Investment Rating - The report maintains a "Recommended" investment rating for the building materials industry [1] Core Insights - The building materials industry is experiencing a mixed performance, with traditional materials weakening while high-demand electronic yarns support the resilience of fiberglass [1][3] - The industry is expected to see a recovery in 2025, driven by urban renewal strategies and a shift towards high-quality green materials [5][6] Summary by Sections 1. Industry Overview - The building materials sector is crucial for infrastructure and strategic emerging industries, with China leading in the production of various materials [6][7] - The industry is undergoing a transformation towards high-end, green, and digital solutions, supported by government initiatives [6][8] 2. Traditional Materials and Electronic Yarn - Cement demand remains weak, with high kiln shutdown rates and stable prices in December; a rebound is expected post-Spring Festival [10][14] - Fiberglass shows a mixed demand; traditional yarns face price stabilization while high-end electronic yarns continue to see price increases due to supply constraints [40][42] - Consumer building materials show slight improvement in retail sales, driven by year-end demand, but overall demand remains below previous years [38] 3. Market Dynamics - The building materials industry maintained a stable operation in December, with a business climate index of 102.9, indicating steady demand and production [9] - The industry is witnessing a gradual recovery in confidence, with a 3.66% increase in December, outperforming the Shanghai and Shenzhen 300 index [48][49] 4. Investment Recommendations - Cement companies like Huaxin Cement, Shangfeng Cement, and Conch Cement are recommended due to expected improvements in supply-demand dynamics and profitability [4] - For fiberglass, companies like China Jushi and China National Materials are highlighted for their strong positioning in high-demand segments [4] - Consumer building materials firms such as Oriental Yuhong and Beixin Building Materials are expected to benefit from urban renewal and quality upgrades [4]

Core Viewpoint - HuLong Securities maintains a "recommended" rating for the building materials industry, suggesting two main lines of focus: "anti-involution" policies that may alleviate overcapacity issues and the demand for high-end fiberglass products that could enhance industry profitability [1] Group 1: Industry Overview - From January 2 to December 23, 2025, the Shenwan Building Materials Index increased by 20.8%, ranking 11th among all Shenwan sectors, while the CSI 300 Index rose by 17.43%. The fiberglass sector performed exceptionally well, with a growth rate of 90.37% during the same period [2] - The supply-side "anti-involution" policies are expected to alleviate overcapacity in the cement industry, improving the supply-demand balance and enhancing profitability for leading companies such as Anhui Conch Cement (600585.SH), Shangfeng Cement (000672.SZ), and Huaxin Cement (600801.SH) [3] Group 2: Specific Material Insights - In the float glass sector, there are no significant improvements expected on the demand side, but supply-side "anti-involution" policies may lead to a reduction in capacity. The industry is currently in a phase of high inventory and low prices, with potential for improvement in supply-demand dynamics. Attention is recommended for Qibin Group (601636.SH) [4] - The photovoltaic glass industry is still facing overcapacity, but the implementation of "anti-involution" policies may improve the supply-demand situation. Leading companies with cost advantages are likely to benefit first, with a recommendation to focus on Fuyao Glass (601865.SH) [5] - In the consumer building materials sector, the increasing proportion of aging housing is expected to drive demand for renovation, positively impacting related consumer building