建筑材料行业美国大选点评：贸易制约加剧，看好海外产能布局多的企业

Investment Rating - The report maintains a "Recommended" rating for the construction materials industry [3]. Core Insights - The report highlights that the intensification of trade restrictions by the U.S. will significantly impact China's export-related industries, particularly in the glass fiber sector, where tariffs could reach 60% [1][2]. - It emphasizes the potential for domestic demand recovery in China due to increased stimulus policies, which could benefit the glass fiber market [2]. - The competitive advantage of global glass fiber leaders, particularly those with production capacity in the U.S., is expected to become more pronounced [2]. Summary by Sections Trade Restrictions Impact - The U.S. has increased trade restrictions against China, which will likely reduce China's export volume and directly affect the profits of related enterprises [1]. - China's glass fiber exports are projected to decline due to the high tariffs imposed by the U.S., which will increase costs and diminish price competitiveness in the U.S. market [1]. Domestic Demand Recovery - In response to trade restrictions, China is expected to enhance domestic demand stimulus policies, which will positively influence the glass fiber market [2]. - The demand for glass fiber yarn is anticipated to recover as industries such as wind power and new energy vehicles grow rapidly [2]. Competitive Landscape - China Jushi, a leading glass fiber manufacturer, has a significant advantage due to its overseas production bases, including in the U.S. [2]. - The company’s production capacity in the U.S. is 96,000 tons per year, which positions it favorably against domestic competitors amid trade restrictions [2]. Investment Recommendations - The report recommends investing in glass fiber leaders like China Jushi, which have established production capacity in the U.S. to mitigate the impact of trade restrictions [2].