East Money Securities·2026-03-08 09:08Investment Rating - The report maintains an "Outperform" rating for the construction materials sector [2] Core Views - The construction materials sector is experiencing price increases in fiberglass and waterproof materials, indicating a focus on high-growth segments [1] - The report highlights a positive outlook for the fiberglass sector in 2026, driven by stable demand in wind power and thermoplastics, and limited new supply [6][9] - The report emphasizes the concentration of market share among leading companies in the waterproof materials segment, supported by recent price hikes and government policies aimed at stabilizing the real estate market [6][9] Summary by Sections Market Overview - The construction materials sector declined by 2.70% this week, underperforming the CSI 300 index by 1.6 percentage points [16] - Year-to-date, the sector has increased by 9.2%, outperforming the CSI 300 index by approximately 8.5 percentage points [16] Cement - Current demand for cement remains slow, with an average shipment rate of only 15% in key regions [30] - The average price of cement is approximately 344 RMB/ton, showing a slight decrease of 0.5 RMB/ton [23] - The report anticipates a price increase in late March as demand gradually recovers, supported by government investment in infrastructure [30] Glass - The inventory of float glass has risen to approximately 6,972 million weight boxes, with a 3.6% week-on-week increase [32] - The average price of float glass is 1,175 RMB/ton, reflecting a week-on-week increase of 10 RMB/ton [32] - The report suggests that the glass sector may see a price stabilization as supply contracts and demand recovers [32] Fiberglass - Prices for both coarse and fine fiberglass have increased, with coarse fiberglass rising by 100-200 RMB/ton and electronic yarn by 500-1,000 RMB/ton [6][9] - The report predicts continued price increases in the fiberglass sector due to stable demand and limited new supply [6][9] Waterproof Materials - Companies like Oriental Yuhong and Keshun have raised prices for waterproof materials by 5-10%, indicating a shift towards a new supply-demand balance [6][9] - The report highlights the resilience of leading companies in the waterproof materials sector amid a challenging real estate market [6][9] Carbon Fiber - Carbon fiber prices remain stable, with potential demand growth driven by the rapid development of commercial aerospace [6][9] - The report notes that the carbon fiber market is under pressure but may benefit from increased applications in high-end sectors [6][9]