建材行业2025年投资策略：供给优化，景气拐点之年

Investment Rating - The industry investment rating is "Hold" [43] Core Viewpoints - The glass fiber industry is expected to stabilize in 2025, with demand supported while new capacity pressures the performance [39][42] - The pricing strategy is anticipated to remain stable, waiting for marginal improvements in supply and demand to create opportunities for price increases [4][42] - The leading companies in the glass fiber sector, such as China Jushi, Changhai Co., and China National Materials, are expected to maintain a competitive edge [11][42] Summary by Sections Production Capacity Changes - New production lines and restarts are expected to contribute significantly to effective production capacity in 2024 and 2025, with various companies planning to increase their output [1][3] - The total production capacity changes during the period are calculated as new starts plus restarts minus cold repairs, indicating a dynamic adjustment in the market [1][3] Price Expectations - The industry is expected to see price stability in 2025, with potential for price increases if supply and demand conditions improve [4][42] - The electronic yarn sector has not seen new production capacity, which may lead to better price dynamics compared to coarse yarn [4][42] Investment Recommendations - The report recommends focusing on leading companies in the glass fiber and carbon-based composite materials sectors, highlighting their strong competitive positions [11][42] - Companies such as Jushi, Changhai, and China National Materials are identified as key players to watch [11][42]