Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights that the real estate policy continues to optimize, and expectations for domestic demand are strengthening. The focus is on sectors such as waterproofing, cement, and float glass, which are expected to benefit significantly from improved cash flow and are currently at the bottom of the industry cycle [4][5] Summary by Sections Industry Overview - The closing index for the construction materials sector is 5249.34, with a 52-week high of 5355.99 and a low of 3519.19 [1] Cement Sector - The cement industry is entering its peak season, with overall demand showing a slow recovery. In August 2025, the monthly cement production was 148 million tons, down 6.2% year-on-year. The industry is expected to see a decline in capacity under the anti-overproduction policy, leading to a significant increase in capacity utilization [5][10] Glass Sector - The glass industry is experiencing a downward trend in demand due to real estate impacts, with supply and demand still in conflict. The report anticipates that the anti-overproduction policy will not lead to a drastic capacity reduction but will raise environmental standards and costs, accelerating the industry's maintenance progress [5][15] Fiberglass Sector - The fiberglass sector is driven by demand from the AI industry, with low dielectric products experiencing a surge in both volume and price. The report expects a continued upward trend in demand alongside AI developments [5] Consumer Building Materials - The profitability of the consumer building materials sector has reached a bottom, with no further downward price pressure. The industry is seeing a strong demand for price increases, particularly in waterproofing, coatings, and gypsum boards, with expectations for improved profitability in the second half of the year [6][7] Market Performance - In the past week (September 15-21), the construction materials sector index increased by 0.43%, while the Shanghai Composite Index decreased by 1.30%. The construction materials sector ranked 12th in performance among 31 first-level sub-industry indices [8]

Investment Rating - The report maintains a positive outlook on the construction materials industry, indicating a recovery in the consumption segment and a price increase cycle for fiberglass products [1][5][7]. Core Insights - The construction materials sector is showing signs of recovery, with the fundamentals entering a positive phase, particularly in real estate sales and construction starts [1][20][21]. - A price increase cycle for fiberglass products is anticipated, driven by supply-demand dynamics and market conditions [2][6][7]. - The cement industry is entering a peak season with price increases observed in various regions, supported by policy measures aimed at limiting overproduction [4][27][28]. Summary by Sections Construction Materials - The consumption construction materials sector is stabilizing, with expectations of improved revenue performance starting in Q3 2025 due to lower revenue baselines and reduced price competition [1][20][21]. - Companies like Hanhigh Group and Sankeshu are already showing growth, with expectations for Dongfang Yuhong to follow suit [1][15]. Fiberglass - The fiberglass market is experiencing a price increase cycle, with major companies discussing price hikes for various products, including low dielectric fabrics [2][6]. - The supply-demand balance is shifting positively, with larger manufacturers maintaining good inventory control while smaller producers are adjusting prices upward [6][7]. Cement - The cement market is witnessing a slight price increase, with specific regions like Jiangsu and Anhui implementing price hikes [4][27]. - The report highlights the potential for growth in the cement sector due to policy support and overseas expansion opportunities [27][28]. Investment Recommendations - Companies such as China Jushi, Zhongcai Technology, and Feilihua are highlighted for their strong market positions and growth potential in the fiberglass and construction materials sectors [10][12][18]. - Huaxin Cement is noted for its overseas expansion and profitability, particularly from its Nigerian operations, which are expected to contribute significantly to future earnings [31][33].

智通财经APP获悉，国金证券发布研报称，9月5日，山东玻纤/金牛/三磊等企业发布玻纤复价函，对直 接纱、采光板纱、短切毡纱等相关产品每吨上浮5-10%不等。观察本轮复价特点为，集中在二三线玻纤 厂家的中低端产品，判断主因系Q2以来出口景气度略承压。美联储降息落地，玻纤具备全球定价属 性、类资源品，看好玻纤出口的量/价弹性。行业底部明确、蓄势待发，反内卷带动二三线厂家复价。 下游需求方面，率先看好25Q4电子布价格弹性，以及AI电子布业务对业绩/估值的拉动。 事件：9月17日，美联储将联邦基金利率目标区间下调25BP到4-4.25%之间，这是美联储2025年第一次 降息，也是继2024年3次降息后的再次降息。 玻纤具备全球定价属性，类资源品 根据中国玻纤工业协会数据，2024年玻纤及制品直接出口产量202万吨，在国内756万吨总产量中占比 26.7%，此外，跟随家电、汽车等终端产品出口的部分难以量化。按照国内产量756万吨、全球1200万 吨的大数口径测算，简单测算玻纤海外敞口占比或超50%(测算方法为国内敞口=【国内产量-出口+进 口】/全球需求)，玻纤行业早已经历国产替代、并形成中国是全球一供的格局。因此， ...

