建材在底部，行业正迎来景气度和估值共振向上拐点 建筑材料 证券研究报告/行业定期报告 2026 年 02 月 08 日 | 分析师：孙颖 | | --- | | 执业证书编号：S0740519070002 | | Email：sunying@zts.com.cn | | 分析师：聂磊 | | 执业证书编号：S0740521120003 | | Email：nielei@zts.com.cn | | 分析师：万静远 | | 执业证书编号：S0740525030002 | | Email：wanjy@zts.com.cn | | 上市公司数 | 75 | | --- | --- | | 行业总市值(亿元) | 1,019,698.04 | | 行业流通市值(亿元) | 904,442.45 | 资产；玻纤周期+成长共振》 2026-01-26 续增持 H 股》2026-01-18 2026-01-12 | 增持 评级： （维持） | | | | 重点公司基本状况 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

证券研究报告 | 行业策略 gszqdatemark 2026 02 08 年 月 日 建筑材料 竣工端建材将迎来长周期拐点 2026 年竣工端建材将迎来长周期拐点。1）新房竣工降幅自然收窄；2） 二手房成交量持续向好（人口结构带来的改善型需求支撑）；3）进入装修 周期的存量房快速增长，基数庞大（20-25 年为一个装修周期，2005 年左 右是房地产增速最快的时候）；4）经济压力已在建材的需求结构中充分体 现（（二手房成交量存存量房基数加远大大新新房竣工，装装修需求不如 新房竣工，体现的是经济压力下的装修需求延后），未来更多的是积极变 化，四重需求端因素加远供给端过去三年持续收缩，行业格局如断向好趋 势下，竣工端建材行业有望迎来长周期拐点，将带来行业的两重变化：1） 上市公司收入端降幅收窄，收入增长公司越来越多；2）随着需求的触底存 "反内卷"的贯彻，价格战趋新缓存，同时部分重资产行业产能利用率的 提升以及减值拖累的逐步消除，竣工端建材的利润增速有望显著超过收入 端。在此背景下，玻璃供给收缩明显，逐步接近供需均衡点，重视 2026 年 的价格弹性，关注旗滨集团。消费建材也将随着二手房、存量房的在需求 结构中 ...

[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 ...

[Table_Page] 跟踪分析|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 普通电子布存供需缺口，步入涨价大周期 [Table_Summary] 核心观点： | [Table_Grade] 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 -10% 2% 14% 26% 38% 50% 02/25 04/25 06/25 09/25 11/25 01/26 建筑材料 沪深300 | 021-38003688 | | --- | | xielu@gf.com.cn | | 分析师： 张乾 | | SAC 执证号：S0260522080003 | | 021-38003687 | | gzzhangqian@gf.com.cn | | 请注意，张乾并非香港证券及期货事务监察委员会的注册 | | [Table_ 相关研究： DocReport] ...

建筑材料行业2026年投资策略 重点关注电子布板块，重视第二增长曲线 西南证券研究院 建筑材料团队 2026年2月 核心观点 1 行业观点：传统建材在新建地产需求收缩放缓、存量更新需求逐渐释放等因素交织影响下，有望触底回升，消费建 材受益显著；受益于算力需求爆发，特种玻纤电子布板块景气度较高，看好技术优势突出、具备产能储备的公司； 受益于基建发力，看好基建相关板块投资机会；部分积极转型并具备优质第二增长曲线的公司值得重点关注。 消费建材：2025年，全国固定资产投资(不含农户)48.5万亿元，同比下降3.8%；全国房地产开发投资8.28万亿元， 同比下降17.2%；其中，房屋新开工面积同比下降20.4%至5.88亿平方米，仅为2019年最高值的25.87%，新建房地 产市场对需求的拖累已充分反应。房地产行业进入存量市场，截至2023年中国城镇住宅存量约为335.5亿平方米， 城镇住房套数约3.74亿套，存量房翻新改造需求增长空间广阔。伴随商品房需求刺激政策陆续推出，"止跌回稳"、 "保交楼"等举措有望对商品房竣工和销售情况有所托底；存量市场下二次装修需求持续释放；下游需求由B端转向 C端过程中部分品牌力、渠道 ...

Investment Rating - The report rates the fiberglass industry as "Overweight" indicating a positive outlook for the sector [2][18]. Core Insights - The price of fiberglass fabric 7628 has increased significantly, with Linzhou Guangyuan and International Composites raising prices by 0.65 CNY/m and 0.55 CNY/m respectively, bringing the prices to 5.5 CNY/m and 5.2 CNY/m [4]. - The demand for integrated circuit boards in China has shown robust growth, with a record production of 48.1 billion units in December 2025, marking a historical high [4]. - Supply constraints are evident due to rising platinum and rhodium prices, which have increased the capital expenditure requirements for production, thereby slowing down capacity expansion [4]. - Major companies like China Jushi are expected to benefit from the price increases, with projected production capacities for 2026 being 1.1 billion meters for China Jushi, 600 million meters for China National Building Material, and others [4]. - Ibiden announced a capital expenditure of 500 billion JPY (approximately 3.2 billion USD) over three years to increase production capacity for IC substrates, which will positively impact the demand for Low CTE fabrics [4]. - The report suggests focusing on companies like China Jushi, International Composites, and China National Building Material due to their favorable positions in the market [4]. Summary by Sections Price Trends - The report highlights a continuous increase in prices for electronic yarn and fabric throughout 2026, indicating a strong market recovery [5]. Production Capacity - Domestic electronic yarn production capacity is entering a phase of declining growth, which may impact supply dynamics in the future [6]. Company Valuations - The report provides a valuation table for key companies in the construction materials sector, with China Jushi rated as "Buy" at a price of 21.76 CNY and a market cap of 87.11 billion CNY [13].

