建筑材料周报（2026年第9周）：关注节后开复工情况及涨价品种-20260303

Investment Rating - The report maintains an "Outperform the Market" rating for the construction materials industry, indicating expected performance above the market benchmark by over 10% [4][76]. Core Viewpoints - The report highlights a slight increase in the construction site reopening rate post-holiday, with a national average of 8.9% as of February 25, 2026, which is a year-on-year increase of 1.5 percentage points. Labor availability and funding rates also showed improvements [1]. - Shanghai's recent adjustments to real estate policies are expected to stimulate market demand and enhance buyer willingness through increased loan limits and tax reductions [1]. - The report emphasizes the importance of monitoring post-holiday construction activity and price increases in specific materials as key indicators for market recovery [3]. Summary by Sections Market Performance Review - As of February 27, the construction materials index increased by 4.4%, outperforming the CSI 300 index by 3.3 percentage points. Over the past six months, the construction materials index has risen by 25.2%, significantly exceeding the CSI 300's 4.8% increase [12][15]. Cement Sector - The national average cement price decreased by 0.78% week-on-week, with prices in regions like Guangdong and Guangxi dropping by 10-30 yuan per ton. Demand is expected to recover post-Lantern Festival, with potential price increases as the market stabilizes [19][35]. Glass Sector - The float glass market saw some price increases, but overall demand recovery remains slow. Inventory levels have risen significantly, and production remains stable, with market participants awaiting further recovery in downstream demand [35][41]. Fiberglass Sector - The market for non-alkali fiberglass remains stable, with slight price increases anticipated due to rising costs. The average price for 2400tex winding yarn is around 3603.50 yuan per ton, showing minimal change from previous weeks [45][49]. Investment Recommendations - Short-term focus on post-holiday construction activity and price increases, with medium-term optimism for new models and market growth. Recommended companies include China Jushi and China National Materials for electronic fabrics, and Qibin Group and Huaxin Cement for cement and glass sectors [3].