Core Insights - The press conference highlighted the efforts of Zaozhuang's Trade Promotion Council to support local enterprises through various initiatives aimed at enhancing their international trade capabilities and addressing challenges in market expansion and risk management [5][12]. Group 1: Trade Promotion Initiatives - From January to November, Zaozhuang's Trade Promotion Council issued 8,785 certificates of origin, helping enterprises benefit from tariff reductions, with a year-on-year increase of 19.49% [10][11]. - The council implemented a series of actions titled "Trade Promotion to Assist Enterprises," focusing on providing precise, diverse, and professional services to empower businesses and promote high-quality economic development [5][6]. Group 2: Research and Needs Assessment - The council conducted in-depth research on nearly 50 leading import and export enterprises, gathering feedback on their needs in areas such as foreign communication, trade cooperation, and talent development [6]. - A dual-track approach was employed to visit over 170 foreign trade enterprises, collecting 126 questionnaires and identifying 235 suggestions, which informed a comprehensive research report [6]. Group 3: Training and Capacity Building - The council organized 16 specialized training sessions focusing on cross-border e-commerce, risk prevention, and market expansion, addressing urgent needs of enterprises [7]. - Over 300 small and micro foreign trade enterprises were engaged, with 238 of them included in the export credit insurance support system, enhancing their risk management capabilities [7]. Group 4: International Market Expansion - Zaozhuang's enterprises participated in over 60 high-profile trade events, including the Cologne Hardware Fair and the International Machine Tool Exhibition in Russia, significantly increasing the visibility of "Made in China - Zaozhuang Quality" [8][9]. - The council facilitated participation in the 2025 Shandong International New Energy Industry Expo, showcasing over 80 products from 14 local enterprises, emphasizing the region's strengths in the lithium battery industry [9][16]. Group 5: Legal and Risk Management Support - The Trade Promotion Council enhanced its legal services, successfully resolving cross-border disputes through international commercial mediation, marking a significant achievement in providing efficient dispute resolution pathways for enterprises [11]. - The council issued over 300 alerts on major trade friction and compliance risks throughout the year, along with hosting six specialized training sessions on trade regulations [11]. Group 6: Organizational Structure and Service Model - The Zaozhuang International Chamber of Commerce restructured its organization by establishing specialized and industry committees to provide targeted support for enterprises, moving from a generalized service model to a more precise and professional approach [17][18]. - The new committees focus on traditional industries and address specific challenges faced by enterprises, promoting resource integration and collaborative development [18]. Group 7: Overseas Networking and Support - The Zaozhuang International Chamber of Commerce expanded its overseas network by establishing partnerships with six friendly business associations and five overseas member homes, facilitating better support for local enterprises venturing abroad [19][20]. - The overseas member homes serve as operational hubs, providing essential services such as logistics support, market research, and business negotiation assistance to help enterprises integrate into foreign markets [20].

Investment Rating - The industry investment rating is "Positive" and is maintained [8] Core Insights - The report highlights a clear trend in the upgrade of AI special electronic fabrics, with Low-Dk electronic fabrics being a core material for high-frequency and high-speed PCBs. The demand logic is driven by the growth in AI server volumes, increased usage per server, and enhanced value from material upgrades. The transition to M9 materials in AI PCBs is expected to significantly boost the scale of high-end special electronic fabrics [3][6] - The report outlines three main lines for 2026: the stock chain, the African chain, and the AI chain. The stock chain focuses on optimizing demand and clearing supply varieties, with a notable shift in consumer demand towards renovation, expected to reach nearly 70% by 2030. The African chain emphasizes the undervalued growth potential in the African market, while the AI chain looks at the industrial upgrade of special electronic fabrics [6][4] Summary by Sections Cement Market - The cement market is experiencing a seasonal decline in shipments, with an average shipment rate of 41% among major cement