GOLDEN SUN SECURITIES·2025-08-31 10:09Investment Rating - The report maintains a rating of "Buy" for companies such as Beixin Building Materials and China Jushi, while recommending "Overweight" for Weixing New Materials [9][10]. Core Insights - The construction materials sector experienced a decline of 2.02% from August 25 to August 29, 2025, with cement down 3.21% and glass manufacturing down 2.52%. However, fiberglass manufacturing saw an increase of 4.90% [1][12]. - Recent policy adjustments in Shanghai aim to optimize the real estate market, including reducing housing purchase limits and improving housing credit policies, which may positively impact the construction materials sector [2][3]. - The report highlights a potential recovery in municipal engineering projects due to increased local government bond issuance, which rose by 3.2% month-on-month and 70.7% year-on-year in July 2025 [2][3]. Cement Industry Summary - As of August 29, 2025, the national cement price index was 337.65 CNY/ton, a decrease of 1.12% from the previous week. Cement output was 2.56 million tons, down 4.53% week-on-week [3][17]. - The cement industry is currently facing a demand bottoming out, with production cutbacks being implemented to stabilize prices around the breakeven point [2][3]. Glass Industry Summary - The average price of float glass was 1189.67 CNY/ton, down 1.34% from the previous week, with inventory levels remaining high despite some demand recovery [6][7]. - The report notes that the supply-demand imbalance in the float glass market is expected to ease due to self-regulated production cuts by photovoltaic glass manufacturers [2][6]. Fiberglass Industry Summary - The fiberglass market is showing signs of recovery, with prices stabilizing after a price war. Demand from the wind power sector is expected to increase significantly in 2025 [2][7]. - The report emphasizes structural opportunities in the fiberglass sector, particularly with the anticipated growth in wind power installations [2][7]. Consumer Building Materials Summary - Consumer building materials are benefiting from improved second-hand housing transactions and consumption stimulus policies, with companies like Beixin Building Materials and Weixing New Materials being highlighted for their growth potential [2][6]. - The report indicates a weak recovery in consumer building materials demand, influenced by seasonal factors and price sensitivity [6][7]. Carbon Fiber Industry Summary - The carbon fiber market is experiencing stable prices, with production levels maintaining at 1852 tons and an operating rate of 61.52% [8]. - The report notes that downstream demand is slowly recovering, with growth expected in sectors such as wind energy and hydrogen storage [8].