materials. Recommended companies include Sankeshu (603737.SH), Beixin Building Materials (000786.SZ), Dongfang Yuhong (002271.SZ), Weixing New Materials (002372.SZ), and Jianlang Hardware (002791.SZ) [6] - The fiberglass sector is expected to avoid redundant capacity and fierce price competition due to ongoing "anti-involution" policies. The demand for mid-to-high-end fiberglass products, such as wind power yarn and electronic yarn, is on the rise, which may enhance industry profitability. Companies with a high sales proportion of mid-to-high-end products, such as China Jushi (600176.SH), China National Materials (002080.SZ), and Honghe Technology (603256.SH), are recommended for attention [7]

Core Viewpoint - The construction materials industry is expected to see improved profitability and demand in 2025, driven by "anti-involution" policies and a gradual recovery in key product demand [1][2]. Fundamental Analysis - In the first three quarters of 2025, demand for major construction materials showed slight improvement, while "anti-involution" policies positively impacted supply-side dynamics, leading to improved profitability across various sub-sectors [2]. - The construction materials index rose by 20.8% from January 2 to December 23, 2025, ranking 11th among all sectors, while the CSI 300 index increased by 17.43% during the same period [1][2]. Real Estate and Infrastructure - The real estate market continues to stabilize, with a downward trend in sales and completion rates, alongside declining housing prices; however, inventory reduction is evident as the area of unsold commercial housing has been decreasing since early 2025 [2]. - Infrastructure investment growth is declining despite an increase in the scale of special bonds directed towards land reserves [2]. Investment Recommendations - Focus on two main lines: 1. "Anti-involution" policies are expected to alleviate overcapacity issues in the construction materials sector, with an emphasis on traditional materials [2]. 2. The demand for high-end fiberglass products is anticipated to enhance industry profitability [2]. Sector-Specific Insights - **Cement**: The ongoing "anti-involution" policies are expected to ease overcapacity in the cement industry, with a long-term improvement in supply-demand dynamics anticipated to boost profitability, particularly for leading companies like Conch Cement [3]. - **Float Glass**: Demand remains weak, but supply-side changes from "anti-involution" policies may improve the supply-demand balance; companies like Xinyi Glass are recommended for attention [3]. - **Photovoltaic Glass**: The industry is currently facing overcapacity, but leading companies with cost advantages are likely to benefit from improved supply-demand conditions as "anti-involution" policies are implemented [3]. - **Consumer Building Materials**: The increasing proportion of aging housing is expected to drive demand for renovation-related building materials, with companies like Skshu Paint and Beixin Building Materials highlighted for potential investment [3]. Fiberglass Sector - The "anti-involution" policies are expected to prevent redundant capacity and curb vicious price competition in the fiberglass sector, with rising demand for mid-to-high-end fiberglass products likely to enhance profitability; companies such as China Jushi and Zhongcai Technology are recommended for investment [4].

中国银河（601881）证券发布研报称，2026年去产能效果有望显现，行业供需格局改善预期增强，价格 有望回升，企业盈利有望逐步修复。此外，水泥龙头企业加速海外产能布局，将贡献更多业绩增量，拉 开龙头企业盈利差距。玻璃纤维下游新兴产业发展势头较好，AI算力需求驱动下，特种玻纤纱高景气 有望持续；城市更新驱动消费建材在旧改、修缮市场的需求释放，消费升级将带动高品质绿色建材需求 提升；终端需求改善预期较弱，"反内卷"有望加速玻璃供给侧优化。 消费建材：10月家装零售需求走弱，高品质存量需求托底消费建材市场 2025年1-10月建筑及装潢材料类零售额同比增长0.5%，其中10月单月同比下降8.3%，环比下降2.1%。 随着地产销售的走弱，存量家装市场需求有所减弱，且因新房需求大幅缩减，今年消费建材需求不及往 年同期。后续城市更新战略的持续落地将释放修缮、旧改等需求，"好房子"建设标准的推进将提升高品 质绿色建材的市场渗透率。 浮法玻璃：供给缩减，但提振效果有限，11月价格继续承压 11月浮法玻璃市场刚需变化不明显；月产能减少，行业总供给收缩；企业库存虽有所下降，但仍处于历 史高位；浮法玻璃价格进一步下滑。后续来看， ...