enterprises, down 0.8 percentage points from the previous period. Prices are being maintained in most regions, although some areas are seeing price increases [4][18] - The average national cement price is reported at 358.71 yuan/ton, remaining stable compared to the previous period but down 61.77 yuan/ton year-on-year [19] Glass Market - The float glass market is showing a weak trend, with prices slightly declining and inventories increasing. The average national glass price is 61.64 yuan per weight box, down 0.35 yuan from the previous period and down 12.98 yuan year-on-year [33][30] - The production capacity of float glass has slightly decreased, with 216 out of 265 production lines operational, and a daily melting capacity of 154,105 tons, which is a reduction of 900 tons from the previous week [30][32] Special Electronic Fabrics - The report emphasizes the significant upgrade trend in Low-Dk electronic fabrics, with expected total demand for Low-Dk electronic fabrics projected at approximately 110 million meters in 2025, 220 million meters in 2026, and 320 million meters in 2027. The demand for Low-Dk second-generation fabrics is expected to reach 60 million meters in 2026 and 130 million meters in 2027 [3][6] Future Outlook - The report suggests focusing on three main lines for 2026: the stock chain, the African chain, and the AI chain. It recommends companies such as Sanhe Tree, Rabbit Baby, and Oriental Yuhong for their optimal business models and growth potential [6][4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Steel prices are affected by the warm commodity market but constrained by the weak reality. They are supported by costs but suppressed by weakening demand and possible tightening of export expectations, and are expected to maintain a volatile trend [3] - The iron ore market has a neutral fundamental situation. High supply and rigid demand are in balance, and prices are expected to move in a volatile manner [22] - For coal and coke, the import pressure in January may ease. The price of coking coal may rebound if the resumption of domestic mines falls short of expectations. The supply - demand structure of coke may improve if the iron - making production of downstream steel mills increases rapidly [33] - Ferroalloy prices may be suppressed by corporate hedging when they rebound to a certain level, but the downside is limited due to cost support [48] - The over - supply expectation of soda ash is intensifying, and the demand expectation is weakening. High inventory restricts the price [63] - For glass, the cold - repair of production lines before the Spring Festival may affect long - term pricing, and the high inventory in the middle reaches needs to be digested [86] Summary by Related Catalogs Steel - **Futures Prices and Spreads**: On December 31, 2025, the closing prices of rebar and hot - rolled coil contracts changed compared to the previous day. For example, the rebar 01 contract closed at 3100 yuan/ton (down 13 yuan from the previous day), and the hot - rolled coil 01 contract closed at 3221 yuan/ton (down 56 yuan from the previous day). The month - to - month spreads also showed changes [4] - **Spot Prices and Basis**: The spot prices of rebar and hot - rolled coil in different regions had slight fluctuations. The basis of rebar and hot - rolled coil in different contracts and regions also changed. For example, the 01 rebar basis (Shanghai) was 200 yuan/ton on December 31, 2025, up 13 yuan from the previous day [9][11] - **Other Ratios**: The volume - screw difference, rebar - iron ore ratio, and rebar - coke ratio were relatively stable on December 31, 2025, compared to the previous day [15][19] Iron Ore - **Price Data**: On December 31, 2025, the closing prices of iron ore contracts showed small changes. For example, the 01 contract closed at 805 yuan/ton (down 4 yuan from the previous day). The basis of different contracts also changed [23] - **Fundamental Data**: As of December 26, 2025, the daily average pig iron production was 226.58 tons (up 0.03 tons week - on - week), the 45 - port desilting volume was 315.06 tons (up 1.61 tons week - on - week), and the 45 - port inventory was 15858.66 tons (up 346.03 tons week - on - week) [27] Coal and Coke - **Futures Spreads and Ratios**: On December 31, 2025, the month - to - month spreads of coking coal and coke contracts changed. The coking profit on the disk decreased, and the ratios of ore - coke, screw - coke, and carbon - coal also changed [36] - **Spot Prices and Profits**: The spot prices of coking coal and coke in different regions were relatively stable. The import profits of different types of coal and the export profit of coke showed some fluctuations [39] Ferroalloy - **Silicon Iron**: On December 31, 2025, the basis of silicon iron in Ningxia