财通证券：成本构筑建材护城河 新场景新业务打开空间

Group 1: Cement Industry - Domestic supply and demand for cement may stabilize in the long term, primarily due to supply contraction driven by new supply-side reform policies focusing on capacity control and reducing competition [1] - Incremental growth in the cement sector is expected to come mainly from overseas markets, with Africa showing advantages in competitive landscape, profit margins, and demand potential [1] - Cement stocks are viewed as high dividend investments, with overseas contributions to performance and a domestic price recovery expected to support the fundamentals [1] Group 2: Glass Industry - The glass industry is at the bottom of its economic cycle, with cost support helping companies navigate through this period [2] - Demand in the real estate sector, which accounts for 80.8% of the market, has significantly declined due to reduced construction area, while growth in automotive, electronics, and photovoltaic sectors (19.2% combined) is insufficient to offset this decline [2] - The number of operational production lines has decreased from 266 in September 2021 to 224, indicating that high-cost and non-competitive capacities will likely exit the market, benefiting leading companies with strong cost control and diversified operations [2] Group 3: Glass Fiber Industry - Glass fiber is widely used across various industrial sectors, with traditional applications in construction (25%), transportation (24%), and electronics (18%) [2] - The introduction of anti-competition measures in the glass fiber industry is expected to stabilize prices, while advancements in AI technology are driving demand for low dielectric electronic fabrics, leading to product upgrades and increased profitability for companies [2] Group 4: Consumer Building Materials - A turning point is emerging in the consumer building materials sector, with reduced competition as smaller companies face losses and exit the market, allowing leading firms to enhance market concentration [3] - The focus of leading companies is shifting from volume growth to high-quality development, with improvements in channel structure, a return to value-based pricing, and cost reduction strategies [3] - The restructuring of competition is expected to enhance profitability in niche segments like coatings and waterproofing, with companies such as Sanhe Tree, Oriental Yuhong, Rabbit Baby, and Keshun Holdings recommended for attention [3]