证券之星消息，1月27日玻璃玻纤板块较上一交易日下跌0.52%，九鼎新材领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。玻璃玻纤板块个股涨跌见下表： 从资金流向上来看，当日玻璃玻纤板块主力资金净流出2.61亿元，游资资金净流出3198.84万元，散户资 金净流入2.93亿元。玻璃玻纤板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603601 | 再升科技 | 10.70 | 6.36% | 209.11万 | 22.67亿 | | 600293 | 三峡新材 | 3.69 | 1.37% | 144.79万 | 5.23亿 | | 600876 | 凯盛新能 | 10.80 | 1.12% | 7.59万 | 8047.63万 | | 002613 | 北玻股份 | 4.00 | 0.76% | 1 28.84万 | 1.14亿 | | 600819 | 耀皮玻璃 | 8.70 | 0.46% | 13.45万 ...

%% %% %% %% research.95579.com 1 行业研究丨深度报告丨建材 [Table_Title] 如何看待玻纤电子布的提价弹性及持续性 ——基于织布机和铂金视角 丨证券研究报告丨 报告要点 [Table_Summary] 玻纤行业整体处于周期相对底部，基于供需关系，我们判断 2026 年提价弹性如下：AI 特种电 子布>普通电子布>普通粗纱，看好电子布提价带来的业绩弹性。AI 电子布需求持续高景气，看 好紧缺之下的提价，Low CTE 和 Low-Dk 二代布缺口更大。普通电子布在织布机产能挤压逻辑 之下有望持续提价，2025 年织布机已经形成缺口，2026 年缺口维持，2027 年缺口将全面放 大。此外铂金涨价推升投资成本，亦或对供给节奏形成一定抑制。 分析师及联系人 [Table_Author] SFC：BQK473 %% %% research.95579.com 2 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 [Table_Title 如何看待玻纤电子布的提价弹性及持续性 2] ——基于织布机 ...

从资金流向上来看，当日玻璃玻纤板块主力资金净流出5.51亿元，游资资金净流入1440.74万元，散户资 金净流入5.36亿元。玻璃玻纤板块个股资金流向见下表： 证券之星消息，1月26日玻璃玻纤板块较上一交易日下跌0.56%，再升科技领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。玻璃玻纤板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002201 | 九鼎新材 | 16.28 | 10.00% | 198.66万 | | 31.00亿 | | 603256 | 宏和科技 | 48.35 | 2.44% | 40.51万 | | 19.85 G | | 600293 | 三峡新材 | 3.64 | 0.28% | 266.05万 | | 10.01亿 | | 605006 | 山东玻纤 | 7.93 | 0.00% | 13.29万 | | 1.05亿 | | 601636 | 旗滨集团 | 6.93 ...

建材还能买什么？20260123 摘要 建材行业受地产波动影响大，防水、涂料、玻璃等细分领域竞争加剧， 头部企业扩张激进，面临账期压力。市场集中度提升，前三家防水企业 占据 60%-70%市场份额。 涂料行业 TOB 业务承压，但 TOC 业务表现亮眼，如三棵树通过战略转 型实现逆势增长。玻纤行业成本结构刚性，需求确定性高，龙头企业如 中国巨石全球份额提升。 玻璃行业连续化生产特性导致需求低迷时现金流亏损，引发产能出清， 日熔量达 15 万吨，企业生存压力大。水泥行业或通过熟料产能去化实 现供给侧调整，有望提升产能利用率。 中游化工板块受益于国内资本开支增加、海外产能退出及双碳政策，周 期向上趋势明确，虽前期涨幅较大，但估值仍合理，核心资产如玻纤值 得关注。 出海业务成为建材行业重要增长点，如华新海外利润占比超 50%，受益 于新兴市场需求及竞争优势。品牌建材如瓷砖等资产也具备较高性价比。 Q&A 近期建材行业的整体观点是什么？ 此外，还应关注出海方向，如华星等坚定出海企业，以及品牌建材如瓷砖等资 产。这些方向具备相对确定性和较高性价比。 玻纤行业的研究框架和特点是什么？ 玻纤行业虽然不属于传统的建材范畴，但 ...