Group 1 - The Federal Reserve lowered the federal funds rate target range by 25 basis points to 4-4.25%, marking the first rate cut in 2025 and following three cuts in 2024 [1][2] - The glass fiber industry has a global pricing attribute and is considered a resource-like product, with direct export production of 2.02 million tons in 2024, accounting for 26.7% of the total domestic production of 7.56 million tons [2][3] - The glass fiber industry has experienced domestic substitution and has established China as a global supplier, indicating that both external and internal demand are crucial [2][3] Group 2 - The glass fiber industry is at a clear bottom and is poised for recovery, with second and third-tier manufacturers increasing prices by 5-10% for various products due to previous price wars [3][4] - The wind power sector is a significant driver for the glass fiber industry, with a 2025 increase in new installed capacity of 54.2 GW, up 86% year-on-year [3] - The electronic cloth market is expected to see price elasticity in Q4 2025, driven by limited supply growth and high demand from the CCL/PCB industry, particularly due to AI-related applications [5][6] Group 3 - The glass fiber export volume and price are expected to be elastic, benefiting from the Federal Reserve's rate cut and potential recovery in the U.S. real estate market [2][6] - The current glass fiber cycle is anticipated to gain momentum, with a focus on the pricing strategies of leading manufacturers and changes in industry inventory levels [4][6] - The AI electronic cloth business is projected to significantly impact the performance and valuation of leading companies in the glass fiber sector [5][6]

元源新材一期项目投产后，吸引了40多家下游企业落户当地。上犹县委、县政府通过产业基金、金融担 保、平台融资等多项举措，继续帮助元源新材等玻纤企业快速成长。目前，在上犹工业园区，一条专供 天然气管道将清洁能源输向元源新材的窑炉，通过直供气价优惠30%，每年可为元源新材节省超2000万 元成本。同时，上犹县与南京玻纤院、厦门大学等国内20多家单位(高校)合作，组建"一院三中心"(即玻 纤产业研究院、共享智造中心、产业大脑数字中心、采销供应中心)。当地更按每年6万元、2万元的标 准，给企业招聘的博士、硕士研究生等高学历人才连发3年津贴，以诚留才。 "加快玻纤产业发展，是全省电子信息产业链上一个重要的延链补链强链环节，可以提供强劲的产业配 套。元源新材二期项目建成后，将采用最优生产布局和系统、最新工艺技术和先进装备，可填补我省7 至9微米直径玻纤纱产品空白，为赣州、吉安电子信息产业实现本地化配套提供有力支持。"上犹县工业 和信息化产业融合推进中心主任尹秀平表示，二期项目投资额比一期更大，他们将在一期帮扶基础上再 加大力度，全力扶持企业做大做强。县科技和工业信息化局作为元源新材二期项目专班服务单位，已建 立"一对一"帮 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [2]. Core Insights - The construction materials sector is expected to benefit from price increases in cement and electronic fabrics, with significant opportunities in the African cement market [1][5]. - The report highlights a shift from "demand expansion" to "price elasticity" in the industry, driven by scarcity and high barriers to entry [5]. - The report emphasizes the importance of focusing on high-quality companies within the sector, particularly those with strong brand recognition and operational leverage [5]. Summary by Sections Industry Overview - The total market capitalization of the construction materials industry is 874.92 billion yuan, with a circulating market value of 823.62 billion yuan [2]. - Key companies in the sector include Beixin Building Materials, Conch Cement, and China Jushi, all rated as "Buy" [4]. Market Trends - National cement production from January to August 2025 was 1.105 billion tons, a decrease of 4.8% year-on-year, with August production at 148 million tons, down 6.2% year-on-year [5]. - The report notes a price increase in cement in various regions, with Yunnan province planning to raise prices by 100 yuan/ton and Shaanxi province by 70 yuan/ton [5]. Company Recommendations - The report recommends focusing on companies like China National Materials and Huaxin Cement, which are expected to perform well due to their overseas growth and undervaluation [5]. - It also suggests monitoring the waterproofing industry, which is showing signs of recovery in demand and profitability [5]. Price Movements - The national cement market price increased by 0.5% week-on-week, with price hikes observed in regions such as Jiangxi, Guangxi, and Sichuan [33]. - The average cement shipment rate across key regions was approximately 48%, with a slight increase of 2 percentage points [33].

