建材行业周报：顺周期再迎节点，三季报消化悲观预期

Investment Rating - The report rates the construction materials industry as "Overweight" [5] Core Views - The report emphasizes that the cyclical recovery is approaching a key point, with the third quarter reports alleviating pessimistic expectations. It recommends leading companies in the building materials sector, particularly in cement [3][7] - The cement market has seen a significant price increase of 1.4% week-on-week, with regional variations in price adjustments. Despite a temporary decrease in demand due to adverse weather conditions, the overall price trend is expected to continue upward [4][9][22] - The glass and fiberglass sectors are highlighted for their strong demand resilience and competitive advantages, with recommendations for leading companies in these segments [8][23] Summary by Sections 1. Construction Materials Investment Strategy - The report indicates that the new policies for cement supply are expected to improve the fundamentals in Q4, with a strong likelihood of enhanced profitability. Leading companies such as Conch Cement and Huaxin Cement are recommended [7][8] 2. Cement Industry - National cement prices have increased significantly, with specific regions experiencing price hikes of 30-100 CNY/ton. However, some areas have seen price declines due to reduced demand [9][10] - The report notes that the cement industry is entering a seasonal production adjustment phase, with many companies planning to implement winter production restrictions starting November 1 [18][30] 3. Glass Industry - The average price of float glass has risen to 1328.63 CNY/ton, with a week-on-week increase of 75.70 CNY/ton. The report highlights the active trading atmosphere and regional price variations [22][24] - Recommendations include leading companies like Fuyao Glass and Xinyi Glass, which are expected to benefit from high dividends and global market expansion [22][24] 4. Fiberglass Industry - Fiberglass prices are currently weak, with electronic yarn markets showing stable sales. The report notes an increase in supply due to the resumption of production lines, which may pressure prices [23] - The report suggests that demand for high-end fiberglass products is expected to grow, benefiting companies like China Jushi and China National Materials [23]