中报逐步披露，关注下半年消费建材盈利改善

Group 1 - The core viewpoint of the report indicates that while the overall demand in the consumer building materials industry remains under pressure, positive signals are emerging, such as leading companies in waterproofing and coatings collaborating to raise prices in a bottoming phase, leading to a noticeable easing of price competition [1][2] - The report highlights that the industry is transitioning from a left-side phase to a right-side phase, with expectations for stabilization in real estate construction and operational data, alongside a low base and easing competition, which will gradually improve profitability across more product categories [2] - Specific companies to watch include Dongfang Yuhong, Sankeshu, Beixin Building Materials, and Tubao, as they are expected to benefit from the improving market conditions [2] Group 2 - In the cement sector, a policy document released by the Cement Association on July 1 aims to better enforce restrictions on overproduction, which is expected to lead to a sustained decrease in capacity and a significant increase in capacity utilization [2] - The cement industry is currently experiencing a low demand and price point during the off-season, but a recovery in demand is anticipated in August, which may lead to gradual price increases [2] - Companies to focus on in the cement sector include Conch Cement and Huaxin Cement [2] Group 3 - The glass industry is facing a continuous downward trend in demand due to real estate impacts, with a seasonal demand performance from June to August being acceptable, but supply-demand contradictions still exist [3] - The report suggests that the anti-involution policy will not lead to a blanket capacity clearance but will raise environmental standards and costs, accelerating the pace of industry cold repairs [3] - The focus in the glass sector is on Qibin Group [3] Group 4 - The fiberglass sector is experiencing subdued demand for traditional non-alkali coarse sand, while niche segments are performing well, driven by demand from the AI industry chain, leading to a rise in both volume and price for low dielectric products [3] - The report anticipates explosive growth in demand for the fiberglass industry, particularly for first, second, and third-generation (Q fabric) products, indicating a clear trend of structural upgrades [3] - Companies to watch in the fiberglass sector include China National Materials [3] Group 5 - The report provides a weekly market review, noting that from August 18 to August 24, the building materials industry index increased by 2.91%, while major indices such as the Shanghai Composite Index and Shenzhen Component Index saw gains of 3.49% and 4.57%, respectively [4] - Among 31 primary sub-industry indices, the building materials sector ranked 8th in terms of performance [5]