GOLDEN SUN SECURITIES·2025-08-24 08:54Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4]. Core Viewpoints - The construction materials sector is experiencing weak demand due to the real estate market, but there are expectations for more supportive policies to stabilize the industry [2]. - The report highlights a significant increase in local government bond issuance, which is expected to alleviate fiscal pressure and potentially accelerate municipal projects [2]. - The supply-demand imbalance in the float glass market is anticipated to ease as photovoltaic glass manufacturers begin self-regulated production cuts [2]. - The report recommends focusing on consumer building materials, which are expected to benefit from favorable second-hand housing transactions and consumption stimulus policies [2]. - Cement production is being adjusted through staggered shutdowns, with a focus on improving supply-side conditions [2]. - The fiberglass market is showing signs of recovery, particularly with increasing demand from the wind power sector [2]. Summary by Sections Cement Industry Tracking - As of August 22, 2025, the national cement price index is 341.46 CNY/ton, with a week-on-week increase of 1.7% [3]. - The national cement output reached 2.6815 million tons, up 2.82% from the previous week [3]. - The cement market is characterized by weak demand, high inventory, and low prices, with expectations for continued weakness in the coming week [18]. Glass Industry Tracking - The average price of float glass is 1205.78 CNY/ton, reflecting a week-on-week decline of 2.42% [3]. - Inventory levels for float glass are increasing, indicating pressure on manufacturers [3]. Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with slight improvements in demand observed in certain areas [6]. - The report notes that the demand for electronic fiberglass is strong, particularly for high-end products [6]. Consumer Building Materials - The demand for consumer building materials is showing signs of weak recovery, with fluctuations in raw material prices [6]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs reported at 106,700 CNY/ton and a negative gross margin [7]. - Import and export data for carbon fiber indicate a net import of 444.33 tons in July 2025 [7].