电子布涨价超预期，看好26年涨价持续性

Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1]. Core Insights - The report highlights a significant price increase in electronic cloth, driven by high demand for high-end products and supply constraints, with price hikes of approximately 0.5-0.6 yuan/meter expected to continue into 2026 [4]. - The cement market is entering a seasonal downturn, with a year-on-year production decline of 6.6% in December 2025, while the demand remains weak, particularly in the housing market [5][9]. - The glass industry is facing ongoing demand pressure, with high inventory levels among intermediaries and expected price stability at low levels due to supply-demand imbalances [16]. - The fiber glass sector is experiencing a demand surge driven by the AI industry, with expectations for continued price and volume increases [5][6]. Summary by Sections Cement - The national cement market is entering a seasonal low, with a notable decline in demand and production [9]. - The production in December 2025 was 144 million tons, down 6.6% year-on-year [9]. Glass - The glass industry is under pressure with high inventory levels and limited demand improvement, leading to expected low price fluctuations [16]. Fiber Glass - The fiber glass sector is seeing a positive outlook due to AI-related demand, with expectations for a significant increase in both price and volume [5][6]. Consumer Building Materials - The consumer building materials sector is anticipated to see a bottoming out of profits, with strong price increase demands across various categories expected to improve profitability in 2026 [6].