建筑材料行业跟踪周报：地产链有望震荡向上

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Viewpoints - The real estate chain is expected to experience a gradual upward trend, with the industry likely at the bottom of its cycle in 2026. The report suggests that after excessive competition, product prices are gradually recovering, and leading companies are improving operational efficiency. Stock price increases are anticipated to occur through fluctuations rather than a rapid rise [4][5] - The report highlights the importance of focusing on high-dividend stocks and companies in the export industry, as well as those related to renovation consumption. It emphasizes the potential for strategic investments in technology-driven companies and those benefiting from domestic and international market expansions [4][5] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - Cement: The national average price for high-standard cement is 344.8 RMB/ton, down 2.8 RMB/ton from last week and down 55.0 RMB/ton from the same period in 2025. The average cement inventory ratio is 59.8%, up 0.4 percentage points from last week and up 3.5 percentage points from 2025 [4][14][23] - Glass: The average price for float glass is 1144.8 RMB/ton, up 6.0 RMB/ton from last week but down 251.2 RMB/ton from 2025. The inventory of float glass stands at 4,927 million heavy boxes, down 50,000 from last week but up 374,000 from 2025 [4][46][51] - Fiberglass: The effective production capacity for fiberglass is projected to reach 759.2 million tons in 2026, a year-on-year increase of 6.9%. The demand for fiberglass is expected to maintain steady growth, supported by wind power and new applications [8][4] 2. Industry Dynamics Tracking - The construction materials sector has shown a positive performance, with a weekly increase of 0.73%, outperforming the Shanghai and Shenzhen 300 index by 0.65% [4] - The report notes that the supply-side adjustments in the cement industry are expected to continue, with a focus on eliminating outdated capacity. This is projected to support profitability in the medium term [4][5] 3. Weekly Market Review and Sector Valuation Table - The report provides a detailed review of price changes, inventory levels, and production rates across various regions for cement and glass, indicating a mixed performance across different areas [4][14][23][46]