顺周期再迎节点，三季报消化悲观预期

Investment Rating - The report maintains an "Overweight" rating for the building materials sector [5]. Core Viewpoints - The report highlights that the third quarter results have alleviated pessimistic expectations, with a strong anticipation for fiscal policy implementation and external environment catalysts [3]. - The cement market has seen a significant price increase of 1.4% week-on-week, with regional variations in price movements [4][9]. - The report emphasizes the resilience of the market despite pressures, with a recommendation for leading companies in the building materials sector [4][7]. Summary by Sections 1. Building Materials Investment Strategy - The report indicates a cyclical recovery, with third-quarter reports reflecting improved operational quality despite weak demand [7]. - Key recommendations include companies like Oriental Yuhong, Beixin Building Materials, and Weixing New Materials, which are expected to outperform due to their strong business models and market positions [7]. 2. Cement Industry - The national cement market price has increased significantly, with notable price hikes in regions such as Liaoning, Jiangxi, and Henan [4][9]. - The report notes a temporary reduction in cement demand due to adverse weather conditions affecting construction activities, with a national shipment rate of 50.7%, down approximately 3.6 percentage points [4][9]. - The report anticipates a continued upward trend in cement prices, driven by strong demand recovery and effective supply management [4][9]. 3. Glass Industry - The average price of float glass has risen to 1328.63 CNY/ton, reflecting a week-on-week increase of 75.70 CNY/ton, with active trading conditions noted [24][26]. - The report highlights a reduction in inventory levels and improved supply dynamics, suggesting a stable price outlook in the short term [26]. 4. Glass Fiber Industry - The glass fiber market is experiencing weak price stabilization, with electronic yarn prices remaining steady [27]. - The report indicates a regional disparity in demand, with some areas showing improved order volumes while others remain cautious [27].