周期半月谈 - 聚焦资源品与行业自律 20251207 摘要 有色金属价格将轮动上涨，降息和去美元化长期趋势不变，但短期受风 险偏好扰动。黄金市场前景乐观，受央行购金、ETF 购进及黄金代币化 推动，预计 2026 年黄金价格上涨空间可期，黄金股票估值具吸引力。 铜价短期暴涨因美国关税预期导致 LME 和 COMEX 价差扩大，美国市场 定价脱离基本面。2026 年美国虹吸效应或使非美地区面临紧仓风险， 但若 LME 挤仓或关税预期下降，美国可能重回基本面定价，带来阶段性 过剩风险。 铝价跟随铜价走势，全球电力紧张影响供应。国内产能见顶、海外能源 成本高企及投资周期约束使全球电解铝供应弹性减弱，预计 2025- 2030 年供给增速持续下滑，需牛市强化价格激励，偶发事件亦推动铝 价。 建材行业普遍经历盈利压力下的供给收缩，推荐消费建材和玻纤龙头。 细分赛道企业通过产品差异化获得超额利润，浮法玻璃龙头有望通过自 发冷修实现供给平衡并带动盈利修复。 Q&A 对于有色金属行业的整体看法是什么？ 我们继续保持对有色金属市场的乐观态度，认为其行情将持续波澜壮阔。受益 于江西地区的发展以及中美两国在 2026 年的积极财 ...

Summary of the Float Glass Industry Conference Call Industry Overview - The float glass industry is facing overcapacity, with a projected reduction of nearly 20% in production lines by 2024, dropping from 249 to 220 lines [2][3] - The market remains sluggish, with limited effects from policy stimuli, high inventory levels, and increased pressure from winter holidays [1][2] - National glass prices have converged, with prices in Northeast China dropping to 850 RMB/ton and in South China ranging from 1,000 to 1,200 RMB/ton [1][7] Key Points and Arguments - **Production Line Dynamics**: New production lines are primarily large-capacity (900 tons or more), while many old, small-capacity, and high-energy-consuming lines are expected to be phased out, totaling approximately 20,000 to 30,000 tons [5][17] - **Profitability by Fuel Type**: - Natural gas-powered small-capacity lines are consistently losing money - Coal gas lines are near breakeven, while petroleum coke lines are experiencing periodic losses [6][17] - **Reasons for Not Cold Repairing**: Companies are reluctant to halt production due to: - Long industry cycles and expectations of market recovery - Policy expectations and local government resistance - The need to maintain cash flow to meet bank loan obligations [1][4][7] - **Market Sentiment**: Despite some companies expecting a market turnaround, the reality is that both futures and spot prices are undermining confidence [7][21] Additional Important Insights - **Inventory Management**: Companies are primarily using price wars to reduce inventory, but downstream processing plants are cautious about winter storage due to financial risks [8][9] - **Future Price Trends**: Prices are expected to continue declining in the coming months, with a lack of strong willingness for large-scale production halts [9][21] - **Policy Impact**: Regional policies, such as coal-to-gas initiatives, have limited effectiveness due to the low concentration of the float glass industry [10][11] - **Cash Flow Risks**: Some companies are facing cash flow issues or bankruptcy risks, with reports of companies using glass as payment for construction projects [20][22] Conclusion - The float glass industry is currently in a challenging phase characterized by overcapacity, low prices, and significant financial pressures on many companies. The outlook for 2026 remains bleak, with expectations of continued supply-demand imbalances and low pricing levels [21][22]

Core Viewpoint - The construction materials industry is experiencing weak demand in Q3 2025, leading to a slight revenue decline, but profitability has significantly improved due to cost reduction and price increases for certain products [1] Group 1: Industry Overview - In the first three quarters of 2025, 77 listed companies in the construction materials sector achieved a total revenue of 489.86 billion yuan, a year-on-year decrease of 5.74%, while net profit attributable to shareholders reached 19.25 billion yuan, an increase of 21.46% [1] - The overall gross profit margin for the industry was 19.38%, reflecting a year-on-year increase of 0.22 percentage points [1] - Operating cash flow for these companies improved significantly, with a year-on-year growth of 52.91%, attributed to better receivables management and retail channel transformations [1] Group 2: Cement Sector - In October, there was a slight improvement in cement demand, but overall national demand is showing signs of peaking [2] - The industry is facing increased clinker inventory pressure despite efforts to control supply through staggered kiln shutdowns [2] - Cement prices saw a month-on-month increase of 2.22%, with expectations of further price hikes in November, although the increase may be limited [2] Group 3: Consumer Building Materials - From January to September 2025, retail sales of building and decoration materials grew by 1.6% year-on-year, with a 10.49% month-on-month increase in September [3] - The demand for consumer building materials is gradually improving as the seasonal downturn in the home decoration market ends, although it remains below last year's levels [3] - The ongoing urban renewal strategy is expected to stimulate demand for renovation and high-quality green building materials [3] Group 4: Glass