[Table_Title] 建筑材料行业 25Q4 基金加仓水泥玻璃，板块整体配置仍在低位 [Table_Summary] 核心观点： [Table_Page] 深度分析|建筑材料 证券研究报告 | [Table_Grade] 行业评级 | 持有 | | --- | --- | | 前次评级 | 持有 | | 报告日期 | 2026-02-09 | [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 021-38003688 xielu@gf.com.cn 分析师： 张乾 SAC 执证号：S0260522080003 021-38003687 gzzhangqian@gf.com.cn 分析师： 陈琳云 SAC 执证号：S0260526010002 -10% 1% 12% 22% 33% 44% 02/25 04/25 07/25 09/25 11/25 02/26 建筑材料 沪深300 chenlinyun@gf.com.cn 请注意，张乾,陈琳云并非香港证券及期货事务监察委员会 的注册持牌人，不可在香港从事受监管活动。 [Table ...

Investment Rating - The report maintains a "Buy" rating for key companies in the building materials sector, indicating an expected relative performance increase of over 15% in the next 6-12 months [6][110]. Core Insights - The building materials industry is at a turning point, with both demand and valuation expected to improve. The real estate sector is anticipated to stabilize, leading to a recovery in building materials demand. The report highlights that new construction starts in 2025 are projected to decline by 70% compared to 2021, with completions down by 40% and new home sales down by 50% [9][8]. - Rising prices of upstream raw materials such as asphalt, polypropylene, and polyethylene are expected to drive up building material prices, benefiting companies with pricing power [9][8]. - The report recommends several companies, including Beixin Building Materials, Oriental Yuhong, and Sanhe Tree, while suggesting to pay attention to companies like Rabbit Baby and China Liansu [9][8]. Summary by Sections Market Overview - The building materials sector is currently underweighted, with a configuration ratio of 0.72% as of Q4 2025, which is significantly lower than the historical average since 2010 [8]. - The cement and glass sectors are noted to be at low valuation levels, with the cement manufacturing PB at the 16th percentile and glass manufacturing PB also at the 16th percentile since 2010 [8]. Key Company Recommendations - Recommended companies include: - Beixin Building Materials: EPS forecasted to increase from 2.1 in 2024 to 3.5 in 2027, with a PE ratio decreasing from 13.4 to 8.2 [6]. - Conch Cement: EPS forecasted to rise from 1.5 in 2024 to 2.2 in 2027, with a PE ratio decreasing from 17.3 to 11.6 [6]. - China Jushi: EPS expected to grow from 0.6 in 2024 to 1.2 in 2027, with a PE ratio decreasing from 36.1 to 18.6 [6]. - Other companies include Weixing New Materials, Sanhe Tree, and Huaxin Cement, all rated as "Buy" or "Increase" [6]. Industry Trends - The report notes a significant increase in market share for consumer building materials over the past few years, with profitability in segments like waterproofing and piping at a low point, suggesting potential for recovery [9][8]. - The cement sector is expected to see a gradual recovery in profitability, with a current national cement market price decrease of 1% and a notable drop in average shipment rates [36][9]. - The float glass sector is experiencing a supply-side adjustment, with production capacity at a five-year low, indicating potential for price recovery [9][8]. Emerging Opportunities - The report highlights opportunities in overseas markets, particularly in Africa, Central Asia, and Southeast Asia, where rising populations and urbanization rates are creating demand for building materials [9][8]. - The electronic fabric market is also noted for its upward price trend due to supply constraints, with significant price increases observed in recent weeks [9][8]. Conclusion - The building materials industry is positioned for a recovery phase, driven by stabilization in the real estate market and rising raw material prices. The report emphasizes the importance of focusing on companies with strong pricing power and market positioning to capitalize on these trends [9][8].

[Table_Page] 投资策略周报|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 普通电子布涨价超预期，上海拟收购二手房用作保租房 [Table_Summary] 核心观点： [Table_Gr ade] 行业评级 持有 前次评级 持有 报告日期 2026-02-08 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 021-38003688 xielu@gf.com.cn 分析师： 张乾 SAC 执证号：S0260522080003 021-38003687 gzzhangqian@gf.com.cn 分析师： 陈琳云 SAC 执证号：S0260526010002 -10% 1% 12% 22% 33% 44% 02/25 04/25 07/25 09/25 11/25 02/26 建筑材料 沪深300 chenlinyun@gf.com.cn 请注意，张乾,陈琳云并非香港证券及期货事务监察委员会 的注册持牌人，不可在香港从事受监管活动。 [Table_ 相关研 ...

