证券研究报告|行业策略报告 2025 年 12 月 16 日 向内看"反内卷"显效，向外拓"新市场"机遇 建材行业 2026 年度投资策略 中游制造/建材 2025 年以来，我们看到走出较优行情的玻纤、水泥、耐火材料均有供需改善逻 辑。首先是企业达成"反内卷"共识，保障供给收缩或维持，其次是结构性需 求有增长点，如玻纤的特种电子布供需缺口、水泥的海外市场拓展、耐火材料 的高端/特种耐材需求等。从供需格局角度来看，我们认为 2026 年建材行业仍 存结构性机会：国内的浮法玻璃、瓷砖、管材、卫浴等板块仍待磨底；防水、 涂料等板块或有盈利改善空间；玻纤、海外水泥、海外消费建材等板块关注特 定产能落地后对公司的业绩贡献弹性和兑现度，以及行业供需边际变化。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 96 | 1.9 | | 总市值（十亿元） | 948.2 | 0.9 | | 流通市值（十亿元） | 852.6 | 0.9 | 行业指数 % 1m 6m 12m 绝对表现 -6.2 12.3 10.2 相对表现 -4.5 -5.5 -5.5 资料来源： ...

Core Insights - The central economic work conference emphasizes stabilizing the real estate market and combating "involution" in competition, aiming to promote the construction of "good houses" and accelerate the establishment of a new model for real estate development [6][15] - The report suggests that the cement, glass, and certain consumer building materials industries may see continued optimization in supply-side dynamics, leading to increased concentration and improved profitability [6][15] Consumer Building Materials - The consumer building materials sector is experiencing a recovery in retail due to high demand for second-hand housing and supportive subsidy policies, with leading companies showing strong operational resilience [6][31] - Long-term demand stability and increasing industry concentration provide significant growth potential for quality leading companies in the consumer building materials sector [6][31] - Key companies to watch include Sanke Tree, Rabbit Baby, Hanhai Group, Dongfang Yuhong, China Liansu, Beixin Building Materials, Weixing New Materials, and others [6][31] Cement - National cement market prices increased by 0.05% week-on-week, with the average price at 355 RMB/ton as of December 12, 2025, reflecting a year-on-year decrease of 69.17% [6][31] - The report anticipates that cement prices will maintain a slight fluctuation in the future, with industry valuations at historical lows, highlighting companies like Huaxin Cement, Conch Cement, and others for potential investment [6][31] Glass - Float glass prices are showing mixed trends, while photovoltaic glass inventories continue to rise, with the average price of float glass at 1156 RMB/ton, down 1.0% month-on-month and 18.0% year-on-year [6][31] - The report indicates that leading glass companies have low valuations and suggests focusing on Qibin Group, Xinyi Solar, and others for investment opportunities [6][31] Fiberglass/Carbon-based Composites - The market for fiberglass is stable, with direct yarn prices holding steady, while electronic yarn prices have stabilized after previous increases [6][31] - The report identifies leading companies in the fiberglass sector, including China Jushi and others, as having a significant competitive edge [6][31] Market Data and Trends - The report notes that the consumer building materials sector has seen a year-on-year revenue decline of 4.2% in the first three quarters of 2025, with a notable improvement in revenue growth rates for leading companies [33][34] - The profitability of the consumer building materials sector is stabilizing, with net profit margins hovering at the bottom, indicating potential for recovery as market conditions improve [34][41]

Core Insights - The report emphasizes the importance of identifying investment opportunities in the building materials sector as it transitions from a period of intense competition to one focused on value extraction and growth [1]. Group 1: Investment Opportunities in the Building Materials Sector - Four key investment themes are highlighted: traditional building material leaders emerging from the bottom of the cycle, overseas capacity expansion, high-demand new materials, and policy support for industry consolidation [5]. - Traditional building material leaders are expected to recover first, with a focus on alpha opportunities as the sector stabilizes [14]. - The overseas expansion of building material capacity is driven by high demand in foreign markets, particularly in Africa, where Chinese companies are increasingly investing [20][22]. Group 2: Consumer Building Materials - The consumer building materials sector is stabilizing, with a narrowing decline in real estate indicators expected in 2026, leading to a potential rebound in demand [15]. - Strong alpha leaders in the sector are anticipated to achieve positive revenue growth first, with companies like Sanke Tree and Dongfang Yuhong highlighted as key players [15][16]. - Profit margins are expected to improve in 2026 due to price stabilization, structural optimization, and enhanced operational efficiency [15]. Group 3: Glass Fiber Industry - The glass fiber market is projected to maintain a tight supply-demand balance, with demand expected to grow by 5.8% in 2025 and 4.6% in 2026 [5][25]. - The report notes that the profitability of traditional glass fiber products is on an upward trajectory, with leading companies benefiting from differentiated product advantages [5][28]. Group 4: Cement Industry - The domestic cement market is facing a decline in demand, with expectations of a 7% drop in 2025 and a 6% drop in 2026, while overseas markets remain robust [5][31]. - The report suggests that supply-side policies will play a crucial role in stabilizing the market, with potential profitability improvements anticipated in 2026 [5][36]. Group 5: Glass Industry - The glass industry is expected to see supply optimization as a key theme in 2026, with a slight decline in demand for float glass anticipated [5][40]. - The photovoltaic glass segment is projected to experience a balanced supply-demand situation, with potential profitability improvements if production resumes [5][45].

