建筑材料行业投资策略周报：行业陆续步入淡季，看好2025年建材板块机会

Investment Rating - The investment rating for the construction materials industry is "Hold" [2]. Core Insights - The report maintains a positive outlook on the construction materials sector, anticipating opportunities in 2025 due to supportive monetary and fiscal policies, despite current industry challenges [25][24]. - The construction materials industry is currently experiencing a downturn, but leading companies have shown resilience and are expected to benefit from a recovery in demand, particularly in retail construction materials [25][24]. Summary by Sections 1. Industry Overview - The construction materials sector is entering a seasonal downturn, but there is optimism for 2025 as policies are expected to support recovery [25]. - The report highlights that the construction materials industry is still in a left-side phase of the economic cycle, with signs of stabilization expected [25]. 2. Consumer Construction Materials - Continuous policy support is leading to a recovery in retail construction materials, with strong operational resilience among leading companies [25]. - The report notes that the long-term demand for consumer construction materials remains stable, with significant growth potential for quality leaders in the sector [25]. 3. Cement Market - The national average price of cement has decreased by 1.0% week-on-week, with expectations for continued price weakness [25]. - The report indicates that the cement industry is currently at a historical low in terms of valuation, with a focus on companies like Conch Cement and Huaxin Cement [25]. 4. Glass Market - Float glass prices have declined, while photovoltaic glass transactions remain stable [25]. - The report identifies leading glass companies as undervalued and recommends companies such as Qibin Group and Shandong Yaobang [25]. 5. Fiberglass and Carbon-Based Composites - The report states that the prices of fiberglass yarns are stable, with a positive outlook for leading companies in the sector [25]. - It highlights the ongoing bottoming out of the fiberglass market and the leading position of companies like China Jushi and Changhai Co [25].