SINOLINK SECURITIES·2025-10-26 10:24Investment Rating - The report maintains a positive outlook on overseas expansion opportunities, particularly in Africa, and highlights the potential for significant contributions from companies like Huaxin Cement and China National Materials [3][12] Core Viewpoints - The report emphasizes the growing foreign direct investment (FDI) inflow in Africa, with notable increases in Zambia and Mozambique for 2024, and a consistent growth trend in Tanzania from 2021 to 2024 [3][12] - The report expresses optimism regarding AI-driven new materials, anticipating that leading companies will actively expand production to meet high demand [3][13] Summary by Sections Weekly Discussion - The report notes that the focus on overseas performance is expected to rise, particularly with the recent quarterly reports from Huaxin Cement and China National Materials, indicating strong overseas order performance [3][12] - It highlights positive currency exchange trends in Africa, with significant appreciation in currencies like the Tanzanian shilling and Nigerian naira during Q3 [3][12] Cyclical Linkage - Cement prices averaged 348 RMB/t this week, down 63 RMB/t year-on-year but up 1 RMB/t month-on-month, with an average national shipment rate of 45.1% [4][14] - The report indicates a decline in glass prices, with the average price for float glass at 1243.68 RMB/ton, down 4.40% from the previous week [4][14] Market Performance - The construction materials index decreased by 0.60% this week, with specific segments like glass manufacturing and cement manufacturing showing declines of 1.82% and 1.90%, respectively [17] - The report notes that the domestic concrete mixing station's capacity utilization rate was 7.23%, reflecting a slight decrease [4][14] Price Changes in Construction Materials - The report details that the national cement market price increased by 0.4% this week, with price adjustments in regions like Guizhou and Jiangsu [24][27] - Float glass prices have shown a downward trend, with the average price dropping significantly due to increased inventory levels [40][53] Fiber and Carbon Fiber Market - The report states that the domestic price for 2400tex alkali-free winding direct yarn remains stable at 3524.75 RMB/ton, with no significant changes observed [60] - The carbon fiber market price is reported to be stable at 83.75 RMB/kg, supported by low raw material prices [67][70]