建材行业报告（2025.11.17-2025.11.23）：地产政策预期升温，重视建材低位白马价值

Investment Rating - The industry investment rating is "Outperform" [1] Core Views - The report highlights that the real estate market in China is under pressure, with expectations for policy changes to stimulate demand, including mortgage subsidies for new home buyers and tax rebates for borrowers [4] - The construction materials sector is anticipated to see a valuation recovery as the fundamentals of cyclical building materials companies have bottomed out [4] - Cement prices are expected to rise in the short term due to supply constraints from seasonal production policies, despite a recent decline in demand [5] - The glass industry is facing a downward trend in demand, with high inventory levels among intermediaries, and the need for policy changes to improve market conditions [6] - The fiberglass sector is experiencing growth driven by demand from the AI industry, with expectations for a significant increase in both volume and price [6] - The consumer building materials segment has reached a profitability bottom, with strong price increase demands from companies following years of competition [6] Summary by Sections Cement - National cement market prices have decreased recently, with a production volume of 148 million tons in October, down 15.8% year-on-year [10] - Demand is still under pressure, but there is a slight improvement expected in November due to project rush [10] Glass - The glass industry is experiencing a continuous decline in demand, with traditional peak season orders showing limited improvement [17] - Supply-demand imbalances persist, and the industry is closely monitoring policy changes for potential recovery [17] Fiberglass - The fiberglass sector is seeing price increases of 5%-10% due to collaborative pricing efforts among manufacturers, with strong demand from the AI sector [6] Consumer Building Materials - The industry has reached a profitability bottom, with no further downward price pressure expected, and companies are actively seeking price increases [6]