH)、凯盛新能(600876.SH);消费建材：推荐具有规模优势及产品品质优势的...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/hkstock/ggscyd/2023-04-20/doc-imyqytfx5109322.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0077","symbol_name":"质押式回购","start_time":0,"source_url":"https://finance.sina.com.cn/stock/hkstock/ggscyd/2023-04-20/doc-imyqytfx5109322.shtml","article_id":"2328757747","we_media_id":null,"thumbnails":[],"rights":{"source":"sina","url":"https://finance.sina.com.cn/stock/hkstock/ggscyd/2023-04-20/doc-imyqytfx5109322.shtml","rn_cache_url":null,"customStyle":"body{padding-top:10px;}.art_tit_h1{#titleStyle#}a{#lv2TextColor#}.art_time, .art_cite{#sourceStyle#;} .art_cite{margin-left: 3px;}","selectors":".module-article, article","filters":"header, .voice2, .tags, #norm_qrcode_link_auto, .unfold-box, 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float glass, and the demand for consumer building materials can be recovered","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300737":1,"600801":1,"600876":1,"601636":1,"000786":1,"000672":1,"002791":1,"002641":1,"002372":1,"002271":1},"content_text":"银河证券发布研究报告称，基建投资虽有小幅回落，但整体保持较高增速水平。预计后续基建投资维持较高增速，支撑水泥需求，地产开工端保持弱势运行态势，对水泥需求的拉动仍需等待。预计后续竣工端继续保持上行态势，利好浮法玻璃需求修复。建议关注：玻璃：建议关注受益于地产竣工端回暖及高端产品占比提升的行业龙头旗滨集团(601636.SH)、凯盛新能(600876.SH);消费建材：推荐具有规模优势及产品品质优势的行业龙头企业东方雨虹(002271.SZ)、公元股份(002641.SZ)、坚朗五金(002791.SZ)、伟星新材(002372.SZ)、科顺股份(300737.SZ)、北新建材(000786.SZ);水泥：推荐南方区域龙头企业华新水泥(600801.SH)、上峰水泥(000672.SZ)。银河证券主要观点如下：基建端小幅回落，地产投资及开工端疲软，竣工端显著回升。基建投资虽有小幅回落，但整体保持较高增速水平。地产投资及开工端走弱，竣工端改善显著。预计后续基建投资维持较高增速，支撑水泥需求，地产开工端保持弱势运行态势，对水泥需求的拉动仍需等待。预计后续竣工端继续保持上行态势，利好浮法玻璃需求修复。错峰生产结束，水泥产量增加。3月水泥产量显著增加，其主要原因是：1)3月中旬各省份水泥行业错峰停窑结束，水泥企业恢复正常生产，水泥产量增加;2)随着今年疫情防控政策的优化，叠加稳中求进的政策背景下，基建、地产预期向好，水泥下游需求预期增强，各水泥企业生产积极性较高;3)2022年3月水泥产量基数较低所致。随着春季开工、需求复苏，水泥企业熟料库存压力缓解，但自3月中旬错峰生产结束后，熟料库存呈增长态势。建议继续关注熟料库存变化情况及Q2部分省份错峰生产执行情况。3月份需求增加带动水泥价格上行。水泥需求有所恢复但仍不及预期，关注需求恢复情况及价格走势。平板玻璃产量减少，需求底部回升确定。3月平板玻璃产量维持减少态势，中小企业淘汰加速，行业供给收缩。3月份地产竣工端加速恢复，浮法玻璃市场需求回升，浮法玻璃企业库存大幅下降，浮法玻璃价格回涨。竣工端持续修复，浮法玻璃需求底部回升趋势确定，预计后续将继续保持需求增长态势，价格有上行空间。在行业供给收缩、需求修复的背景下，浮法玻璃行业龙头企业市占率有望提升，业绩修复可期。消费建材零售额同比下降。3月份消费建材零售端弱势运行，其主要原因是：1)消费建材采购(零售)与地产竣工存在一定时间滞后性，3月份消费建材零售额与前期地产竣工端弱势运行情况相符，预计3月份地产竣工的快速修复将为后续消费建材零售端带来更多需求增量;2)3月份部分消费建材产品价格有所下调，一定程度上导致其零售额下行。受益于地产竣工面积的回升，其市场需求有增长预期。看好消费建材细分领域龙头企业。风险提示：原材料价格大幅波动的风险、下游需求不及预期的风险、地产政策推进不及预期的风险。\n\n炒股开户享福利，送投顾服务60天体验权，一对一指导服务！\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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银河证券：地产竣工超预期 浮法玻璃、消费建材需求恢复可期

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银河证券：地产竣工超预期浮法玻璃、消费建材需求恢复可期