建材行业2025年度策略报告：政策提振预期，供给优化扭转行业困境

Investment Rating - The report recommends a positive outlook for the construction materials industry, particularly for companies with strong channel layouts and product quality advantages, such as Beixin Building Materials, Weixing New Materials, Dongfang Yuhong, and Gongyuan Co [297][298][307]. Core Insights - The construction materials industry is expected to see a recovery in domestic demand driven by continuous real estate policy support, with a focus on the stock market [36][101]. - The industry is undergoing supply optimization and structural adjustments, with a focus on reducing excess capacity and enhancing product quality [36][101]. - The glass fiber sector is anticipated to benefit from new applications in wind power, automotive lightweighting, and electronics, leading to increased demand [36][101][247]. - The cement industry is expected to experience a price increase due to improved supply-demand dynamics and stricter capacity controls [36][101][221]. Summary by Sections 1. Industry Overview - The construction materials industry has faced significant challenges in 2024, including weak demand, reduced production, and low prices, leading to a general downturn in industry performance [309]. - The report highlights the importance of government policies in stabilizing the real estate market and boosting construction material demand [36][101]. 2. Demand and Supply Dynamics - The report notes that the real estate sector's recovery is crucial for the construction materials industry, with a focus on the stock market and urban renewal projects [36][101]. - The glass fiber market is expected to see growth due to increased demand from emerging sectors such as wind energy and automotive applications [36][101][247]. - Cement production is projected to decrease due to stricter capacity controls and improved collaboration among industry players [36][101][221]. 3. Price Trends - The report anticipates a gradual recovery in prices for construction materials, particularly cement and glass, as supply-demand imbalances are addressed [36][101][221]. - The glass fiber sector is expected to see price increases following a new round of price adjustments in 2025 [36][101][241]. 4. Investment Recommendations - The report suggests focusing on leading companies in the construction materials sector that are well-positioned to benefit from policy support and market recovery, including Beixin Building Materials, Weixing New Materials, and China Jushi [297][298][307].