原材料价格上涨，关注消费建材提价机会

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights a significant increase in raw material prices due to the geopolitical situation, particularly the rise in oil prices, which is expected to drive up prices in the consumer building materials sector, including waterproofing, pipes, and coatings [3] - The cement industry is experiencing a recovery in demand post-Spring Festival, supported by resumed work and downstream inventory replenishment, although there are still pressures in the housing construction sector [3][8] - The glass industry is facing ongoing demand challenges influenced by the real estate sector, with a slight recovery in downstream processing demand but still low operating rates [4] - The fiber glass sector is expected to see growth driven by demand from the AI industry, with a notable increase in both volume and price for low dielectric products [4] - The consumer building materials sector is anticipated to see a bottoming out of profitability, with strong calls for price increases across various categories, indicating potential for profit improvement in 2026 [4] Summary by Sections Cement - Post-Spring Festival, national demand for cement has rapidly rebounded, primarily due to resumed work and inventory replenishment, with a significant increase in capacity utilization expected to enhance profit elasticity [8] - In December 2025, cement production was 144 million tons, a year-on-year decrease of 6.6% [8] Glass - The glass sector is experiencing sustained demand pressure, although there is a slight improvement in supply due to cold repairs of production lines [4] - Prices are expected to remain low and fluctuate in the short term due to ongoing supply-demand pressures [4] Fiber Glass - Demand in the fiber glass sector is expected to grow significantly, driven by the AI industry, with a clear trend of volume and price increases for upgraded products [4] Consumer Building Materials - The sector's profitability has reached a low point, with strong demands for price increases across multiple categories, indicating a potential for profit recovery in 2026 [4]