Group 1 - The core viewpoint of the article highlights that China Liansu (2128.HK), a leading player in the plastic pipe industry, has recently regained upward momentum, with its stock price rising over 4% to HKD 6.11 during intraday trading [1] Group 2 - The article notes the recent active performance of China Liansu in the market, indicating a positive trend for the company [1] - The stock price increase reflects investor confidence and market interest in the company's prospects [1] - The rise in stock price may suggest potential growth opportunities within the plastic pipe industry [1]

Group 1 - China Liansu (2128.HK) has recently seen a resurgence in its stock price, rising over 4% to HKD 6.11 [1] - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued a notice on January 20, outlining measures to support urban renewal, emphasizing the construction of underground pipelines and integrated utility tunnels [1] - The report from Guangfa Securities highlights that the construction materials industry is currently at a low valuation, with a focus on urban renewal as a key driver for growth [1] Group 2 - The industry is expected to benefit from improved supply-demand dynamics, price increase expectations, and overseas expansion contributing to performance growth [1] - Citigroup's recent report indicates that Liansu's overseas channel business is anticipated to be a major growth driver, with sales expected to increase by over 50% this year [1] - Citigroup has raised Liansu's target price to HKD 7 [1]

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: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 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： HKD 1,000,000,000 FF301 第 1 頁 共 10 頁 v ...

Investment Rating - The report maintains a "Recommended" rating for the building materials industry [1] Core Views - The report anticipates significant growth in revenue and profit for fiberglass in Q4 2025, while traditional building materials face performance pressure [1] - The overall outlook for the cement industry indicates continued price and profit stabilization, with domestic pressures expected to persist [4][7] - The glass industry is projected to experience ongoing revenue and profit pressure, particularly in the float glass segment due to weak downstream demand [14][20] - The fiberglass sector is expected to see robust growth driven by increased demand for raw yarn and high-end fabrics [28] Summary by Sections Cement - Q4 2025 is expected to see domestic cement performance under pressure, while overseas markets may perform better. The average national cement price is projected at 357 RMB per ton, down 16% year-on-year [7] - The report notes that the cement industry is experiencing a bottoming out phase, with a year-on-year production decline of 7% from January to November 2025 [7] - Non-operating projects may impact profits, with companies accelerating capacity replacement and asset disposals [4][7] Glass - The float glass industry is expected to remain under pressure, with high inventory levels and ongoing losses. The average price for 5mm float glass is projected at 62 RMB per box in Q4 2025, down 17% year-on-year [14] - The photovoltaic glass segment is also expected to face significant revenue and profit pressure due to weak domestic installation demand, with a projected average price of 12.3 RMB per square meter in Q4 2025 [20] Fiberglass - The fiberglass sector is projected to see continued high growth in revenue and profit, with domestic net demand reaching 5.48 million tons, a 19% year-on-year increase [28] - The average price for mainstream products is expected to be 3,603 RMB per ton in 2025, with a slight decrease in Q4 [28] - High-end electronic fabric prices are expected to rise, benefiting companies with a first-mover advantage [28] Renovation Materials - The renovation materials sector is expected to face continued pressure, with a year-on-year decline in housing starts, completions, and sales area [4] - Companies are exploring new business channels to maintain resilience in performance [4]

Core Insights - The construction materials industry is currently at a low valuation level, with a focus on urban renewal and related opportunities. The allocation ratio for construction materials in Q4 2025 is 0.72%, an increase of 0.11 percentage points from Q3 2025, indicating significant potential for valuation recovery [6][15]. Group 1: Urban Renewal and Market Dynamics - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued a notice on January 20, 2026, to support urban renewal actions, providing specific operational guidelines for the "14th Five-Year Plan" urban renewal strategy. This includes a focus on "two renewals and two new projects," emphasizing the construction of underground pipelines and comprehensive utility tunnels [24]. - Companies involved in urban renewal and the renovation of old neighborhoods, such as Dongfang Yuhong, Keshun Co., Sankeshu, Weixing New Materials, and China Liansu, are recommended for attention [24]. Group 2: Construction Materials Sector Overview - The construction materials sector is experiencing a recovery in profitability, with expectations for continued improvement in 2026. The supply-side adjustments and structural changes in demand are expected to support this recovery [37]. - The cement market saw a 0.8% decrease in prices week-on-week, with the national average price at 345 RMB/ton as of January 30, 2026. The industry is currently at a historical low valuation, with companies like Huaxin Cement, Conch Cement, and Shafeng Cement recommended for investment [6][38]. Group 3: Key Company Developments - Keshun Co. established a semiconductor company to explore a second growth curve, focusing on integrated circuit chips and related technologies [20]. - Weixing New Materials plans to acquire an 88.26% stake in Beijing Songtiancheng Technology Co., enhancing its capabilities in municipal pipeline systems and expanding its market reach [23]. - Leading companies in the construction materials sector, such as Sankeshu and Huaxin Cement, are expected to report significant profit growth in 2025, driven by strong operational resilience and strategic adjustments [25][27].