Group 1: Market Overview - The market experienced fluctuations, with the ChiNext index initially dropping over 1% but recovering in the afternoon, leading to a positive close. The Shanghai Composite Index rose by 0.04%, the Shenzhen Component increased by 0.45%, and the ChiNext index gained 0.68% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.34 trillion yuan, an increase of 64 billion yuan compared to the previous trading day [1] - Strong performances were noted in sectors such as robotics, internet e-commerce, and logistics, while sectors like pork, non-ferrous metals, and film and television saw declines [1] Group 2: Industry Insights - CITIC Securities indicated that the price of waterproof products in China is stabilizing under the "anti-involution" trend, with a positive outlook for the waterproof sector due to its correlation with construction activity and increased industry concentration [1] - China International Capital Corporation (CICC) projected that the ethylene industry may reach a turning point after 2027, driven by the exit of overseas capacities and potential domestic policy controls on new ethylene production [2] - Galaxy Securities highlighted that the building materials industry will deepen its reforms, focusing on structural optimization, green transformation, digital upgrades, and international expansion, with cement industry capacity reduction expected to accelerate [3] - The demand for high-end fiberglass products is anticipated to grow due to the rapid development of emerging industries, benefiting companies with R&D capabilities and production scale [3] - Leading consumer building materials companies are leveraging both domestic and international markets to enhance profitability and expand overseas production capacity, which is expected to contribute significantly to future performance growth [3]

Core Viewpoint - The construction materials industry in China is expected to undergo significant reforms and transformations, focusing on high-quality development, structural optimization, green transition, digital upgrades, and international expansion [1] Group 1: Industry Trends - The cement industry is likely to accelerate capacity reduction under the "anti-involution" backdrop, with the inclusion of cement in the carbon trading market leading to an improved supply-demand structure [1] - Market concentration is expected to increase towards leading enterprises, enhancing their competitive strength [1] Group 2: Emerging Opportunities - The rapid development of emerging industries such as electronic information and new energy will drive the demand for high-end fiberglass products, benefiting companies with technological R&D capabilities and large-scale production advantages [1] Group 3: Strategic Moves by Leading Companies - Leading consumer building material companies are leveraging a dual market strategy of "domestic + overseas" to navigate challenges, promoting "anti-involution" in the domestic market to restore healthy business practices and improve profitability [1] - These companies are also accelerating their overseas capacity layout, with international business expected to become a significant source of future revenue growth [1]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The report emphasizes the recommendation of Huaxin Cement, highlighting the high elasticity of the African cement market which is expected to accelerate [6][9] - The African cement market has a significant capacity of approximately 270 million tons, with a strong mid-term prosperity supported by urbanization [6] - Huaxin Cement is positioned as a leader in the African market, with recent projects in Nigeria exceeding profit expectations and plans for overseas asset spin-offs to accelerate expansion [6][9] Summary by Sections Cement Market - Cement shipments have shown a slight recovery, with a national average shipment rate of approximately 46.4%, a month-on-month increase of 1.2 percentage points, but a year-on-year decrease of 4.4 percentage points [7][24] - The average national cement price increased by 0.4% month-on-month, as companies push for price increases to improve profitability [7][24] Glass Market - The float glass market has seen a slight price increase, with some regions experiencing price fluctuations, but overall demand remains moderate [8][35] - The production capacity remains stable, with 283 production lines and a daily melting capacity of 159,455 tons [8][35] Special Fabrics and African Chain - The report recommends special fabrics, particularly focusing on Zhongcai Technology as a core leader due to high demand and supply barriers [9] - The African chain includes recommendations for Huaxin Cement and Keda Manufacturing, with both companies expected to benefit from market conditions and expansion plans [9] Stock Performance - The report indicates that the construction materials sector has outperformed the CSI 300 index over the past 12 months, with a performance of 56% [10]

Group 1: Economic Outlook - The expectation for domestic demand is strengthening due to intensified debt reduction policies and a backdrop of overseas interest rate cuts [1][2] - The government aims to establish a debt management mechanism that aligns with high-quality development, focusing on reducing existing hidden debts while promoting economic stability [2] Group 2: Cement Industry - The cement industry is expected to see a gradual recovery in demand as it enters the peak season in September, although growth remains limited [2] - The implementation of policies to restrict overproduction is anticipated to enhance capacity utilization in the medium term, with current low demand and prices [2] - Key companies to watch include Conch Cement and Huaxin Cement [2] Group 3: Glass Industry - The glass industry currently lacks fundamental support, with supply-demand imbalances persisting and limited improvement in downstream demand [3] - The industry is expected to experience bottom-level price fluctuations, with environmental regulations likely to accelerate the pace of industry upgrades [3] - Key company to monitor is Qibin Group [3] Group 4: Fiberglass Industry - The fiberglass sector is experiencing a surge in demand driven by the AI industry, with a notable increase in both volume and price for low dielectric products [3] - The industry is expected to see explosive growth in demand alongside AI advancements [3] - Key companies to focus on include China Jushi and China National Building Material [3] Group 5: Consumer Building Materials - The consumer building materials sector has reached a profitability bottom, with no further downward price pressure expected [3] - The sector is experiencing strong calls for price increases and profitability improvements, with several product categories issuing price increase notices [3] - Key companies to watch include Oriental Yuhong, Skshu Paint, Beixin Building Materials, and Rabbit Baby [3]