建材期货周报：基本面驱动行情-20251219

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - During the week of December 8 - 12, 2025, building materials continued to decline, and glass entered a state of slow decline [1]. - Short - term macro - driven factors may have ended, and the focus of price determination may return to fundamentals [1]. Group 3: Summary of Each Section Macroeconomic Situation - The Fed's interest - rate decision was announced during the week, with a 25 - basis - point rate cut as expected, and the subsequent rate - cut rhythm was dovish. China's important meeting ended, and the policies did not release much incremental information, all within market expectations [2]. Rebar Market - Steel mill profits improved, but as it entered the off - season, rebar's apparent demand decreased week - on - week. Output continued to decline, with a larger decline than apparent demand. Inventory continued to be reduced, and the overall fundamentals of rebar returned to a pattern of weak supply and demand. Without significant events, rebar may remain volatile [2]. - From the weekly building materials data, rebar output continued to decline week - on - week, apparent demand remained weak, and total inventory continued to be reduced [9]. Glass Market - One glass production line was ignited during the week but had not produced glass yet, and weekly output was basically stable. One production line is expected to undergo cold repair next week. The demand side is currently mainly rigid, and inventory decreased slightly week - on - week. The high - volatility market driven by funds may become stable. As prices continue to fall, glass factories are facing cash - flow losses, which may force them to cold - repair production lines. Under the current fundamentals - driven pattern, glass prices may continue to be weak [2]. - From the weekly building materials data, glass weekly output remained stable week - on - week, inventory decreased, and apparent demand was mainly rigid [9].