建筑材料行业研究周报：建材各板块四季度业绩如何展望？

Investment Rating - The industry rating is "Outperform" (maintained rating) [1] Core Views - The construction materials sector experienced a decline of 4.70% in the past five trading days, with all segments showing negative returns. Notable individual stock performances included Mona Lisa (+9.4%) and Zhongqi New Materials (+7.8%) [20] - Recent data indicates a positive trend in the real estate market, with a 5.71% year-on-year increase in sales area for commercial housing in major cities, marking eight consecutive weeks of positive growth [7][20] - The cement industry is expected to see significant improvement in performance in Q4, driven by price increases, with an estimated national average cement price of 424 RMB/ton, up 34 RMB from the previous month [20][24] - The glass fiber and glass sectors are projected to maintain relatively stable performance in Q4, with glass fiber prices increasing by approximately 400 RMB/ton (+13%) year-on-year [20][24] Summary by Sections Market Review - The construction materials sector has shown a decline in performance, with the overall market down 4.70% in the last five trading days. Individual stocks have varied performances, with some showing gains while others have declined [20] Q4 Performance Outlook for Construction Materials - The cement sector is expected to improve significantly in Q4, with price increases and a positive outlook for profitability. The glass fiber sector is also expected to see stable performance, while the consumer building materials segment may benefit from increased transactions in the second-hand housing market [20][24] Key Sub-Industry Tracking - The report highlights the long-term value of traditional construction material leaders and the potential for growth in new energy materials. The cement sector is anticipated to benefit from improving infrastructure and real estate demand, while consumer building materials are expected to stabilize as real estate policies improve [25][36]