转自：华夏能源网 文｜华夏能源网 一家6年前在港股市值不足22亿元的公司，如今以近400亿元的估值冲击A股，这背后藏着怎样的资本"炼金术"？ 华夏能源网&零碳资本论获悉，12月5日，浙江振石新材料股份有限公司（以下简称"振石股份"）走完IPO前的最后一道流程 ——注册生效，下一步公司将在上交所挂牌上市。 振石股份成立于2000年，是一家主要从事清洁能源领域纤维增强材料研发、生产及销售的国家级高新技术企业，业务覆盖风力 发电、光伏发电、新能源汽车等行业。根据中国玻璃纤维工业协会统计，2024年，振石股份风电玻纤织物的全球市场份额超过 35%，位列全球第一。 2015年，振石股份的前身恒石有限在香港联交所上市，彼时还被冠以"玻纤第一股"之称，但股价长期低迷。2019年，公司实际 控制人张毓强、张健侃父子以5.14亿港元将恒石有限私有化退市。蛰伏6年后，如今改头换面将登陆A股。 振石股份流畅的退H冲A进程中，布满了令人费解的资本迷局：振石股份有6成依赖关联方中国巨石（SH：600176）的采购，张 氏父子还是国企身份的中国巨石的高管，利益输送的阴影挥之不去；IPO前夕振石股份突击分红，张氏父子拿走了11亿元。而分 ...

Core Views - The building materials sector slightly underperformed the overall A-share market in 2025, with a return of 19.62% compared to a -4.85% excess return relative to the Wind All A Index [2][10] - The macro outlook suggests that total policies are expected to strengthen, with physical demand support likely to increase, as emphasized in the December Politburo meeting [2][15][20] - The glass fiber industry is anticipated to see a resonance between traditional and emerging fields, with demand growth expected to remain stable despite a potential slowdown [2][23][45] 2025 Market Review - The building materials sector's performance can be segmented into several phases, with notable periods of underperformance and outperformance against the A-share market [10][12] - The glass fiber sub-sector showed significant excess returns driven by high demand in wind power and thermoplastics [10][12] - The cement sub-sector experienced a boost due to improved domestic demand expectations and effective supply-side discipline [10][12] Macro Outlook - Fixed asset investment in China saw a year-on-year decline of 1.7% from January to October 2025, with infrastructure and real estate investments dropping by 0.1% and 14.7%, respectively [15][19] - The Politburo's focus on expanding domestic demand and optimizing supply is expected to lead to a moderate increase in total policies [15][20] - The anticipated fiscal spending for 2026 is projected to reach 41.62 trillion yuan, a 2.1% increase year-on-year, with a focus on effective investment [20][21] Glass Fiber Industry - The supply shock in the glass fiber industry is gradually being digested, with new capacity expected to be limited in the medium term [23][39] - The effective production capacity for glass fiber is projected to reach 759.2 million tons for roving and 107.7 million tons for electronic fabrics in 2026, representing year-on-year increases of 6.9% and 7.3%, respectively [23][40] - Demand for glass fiber is expected to remain stable, supported by wind power and thermoplastics, despite potential declines in growth rates [45][46] Cement Industry - The cement industry is expected to maintain self-discipline in supply, with a focus on eliminating outdated capacity, which will support profitability [3][20] - The exit of 10,952 million tons of outdated capacity is projected, which will enhance the utilization rate of clinker capacity [3][20] - The profitability of the cement sector is expected to improve in 2026, particularly in regions with significant infrastructure projects [3][20] Glass Industry - The glass industry is experiencing accelerated supply clearance, which is expected to provide price elasticity in 2026 [2][3] - The current state of losses in the industry is likely to drive the closure of high-cost production lines, leading to a potential rebound in prices in the first half of 2026 [2][3] - Long-term policies aimed at curbing disorderly competition are expected to stabilize industry profitability and enhance the competitive advantage of leading companies [2][3]

