建筑材料：玻纤再发复价通知，关注需求恢复情况

Investment Rating - The report maintains a positive outlook on the construction materials industry, particularly focusing on cement, consumer building materials, glass fiber, and float glass sectors [4]. Core Insights - Cement: Demand is significantly affected by temperature, with supply-side support for prices gradually becoming evident. National cement prices have shifted from rising to falling, with a notable decrease in demand due to weather conditions. The total inventory of clinker has decreased, and while short-term demand may weaken, medium to long-term prospects are optimistic due to expected infrastructure investments [2][59]. - Consumer Building Materials: Real estate policies are expected to stimulate demand recovery. Retail sales of building and decoration materials fell by 3.0% year-on-year from January to October 2024, with a 5.8% decline in October alone. However, improved sales in the real estate market are anticipated to boost demand for consumer building materials [2][60]. - Glass Fiber: Manufacturers have issued price recovery notices, indicating a potential gradual recovery in demand. Short-term demand remains weak, but medium to long-term prospects are positive, especially for wind power and thermoplastic fibers [3]. - Float Glass: Prices have continued to decline, with an increase in the rate of decline compared to the previous week. The market demand is generally weak, but the implementation of new capacity replacement regulations is expected to improve the supply-demand balance in the long run [3]. Summary by Sections Cement - National cement prices have turned from rising to falling, with a current average price of 363.30 CNY/ton, down 0.26% week-on-week but up 11.04% year-on-year [33]. - The clinker inventory has decreased, with a weekly capacity utilization rate of 57.50%, down 3.46 percentage points from the previous week [33][59]. - The medium to long-term outlook for cement demand is positive due to anticipated infrastructure investments and the implementation of new capacity replacement policies [2][59]. Consumer Building Materials - Retail sales of building materials fell by 3.0% year-on-year from January to October 2024, with a 5.8% decline in October [2][60]. - The real estate market is showing signs of recovery due to supportive policies, which is expected to drive demand for consumer building materials [2][60]. Glass Fiber - The price of glass fiber has seen a slight increase, with the average price for direct winding yarn at 3812.5 CNY/ton, up 1.33% week-on-week [42]. - Medium to long-term demand for wind power and thermoplastic fibers is expected to recover gradually [3]. Float Glass - The average price of float glass has decreased to 1424.68 CNY/ton, down 2.12% week-on-week [33]. - The implementation of new capacity replacement regulations is expected to enhance the industry's supply-demand dynamics in the long run [3].