Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Views - The fiberglass sector remains the best performer within the building materials sub-sector, with prices maintaining high levels and special fiber cloth contributing to profit growth. A price increase of 5-10% for fiberglass is expected, leading to continued growth in Q4 performance [2][18] - Cement profits have significantly narrowed year-on-year due to weak demand in Q3 and poor execution of staggered production, resulting in price declines. However, export varieties (e.g., Huaxin Cement) and companies in Tibet have shown relatively better performance [2][18] - The photovoltaic glass segment has performed well, supported by strong demand and inventory reduction, with positive price increases observed in September. Overall, traditional building materials have not shown significant improvement in supply and demand, but the real estate sector is expected to stabilize next year, with many products currently valued at relative lows [2][18] Summary by Sections Market Review - Last week (October 27-31, 2025), the CSI 300 index fell by 0.43%, while the building materials sector (CITIC) rose by 1.57%, with fiberglass and glass performing relatively well. Notable stock gains included Pioneer New Materials (43.5%), Yashi Chuangneng (31.7%), Fujian Cement (24.6%), Hainan Development (22.6%), and Fuyao Glass (13.6%) [1][10] Recommended Stocks - The recommended stocks include Huaxin Cement, Western Cement, China National Building Material, Keda Manufacturing, Honghe Technology, China Jushi, and Sankeshu [3][18]