GOLDEN SUN SECURITIES·2025-06-08 10:55Investment Rating - The report maintains a "Buy" rating for companies such as Beixin Building Materials, Pona, and China Jushi, while recommending "Hold" for Weixing New Materials [8]. Core Views - The construction materials sector is expected to experience a "not-so-weak" off-season despite the traditional seasonal downturn, with a slight increase in demand for certain materials [1][2]. - Government debt issuance has increased, which may alleviate fiscal pressure and accelerate municipal engineering projects, benefiting companies like Longquan Co., Qinglong Pipe Industry, and China Liansu [2]. - The glass market is facing a supply-demand imbalance, with a marginal improvement in demand since March 2025, but overall demand is expected to decline post-2025 [2][3]. - The cement industry is still in a demand bottoming process, with companies increasing production cuts to stabilize prices [2][15]. - The fiberglass market shows signs of recovery, particularly in wind power applications, while electronic fiberglass demand remains strong [2][7]. Summary by Sections 1. Market Overview - From June 3 to June 6, 2025, the construction materials sector (SW) rose by 0.63%, with cement up 0.38%, glass manufacturing up 1.01%, fiberglass up 2.07%, and renovation materials up 0.24% [1][11]. - The net capital inflow for the construction materials sector was -159 million yuan during this period [1]. 2. Cement Industry Tracking - As of June 6, 2025, the national cement price index was 358.88 yuan/ton, down 0.51% from the previous week, with a total cement output of 3.157 million tons, a decrease of 9.81% [15]. - The cement market is characterized by weak demand in infrastructure and residential construction, with a utilization rate of 61.01% for cement clinker production [15][27]. 3. Glass Industry Tracking - The average price of float glass was 1250.27 yuan/ton, down 1.63% from the previous week, with inventory levels increasing significantly [3][32]. - The demand for glass is expected to remain weak in June, with prices likely to fluctuate downward [3][34]. 4. Fiberglass Industry Tracking - The fiberglass market is witnessing a stabilization in prices, with demand from wind power applications supporting growth [2][7]. - The price of non-alkali fiberglass is expected to stabilize, while electronic fiberglass prices remain steady [6][7]. 5. Carbon Fiber Industry Tracking - The carbon fiber market is stable, with production rates at 60.69% and a slight increase in inventory levels [7]. - The demand for carbon fiber is anticipated to grow, particularly in wind energy and hydrogen storage applications [7]. 6. Consumer Building Materials - The consumer building materials sector is benefiting from improved second-hand housing transactions and consumption stimulus policies, with companies like Beixin Building Materials and Weixing New Materials recommended for investment [2][8].