Investment Rating - The report recommends a "Buy" rating for several key companies in the building materials sector, including China Jushi, Huaxin Cement, and Dongfang Yuhong [5]. Core Insights - The building materials industry is experiencing a transformation, with traditional categories weakening while price increases are leading the recovery [1]. - The demand for cement is expected to stabilize in the short term, with a potential rebound in March due to seasonal construction activities [4][15]. - The fiberglass sector is seeing price increases driven by high demand for electronic yarn, while the overall market remains tight [4][42]. - The consumer building materials market is shifting towards high-quality products, supported by urban renewal strategies and price increases from leading companies [4][39]. Summary by Sections 1. Industry Transformation - The building materials industry plays a crucial role in supporting various sectors, including infrastructure and emerging industries [7]. - The industry is undergoing a transition towards high-quality development, with a focus on technological upgrades and sustainable practices [9]. 2. Traditional Materials Weakness and Price Increases - Cement demand is under pressure due to seasonal factors, with a decrease in total demand observed in January [15]. - The fiberglass market is experiencing stable prices for raw yarn, while electronic yarn prices are rising due to strong demand [42]. - Consumer building materials are seeing a shift towards high-quality products, with urban renewal driving demand [39]. 3. Market Confidence and Valuation Recovery - The building materials sector is witnessing a gradual recovery in valuations, supported by multiple favorable factors [4]. - The financial performance of the industry has improved, with significant cash flow recovery noted in the first three quarters [6]. 4. Investment Recommendations - For cement, the report suggests focusing on leading companies like Huaxin Cement and Conch Cement, which are expected to benefit from improved supply-demand dynamics [4]. - In the fiberglass sector, companies like China Jushi and China National Building Material are highlighted for their strong earnings potential [4]. - The consumer building materials segment is recommended for investment, particularly companies with strong brand and distribution advantages [4].

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [10]. Core Viewpoints - The report emphasizes increasing allocations to high-quality leading companies in consumer building materials and anticipates price increases in electronic fabrics due to shortages [2][3]. - Consumer building materials are highlighted as a strong investment opportunity due to significant supply exits, with production levels for various materials projected to be at 97% for plastic pipes, 82% for gypsum boards, and 77% for cement in 2024 compared to their peak levels [3]. - The report identifies three main lines for 2026: the stock chain, the African chain, and the AI chain, suggesting a shift in demand dynamics and growth opportunities in these areas [7]. Summary by Sections Basic Situation - Cement shipments have seen a slight month-on-month increase, while glass inventory continues to decline [6]. - In late January, cement demand showed slight recovery due to warmer weather in southern regions, with a shipment rate of approximately 32% in key domestic areas, up by 3 percentage points [6][23]. Outlook for 2026 - The report suggests focusing on three main lines: stock chain, African chain, and AI chain. The stock chain is expected to see a qualitative change in demand, with home renovation demand projected to rise from 50% to nearly 70% by 2030 [7]. - The African chain highlights undervalued growth opportunities in the African market, with recommendations for leading companies such as Keda Manufacturing and Huaxin Cement [7]. - The AI chain focuses on the upgrade of special electronic fabrics, with significant opportunities for domestic replacements in low CTE and low-Dk products [7]. Electronic Fabrics - The report is optimistic about price increases in electronic fabrics due to dual demand dynamics, with AI electronic fabrics benefiting from high demand and ordinary electronic fabrics facing supply constraints [5]. - The shortage of weaving machines is expected to continue, leading to sustained price increases [5]. Cement and Glass Market - The report notes that the national average price of cement is 349.84 yuan per ton, with a month-on-month decrease of 2.74 yuan [24]. - The national average price of glass is reported at 63.11 yuan per weight box, with a slight month-on-month increase of 0.50 yuan [36].

中国巨石涨7.1%，报22.16元/股，股价再创新高，总市值突破887.09亿元，成交额达20.30亿元。（AI生 成） ...

不仅电子布，其上游材料电子纱也望迎来涨价。中国银河证券2月1日研报显示，目前电子纱整体供应量 稳定，因产品结构调整致传统电子纱货源紧缺，中高端产品供不应求利好支撑下，电子纱价格具有强有 力支撑。后续来看，短期高端产品货源紧俏将延续，电子纱供应结构调整将支撑后续价格上涨预期。 据媒体报道，日东纺公司（Nittobo）计划最早于2028年推出面向AI芯片的下一代T型玻璃纤维布。新产 品的热膨胀系数将从目前的2.8ppm降低约30%，达到2.0ppm。 资料显示，T型玻璃纤维布是一种高端电子布，具有较低热膨胀系数。其被广泛应用于集成 电路基板和先进封装基板，以提高尺寸稳定性、减少翘曲，并支持大规模人工智能封装，包 括CoWoS和SoIC等平台。而日东纺在全球T型玻纤布市场占据约90%的份额。 目前，日东纺正根据覆铜板样品对新型玻璃布进行评估和改进。与此同时，该公司正在开发用于AI服 务器主板等应用的下一代低介电常数电子布，目标是最早于2027年推出并量产。 如今，英伟达、谷歌和亚马逊等美国科技巨头正在竞相采购日东纺的玻纤布。根据此前报道，由于人工 智能需求爆发，导致AI芯片载板所需的电子布供应短缺，苹果公司已开始与 ...