was - 22 yuan/ton (up 78 yuan from the previous day), and the month - to - month spreads also changed. The spot prices in different regions were stable or had small increases [49] - **Silicon Manganese**: The basis of silicon manganese in Inner Mongolia was 80 yuan/ton (up 22 yuan from the previous day). The month - to - month spreads and spot prices in different regions also changed [50][52] Soda Ash - **Futures Prices and Spreads**: On December 31, 2025, the closing prices of soda ash contracts decreased. The month - to - month spreads changed significantly. For example, the month - to - month spread (9 - 1) increased by 25 yuan, with a growth rate of 17.61% [64] - **Spot Prices**: The spot prices of heavy and light soda ash in different regions were relatively stable, with only slight changes in some regions [64] Glass - **Futures Prices and Spreads**: On December 31, 2025, the closing prices of glass contracts were basically unchanged. The month - to - month spreads and basis in different regions changed slightly [87] - **Sales and Production**: The daily sales - to - production ratios in different regions of glass showed fluctuations. For example, the sales - to - production ratio in Shahe on December 26, 2025, was 105 [88]

Report Industry Investment Ratings - Glass: Weak and volatile [2] - Soda Ash: Volatile [2] - Silicomanganese: Volatile [4] - Ferrosilicon: Volatile [4] Core Views - Market sentiment is weak, and steel prices are fluctuating. The trading sentiment of glass and soda ash has been boosted, leading to a rebound in their futures markets. The alloy futures of ferrosilicon and silicomanganese have also rebounded, while the spot prices have made minor adjustments [1][3] - The supply - demand contradiction in the glass market is still significant, with high inventory pressure. The supply - demand situation of soda ash has eased, but there are concerns about new production projects and glass cold - repair. The fundamentals of silicomanganese are poor with high inventory, and the fundamentals of ferrosilicon have improved compared to before [1][3] Summary by Related Catalogs Glass and Soda Ash - **Market Analysis**: Glass futures fluctuated upwards with active trading, and downstream buyers mainly made rigid - demand purchases. Soda ash futures also rose, with an increase in spot prices but poor futures - spot trading and mainly rigid - demand purchases [1] - **Supply - demand and Logic**: For glass, the supply - demand contradiction is large. Although some production lines are being cold - repaired, the reduction in production is insufficient compared to the decline in demand, and there is a risk of significant inventory accumulation during the Spring Festival. For soda ash, the supply - demand contradiction has eased, with reduced production and inventory. However, new production projects and potential glass cold - repairs need to be monitored [1] - **Strategy**: Glass is expected to be weak and volatile, while soda ash is expected to be volatile [2] Silicomanganese and Ferrosilicon - **Market Analysis**: Silicomanganese futures rebounded, and the spot market was strong. The 6517 grade in the northern market was priced at 5550 - 5700 yuan/ton, and in the southern market at 5680 - 5730 yuan/ton. Ferrosilicon futures continued to rebound, and the spot prices were slightly adjusted. The 72 - grade ferrosilicon in the main production area was 5200 - 5300 yuan/ton, and the 75 - grade was 5600 - 5650 yuan/ton [3] - **Supply - demand and Logic**: The fundamentals of silicomanganese are poor, with production exceeding demand and a large increase in inventory. Although steel mill复产 after New Year's Day will help repair the rigid demand, the high inventory pressure limits price increases. The low port inventory of manganese ore provides price support. The fundamentals of ferrosilicon have improved, with enterprises reducing production and factory inventory declining. After steel mill复产, the rigid demand is expected to improve, and the price will be volatile [3] - **Strategy**: Both silicomanganese and ferrosilicon are expected to be volatile [4]

