东吴证券在研报表示，随着好房子和城市更新政策在供需两端作用，格局的改善将更加明显。在AI端 侧应用上，随着模型和算力的匹配，2026年智能家电有望快速发展， （文章来源：北京商报） 北京商报讯（记者翟枫瑞）11月24日，装修建材板块小幅上涨，以15983.6点收盘，涨幅为0.6%。 在板块带动下，多只装修建材股股价实现增长。永安林业以10.21元/股收盘，涨幅为10.02%，领涨装修 建材股。垒知集团以5.66元/股收盘，涨幅为4.24%，涨幅位列装修建材股第二。索菲亚以14.17元/股收 盘，涨幅为4.19%，涨幅位列装修建材股第三。 除此之外，好莱客以13.83元/股收盘，跌幅为10.02%，领跌装修建材股。华瓷股份以20.2元/股收盘，跌 幅为9.98%，跌幅位列装修建材股第二。万里石以34.72元/股收盘，跌幅为6.01%，跌幅位列装修建材股 第三。 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - Employment data shows improvement, and there are expectations for policy support [1] - The construction materials sector has shown resilience with a weekly increase of 0.97%, outperforming the Shanghai and Shenzhen 300 Index by 2.05% [3] - The cement market is experiencing a slight recovery in demand, particularly in southern regions, while prices are expected to remain stable [5][10] - The glass market is under pressure with high inventory levels and weak demand, but medium-term supply-side adjustments are anticipated [41][43] - The fiberglass sector is expected to see improved profitability due to supply constraints and increasing demand from new applications [5] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 352.3 RMB/ton, up 1.2 RMB/ton from last week but down 74.8 RMB/ton from the same period last year. The average cement inventory level is 69.8%, with an average shipment rate of 46.2% [11][18] - **Glass**: The average price for float glass is 1195.4 RMB/ton, down 1.9 RMB/ton from last week and down 258.4 RMB/ton year-on-year. Inventory levels are at 5962 million heavy boxes, a decrease of 54 million from last week [43][45] - **Fiberglass**: Prices for fiberglass remain stable, with a focus on high-end products. The market is expected to see improved profitability as supply constraints persist [5] 2. Industry Dynamics Tracking - The construction materials sector is expected to benefit from policy support and improving economic indicators, with a focus on companies involved in the export supply chain and home renovation [3][5] - The report highlights the importance of technological advancements and domestic semiconductor development, recommending companies in the cleanroom engineering sector [5] 3. Weekly Market Review and Sector Valuation - The construction materials sector has shown a positive trend compared to broader market indices, indicating potential for further growth [3] - The report suggests that the cement industry is at a historical low in terms of price-to-book ratios, presenting opportunities for investment as policies are expected to support recovery [5][10]