建筑材料&新材料行业2025年投资策略：重视供给端积极变化，重点关注消费建材

Investment Rating - The report emphasizes a positive outlook for the construction materials and new materials industry, particularly focusing on consumer building materials [1][4]. Core Viewpoints - The demand side is expected to stabilize and recover under the stimulus of loose macro policies, while proactive changes on the supply side are noteworthy. The cement industry is successfully increasing prices due to industry self-discipline and peak-shifting production [4][6]. - The real estate sector is transitioning into a stock market, with significant potential for renovation and upgrading of existing properties. The report highlights the shift from B-end to C-end customers in consumer building materials, suggesting that brands with strong market presence and distribution channels are worth focusing on [4][6]. Summary by Sections 2024 Industry Review - Demand is anticipated to stabilize as confidence in the housing market strengthens. The cement industry is recovering profitability through self-discipline and proactive price increases [6][24]. - The glass fiber sector is experiencing a broadening of application fields, with a long-term positive trend in consumption volume. The report recommends focusing on companies with strong product structures and cost advantages [4][50]. - The glass industry faces weak downstream demand, with a need to monitor supply-side changes. The report notes that while photovoltaic glass demand is growing, flat glass consumption is declining [4][62]. - Consumer building materials are expected to see a release of pent-up demand, particularly in the context of renovation and urban renewal policies. The report highlights the importance of companies with competitive advantages in the C-end market [4][74]. Key Recommendations for 2025 - The report recommends focusing on companies such as West Construction (002302) in the cement sector, China Jushi (600176) and International Composites (301526) in the glass fiber sector, and Tubaobao (002043) and Beixin Building Materials (000786) in consumer building materials [4][6].