Guangfa Securities: Price bottom precedes volume, focus on consumer and building material leader Alpha opportunity.

Guangfa Securities research report stated that the prices of consumer building materials are bottoming out before the volume, focusing on the leading opportunities of Alpha. Consumer building materials have good long-term demand stability, continuous increase in industry concentration, and the growth space of high-quality leading companies with good competitive landscape is still significant in the medium to long term. The downstream real estate market is still searching for the bottom, waiting for sales to stabilize and improve; core leading companies have strong operating resilience. Cement: This week, the national cement market prices fell by 0.1% on a weekly basis, and it is expected that cement prices will be expected to usher in an upward trend in late March. With some regional cement prices continuing to decline to the bottom range, it is expected that later cement prices will still maintain a small fluctuating adjustment trend. Glass: Float glass prices are stable and waiting to see; photovoltaic glass prices are under pressure to fall. Glass fiber / carbon-based composite materials: Coarse yarn market prices have a slight increase, electronic yarn and fabric prices have significantly increased.