GOLDEN SUN SECURITIES·2026-03-01 10:24Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Pona Co., San Ke Tree, and Beixin Building Materials [7]. Core Views - The construction materials sector has shown a slight increase of 0.68% from February 24 to February 27, 2026, with cement prices rising by 1.07% and glass manufacturing by 2.44% [10]. - Recent policy changes in Shanghai aim to optimize real estate regulations, which are expected to stimulate demand in the construction materials sector [1]. - The report highlights the potential for recovery in municipal engineering projects due to improved government fiscal policies, which may benefit companies like Longquan Co., Qinglong Pipe Industry, and China Liansu [1]. - The glass industry is approaching a supply-demand balance, with a focus on the photovoltaic glass sector amid production cuts [1]. - The report emphasizes the ongoing demand for consumer building materials, driven by policies stimulating second-hand and existing home renovations [1]. Summary by Sections Cement Industry Tracking - As of February 28, 2026, the national cement price index is 334.41 CNY/ton, with a decrease of 0.13% from the previous week [16]. - The cement output volume is reported at 22.1 million tons, down 86.33% week-on-week [16]. - The clinker kiln capacity utilization rate is at 35.29%, a decrease of 6.19 percentage points from the previous week [16]. Glass Industry Tracking - The national average price of float glass is 1164.62 CNY/ton as of February 26, 2026, reflecting a 0.61% increase from the previous week [34]. - Inventory levels for raw glass in 13 provinces have increased by 1,565 million weight boxes week-on-week [34]. - The report notes that downstream recovery remains slow, with most processing plants expected to resume operations around the Lantern Festival [34]. Fiberglass Industry Tracking - The market for fiberglass remains stable, with no significant price changes reported [5]. - Demand recovery is slow post-holiday, with limited short-term support for prices [5]. - The report indicates a potential for slight price increases due to rising costs affecting most companies outside the leading firms [5]. Consumer Building Materials - The demand for consumer building materials continues to show signs of weak recovery, influenced by fluctuating raw material prices [5]. - Natural gas prices have decreased, while prices for aluminum alloy and other materials have increased [5]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production rates at 72.8% and a weekly output of 2,261 tons [6]. - The average production cost is reported at 112,800 CNY/ton, with a negative profit margin [6].