开年以来，A股及港股市场顺周期板块迎来集体躁动，建筑材料作为其中的核心赛道表现尤为亮眼。 塑料管道龙头中国联塑的股价表现颇具代表性。从1月13日至1月29日的半个月时间，公司股价从4.60港 元攀升至6.24港元，累计涨幅超35%。其中，1月29日当日涨幅达9.47%，成交量同步放大至2.025亿港 元，资金布局痕迹明显。 这背后折射出资本市场对顺周期板块的信心正持续增强，这一轮热门行情并非短期炒作，也预示着顺周 期核心资产的价值重估已悄然开启。 2026年顺周期布局窗口到来，建材板块持续修复 顺周期板块对经济景气、价格和产能利用率等指标高度敏感。CPI和PPI最具代表性，作为关键的经济观 察变量，实现触底回升，这释放出宏观经济方面的积极信号，让投资者看到当下正成为战略布局顺周期 的最佳窗口。 数据显示，2025年四季度以来，CPI连续4个月回升，12月同比上涨0.8%，为近34个月以来高点；PPI降 幅收窄，12月同比下降1.9%，较年内低点回升1.7个百分点，呈现明显回暖迹象。 展望2026年，从政策层面看，稳增长政策"组合拳"持续发力，CPI和PPI有望延续趋势，为建材板块基本 面改善提供支撑。 比如1 ...

花旗认为，联塑海外渠道业务有望成为未来增长的主要驱动力，今年销售增幅料逾五成。该行料联塑去 年下半年核心纯利同比跌10%至9.38亿元人民币，按半年则跌13%，并料下半年净利润率由去年上半年 的8.7%微降至7.4%。该股近期在正面情绪下累升约20%，认为如有任何回调将属入市机会。不过，在中 国基建产业链的选股顺序上，该行首选中联重科（000157）(01157)，随后为杭叉集团（603298） (603298.SH)，随后为联塑。 花旗发布研报称，在中国联塑(02128)业绩缄默期前与公司CFO及副CFO接洽。该行降联塑2026至28年 盈测介乎11%至18%，反映非核心项目减值。不过，其内地核心业务呈现企稳迹象，住宅业务的拖累减 少，并被非住宅业务如农业、工业、医疗及市政等业务强劲增长所抵销。该行以预测今年市盈率9倍为 估值基础(较历史均值高0.5个标准差)，目标价相应由6.5港元升至7港元，评级"买入"。 ...

智通财经APP获悉，花旗发布研报称，在中国联塑(02128)业绩缄默期前与公司CFO及副CFO接洽。该行 降联塑2026至28年盈测介乎11%至18%，反映非核心项目减值。不过，其内地核心业务呈现企稳迹象， 住宅业务的拖累减少，并被非住宅业务如农业、工业、医疗及市政等业务强劲增长所抵销。该行以预测 今年市盈率9倍为估值基础(较历史均值高0.5个标准差)，目标价相应由6.5港元升至7港元，评级"买 入"。 花旗认为，联塑海外渠道业务有望成为未来增长的主要驱动力，今年销售增幅料逾五成。该行料联塑去 年下半年核心纯利同比跌10%至9.38亿元人民币，按半年则跌13%，并料下半年净利润率由去年上半年 的8.7%微降至7.4%。该股近期在正面情绪下累升约20%，认为如有任何回调将属入市机会。不过，在中 国基建产业链的选股顺序上，该行首选中联重科(01157)，随后为杭叉集团(603298.SH)，随后为联塑。 ...

Core Viewpoint - China Lesso (02128) has seen a stock price increase of over 4%, currently trading at HKD 5.96 with a transaction volume of HKD 66.518 million, indicating positive market sentiment towards the company amid favorable real estate policies [1] Group 1: Market Analysis - Huatai Securities reports that positive real estate policies are expected to accelerate the stabilization of the real estate market, with current data reflecting in the stock prices and valuations of building materials companies [1] - Companies are improving their domestic market share, expanding overseas operations, and diversifying product categories, with some showing early signs of revenue improvement [1] Group 2: Financial Projections - Citigroup has downgraded Lesso's earnings forecasts for 2026 to 2028 by 11% to 18%, citing impairment of non-core projects [1] - Despite this, the core business in mainland China shows signs of stabilization, with reduced drag from residential business offset by strong growth in non-residential sectors such as agriculture, industry, healthcare, and municipal services [1] - Citigroup anticipates that Lesso's overseas pipeline business will become a major growth driver, with sales expected to increase by over 50% this year [1]

Core Viewpoint - China Liansu (02128) has seen a stock price increase of over 4%, currently trading at HKD 5.96 with a transaction volume of HKD 66.518 million, reflecting positive sentiment in the market [1] Group 1: Market Analysis - Huatai Securities reports that positive real estate policies are expected to accelerate the stabilization of the real estate market, with current data adequately reflected in the stock prices and valuations of building materials companies [1] - Companies are improving revenue through increased domestic market share, expansion of overseas business, and diversification of product categories, with some companies starting to show signs of revenue improvement [1] Group 2: Investment Recommendations - Huatai Securities suggests focusing on a balanced allocation of traditional cyclical and emerging technology growth opportunities within the building materials sector, recommending China Liansu among others [1] - Citigroup has lowered its earnings forecast for Liansu for 2026 to 2028 by 11% to 18% due to impairment of non-core projects, but notes that the core business in mainland China shows signs of stabilization [1] Group 3: Business Performance - The drag from residential business is decreasing, offset by strong growth in non-residential sectors such as agriculture, industry, healthcare, and municipal services [1] - Citigroup anticipates that Liansu's overseas pipeline business will become a major growth driver in the future, with sales expected to increase by over 50% this year [1]