建筑材料行业：地产投资转正，看好下半年建材需求
机构：方正证券
评级：推荐
水泥：前端投资快速恢复，看好下半年水泥需求
2020年4月以来，国内水泥市场需求出现显著复苏，水泥价格维持上涨趋势，6月中下旬以来南方区域水泥市场进入淡季，价格出现季节性的回调。水泥板块建议关注三条主线：一是长期推荐综合竞争优势显著的海螺水泥；二是关注基建需求旺盛，全年量价弹性充足的北方水泥品种祁连山、宁夏建材、天山股份、冀东水泥；三是关注区域景气度持续向好或因低基数原因显著改善的上峰水泥、塔牌集团、万年青等标的。同时建议关注受益于基建投资增长的防水标的东方雨虹、科顺股份。
玻璃：供给边际增加，期待旺季需求释放
2020年6月全国平板玻璃产量7916万重箱，同比下降3.9%；1-6月平板玻璃累计产量4.62亿重箱，同比下降0.4%。我们认为短期行业供需格局趋向平衡，八月中旬附近需求有望释放，届时玻璃库存有望得到消纳，价格有望维持上涨势头。建议关注旗滨集团、信义玻璃，成本低位，价格上涨，公司业绩有望不断改善。
消费建材：集采需求持续释放，期待竣工端需求改善
我们认为伴随地产销售的复苏、期房交房的限制以及潜在旧改项目的增量需求，地产后端需求有望逐步复苏。建议关注竣工端建材龙头北新建材、伟星新材；继续关注受益于精装房渗透率提升、地产集采比例提升的细分建材龙头东方雨虹、蒙娜丽莎、帝欧家居、三棵树、亚士创能、永高股份。
玻璃纤维：行业景气度持续回升
玻璃纤维及制品行业PPI2020年6月份较前月微幅回落至96.6，该指数从2019年11月开始底部回升。我们认为从2020年下半年开始，伴随国内和海外需求的恢复，经济复苏，玻纤价格有望底部回升。近期大企业供给有部分供应增量，头部企业优势有望得到巩固，建议关注中国巨石、中材科技、长海股份。
风险提示：基建项目落地不及预期，地产需求不及预期，行业盈利不及预期。
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