玻纤“复价模式”开启，行业盈利能力有望持续提升

Core Viewpoint - The construction materials industry is experiencing a continued demand decline, with specific challenges in the cement sector, despite some policy support aimed at stabilizing the market [2][3]. Cement Industry - In September, the national average cement shipment rate showed a slight month-on-month increase but a nearly 4 percentage point year-on-year decline, indicating ongoing demand shrinkage [1][3]. - The average cement price in September 2025 is reported at 346.77 yuan/ton, reflecting a 5.43 yuan/ton increase from June, yet the overall demand remains weak [1][3]. - Factors contributing to the weak demand include investment declines and project funding shortages, which hinder construction progress, alongside frequent rainfall affecting operations [3]. Glass Industry - The float glass market is expected to transition into a fluctuating trend after recent price increases, with some year-end demand but overall supply pressure remaining [4]. - The anticipated daily production is expected to maintain above 160,000 tons, but demand is primarily driven by essential purchases due to funding and payment issues [4]. - Key companies to watch in the glass sector include Qibin Group and Jinjing Technology [4]. Fiberglass Industry - A price adjustment announcement from Shandong Fiberglass indicates a 5%-10% increase in prices for certain fiberglass products, signaling a potential recovery in the industry [5]. - The China Fiberglass Industry Association has initiated a joint effort to establish a fair competitive environment, which may enhance profitability across the sector [5]. - Notable companies in this space include China Jushi and Zhongcai Technology [5]. Consumer Building Materials - Continuous real estate policy implementations are expected to drive industry valuation recovery and fundamental improvements, with recommended companies including Weixing New Materials and Beixin Building Materials [5].