Fiber Sector - In October, there was a slight recovery in demand for glass fiber, with some construction projects requiring expedited delivery [4] - Major glass fiber manufacturers have issued price increase notices for roving, indicating strong pricing power and expectations for stable to rising prices in the future [4] - Demand for electronic yarn is also increasing, with prices expected to remain stable after an initial rise [4] Group 5: Float Glass Sector - The average price of float glass increased in October, although there was a downward trend within the month [5] - The market is characterized by cautious purchasing behavior and high inventory levels, which are expected to limit price increases in the short term [5] - Overall, prices are anticipated to remain stable due to high inventory and limited improvement in demand [5]

Core Insights - The construction materials industry in China is experiencing a mixed performance, with a decline in revenue but an increase in net profit due to cost-cutting measures and price hikes [1][2]. Revenue and Profitability - In the first three quarters of 2025, 77 listed companies in the construction materials sector achieved a total revenue of 489.86 billion yuan, a year-on-year decrease of 5.74% [2]. - The net profit attributable to shareholders reached 19.25 billion yuan, reflecting a year-on-year increase of 21.46% [2]. - The overall gross profit margin for the industry was 19.38%, up by 0.22 percentage points year-on-year [2]. Cash Flow and Management - The operating cash flow for the construction materials sector improved significantly, with a year-on-year increase of 52.91% [2]. - This improvement is attributed to enhanced collection efforts and better credit risk management by companies [2]. Cement Sector - The cement market is facing weak overall demand, although there was a slight improvement in October [2]. - Cement prices saw a month-on-month increase of 2.22%, but the demand is expected to decline again in November due to seasonal factors [2]. Consumer Building Materials - Retail sales of building and decoration materials grew by 1.6% year-on-year from January to September 2025, with a month-on-month increase of 10.49% in September [3]. - The ongoing urban renewal strategy is expected to boost demand for high-quality green building materials [3]. Fiberglass Market - The fiberglass market showed slight recovery in demand for yarns, with stable pricing from leading companies [3]. - The demand for electronic yarns increased, leading to price hikes, particularly for high-end products [3]. Float Glass Market - The average price of float glass increased in October, but the market remains cautious with high inventory levels [4]. - Short-term price stability is expected due to limited improvement in demand towards the end of the fourth quarter [4]. Investment Recommendations - For consumer building materials, companies with strong brand and product quality are expected to benefit, with recommendations for companies like Beixin Building Materials and Weixing New Materials [4]. - In the cement sector, companies like Shangfeng Cement are recommended due to expected supply-demand balance improvements [4]. - The fiberglass market is anticipated to see demand growth, with recommendations for companies like China Jushi [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The US delays the G7 plan to expand the use of frozen Russian assets, indicating an intention to reduce tensions before Trump meets Putin, leading to a rise in market risk appetite [17]. - Affected by news such as Sino - US negotiations, on October 20, the A - share market rose with shrinking volume. Currently, market liquidity is rapidly contracting, and there is a strong wait - and - see sentiment. Future trends depend on domestic and foreign policy changes [2]. - During the Fourth Plenary Session, there are relatively many policies. It is advisable to be cautious in the short - term. If the market risk preference fails to strengthen, the bond market will turn stronger [25]. - The cost of imported soybeans supports the soybean meal price, but the current supply - demand situation is weak, and sufficient soybean supply is expected in the fourth quarter. The soybean meal futures price is likely to remain volatile [4]. - In September, economic data continued to show structural differentiation. The overall terminal demand was weak, with real estate and infrastructure demand remaining sluggish and manufacturing showing resilience. High pig iron production will suppress the subsequent inventory reduction speed, limiting the upward space for steel prices [5]. - The continuous inventory reduction during the peak season supports the lithium carbonate price, but further upward momentum may depend on unexpected supply - side disruptions [6]. Summary by Directory 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - The US government continues to be shut down. The gold price hit a new high, and overseas gold and silver ETF holdings increased, while the domestic market was weak. Gold is expected to fluctuate at a high level this week, and attention should be paid to the callback risk [13]. - Investment advice: The gold price will fluctuate at a high level in the short - term, and attention should be paid to the callback risk caused by long - position profit - taking [14]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US and Australia signed a key minerals agreement, and the US Senate will "pause" the new round of sanctions against Russia. The US delays the G7 plan to expand the use of frozen Russian assets, indicating an intention to reduce tensions before Trump meets Putin, and market risk preference has recovered [15][16][17]. - Investment advice: The US dollar is expected to decline in the short - term [18]. 1.3 Macro Strategy (Stock Index Futures) - China's GDP in the third quarter increased by 4.8% year - on - year. Affected by news such as Sino - US negotiations, on October 20, the A - share market rose with shrinking volume. Currently, market liquidity is rapidly contracting, and there is a strong wait - and - see sentiment [2][19]. - Investment advice: Allocate various stock indices evenly [21]. 1.4 Macro Strategy (Treasury Bond Futures) - The LPR quotation in October remained stable. China's economic data in September showed differentiation. The bond market fluctuated and declined today due to Trump's softened stance towards China, but market risk preference has not been strongly activated [22][23][24]. - Investment advice: Be cautious in short - term trading this week. If market risk preference fails to strengthen, look for opportunities to build long - term long positions at low prices [25]. 2. Commodity News and Reviews 2.1 Black Metal (Steam Coal) - On October 20, the steam coal price in the northern port market was strong. The downstream demand increased last week, and the coal price rose. After the Datong - Qinhuangdao Railway maintenance ends, the supply of port spot will increase, and the coal price increase is expected to narrow this week [26]. - Investment advice: The coal price will remain strong in the short - term [26]. 2.2 Black Metal (Iron Ore) - Fenix Resources' iron ore production in the third quarter increased significantly. The iron ore price continued to be weak and volatile. The terminal orders weakened, the steel mill inventory pressure increased, and the steel mill profit was compressed. It is expected that the pig iron production will decline in November [27]. - Investment advice: The potential for production cuts is approaching. The iron ore price will remain weak in the short - term, but the downward valuation space is limited [27]. 2.3 Agricultural Products (Cotton) - As of October 17, the inspection volume of US cotton was slow. In September, the export unit price of cotton products rebounded slightly month - on - month. China imported 100,000 tons of cotton and 130,000 tons of cotton yarn in September [28][29][30]. - Investment advice: The Zhengzhou cotton futures price has been resistant to decline recently. However, as the new cotton is listed, the hedging pressure will limit the upward space, and the downstream orders are insufficient. Attention should be paid to the new cotton listing, downstream orders, and Sino - US relations [31][32]. 2.4 Agricultural Products (Soybean Meal) - As of October 17, the national port soybean inventory decreased, the soybean inventory of major oil mills increased, the soybean meal inventory decreased, and the unexecuted contracts decreased. In September, China imported 0 tons of soybeans from the US, and the Brazilian soybean planting rate reached 24% [34][35][36]. - Investment advice: Pay attention to the weather in the Brazilian production area and Sino - US relations. The soybean meal futures price is likely to remain volatile [36]. 2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - From October 1 to 20, the export volume of Malaysian palm oil increased by 3.4% month - on - month. As of October 17, the domestic palm oil inventory increased slightly [37][38]. - Investment advice: The market lacks driving forces in the short - term and is expected to remain volatile. In the long - term, pay attention to the long - position opportunities of palm oil [39][40]. 2.6 Black Metal (Rebar/Hot - Rolled Coil) - From January to September, China's infrastructure investment increased by 1.1% year - on - year. In the first three quarters, China's steel exports showed different trends, and the real estate investment continued to decline. The overall terminal demand was weak, and the high pig iron production limited the upward space for steel prices [41][42][44]. - Investment advice: Adopt a volatile trading strategy for steel prices in the short - term [46]. 