Group 1: Core Insights - The real estate policies continue to be implemented, which is expected to drive valuation recovery and improvement in the building materials industry [1][2] - In September, the cement market entered the traditional peak season, but the recovery in demand remains insufficient, with a significant year-on-year decline in cement production [2][3] - The glass fiber industry is seeing price increases initiated by Shandong Glass Fiber, which is expected to enhance industry profitability [1][4] Group 2: Cement Industry - The cement market showed a month-on-month recovery in September, but the year-on-year average shipment rate declined by nearly 4 percentage points [3] - The weak demand recovery in September is attributed to investment declines and frequent rainfall affecting construction progress [2][3] - The average price of cement in September 2025 is reported at 346.77 yuan/ton, reflecting a slight increase from June [3] Group 3: Glass Industry - The float glass market is expected to enter a phase of fluctuation after a price increase, with some year-end demand but overall weak market conditions [3] - Supply pressures remain, and the daily production is expected to stay above 160,000 tons [3] - Key companies to watch in the glass industry include Qibin Group and Jinjing Technology [3] Group 4: Glass Fiber Industry - Shandong Glass Fiber announced price adjustments for certain products, increasing prices by 5%-10% [4] - The China Glass Fiber Industry Association has called for a fair competitive environment, which may lead to improved profitability in the industry [4] - Key companies to monitor in the glass fiber sector include China Jushi and Zhongcai Technology [4] Group 5: Consumer Building Materials - Continuous real estate policy implementation is expected to improve industry valuation and fundamentals, with recommended companies including Weixing New Materials and Beixin Building Materials [4]

Core Viewpoint - The construction materials industry is experiencing a continued demand decline, with specific challenges in the cement sector, despite some policy support aimed at stabilizing the market [2][3]. Cement Industry - In September, the national average cement shipment rate showed a slight month-on-month increase but a nearly 4 percentage point year-on-year decline, indicating ongoing demand shrinkage [1][3]. - The average cement price in September 2025 is reported at 346.77 yuan/ton, reflecting a 5.43 yuan/ton increase from June, yet the overall demand remains weak [1][3]. - Factors contributing to the weak demand include investment declines and project funding shortages, which hinder construction progress, alongside frequent rainfall affecting operations [3]. Glass Industry - The float glass market is expected to transition into a fluctuating trend after recent price increases, with some year-end demand but overall supply pressure remaining [4]. - The anticipated daily production is expected to maintain above 160,000 tons, but demand is primarily driven by essential purchases due to funding and payment issues [4]. - Key companies to watch in the glass sector include Qibin Group and Jinjing Technology [4]. Fiberglass Industry - A price adjustment announcement from Shandong Fiberglass indicates a 5%-10% increase in prices for certain fiberglass products, signaling a potential recovery in the industry [5]. - The China Fiberglass Industry Association has initiated a joint effort to establish a fair competitive environment, which may enhance profitability across the sector [5]. - Notable companies in this space include China Jushi and Zhongcai Technology [5]. Consumer Building Materials - Continuous real estate policy implementations are expected to drive industry valuation recovery and fundamental improvements, with recommended companies including Weixing New Materials and Beixin Building Materials [5].