East Money Securities·2026-03-01 07:26Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook compared to the market [2]. Core Insights - The report highlights a recovery in the real estate sector, particularly in Shanghai, due to relaxed policies, which is expected to benefit the construction materials chain [6][7]. - The construction materials sector has shown resilience, with a 3.3% increase in the sector's performance, outperforming the CSI 300 index by 2.2 percentage points [15]. - Key companies such as Sanke Tree and Rabbit Baby are recommended for their stable growth, while others like Han Gao Group and Beixin Building Materials are suggested for further observation [6][7]. Summary by Sections Cement - Demand has not fully recovered post-holiday, with an average shipment rate of about 10% in key regions [30]. - The average price of cement is approximately 344 RMB per ton, showing a slight decrease of 2.6 RMB compared to the previous week [22][24]. - Recommendations include Huaxin Cement and Conch Cement, with a focus on the recovery of downstream projects [30]. Glass - The glass sector has experienced significant inventory accumulation, with a current stock of approximately 6.728 million heavy boxes, a 30.3% increase from the previous week [32][43]. - The average price of float glass has risen to 1,165 RMB per ton, reflecting a slight increase of 7 RMB [32]. - Companies like Qibin Group and Xinyi Glass are highlighted for potential investment opportunities [43]. Fiberglass - The report anticipates price increases for both coarse and fine yarns as downstream demand gradually recovers [44]. - The current average price for fiberglass coarse yarn is stable at 3,500 RMB per ton, with expectations for upward price adjustments [44]. - Recommendations include China Jushi and suggestions to monitor International Composite Materials and Changhai Co., Ltd. [6][7]. Carbon Fiber - Carbon fiber prices remain stable, with the potential for increased demand driven by the rapid development of commercial aerospace [6]. - The report suggests monitoring companies like Zhongfu Shenying and Guangwei Composites for future growth opportunities [6].