一、PVC-UH管行业相关概述 内容概要：PVC-UH管作为塑料管道的重要组成部分，其产量近几年也呈现下滑态势。数据显示，2024 年中国PVC-UH管行业产量达到168.3万吨，同比下降5.5%。这主要受市场需求减少的影响，加之下游 领域更青睐高端产品，倒逼企业从"扩产增量"转向"提质增效"，行业整体向高质量发展不断迈进。从未 来市场需求来看，PVC-UH管的市场需求仍然巨大。目前，PVC-UH管已广泛应用于城市供水/排水、建 筑排水、农林灌溉，渔业养殖等众多领域，随着国家对基础设施投资建设的力度持续加大，PVC-UH管 的需求有望上涨，进而带动产量的增长。 相关上市企业：中国联塑（02128）、公元股份（002641）、顾地科技（002694）、伟星新材 （002372）、新疆天业（600075）、华塑股份（600935）、中泰化学（002092）、氯碱化工 （600618）、雄塑科技（300599）等。 相关企业：河北泉恩高科技管业有限公司、吉林市松江塑料管道设备有限责任公司、聊城瑞盛德丰塑胶 有限公司、水润佳禾（北京）科技有限公司、烟台金沃泉塑胶有限公司、上海隆塑管业有限公司等。 关键词：PVC-UH ...

港股恒生指数涨0.61%，涨161点，报26406点；恒生科技指数涨0.12%。港股早盘成交1141亿港元。 中国中免（601888）(01880)涨超13%，海南离岛免税新政成效初显，机构称行业拐点有望显现。 泡泡玛特(09992)涨超6%，公司产能规模逐步提升，管理层预期第四季销售将有更强劲表现。 东阳光（600673）药(06887)涨超4%，流感活动呈现抬头趋势，机构看好公司创新管线发展。 中国联塑(02128)涨超5%，十五五再提管网改造，公司有望显著受益城市管网更新。 沪上阿姨(02589)涨超8%，公司建议采纳H股激励计划，品牌成功进入"万店俱乐部"。 教育股涨幅居前。机构称教育行业业绩整体表现良好，AI+教育提升估值空间。中教控股(00839)涨 8%；思考乐教育(01769)涨3.3%；新东方-S(09901)涨3.25%。 瑞浦兰钧(00666)涨超6%，全球储能需求景气，公司前三季度储能电池出货量超50GWh。 歌礼制药-B(01672)涨超6%，公司获纳入MSCI全球小盘股指数，ASC30减重效果显著。 金风科技（002202）(02208)跌超5%，股东和谐健康拟再减持不超过1%股份 ...

每经AI快讯，港股中国联塑(02128.HK)早盘涨超7%，截至发稿，涨7.38%，报4.8港元，成交额7179.18 万港元。 ...

消息面上，国家发展改革委党组书记、主任郑栅洁此前表示，"十五五"时期，我国预计将建设改造地下 管网超过 70 万公里，新增投资需求超过 5 万亿元；推动地下管网建设改造是我国深入推进新型城镇化 的重要举措。华西证券认为城市管网更新中国联塑等将受益。 国泰海通证券发布研报称，中国联塑管道业务销售转型较好，非地产+非华南拓展迅速。非地产业务的 拓展和华南外市场的拓展迅速，农业领域发展领先。公司前期地产业务应收账款，高风险房企的应收或 充分计提 75%以上，抵房进行中整体风险消较好。公司目前动态 PE 已经下降到 4x 左右，主要受到出 身港股影响；而且在目前产能利用率不足的背景下，公司向新能源转型的增加其实也难以明显增加 capex，经营风险相对可控。 智通财经APP获悉，中国联塑(02128)早盘涨超7%，截至发稿，涨7.38%，报4.8港元，成交额7179.18万 港元。 ...

国泰海通证券发布研报称，中国联塑管道业务销售转型较好，非地产+非华南拓展迅速。非地产业务的 拓展和华南外市场的拓展迅速，农业领域发展领先。公司前期地产业务应收账款，高风险房企的应收或 充分计提75%以上，抵房进行中整体风险消较好。公司目前动态PE已经下降到4x左右，主要受到出身港 股影响；而且在目前产能利用率不足的背景下，公司向新能源转型的增加其实也难以明显增加capex， 经营风险相对可控。 消息面上，国家发展改革委党组书记、主任郑栅洁此前表示，"十五五"时期，我国预计将建设改造地下 管网超过70万公里，新增投资需求超过5万亿元；推动地下管网建设改造是我国深入推进新型城镇化的 重要举措。华西证券（002926）认为城市管网更新中国联塑等将受益。 中国联塑(02128)早盘涨超7%，截至发稿，涨7.38%，报4.8港元，成交额7179.18万港元。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國聯塑集團控股有限公司 呈交日期: 2025年10月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02128 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.05 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.05 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： H ...

