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Investment Rating - The report maintains an "Overweight" rating for the building materials industry, consistent with the previous rating [1]. Core Views - The report emphasizes a long-term investment strategy in consumer building materials, highlighting the stability of seasonal profits for leading cement companies [2][5]. - It notes that the cement market is experiencing a price increase, particularly in regions like Guangdong and Guangxi, despite a general seasonal demand decline [3][6]. - The report recommends several leading companies in the building materials sector, including cement and glass fiber manufacturers, based on their strong fundamentals and valuation advantages [5][14][15]. Summary by Sections Building Materials Industry Investment Strategy - The report indicates that the second round of price increases in Guangxi has been successfully implemented, suggesting a potential easing of market conditions in the region [5]. - It predicts that leading companies will maintain stable profit expectations during the traditional off-season from late Q2 to early Q3, supported by strong pricing power and improved funding conditions [5]. - Long-term strategies are recommended for leading companies such as Conch Cement, Huaxin Cement, and China Resources Cement [5]. Cement Industry - National cement prices increased by 0.9% week-on-week, with significant price hikes in Guangdong, Guangxi, Hainan, and Ningxia [3][6]. - Despite a decrease in average shipment rates to 48% due to adverse weather conditions, the report notes that many companies are effectively managing production schedules to maintain profitability [3][6]. - The report highlights the importance of supply-side optimization policies and carbon trading mechanisms for the long-term health of the cement industry [5]. Glass Industry - The average price of domestic float glass is reported at 1687.76 RMB/ton, showing a slight decrease [14]. - The report indicates a stable yet weak market for glass, with inventory levels rising in some regions, while demand remains subdued [14]. - Recommendations include leading companies like Xinyi Glass and Qibin Group, which are expected to benefit from strong competitive advantages and dividend yields [14]. Glass Fiber Industry - The report notes stable pricing for glass fiber products, with good demand for electronic yarns despite a generally weak market [15]. - It highlights the tight supply of electronic yarns and the strong demand from downstream manufacturers [15]. - Key recommendations include companies like China Jushi and Zhongcai Technology, which are expected to benefit from structural demand upgrades [15].