建材行业策略周报：地产宽松政策延续，旺季需求待验证

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The real estate sector is gradually stabilizing due to continued easing policies, although demand during the peak season remains to be verified. In September, the supply of new residential properties in 28 key cities is expected to be 7.03 million square meters, a decrease of 4% month-on-month and 59% year-on-year [2][6] - The cement supply is contracting while demand is gradually increasing, leading to a bottoming out of prices. Weather conditions have improved, allowing for the release of downstream demand, and various regions are implementing coordinated production halts to support price increases [15][16] - In the new materials sector, the price of fiberglass yarn is showing slight increases, while carbon fiber transactions remain sluggish with prices stabilizing. The market for electronic yarn is steady, but demand from downstream PCB markets is weak [20][21] Summary by Sections Consumer Building Materials - In early September, transaction volumes in first- and second-tier cities were weak, with a year-on-year decrease of 10% and a month-on-month decrease of 26% in transaction area across 23 major cities. The supply remains low, with new residential supply not exceeding the average monthly levels of the second quarter [2][6] - The easing monetary policy is expected to support the gradual stabilization of the real estate market, with potential improvements in building material demand as inventory is gradually released [6][7] Cyclical Materials - Cement supply is steadily contracting, with production halts in various regions to support price increases. The price of cement is expected to rise as supply and demand gradually match [15][16] - The float glass market is experiencing price declines due to weak demand, with prices dropping by 1-5 yuan per weight box. The overall supply remains stable, but the demand is not meeting expectations [16][17] New Materials - The price of fiberglass yarn is showing slight increases, with some products experiencing price hikes of 100-300 yuan per ton. However, the market for electronic yarn remains stable with general demand [20][21] - Carbon fiber prices are stable, but the market demand is weak, leading to a lack of transactions [20][21]