Core Viewpoint - The stock price of China Liansu (2128.HK) surged over 8% following the announcement of the "14th Five-Year Plan," which includes plans to construct and renovate over 700,000 kilometers of underground pipelines, generating an investment demand exceeding 5 trillion yuan [1][3]. Group 1: Policy-Driven Growth Opportunities - China Liansu's business matrix centered on plastic pipelines is closely linked to the policy signals released by the "14th Five-Year Plan," indicating a clear growth logic driven by policy [4]. - The plan emphasizes regional coordinated development, new urbanization, and land-sea coordination, which will enhance the construction of underground pipelines as a critical component of infrastructure [5]. - The focus on new urbanization provides a long-term development blueprint for the plastic pipeline industry, ensuring a clear growth path for leading companies like China Liansu [5][6]. Group 2: Competitive Advantages and Valuation Support - The "14th Five-Year Plan" has solidified market confidence in China's long-term economic resilience, directing investment towards sectors with policy certainty and industry trends [8]. - China Liansu's competitive moat is built on its production capacity, supply chain advantages, technology and standard-setting capabilities, and product diversification, which will sustain its leading position in the industry [10][11][12]. - The company has over 30 production bases across 19 provinces and overseas markets, leveraging digital technologies to enhance manufacturing efficiency and quality [10]. - With a core R&D team of over 1,000 and nearly 3,500 patents, China Liansu is a key standard-setter in the plastic pipeline industry, allowing it to avoid low-end competition and meet high-quality product demands [11]. - The company's diverse product offerings cover various applications, enabling it to mitigate cyclical fluctuations and capitalize on synergistic effects during favorable market conditions [12][13]. - In the first half of the year, China Liansu achieved a gross margin of 28.2%, with a net profit margin of 7.5%, reflecting its strong cost control and stable profitability in the industry [14].

Core Viewpoint - China Lesso (2128.HK), a leading company in the pipe industry, experienced a significant stock price increase, rising by 9.78% to HKD 4.94, outperforming the market with a year-to-date gain of over 51% compared to the Hang Seng Index's 30% increase [1] Group 1: Company Performance - The stock price of China Lesso broke through the 5-day, 10-day, 20-day, 30-day, and 60-day moving averages in a single day [1] - The company has effectively controlled financial costs while adjusting its overall debt structure, exceeding expectations in the first half of the year [1] Group 2: Market Opportunities - The National Development and Reform Commission announced plans to construct and renovate over 700,000 kilometers of underground pipelines during the 14th Five-Year Plan, with an expected investment demand exceeding CNY 5 trillion [1] - Citigroup indicated that if the company continues to dispose of assets to reduce its net debt ratio and if any infrastructure stimulus plans are launched in the mainland, the stock could rebound significantly [1] - Huatai Securities expects the company's market share to further increase, maintaining a "buy" rating and raising the target price from HKD 5.89 to HKD 6.35 [1]

Group 1 - China Lesso (02128.HK) saw a significant increase in stock price, rising over 6% [1] - As of the report, the stock price reached 4.8 HKD, marking a 6.67% increase [1] - The trading volume amounted to 32.3691 million HKD [1]

Core Viewpoint - China Liansu (02128) saw a significant increase of over 6%, currently trading at 4.8 HKD with a transaction volume of 32.37 million HKD, driven by favorable government policies regarding infrastructure investment [1] Group 1: Government Policy Impact - The Central Committee of the Communist Party of China held a press conference on October 24 to discuss the spirit of the Fourth Plenary Session of the 20th Central Committee, highlighting plans for extensive underground pipeline network construction and renovation exceeding 700,000 kilometers during the 14th Five-Year Plan period [1] - The National Development and Reform Commission's Secretary and Director, Zheng Zhanjie, indicated that the new investment demand for this initiative would exceed 5 trillion CNY [1] Group 2: Market Opportunities - Huatai Securities previously reported that the pipeline renovation segment is expected to stimulate demand for municipal plastic pipes, which aligns with the steady growth in first industry investment over the past two years [1] - China Liansu's involvement in the agricultural plastic pipe sector has shown positive results, and given the company's high market share in the engineering sector, it is anticipated that the company will fully benefit from these developments [1]