Investment Rating - The report maintains a "Buy" rating for the construction and building materials sectors, with specific recommendations for several companies [9]. Core Insights - The report emphasizes a balanced allocation between traditional cyclical sectors and emerging growth industries, particularly in the context of improving real estate transaction data and liquidity in the market [12][19]. - The construction materials sector has shown resilience, with price increases observed in waterproofing materials, aluminum formwork, and engineering pipe materials since Q3 2025, indicating a strengthening self-repair capability within the sector [12][14]. - The report highlights the ongoing demand for high-end materials in commercial aerospace, including high-temperature fiber materials and perovskite materials in solar wing energy systems [12]. Summary by Sections Industry Overview - The construction materials sector has been leading the market, driven by improved real estate transaction data and expectations of a spring rally in cyclical sectors [12]. - The report notes that from January to December 2025, the new construction area in real estate decreased by 20.4% year-on-year, but there are signs of recovery in major cities [12][19]. Key Companies and Developments - Zhejiang Weixing New Materials announced plans to acquire an 88.26% stake in Beijing Songtian Cheng for approximately 111 million yuan, aiming to enhance its product chain in municipal pipeline systems [3]. - The report recommends several companies for investment, including Yaxiang Integration, Zhongcai International, China Chemical, Qibin Group, and others, with target prices and expected earnings per share provided [9][38]. Market Dynamics - The report indicates that the cement price remained stable at 353 yuan per ton, with a significant drop in the average shipment rate to 29.5% due to seasonal factors [29]. - The glass market has shown stability, with the average price of float glass holding steady at 61 yuan per weight box, despite a year-on-year decline of 18.5% [2][29]. Emerging Trends - The report identifies a potential recovery in investment in Q1 2026, supported by government policies aimed at stimulating the economy, which may benefit cyclical sectors [17]. - The demand for electronic fabrics and cleanroom materials is expected to remain high, driven by advancements in AI and increased PCB investments [13][27]. Recommendations - The report suggests focusing on waterproofing and engineering pipe materials as key opportunities in the construction sector, with a positive outlook for these segments due to expected price increases and improved market conditions [20][21].

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook compared to the broader market [2] Core Views - A new round of urban renewal is beginning, which is expected to provide significant opportunities in the consumer building materials sector, effectively countering the decline in new housing market demand [8] - The report highlights that after a prolonged downturn in the real estate sector, profitability in various segments of the construction supply chain is starting to recover, particularly for leading companies that have undergone strategic adjustments [8] - The report emphasizes the potential for price increases in certain segments, such as waterproofing and coatings, as companies respond to improved market conditions [8] Summary by Sections Cement - The cement market is entering a seasonal downturn, with demand expected to decline. The average shipment rate for major regions has dropped to 29%, a decrease of approximately 10 percentage points [27][34] - The national average price for cement remains stable at around 353 RMB per ton, with minor fluctuations observed in specific regions [28][34] - The report suggests that after the Spring Festival, demand may recover as new key projects are expected to commence, potentially stabilizing prices [34] Glass - The glass market is also experiencing a decline in demand, with production capacity decreasing to approximately 14.95 million tons, the lowest in recent years [53] - The average price for float glass has increased slightly to 1,139 RMB per ton, with inventory levels decreasing [38] - The report indicates that the glass industry is facing profitability challenges, leading to accelerated production line cold repairs, which may help stabilize the market [53] Fiberglass - The fiberglass market is seeing stable pricing for both roving and electronic fabrics, with the price of 7628 electronic fabric currently at approximately 4.4-4.85 RMB per meter [55] - The report anticipates continued high demand for electronic fabrics, supported by structural adjustments and a shortage of high-end products [55] - Key recommendations include focusing on leading companies like China Jushi, with additional attention on International Composite Materials and Zhongcai Technology [55] Carbon Fiber - Carbon fiber prices are expected to remain stable in the short term, with the rapid development of commercial aerospace potentially driving new demand [55] - The report notes that the current price stability is a necessary step for increased market penetration, with significant growth expected in the aerospace sector [55] Consumer Building Materials - The report highlights the resilience of consumer building materials, with leading companies like Sanke Tree and Rabbit Baby showing strong growth potential as they emerge from profitability challenges [8] - The urban renewal initiative is expected to create substantial market opportunities, particularly for high-quality consumer building materials [8]

