建材行业报告：电子布延续高景气，看好龙头中国巨石

Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1]. Core Insights - 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 national demand expected to improve, although the construction market remains weak. Cement production in December 2025 was 144 million tons, down 6.6% year-on-year [8]. - The glass industry is facing continuous demand pressure, with high inventory levels among intermediaries. Despite some supply-side improvements due to production line repairs, prices are expected to remain low in the short term [15]. - The fiberglass sector is benefiting from AI-driven demand, with expectations for significant growth in both volume and price, particularly for low-dielectric products [4]. Summary by Sections Cement - National demand is gradually recovering, with a weak performance in the construction market and regional disparities in infrastructure demand. The cement production in December 2025 was 144 million tons, a 6.6% year-on-year decline [8]. - The price trend for cement is expected to be stable and weak in the near term, with a focus on gradual recovery post-holiday [8]. Glass - The glass industry is under pressure with demand declining, and inventory levels are high among intermediaries. The report anticipates that prices will remain low due to ongoing supply-demand imbalances [15]. Fiberglass - The fiberglass sector is experiencing a surge in demand driven by AI applications, with expectations for a significant increase in both volume and price for various product categories [4]. Consumer Building Materials - The industry is seeing a bottoming out of profitability, with strong calls for price increases due to competitive pressures. Major categories like waterproofing, coatings, and gypsum boards are expected to see price hikes in 2026 [4].