SINOLINK SECURITIES·2025-09-28 12:38Investment Rating - The report highlights a positive investment outlook for the fiberglass industry, emphasizing the confidence shown by leading companies through share buybacks and employee incentive plans [2][12]. Core Insights - The fiberglass industry has been identified as a key focus area, benefiting from global pricing attributes and high external demand, with many small enterprises operating near breakeven [2][12]. - The glass industry, particularly in the photovoltaic and float glass segments, is currently at a low point in terms of market conditions, with prices moving in tandem but lacking clear signs of recovery [2][12]. - Companies like Qibin Group have diversified their business structure, which may provide them with additional performance catalysts compared to other glass companies [2][12]. Summary by Sections Weekly Discussion - Recent share buyback announcements from China Jushi and Qibin Group are seen as positive signals of confidence in the industry [2][12]. - The fiberglass sector has been highlighted as a focus area since before the interest rate cut in September, with its characteristics aligning well with external demand and price elasticity [2][12]. Cyclical Linkage - The average price of float glass increased to 1224.74 RMB/ton, reflecting a 1.39% rise week-on-week, while the average utilization rate for concrete mixing stations was reported at 7.67% [14][27]. - The fiberglass price remained stable at 3524.75 RMB/ton, with electronic cloth prices also holding steady [14][56]. Market Performance - The construction materials index saw a decline of 1.08% overall, with specific segments like glass manufacturing showing a slight increase of 1.06% [17][21]. - The report indicates that the cement market is experiencing a price increase, with a notable rise in certain regions [27]. Price Changes in Construction Materials - The report notes a significant increase in cement prices, with a rise of 1.5% observed, particularly in regions like Jiangsu and Zhejiang [27][28]. - The float glass market is experiencing a price increase, with a reported average price of 1224.74 RMB/ton, indicating a positive trend in market sentiment [27][38]. Fiberglass Market - The domestic price for 2400tex fiberglass remained stable, with a current average of 3524.75 RMB/ton, reflecting a year-on-year decrease of 3.97% [56][59]. - The electronic cloth market also maintained stable pricing, with current rates between 4.1-4.2 RMB/m [56][57].