建材行业报告（2025.10.20-2025.10.26）：管网新增投资超5万亿，关注低位题材机会

Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1] Core Views - The report highlights that during the 14th Five-Year Plan period, China is expected to construct and renovate over 700,000 kilometers of underground pipelines, with new investment needs exceeding 5 trillion yuan. This initiative is a key focus for the government and is expected to significantly boost investment and consumption, creating substantial domestic demand opportunities. Recommended companies to watch include China Liansu, Qinglong Pipeline, and Donghong Co [4] - In the cement sector, the demand recovery is slow, with a year-on-year decline of 8.6% in cement production in August 2025, totaling 154 million tons. The industry is currently in a low demand and price phase, but capacity utilization is expected to improve due to policies limiting overproduction. Companies to focus on include Conch Cement and Huaxin Cement [5][10] - The glass industry is experiencing a downward trend in demand due to the real estate sector's impact, with prices showing signs of weakening post-holiday. The report suggests that while environmental regulations may not lead to a drastic reduction in capacity, they will increase costs and accelerate industry adjustments. Key players to monitor include Qibin Group [5][15] - The fiberglass sector is seeing a positive trend driven by demand from the AI industry, with expectations for explosive growth in low-dielectric products. Companies like China Jushi and China National Building Material are highlighted as potential beneficiaries [5] - The consumer building materials sector has reached a profitability bottom, with no further price declines expected. The report anticipates a recovery in profitability for leading companies in the second half of the year, with firms like Oriental Yuhong and Sanke Tree recommended for attention [5] Summary by Sections Cement - The cement market is gradually entering its peak season, but overall demand recovery is slow. The construction sector's demand has not fully materialized due to weather disruptions and the pace of demand release. The report notes that the industry is currently at a low point in both demand and prices [10] - In August 2025, cement production was 154 million tons, reflecting an 8.6% year-on-year decline [10] Glass - The glass industry is facing weak demand post-holiday, with significant inventory increases affecting price stability. The report indicates that the supply-demand imbalance persists, and future performance will depend on policy changes and downstream inventory replenishment [15] Fiberglass - The fiberglass sector is benefiting from the AI industry's growth, with expectations for a significant increase in demand and prices for low-dielectric products. The report emphasizes a positive outlook for the industry [5] Consumer Building Materials - The consumer building materials sector is expected to see a recovery in profitability, with leading companies actively pursuing price increases. The report suggests that the sector has reached a profitability bottom, and improvements are anticipated in the latter half of the year [5]