2.7 Agricultural Products (Jujube) - In Xinjiang, jujubes in some areas are in the drying stage. The futures price of the main contract CJ601 fluctuated and closed down today. The price of jujubes in the distribution areas is stable, and merchants purchase goods as needed [47][48]. - Investment advice: Wait and see before the market logic becomes clear. Pay attention to the price game in the production area and downstream consumption [48]. 2.8 Agricultural Products (Corn Starch) - On October 20, the theoretical profits of corn starch enterprises in different regions showed differentiation. In the future, the inventory pressure and production reduction expectations of starch may be mainly concentrated in the Northeast [49]. - Investment advice: The price difference between starch and corn futures is expected to recover after entering the delivery month. The price difference of 01 and 03 contracts is at a low level and is not expected to shrink further [49]. 2.9 Agricultural Products (Corn) - The domestic corn price is rising. Snowy weather and farmers' reluctance to sell have led to a decrease in downstream arrivals. The spot price is expected to decline, while the futures price may enter a volatile bottom - grinding period [50]. - Investment advice: Wait and see in the short - term. Pay attention to the implementation of wheat auction rumors [50]. 2.10 Non - Ferrous Metals (Polysilicon) - In September, China's polysilicon export volume decreased by 28.17% month - on - month. The spot price of polysilicon is expected to remain stable. The terminal demand has weakened marginally since late October, and the silicon wafer price is under pressure [51][52]. - Investment advice: Maintain the view that the spot price will not decline in October. Consider long - position opportunities when the futures price is at a discount to the spot price. Pay attention to the reverse spread opportunity of PS2511 - PS2512 at around - 2000 yuan/ton [53]. 2.11 Non - Ferrous Metals (Industrial Silicon) - In September, China's industrial silicon export volume increased by 7.73% year - on - year. Some silicon plants in the South are expected to reduce production in late October. The inventory is expected to be difficult to reduce in November and will be reduced by 15,000 tons in December [54][55]. - Investment advice: It is more cost - effective to go long on industrial silicon at low prices [55]. 2.12 Non - Ferrous Metals (Lead) - On October 17, the LME0 - 3 lead was at a discount of $41.85/ton. In September, the import of lead concentrates increased month - on - month and decreased year - on - year. The export of lead - acid batteries decreased, and the import increased [55][56]. - Investment advice: Adopt a wait - and - see strategy for single - side trading. Pay attention to the medium - term positive spread opportunity for cross - market trading [56]. 2.13 Non - Ferrous Metals (Zinc) - Vedanta's zinc concentrate production in the third quarter increased by 6%. In September, the export volume of galvanized sheets increased both month - on - month and year - on - year. The import volume of zinc concentrates increased [57][58][60]. - Investment advice: Wait and see for single - side trading. Pay attention to the medium - term positive spread opportunity. Maintain a positive spread trading strategy for cross - market trading and take profits in batches at low prices [61]. 2.14 Non - Ferrous Metals (Nickel) - In September, China's unforged nickel import volume increased significantly, especially from Russia. The short - term macro situation is still volatile. The global visible inventory has increased significantly, and the price is fluctuating above the cash cost. The nickel ore price is expected to rise in the fourth quarter [62]. - Investment advice: Allocation portfolios can consider long - position opportunities at low prices. Speculative portfolios can consider selling near - the - money put options and buying deep - out - of - the - money call options [63]. 2.15 Non - Ferrous Metals (Lithium Carbonate) - In September, China's lithium ore import volume increased by 14.7% month - on - month. The first batch of lithium concentrate from the Bougouni lithium project was shipped. The inventory has been decreasing, which supports the price, but further upward momentum depends on supply - side disruptions [64][66]. - Investment advice: Use range - bound trading in the short - term. Consider short - position opportunities after the demand peaks this year. Pay attention to the reverse spread opportunity of LC2511 - LC2601 and the positive spread opportunity of LC2601 against more distant contracts [67]. 