长江商报消息 ●长江商报记者 李璟 更名后的华新建材（600801.SH、06655.HK），持续释放布局全球化发展战略的信号。 2月2日晚间，华新建材发布公告，公司持股5%以上股东华新集团有限公司（简称"华新集团"）于2026 年1月12日至2月2日期间，通过证券交易所集中竞价交易的方式合计增持公司股份1546.87万股，占公司 总股本的0.74%。 长江商报记者注意到，2025年12月，华新建材曾公告称，华新集团拟以2亿元至4亿元的资金增持公司A 股股份。增持目的基于对公司未来发展前景的坚定信心及中长期价值的认可，为增强投资者对公司的投 资信心，提升公司价值。 2025年11月，拥有百年基业的华新水泥正式更名华新建材，从单一水泥制造商向综合建材服务商的战略 转型持续迈进。近年来，公司一体化发展转型发展成效显著，盈利能力不断提升。 根据华新建材日前发布的业绩预告，公司2025年预计实现归母净利润27.0亿元至29.5亿元，与上年同期 相比，将增加2.8亿元至5.3亿元，同比增加11.6%至21.9%。 11名高管增持257.8万股 彰显A股发展信心，华新建材再获股东增持。 根据华新建材公告，公司于2月2日收 ...

本文源自：金融界AI电报 港股建材水泥股震荡走高，中国建材(03323.HK)涨超6%，东吴水泥(00695.HK)、华新建材(06655.HK)、 西部水泥(02233.HK)、海螺水泥(00914.HK)等个股跟涨。 ...

Group 1 - The company, Huaxin Cement (600801)(06655), received a notification from its shareholder, Huaxin Group Limited, regarding the increase in shareholding [1] - Huaxin Group acquired a total of 15.4687 million shares from January 12, 2026, to February 2, 2026, representing 0.74% of the company's total share capital [1]

Core Viewpoint - The company, Huaxin Cement (06655), has received a notification from its shareholder, Huaxin Group Limited, regarding the increase in shareholding through concentrated bidding on the stock exchange [1] Group 1 - Huaxin Group increased its shareholding by a total of 15.4687 million shares [1] - This increase represents 0.74% of the company's total share capital [1] - The share acquisition occurred between January 12, 2026, and February 2, 2026 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 華新建材集團股份有限公司 HUAXIN BUILDING MATERIALS GROUP CO., LTD.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：6655） 海外監管公告 证券代码：600801 证券简称：华新建材 公告编号：2026-003 本公告乃根據《香港聯合交易所有限公司證券上市規則》第 13.10B 條規定而作出。茲 載列華新建材集團股份有限公司（「本公司」）於中華人民共和國若干報章及上海證券交 易所網站(http://www.sse.com.cn)刊登的 《關於持股 5%以上股東增持股份觸及 1%整 數倍的提示性公告》，僅供參閱。 承董事會命 華新建材集團股份有限公司 徐永模 主 席 中國湖北省武漢市 2026 年 2 月 2 日 於本公告日期，本公司董事會成員包括執行董事李葉青先生（總裁）及劉鳳山先生 （副總裁）；非執行董事徐永模先生（主席）、Martin Krieg ...

Group 1 - The core point of the article is that Huaxin Cement (600801.SH) announced a shareholding increase by its major shareholder, Huaxin Group Limited, which acquired a total of 15.4687 million shares from January 12, 2026, to February 2, 2026, representing 0.74% of the company's total share capital [1] Group 2 - The share acquisition was conducted through centralized bidding on the stock exchange [1] - The announcement was made on February 2, 2026, following the completion of the share purchase [1]

华新建材集团股份有限公司 关于持股5%以上股东增持股份触及1%整数倍的 提示性公告 本公司持股5%以上股东华新集团有限公司保证向本公司提供的信息真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：600801 证券简称：华新建材 公告编号：2026-003 一、本次权益变动的基本情况 本公司于 2026年2月2日收到公司股东华新集团有限公司（以下简称"华新集团"） 发来的《关于增持股份情况的告知函》，获悉其于 2026年1月12日至2026年2月2日期 间通过证券交易所集中竞价交易的方式合计增持公司股份15,468,700股，占公司总 股本的0.74%，现将具体增持情况公告如下： | 投资者名称 | 变动前股数 | 变动前比例 | 变动后股数 | 变 动 后 比 | 权 益 变 动 方 | 权 益变动 的时 间 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | | 例（%） | 式 | 区间 | | 华 新 集 团 有 限公司 | 338,060,739 | 16.26 | 353,529,439 | 17.00 | 集中竞价 ...