建材行业稳增长工作方案发布，关注水泥、玻璃供给侧变化

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4]. Core Views - The construction materials sector is expected to recover positively in 2025-2026, with improved profitability levels due to strict capacity control measures for cement and glass production [2]. - The report highlights the importance of municipal engineering projects, which are likely to accelerate, benefiting companies like Longquan Co., Qinglong Pipeline, China Liansu, and Zhen'an Technology [2]. - The report emphasizes the ongoing supply-demand imbalance in the float glass market, with a focus on price stability following production cuts in photovoltaic glass [2]. - Consumer building materials are recommended due to favorable conditions from second-hand housing transactions and consumption stimulus policies, with companies like Beixin Building Materials and Weixing New Materials highlighted [2]. - Cement production is expected to see positive changes on the supply side, with a focus on regional demand increases driven by large infrastructure projects [2]. Summary by Sections Cement Industry Tracking - As of September 26, 2025, the national cement price index is 347.22 CNY/ton, up 2.61% week-on-week, while cement output decreased by 5.59% to 2.5905 million tons [3][18]. - The cement industry is facing a "supply price increase, demand not following" contradiction, with infrastructure being the mainstay of demand [18]. Glass Industry Tracking - The average price of float glass is 1224.74 CNY/ton, with a week-on-week increase of 1.39%, while inventory levels have decreased [6]. - The report notes that the market's supply-demand structure has not improved significantly, and the upcoming National Day holiday may exert pressure on supply and demand [6]. Fiberglass Industry Tracking - The report indicates that fiberglass prices are stabilizing, with demand showing slight improvement, particularly for high-end products [7]. - The overall inventory growth rate has slowed, suggesting a potential for price increases in the future [7]. Consumer Building Materials Tracking - The demand for consumer building materials continues to show signs of weak recovery, with upstream raw material prices experiencing fluctuations [8]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs reported at 106,800 CNY/ton and a negative gross margin [8]. - The report highlights a slow recovery in downstream demand, particularly in wind energy and hydrogen storage sectors [8].