建筑材料行业行业周报：产能置换新规发布，供给优化促进行业升级

Investment Rating - The report maintains a "Buy" rating for the construction materials industry [4] Core Views - The cement industry is experiencing an improved supply-demand balance due to the newly released capacity replacement regulations, with national cement prices continuing to rise. The demand is expected to weaken in the short term but recover in the medium to long term due to the acceleration of special bond issuance [1][3] - The consumer building materials sector is anticipated to see a recovery in demand driven by real estate policies, with significant growth expected in the old housing renovation market [1][3] - The fiberglass sector shows stable pricing for both roving and electronic yarns, with a promising long-term outlook driven by demand in the thermoplastic and wind power sectors [2][3] - Float glass prices have seen a notable increase, supported by strong demand and a positive shift in industry supply dynamics following the new capacity replacement regulations [2][3] Summary by Sections Industry News - The Ministry of Industry and Information Technology has issued new capacity replacement regulations for the cement and glass industries to optimize supply and promote high-quality development [11][12] Industry Data - National cement prices have risen to an average of 356.84 CNY/ton, a week-on-week increase of 12.35%, with a year-on-year increase of 11.53% [21] - Float glass prices have increased to an average of 1350.34 CNY/ton, with a week-on-week growth of 7.52% [21] - Fiberglass prices remain stable, with roving priced at 3787.5 CNY/ton and electronic yarn at 9100 CNY/ton [21][32] Market Review - The construction materials sector has outperformed the CSI 300 index by 3.94 percentage points this week, with a sector-wide increase of 2.26% [34]