每经AI快讯，中国巨石（SH 600176，收盘价：15.22元）12月12日晚间发布公告称，公司第七届第二十 七次董事会会议于2025年12月12日以通讯方式召开。会议审议了《关于更换公司独立董事的议案》等文 件。 2025年1至6月份，中国巨石的营业收入构成为：玻纤纱及制品占比97.41%，其他业务占比1.63%，风电 占比0.96%。 截至发稿，中国巨石市值为609亿元。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 （记者 王瀚黎） ...

2、经审查邹惠平先生、刘江宁女士的职业、学历、职称、工作 经历、全部兼职等情况，我们认为其不存在《公司法》等法律、法规 以及《公司章程》规定的不得担任上市公司独立董事的情形，也不存 在被中国证券监督管理委员会确定为证券市场禁入者的情形。具备履 行独立董事职责的条件。 经征求邹惠平先生、刘江宁女士本人意见，其对履行独立董事职 责表示同意。 综上，我们同意提名邹惠平先生、刘江宁女士为公司独立董事候 选人，并同意提交公司董事会审议。 中国巨石股份有限公司 董事会提名委员会关于更换公司独立董事的意见 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》以及《中国巨石股份有限公司章程》（以下简 称"《公司章程》"）、《中国巨石股份有限公司董事会提名委员会工作 细则》的有关规定，我们作为中国巨石股份有限公司（以下简称"公 司"）董事会提名委员会委员，现就更换公司独立董事发表意见如下： 1、鉴于汤云为先生、王玲女士因在公司连续担任独立董事已满6 年，根据上市公司独立董事任职年限的相关规定，申请辞去公司第七 届董事会独立董事职务，同时汤云为先生一并辞去董事会审计委员会 主任委员及委员、提名委员会 ...

中国巨石股份有限公司 独立董事提名人声明与承诺 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 1 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定； 提名人中国巨石股份有限公司董事会，现提名邹惠平为中国 巨石股份有限公司第七届董事会独立董事候选人，并已充分了解 被提名人职业、学历、职称、详细的工作经历、全部兼职、有无 重大失信等不良记录等情况。被提名人已同意出任中国巨石股份 有限公司第七届董事会独立董事候选人（参见该独立董事 ...

中国巨石股份有限公司 独立董事候选人声明与承诺 （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定； （五）中共中央组织部《关于进一步规范党政领导干部在企 业兼职（任职）问题的意见》的相关规定； （六）中共中央纪委、教育部、监察部《关于加强高等学校 反腐倡廉建设的意见》的相关规定； 本人邹惠平，已充分了解并同意由提名人中国巨石股份有限 公司董事会提名为中国巨石股份有限公司第七届董事会独立董 事候选人。本人公开声明，本人具备独立董事任职资格，保证不 存在任何影响本人担任中国巨石股份有限公司独立董事独立性 的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董 ...

证券代码：600176 证券简称：中国巨石 公告编号：2025-085 为保障公司董事会的正常运作，根据《中华人民共和国公司法》《公司章程》 等有关规定，经董事会提名委员会资格审查，公司于 2025 年 12 月 12 日召开第 七届董事会第二十七次会议，同意补选邹惠平先生、刘江宁女士为公司第七届董 事会独立董事候选人（个人简历详见附件），任期与本届董事会一致，自股东会 审议通过之日起生效。 独立董事候选人邹惠平先生、刘江宁女士的任职资格已经上海证券交易所审 核通过。 特此公告。 中国巨石股份有限公司 关于更换公司独立董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、更换独立董事的情况 公司董事会于近日收到公司独立董事汤云为先生、王玲女士提交的书面辞职 报告，因在公司连续担任独立董事已满 6 年，根据上市公司独立董事任职年限的 相关规定，申请辞去公司第七届董事会独立董事职务，同时汤云为先生一并辞去 董事会审计委员会主任委员及委员、提名委员会委员、薪酬与考核委员会委员、 战略与可持续发展（ESG）委员职务，王 ...