2.16 Non - Ferrous Metals (Copper) - Peru's Las Bambas copper mine is being affected by illegal mining. In September, China's scrap copper import volume increased by 14.84% year - on - year [68][69]. - Investment advice: The copper price is expected to remain volatile at a high level in the short - term. Consider long - position opportunities at low prices for single - side trading. Wait and see for spread trading [70]. 2.17 Energy Chemicals (Liquefied Petroleum Gas) - Guangzhou Petrochemical's partial device maintenance has reduced the liquefied gas production. The East China liquefied gas price has declined due to factors such as fundamental imbalance and falling paper - futures prices [71][72]. - Investment advice: The price is expected to remain volatile in the short - term [73]. 2.18 Energy Chemicals (Crude Oil) - A Russian refinery was affected by a drone attack. The oil price is weak and volatile. Market risk preference supports the oil price, but concerns about supply surplus continue to put pressure on it [74]. - Investment advice: The oil price will remain weak and volatile in the short - term [75]. 2.19 Energy Chemicals (PVC) - The domestic PVC powder market price has been slightly stronger. The downstream procurement enthusiasm is low, and the spot trading is light. The PVC fundamentals remain weak, and the inventory is high [76][77][78]. - Investment advice: The PVC price is expected to remain weak and volatile in the short - term, and the downward space is limited [78]. 2.20 Energy Chemicals (Styrene) - As of October 20, the styrene inventory in the East China main port increased. The styrene price declined, and the inventory is a key issue. The production profit has decreased, and the cost support is not obvious [79]. - Investment advice: Pay attention to the negative feedback of pure benzene downstream products. The styrene industry needs a low - profit level to slow down the inventory accumulation in the main port [80]. 2.21 Energy Chemicals (Asphalt) - As of October 20, the asphalt factory and social inventories decreased. The BU futures price was weak last week, and the spot price continued to decline. The demand recovery is limited, and the weak international oil price may affect the asphalt price [81][82]. - Investment advice: The asphalt price will be volatile in the short - term [83]. 2.22 Energy Chemicals (Soda Ash) - As of October 20, the domestic soda ash factory inventory increased slightly. The soda ash futures price rose and then fell, affected by the bearish sentiment in the glass market. The downstream demand is stable, and the inventory in the delivery warehouse is high [84]. - Investment advice: Adopt a short - selling strategy at high prices for soda ash in the medium - term, and pay attention to the new capacity release [84]. 2.23 Energy Chemicals (Float Glass) - On October 20, the float glass price in the Hubei market declined. The glass futures price continued to fall due to the failure of supply - reduction expectations and the cooling of macro - positive expectations [85]. - Investment advice: Wait and see in the short - term as the market is bearish, but the futures price is at a discount to the spot price, and the risk of short - selling is high [85].

Group 1: Cement Industry - In September, there was a marginal improvement in cement demand, with an increase in the operating load of cement mills month-on-month [1] - Cement prices experienced a slight month-on-month increase of 1.80%, with expectations for continued growth in demand during October [1] - The supply-side adjustments, including the reduction of clinker production, are anticipated to support a phase of price increases in the cement market [1] Group 2: Consumer Building Materials - Retail sales of building and decoration materials showed a year-on-year growth of 1.8% from January to August 2025, but a decline of 0.7% year-on-year in August [2] - The demand for building materials is expected to be supported by ongoing urban renewal strategies and the promotion of high-quality green building materials [2] Group 3: Fiberglass Industry - There is a recovery in demand for fiberglass, with increased stocking by downstream users and a slight reduction in supply, leading to a stabilization in prices [3] - The demand for electronic fiberglass is improving, with expectations for price increases due to strong demand for high-end products [3] Group 4: Float Glass Industry - The float glass market saw a marginal recovery in demand in September, with some improvement in orders from medium to large processing plants [4] - Prices for float glass are expected to stabilize, supported by policy measures aimed at supply control, although significant improvements in the overall supply-demand structure are not yet evident [4]