中邮证券：化债政策持续加码 关注内需预期加强的防水、水泥等行业

Group 1: Economic Outlook - The expectation for domestic demand is strengthening due to intensified debt reduction policies and a backdrop of overseas interest rate cuts [1][2] - The government aims to establish a debt management mechanism that aligns with high-quality development, focusing on reducing existing hidden debts while promoting economic stability [2] Group 2: Cement Industry - The cement industry is expected to see a gradual recovery in demand as it enters the peak season in September, although growth remains limited [2] - The implementation of policies to restrict overproduction is anticipated to enhance capacity utilization in the medium term, with current low demand and prices [2] - Key companies to watch include Conch Cement and Huaxin Cement [2] Group 3: Glass Industry - The glass industry currently lacks fundamental support, with supply-demand imbalances persisting and limited improvement in downstream demand [3] - The industry is expected to experience bottom-level price fluctuations, with environmental regulations likely to accelerate the pace of industry upgrades [3] - Key company to monitor is Qibin Group [3] Group 4: Fiberglass Industry - The fiberglass sector is experiencing a surge in demand driven by the AI industry, with a notable increase in both volume and price for low dielectric products [3] - The industry is expected to see explosive growth in demand alongside AI advancements [3] - Key companies to focus on include China Jushi and China National Building Material [3] Group 5: Consumer Building Materials - The consumer building materials sector has reached a profitability bottom, with no further downward price pressure expected [3] - The sector is experiencing strong calls for price increases and profitability improvements, with several product categories issuing price increase notices [3] - Key companies to watch include Oriental Yuhong, Skshu Paint, Beixin Building Materials, and Rabbit Baby [3]