电子布延续高景气，看好龙头中国巨石

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the electronic cloth sector has experienced four rounds of price increases since October 2025, with a price increase of 0.5-0.6 yuan/meter in early February 2026, driven by strong demand from AI-related products and a supply shortage [3] - The cement industry is gradually recovering post-Spring Festival, with demand showing signs of improvement, particularly in the civil market, while the overall capacity is expected to decline under production restriction policies, leading to increased profit elasticity [3] - The glass industry is facing continuous demand pressure due to real estate impacts, with short-term price fluctuations expected to remain low due to high inventory levels among intermediaries [4] - The fiberglass sector is anticipated to see explosive growth driven by AI demand, with a clear upgrade in product structure and a trend of simultaneous volume and price increases [4] - The consumer building materials sector is expected to see profit improvements as prices stabilize after years of competition, with major companies expected to issue price increases in 2026 [4] Summary by Sections Cement - National demand is gradually recovering post-Spring Festival, with a notable decline in cement production of 1.44 billion tons in December 2025, down 6.6% year-on-year [8] Glass - The glass market is under pressure with traditional peak season orders showing limited improvement, and supply-side adjustments are expected to keep prices low in the short term [15] Fiberglass - The demand for electronic yarn is strong, driven by the AI industry, with expectations for simultaneous increases in volume and price due to product upgrades [4] Consumer Building Materials - The sector's profitability has reached a bottom, with strong calls for price increases expected to lead to profit improvements for leading companies in 2026 [4]