证券日报网讯12月18日，中国巨石（600176）在互动平台回答投资者提问时表示，玻璃纤维粗纱作为复 合材料中的增强材料，被广泛应用于汽车轻量化(汽车仪表骨架板、车门组合件、车身门板模块、车顶 面板、座椅骨架、蓄电池托架、车胎架及框架)、风电(大型风电叶片)、节能环保(光伏发电用玻璃钢格 栅、组件层压封装材料)、建筑材料等领域。产品广泛应用于交通运输(汽车及交通工具轻量化)、可再生 能源(风电、光伏)、电子通讯(热塑)、节能环保、建筑材料等领域。细纱方面主要应用于电子通讯等方 面。随着社会发展，玻纤在光伏边框、低空经济、新能源汽车、运动休闲、AI等新兴产业的渗透率逐 年提高，在国民经济中发挥着越来越重要的作用。公司在高性能玻璃配方、超大型玻纤池窑设计开发、 智能制造和绿色制造等方面拥有核心自主知识产权，高端产品比例保持高位并不断提高，市场占有率稳 步提升。 ...

Investment Rating - The report maintains an "Outperform" rating for the building materials industry [1]. Core Views - The traditional fiberglass industry is experiencing a price recovery and improved profitability, while the specialty fabric sector is benefiting from high demand driven by AI technology [4]. - The report highlights the structural recovery of the fiberglass industry in 2025, with a focus on the resilience of demand in key sectors such as wind energy and automotive [3][4]. Summary by Sections Traditional Fiberglass - The industry is set to undergo three rounds of slight price recovery starting in 2024, with a structural rebound in profitability expected in 2025. The demand for roving is driven by high growth in wind power installations and positive trends in new energy vehicles and home appliances, although construction and export demand remain weak [3]. - By the end of 2025, the domestic roving capacity is expected to increase by 460,000 tons per year, but the growth rate of capacity is anticipated to slow down due to more rational competition among companies and reduced capital expenditures in recent years [3][4]. - The profitability of listed fiberglass companies is projected to improve significantly, with a reported net profit of 4.79 billion yuan in the first three quarters of 2025, a year-on-year increase of 49% [9]. Specialty Electronic Fabrics - The demand for specialty electronic fabrics is experiencing a boom due to the rapid development of AI and high-frequency communication technologies. The strong growth in AI computing power is driving the demand for high-performance PCBs and chip packaging substrates [3][4]. - The global AI server shipment is expected to grow at a CAGR of 28.8% from 2022 to 2026, with significant increases in the demand for low dielectric electronic fabrics that meet the high-performance requirements of AI servers and switches [3][52]. - Domestic companies are rapidly catching up in the specialty electronic fabric market, with significant capacity expansions planned. For instance, China National Materials Technology plans to expand its production capacity by 94 million meters annually by 2025 [3][4]. Investment Recommendations - The report suggests focusing on companies such as China National Materials Technology, Honghe Technology, China Jushi, Feilihua, and International Composites, which are well-positioned to benefit from the recovery in the fiberglass industry and the growth in specialty electronic fabrics [4].

Group 1: Cement Industry - The cement market is currently experiencing weak demand, with an average price of 271.67 yuan/ton in August, showing a month-on-month decline [1] - Seasonal demand is expected to recover from September to November, potentially leading to price increases due to the "anti-involution" trend promoting capacity reduction [1] Group 2: Consumer Building Materials - Retail sales of building and decoration materials grew by 2.2% year-on-year from January to July 2025, but saw a 0.5% year-on-year decline in July, indicating a seasonal slowdown [2] - Urban renewal initiatives are anticipated to boost demand for renovation and repair materials such as pipes, waterproofing, and coatings [2] Group 3: Glass Fiber - The market for glass fiber is under pressure, with small and medium enterprises experiencing slight price reductions for coarse yarn due to high inventory levels [3] - Demand for high-end electronic yarn remains strong, while traditional electronic yarn products face increased supply pressure, leading to a slight price decrease [3] Group 4: Float Glass - The float glass market continues to show weak demand, with prices reverting to levels seen before the June price increase, indicating a historical low [4] - Seasonal demand may improve slightly, but supply-side pressures are expected to limit significant price increases in the short term [4]

Group 1: Cement Industry - National cement prices continue to decline due to high temperatures and rainfall affecting construction activities, leading to reduced demand [1][2] - Approximately half of the clinker production lines nationwide have halted operations, but supply regulation remains limited, resulting in high clinker inventory levels among cement companies [1][2] - Short-term demand is expected to remain weak, but rising costs may provide some support for cement prices, which are anticipated to fluctuate at low levels with limited decline [2] Group 2: Construction Materials - Retail sales of building and decoration materials increased by 2.6% year-on-year from January to June, with a 1.0% year-on-year growth in June alone, and a 14.76% month-on-month increase [3] - The demand for renovation and urban renewal is expected to stabilize the market, driven by policies promoting housing sales and home decoration subsidies [3] - The central urban work conference emphasized urban renewal as a key focus, which is likely to boost demand for construction materials such as pipes, waterproof materials, and building coatings [3] Group 3: Fiberglass - The price of fiberglass yarn remains stable but is trending weakly, with demand appearing lackluster; however, high-end products like wind power yarn are supporting market demand [3] - Electronic yarn prices are stable, with steady demand from CCL manufacturers and a tight supply of high-end products, leading to potential price increases [3] Group 4: Float Glass - Float glass prices have risen due to speculation driven by futures market changes, leading to increased purchasing activity and a slight decrease in inventory levels [4] - The market is heavily influenced by futures prices, but the fundamental demand remains weak, with stable supply expected in the short term [4][5] - Long-term, the industry supply-demand structure is expected to improve as policies to reduce capacity are implemented [5] Group 5: Investment Recommendations - For construction materials, companies with strong channel layouts and product quality such as Beixin Building Materials, Weixing New Materials, and Dongfang Yuhong are recommended [5] - In the cement sector, regional leaders like Shangfeng Cement are expected to recover profitability, with attention on Huaxin Cement and Conch Cement [5] - For fiberglass, China Jushi is highlighted as a beneficiary of demand recovery in emerging markets, with price increases expected for mid-to-high-end products [5] - In the glass sector, companies like Qibin Group are recommended as the supply-demand structure is expected to gradually optimize [5]