建筑材料行业周报：玻纤再迎复价，对冲出口退税下调压力

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Viewpoints - In the second half of the year, the price of glass fiber is expected to rise again, which may alleviate the cost pressure caused by the reduction in export tax rebates. Several glass fiber companies have announced price increases of 10%-20% [4][5] - The adjustment in prices is a response to the reduction of the export tax rebate rate from 13% to 9%, which has increased export costs. This price increase is anticipated to improve the profitability of glass fiber companies [5] - The cement market shows signs of price recovery, with the national average price of cement at 543.1 RMB/ton, a slight decrease of 0.2% week-on-week. However, the supply-side constraints may support future price stability [6][8] Summary by Relevant Sections Glass Fiber - From November 27 to 28, multiple glass fiber companies announced price increases, with major products seeing price hikes of 10%-20% [4] - The price adjustment is the second round of increases this year, aimed at mitigating the impact of reduced export tax rebates [5] Cement - The national average price of cement was reported at 543.1 RMB/ton, with a week-on-week decline of 0.2%. The cement output for the week ending November 29 was 3.412 million tons, a decrease of 0.4% [6] - The cement inventory ratio was 62.51%, down 1.04 percentage points week-on-week, indicating potential supply constraints that could support price recovery [6] Investment Strategy - The current construction materials sector is at a low point, but there is potential for price recovery, particularly in cement and other building materials. The report suggests focusing on resilient consumer building material leaders and companies benefiting from municipal project funding [9]