建材行业报告（2025.10.13-2025.10.19）：内需避险逻辑强化，关注低位建材板块

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes that the market is entering a window of strengthened domestic demand logic, driven by factors such as heightened Sino-US trade tensions, the release of Q3 reports, and a pullback in the technology sector. This may lead to increased attention on low-position domestic demand sectors, particularly in the building materials sector, which includes cement, glass, and consumer building materials [4][5] - The report suggests that the cement industry is expected to see a gradual recovery in demand as it enters the peak season, although growth remains limited. The implementation of policies to restrict overproduction is anticipated to enhance capacity utilization in the medium term [5][10] - The glass industry is facing a downward trend in demand due to real estate impacts, with short-term demand remaining weak and prices showing signs of loosening. The report notes that while environmental policies may not lead to a drastic reduction in capacity, they will increase costs and accelerate industry adjustments [5][15] - The fiberglass sector is experiencing growth driven by demand from the AI industry, with expectations for a significant increase in both volume and price for low-dielectric products [5] - The consumer building materials sector is projected to see a bottoming out of profitability, with strong price increase demands supported by anti-involution policies, leading to potential improvements in profitability for leading companies [5] Summary by Sections Cement - The cement market is gradually entering the peak season, with overall demand showing limited recovery. In August 2025, cement production was 148 million tons, down 6.2% year-on-year [5][10] - The report highlights the need to monitor the impact of weather and demand release rhythms on infrastructure and housing construction [5] Glass - The glass industry is currently facing a decline in demand, with prices showing signs of loosening post-holiday. The report indicates that the supply-demand imbalance persists, and future demand improvements are uncertain [5][15] Fiberglass - The fiberglass sector is benefiting from the AI industry's demand, with expectations for a surge in both volume and price for specific products. The report expresses optimism about the ongoing growth trend in this sector [5] Consumer Building Materials - The report notes that the consumer building materials sector has reached a profitability low point, with strong price increase demands expected to lead to profitability improvements for leading companies in the second half of the year [5][18]