1. Report Industry Investment Rating - The mid - term outlook for the black building materials industry is "Oscillation" [7] 2. Core Viewpoints of the Report - The policy tone of large - scale equipment renewal and consumer goods trade - in in 2026 is positive. The steel market is in the off - season with inventory reduction, and the fundamentals have limited contradictions. The iron ore has high inventory and potential storage fee pressure, and the coke and coal markets are affected by factors such as production resumption expectations and supply - demand changes. The glass and soda ash markets are facing supply - demand imbalances [1][2] 3. Summary by Relevant Catalogs 3.1 Iron Element - Iron ore: The iron water output is basically stable, the port inventory is continuously accumulating, and the upstream - downstream game is strong. The short - term ore price is expected to oscillate. The spot price is weak, and the port trading volume has increased [2][9]. - Scrap steel: The supply and demand of scrap steel are both weak. The steel mills' inventory is high, and the restocking has slowed down. The spot price of scrap steel has limited upward momentum, and the spot market is expected to follow the price cut of leading steel enterprises in East China [2][11]. 3.2 Carbon Element - Coke: The cost of coke has shown signs of stabilization. After the four - round price cut is implemented, the spot price is expected to stabilize, and the futures price is expected to oscillate following coking coal. As the downstream winter storage replenishment starts, the supply - demand structure may gradually tighten [2][13]. - Coking coal: As the year - end approaches, the winter storage intensity increases, and the supply pressure will be alleviated. The fundamentals of coking coal will continue to improve marginally, and the futures and spot prices still have upward momentum [2][13]. 3.3 Alloys - Manganese silicon: With the expected new supply in Inner Mongolia, the supply - demand pattern of manganese silicon is expected to be further loosened. The cost still supports the price, and the futures price is expected to oscillate around the cost valuation in the medium term [3][18]. - Ferrosilicon: Low supply and low inventory support the price of ferrosilicon, but the price cut of coke restricts its upward space. The demand has not increased significantly, and the futures price is expected to oscillate around the cost valuation [3][19]. 3.4 Glass and Soda Ash - Glass: There are still expectations of supply disturbances, but the inventory of the mid - and downstream is moderately high, and the supply - demand is currently in excess. If there is no more cold - repair by the end of the year, the high inventory will suppress the price; otherwise, the price will rise [3][14]. - Soda ash: The overall supply - demand is in excess. In the short term, it is expected to oscillate, and in the long term, the supply - excess pattern will intensify, and the price center will continue to decline [3][17].

Core Viewpoint - The glass futures prices have significantly increased, with the main contract FG2605 closing at 1087 yuan/ton, up 3.23% [6][7]. Group 1: Reasons for Price Increase - Continuous decline in glass prices has increased pressure on glass manufacturers, leading to some production lines undergoing maintenance, which will continue to reduce supply [6][7]. - The Hubei Environmental Protection Bureau has interviewed local glass companies, raising market expectations for future regulatory actions, which has improved market sentiment [7]. - There is a large volume of glass positions, indicating significant market speculation, and short-term macroeconomic expectations have improved, contributing to the price rebound [7]. Group 2: Market Outlook - Despite the rebound in glass futures prices due to improved macroeconomic and fundamental expectations, the glass production capacity remains ample, necessitating attention to whether supply and demand can reach a new balance [7]. - Glass production is currently at a historical low, and after the price rebound, monitoring production levels will be crucial [7]. - Overall, the glass market is expected to remain in a loose state in the medium to long term, suggesting that investors should consider entering for hedging after the price rebound [7].

陈张滢 黑色建材日报 2025-12-31 黑色建材组 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 交易咨询号：Z0023202 0755-23375125 langzj@wkqh.cn 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 【行情资讯】 螺纹钢主力合约下午收盘价为 3134 元/吨, 较上一交易日涨 4 元/吨（0.127%）。当日注册仓单 58056 吨, 环比增加 2440 吨。主力合约持仓量为 156.0806 万手，环比增加 30014 手。现货市场方面, 螺纹钢天津汇 总价格为 3170 元/吨, 环比减少 0/吨; 上海汇总价格为 3300 元/吨, 环比减少 0 元/吨。 热轧板卷主力合 约收盘价为 3282 元/吨, 较上一交易日跌 5 元/吨（-0.15%）。 当日注册仓单 104588 吨, 环比减少 0 吨。 主力合约持仓量为 128.3319 万手，环比增加 7022 手。 