建筑材料行业报告（2026.03.09-2026.03.15）：节后需求平稳复苏，期待政策加码

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The report highlights a steady recovery in demand post-holiday, with expectations for policy support to further boost the market [5] - The construction materials sector is experiencing a mixed recovery, with cement demand rebounding while glass demand remains under pressure [6][16] - The report emphasizes the potential for profit elasticity in the cement industry due to capacity reduction policies, while the glass sector faces ongoing supply-demand challenges [10][16] Summary by Sections Industry Overview - As of March 11, 2026, the national construction site resumption rate is 42.5%, up 19 percentage points month-on-month, but down 5.2% year-on-year [5] - Labor utilization rate stands at 43.9%, with a month-on-month increase of 14.2% and a year-on-year decrease of 5.8% [5] - Funding availability rate is at 42.8%, reflecting a month-on-month increase of 7.4% and a year-on-year decrease of 0.8% [5] Cement Sector - Post-holiday, national cement demand has quickly rebounded, primarily due to resumption of work and downstream inventory replenishment [10] - Cement production in December 2025 was 144 million tons, a year-on-year decline of 6.6% [10] - The report suggests that cement capacity is expected to decrease under production limitation policies, leading to improved capacity utilization and profit potential [10] Glass Sector - The glass industry is facing a downward trend in demand due to real estate impacts, although downstream processing demand is gradually recovering [16] - Several production lines underwent cold repairs in December 2025, but overall supply-demand pressure remains, leading to expectations of low price fluctuations in the short term [16] Fiberglass Sector - Demand in the fiberglass sector is subdued post-holiday, but the electronic yarn segment is experiencing growth driven by AI industry demand [6] - The report anticipates a significant increase in demand and pricing for low dielectric products as the industry upgrades its product structure [6] Consumer Building Materials - The sector's profitability has reached a bottom, with no further downward price pressure expected [7] - The report notes a strong push for price increases across various categories, indicating potential for profit recovery in 2026 [7]