建筑材料行业点评报告：美国对等关税点评：玻纤出口受冲击，关注海外布局完善的企业

Investment Rating - The report maintains a "Recommended" rating for the building materials industry [1] Core Viewpoints - The recent imposition of a 34% reciprocal tariff by the United States on Chinese glass fiber exports will significantly impact the export volume and profitability of Chinese glass fiber companies [4] - The glass fiber industry in China has a high export ratio, with 26.75% of the total production (7.56 million tons) being exported in 2024, and the U.S. being a major market [4] - Companies with established overseas production capacities, particularly in the U.S., will have a competitive advantage in this environment [4] - If the U.S. exempts building materials from tariffs, the negative impact on glass fiber exports may be mitigated [4] - China Jushi, a leading glass fiber manufacturer, has a significant overseas sales proportion (approximately 35%) and production capacity in the U.S. (96,000 tons/year), which may help it maintain market share despite tariffs [4] - The report suggests focusing on companies like China Jushi that have overseas production layouts to navigate the current trade challenges [4]