现货方面, 热轧板卷乐从汇总价格为 3260 元 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The current decline in soda ash production continues, but the overall industry fluctuation is limited, and the supply pressure has not been significantly alleviated. Although demand has improved to some extent, it remains weak. With the end of subsequent maintenance, supply is expected to gradually recover, and inventory still faces accumulation pressure. The supply - demand pattern in the float glass market is weak, with only small - scale restocking, and the terminal real estate industry has not shown substantial improvement. In the short term, the price of soda ash still faces suppression around 1200 yuan and may rise and then fall. For glass, the market weakness persists, with continuous supply - side pressure, seasonal weakening of demand, high overall inventory, and slow follow - up of terminal demand. The contradiction between high inventory and weak demand restricts the market, and the short - term market is still under pressure [8][9][10] 3. Summary by Relevant Catalogs 3.1 Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On December 30, 2025, the main soda ash contract SA605 rebounded significantly, closing at 1213 yuan/ton, up 26 yuan/ton or 2.19% from the previous day, with a reduction of 38,262 lots in positions during the day. This week, soda ash production was 721,000 tons, a 1.9% decrease from the previous week. The heavy and light soda ash production decreased by 8,000 tons and 7,000 tons respectively. The shipment rate was 108.54%, a 9.2% increase from the previous week. The total factory inventory was 1.4385 million tons, a 4.06% decrease from last week, but the light soda ash inventory increased slightly. The daily production of float glass and photovoltaic glass remained at 155,000 tons and 88,700 tons respectively, basically unchanged from the previous week. It is recommended to be cautious about the current rebound and continue to pay attention to subsequent supply - demand marginal changes and relevant policy guidance [7][8] Glass - On December 30, 2025, the main glass futures contract FG2605 showed a bottom - hunting and rebound oscillating trend. The glass market weakness continues, with continuous supply - side pressure, high capacity utilization, and seasonal weakening of demand due to the off - season in the construction industry. The overall inventory is still high, with obvious regional differentiation. Terminal demand follows up slowly, and market sentiment is cautious. The short - term market is still under pressure, and it is necessary to continuously pay attention to subsequent supply - demand marginal changes and policy trends [9][10] 3.2 Data Overview - The report provides multiple data charts, including the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, central China heavy soda ash market price, and flat glass production, with data sources from Wind, iFind, and the research and development department of Jianxin Futures [14][16][20]

Report Summary 1. Report Information - Report Title: Commodity Quantitative CTA Weekly Tracking [1] - Author: Guotou Futures Research Institute, Financial Engineering Group - Date: December 30, 2025 - Focus: Colored Metals Sector Cross-Sectional Momentum Reversal [2] 2. Core View - The proportion of long and short positions in commodities has changed little this week. The factor intensity of the colored metals and precious metals sectors has slightly declined, while that of the agricultural products sector has slightly increased. Currently, the cross-sectionally stronger sectors are colored metals and black metals, and the weaker one is agricultural products [3]. - In terms of strategy net worth, different factors have different trends in different periods, and the comprehensive signals vary among different commodities [5][10][13][15]. 3. Key Points by Category 3.1 Commodity Sector Analysis - **Colored Metals**: The short - term momentum of the colored metals sector continues to rise, with a certain reversal in the term structure. Copper and alumina are weak in the cross - section. The time - series momentum of gold rises slightly, and the silver position shows a marginal decline [3]. - **Black Metals**: The time - series momentum of the black metals sector shows a marginal recovery, the cross - sectional differentiation narrows, and the positions of coking coal and coke remain high [3]. - **Energy and Chemicals**: The short - cycle momentum factor of the energy and chemicals sector recovers, and soda ash is in the cross - sectionally short end [3]. - **Agricultural Products**: The cross - sectional differentiation of oilseeds and meals narrows, the overall time - series momentum recovers, but the position does not change significantly [3]. 3.2 Factor Performance and Strategy Net Worth - **Factor Performance Table 1**: | Factor | Last Week's Return (%) | Current Month's Return (%) | | --- | --- | --- | | Supply | 0.02 | 0.02 | | Demand | - 0.03 | - 0.31 | | Inventory | 0.05 | 0.51 | | Spread | 0.00 | 0.00 | | Aggregate of Major Categories | 0.04 | 0.05 | [4] - **Strategy Net Worth 1**: Last week, the supply factor strengthened by 0.02%, the demand factor weakened by 0.03%, the inventory factor increased by 0.05%, and the synthetic factor increased by 0.04%. This week, the comprehensive signal is long. In terms of fundamental factors, the supply side turns neutral, the demand side is long, the inventory side is long but with weakened intensity, and the