Investment Rating - The report maintains a positive outlook on the price increase chain, particularly for traditional electronic fabrics, indicating a bullish sentiment for the sector [1][13]. Core Insights - The report highlights a significant price increase in 7628 electronic fabrics, rising from 4.15 CNY/m to 4.75 CNY/m since late September 2025, driven by supply constraints due to AI demand and copper price fluctuations [1][13]. - The waterproof coating sector is also experiencing price hikes, with a 5-10% increase announced by Keshun for certain products starting February 2026, reflecting a trend of consolidation and structural demand in non-real estate sectors [2][14]. - The report emphasizes the potential of UTG and TCO glass in the space photovoltaic sector, with SpaceX and Tesla aiming for an annual solar manufacturing capacity of 100GW within three years [3][15]. - In the AI-PCB upstream materials segment, there is a positive outlook for substrate materials driven by CPU shortages and price increases, with a notable 30% price hike planned by a leading Japanese company [4][16]. Summary by Sections Weekly Discussion - The report anticipates the continuation of the price increase chain through Q1 2026, particularly for traditional electronic fabrics, with a notable price increase observed since Q4 2025 [1][13]. - The electronic fabric market is transitioning to a supply-demand gap pricing model, with low inventory levels and bullish expectations for future prices [1][13]. Price Changes in Construction Materials - The report notes that the national average price for cement remains stable at 348 CNY/ton, with a significant drop in average shipment rates to 29.5% [5][17]. - The average price for float glass is reported at 1138.82 CNY/ton, with a slight increase observed, while the inventory levels are decreasing [5][17]. Market Performance - The construction materials index showed a strong performance with an 8.82% increase, outperforming the Shanghai Composite Index [20][23]. - Specific sectors such as glass manufacturing and fiberglass also reported significant gains, indicating robust market conditions [20][23]. Important Developments - The waterproof coating sector is seeing price increases, with Keshun announcing a price hike for certain products [6][14]. - The report highlights the ongoing expansion in solar energy production capabilities by major companies, indicating a shift towards renewable energy solutions [6][15].

中国巨石 20260122 摘要 玻纤行业正处于底部向上阶段，但尚未达到周期山腰位置，以 2,400 tex 粗纱为例，价格虽有回升但波动较大，中国巨石粗砂扣非单吨净利 润约为 900 元/吨，仅略高于上一轮周期底部，距离历史高位仍有较大 差距。 预计 2026 年粗纱新增产量约为 50-60 万吨，供给端增速约 5.8%，相 对可控。中国巨石、内蒙古天浩等新增产线将在 2026 年释放更多增量， 但整体供需有望维持平衡。 中国巨石积极布局 AI 电子布产品，提升估值弹性及业绩确定性。公司在 传统玻纤粗纱、电子纱及 AI 电子布方面均具有发展潜力，未来有望取得 显著成果。 玻纤行业竞争格局发生变化，新管理层对价格态度更温和，推动价格回 升。中国巨石粗砂扣非单吨净利润虽仍偏低，但随着反内卷及协同推进， 价格逐步修复，2026 年业绩支撑更加稳固。 2026 年电子厂产线变动主要集中在国际辅材和中国巨石。预计 2025 和 2026 年电子纱新增总产量约为 10 万吨，2026 年增速约为 6.2%， 较前一年有所放缓。 Q&A 中国巨石在 AI 电子布方面的发展前景如何？ 中国巨石在 AI 电子布领域的发展前景 ...

如何看待电子布提价持续性？ 如何看待消费建材投资机会？ 20260122 摘要 消费建材需求结构优化，二手房翻新需求增长显著，或使行业企稳。 2025 年二手房成交面积预计达 6-7 亿平米，接近新房市场规模，预示 存量市场潜力。 建材行业供给侧收缩，大部分品类产销量自 2021 年来累计下滑约 30%，但价格仅下跌 15%，龙头企业如东方雨虹等通过规模效应巩固 市场地位。 东方雨虹现金流自 2024 年显著改善，预计 2025 年 Q3 收入转正，C 端市占率超 40%，海外扩张（美国、东南亚、中东）将显著增厚收入， 预计 2026 年业绩增长超 30%。 玻纤行业盈利触底，2025 年下半年单位盈利处于历史低位，但龙头企 业仍盈利。预计 2026 年需求增速 4-5%，供给增速低于 4%，粗砂价格 或稳中向上。 电子布是玻纤板块提价概率最大的部分，预计 2026 年是 Q 布应用元年， 二代布大规模应用。中材科技具备全套技术，行业升级将改善其业绩。 Q&A 近期建材行业有哪些投资热点？ 近期建材行业的投资热点主要集中在 AI 电子布和消费建材两个板块。AI 电子布 板块具有类似化工的逻辑，预计 2026 ...

证券日报网讯1月23日，中国巨石（600176）在互动平台回答投资者提问时表示，公司已形成了较为完 善的财务管理制度以及财务管理体系，按照财务共享中心模式开展财务管理工作，建立了国内和海外两 个财务共享中心。 ...