spread side is neutral [5]. - **Factor Performance Table 2**: | Factor | Last Week's Return (%) | Current Month's Return (%) | | --- | --- | --- | | Pinduoduo | 0.00 | 0.79 | | Demand | 0.00 | 1.12 | | Inventory | 0.03 | - 0.49 | | Spread | - 0.03 | 0.25 | | Profit | - 0.40 | 1.62 | | Aggregate of Major Categories | - 0.26 | 0.79 | [8] - **Strategy Net Worth 2**: Last week, the inventory factor strengthened by 0.03%, the spread factor weakened by 0.03%, the profit factor decreased by 0.40%, and the synthetic factor decreased by 0.26%. This week, the comprehensive signal is long. The supply side turns long, the demand side is long, the inventory side continues to be long, and the profit side continues to be short [15]. - **Factor Performance Table 3**: | Factor | Last Week's Return (%) | Current Month's Return (%) | | --- | --- | --- | | Singh | 0.00 | - 0.37 | | Inventory | 0.00 | 0.08 | | Spread | - 0.09 | - 0.09 | | Aggregate of Major Categories | - 0.04 | - 0.09 | [10] - **Strategy Net Worth 3**: Last week, the spread factor declined. The comprehensive factor weakened by 0.04%, and this week the comprehensive signal turns long [10]. - **Factor Performance Table 4 (Iron Ore)**: | Factor | Last Week's Return (%) | Current Month's Return (%) | | --- | --- | --- | | Supply | - 0.22 | 0.55 | | Demand | - 1.54 | - 1.12 | | Inventory | 1.47 | 0.77 | | Spread | 1.76 | 1.02 | | Aggregate of Major Categories | 0.27 | 0.59 | [13] - **Strategy Net Worth 4 (Iron Ore)**: Last week, the supply factor decreased by 0.22%, the demand factor weakened by 1.54%, the inventory factor increased by 1.47%, the spread factor strengthened by 1.02%, and the synthetic factor increased by 0.27%. This week, the comprehensive signal turns from long to short. The supply side turns long but the signal remains neutral, the demand side's long feedback continues to weaken and the signal remains neutral, the inventory side turns long and the signal remains neutral, and the spread side's signal turns long [13]. - **Factor Performance Table 5 (Aluminum)**: | Factor | Last Week's Return (%) | Current Month's Return (%) | | --- | --- | --- | | Supply | 0.09 | | | Aggregate of Major Categories | - 0.04 | - 0.09 | [13] - **Strategy Net Worth 5 (Aluminum)**: Last week, the supply factor increased by 0.09%, the comprehensive factor weakened by 0.04%, and this week the comprehensive signal turns long. The supply side turns long, the demand side's long feedback continues to weaken, the inventory side turns long, and the spread side's signal turns long [13] 3.3 Sector Momentum and Other Indicators | Sector | Momentum Time - Series | Momentum Cross - Section | Term Structure | Position | | --- | --- | --- | --- | --- | | Black Metals | 0.21 | - 0.29 | - 0.85 | 1.25 | | Colored Metals | 0.06 | 0.93 | - 2.2 | - 0.64 | | Energy and Chemicals | 0.37 | 0.57 | - 0.02 | 0.16 | | Agricultural Products | - 0.45 | 0.69 | 0.93 | 1.37 | | Stock Index | 0.31 | - 0.1 | - 0.32 | 0.48 | | Other | 0 | | | 0.05 | [6]

Core Viewpoint - The construction materials industry is expected to maintain high investment attractiveness in 2025 due to structural highlights, despite ongoing pressure from traditional domestic real estate and infrastructure sectors [1][2]. Group 1: Cement - Cement demand is under pressure, with a structural adjustment expected; by 2025, the demand distribution is projected to be 30% from real estate, 50% from infrastructure, and 20% from rural areas [3]. - The industry is anticipated to experience a gradual improvement in supply-demand balance as excess capacity is addressed and supply-side constraints are implemented [3]. Group 2: Glass Fiber - The glass fiber sector is poised for significant profit release in 2026, driven by demand from AI electronic cloth; the focus will be on high-end fabric price elasticity [4]. - The glass fiber industry has established a global pricing structure, with both domestic and international demand being crucial for growth [4]. Group 3: Glass - The glass sector is facing demand pressure and a slowdown in cold repair processes, with a net reduction of approximately 4000 tons per day expected by the end of 2025 [5]. - The industry is experiencing weak profitability, with over 60% of natural gas production lines expected to incur losses; however, there may be opportunities for supply-demand mismatches in 2026 [5]. Group 4: Consumer Building Materials - The consumer building materials sector has shown signs of stabilization since Q3 2025, with narrowing revenue declines and reduced price competition, indicating that the most challenging phase has passed [6]. - Despite ongoing pressures in new housing demand, the increase in second-hand housing and renovation projects is expected to provide strong support, creating structural opportunities [6].