Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

Group 1 - The core players in the fiberglass electronic cloth industry are accelerating their capacity expansion, with China National Materials announcing an addition of 35 billion low dielectric cloth capacity and China Jushi indicating progress in developing specialty electronic cloth series products [1] - China Jushi's scale and cost control capabilities, along with its strong cooperation with downstream CCL manufacturers, suggest that it will penetrate the supply chain and capture a certain market share in the future [1] - The cement industry is expected to see a continuous decline in capacity under the anti-overproduction policy, leading to a significant increase in capacity utilization rates, with a potential demand recovery and price increase anticipated in August [2] - The glass industry is facing a downward trend in demand due to real estate impacts, but the supply side is expected to improve as most companies meet environmental requirements, accelerating the industry's cold repair progress [2] - The fiberglass sector is experiencing a surge in demand driven by the AI industry, with low dielectric products seeing both volume and price increases, indicating a trend of continuous growth in demand [2]

玻纤：传统无碱粗砂需求表现平淡，细分领域表现景气。行业今年受AI产业链需求景气驱动，行业低 介电产品迎来量价齐升，目前一代、二代、及三代(Q布)产品结构升级明确，行业需求有望伴随AI呈现 爆发式增长，看好行业需求持续的量价齐升趋势。中国巨石(600176.SH)、中材科技(002080.SZ)。 风险提示：反内卷政策落地不及预期，地产及基建需求超预期下行风险。 水泥：7月1日水泥协会发布响应反内卷政策文件，判断会推动限制超产政策更好的执行。从中期维度来 看，水泥行业产能有望在限制超产政策下产能持续下降，产能利用率从而大幅提升，目前水泥行业处于 淡季需求低点及价格低点，判断行业有望在8月份需求回暖后逐步价格提升。关注：海螺水泥 (600585.SH,00914)、华新水泥(600801.SH,06655)。 玻璃：行业需求端在地产影响下25年呈现持续下行态势，6-8月淡季需求表现尚可，但供需仍有矛盾。 供给端，考虑到目前浮法玻璃行业中大部分企业已能达到环保要求，判断反内卷政策不会产生一刀切式 产能出清，但仍会提升环保要求及成本，加速行业的冷修进度。关注：旗滨集团(601636.SH)。 智通财经APP获悉，中邮 ...

中邮证券近日发布建材行业报告：7月1日水泥协会发布响应反内卷政策文件，我们判断 会推动限制超产政策更好的执行。从中期维度来看，水泥行业产能有望在限制超产政策下产 能持续下降，产能利用率从而大幅提升，目前水泥行业处于淡季需求低点及价格低点，我们 判断行业有望在8月份需求回暖后逐步价格提升。 以下为研究报告摘要： 投资要点 近期玻纤电子布行业核心玩家扩产进度加速，中材发布公告新增3500万亿低介电布产 能，以及新增2400万米超低损耗低介电布产能中国巨石中报交流表示特种电子布系列产品开 发正在积极有序推进中，下游相关认证也在加速推进。考虑到中国巨石的规模化的成本控制 能力，以及与下游CCL厂家具备良好的合作基础，我们判断未来巨石会切入到产业链当中， 并获取到一定份额。关注：中国巨石、中材科技。 水泥：7月1日水泥协会发布响应反内卷政策文件，我们判断会推动限制超产政策更好的 执行。从中期维度来看，水泥行业产能有望在限制超产政策下产能持续下降，产能利用率从 而大幅提升，目前水泥行业处于淡季需求低点及价格低点，我们判断行业有望在8月份需求 回暖后逐步价格提升。关注：海螺水泥、华新水泥。 玻璃：行业需求端在地产影响下25 ...

证券研究报告：建筑材料|行业周报 发布时间：2025-09-01 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 5248.01 | | 52 | 周最高 | 5355.99 | | 52 | 周最低 | 3435.69 | 行业相对指数表现 -4% 1% 6% 11% 16% 21% 26% 31% 36% 41% 46% 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 建筑材料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 近期研究报告 《中报逐步披露，关注下半年消费建材 盈利改善》 - 2025.08.25 建材行业报告 （2025.08.25-2025.08.31） 电子布 AI 产业趋势加速，关注中国巨石后续切入产 业链机遇 投资要点 近期玻纤电子布行业核心玩家扩产进度加速，中材发布公告新增 3500 万亿低介电布产能，以及新增 2400 万米超低损耗低介电布产 ...

股票投资评级 证券研究报告：建筑材料 | 公司点评报告 发布时间：2025-09-01 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 中国巨石(600176) 结构复价效果显著，Q2 盈利改善持续 事件 公司发布 25 年中报，公司上半年实现收入 91.09 亿元，同比 +17.7%，归母净利润 16.87 亿元，同比+75.51%，扣非归母净利润 17.01 亿元，同比+170.74%。 25Q2 单季度实现收入 46.3 亿元，同比+6.28%； 归母净利润 9.57 亿元，同比+56.58%；扣非归母净利润 9.57 亿元， 同比+107.97%。 点评 增持|维持 个股表现 -9% -2% 5% 12% 19% 26% 33% 40% 47% 54% 61% 2024-09 2024-11 2025-01 2025-04 2025-06 2025-08 中国巨石 建筑材料 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 15.61 | | --- | --- | | 总股本/流通股本（亿股）40.03 ...

证券之星消息，9月1日玻璃玻纤板块较上一交易日下跌0.77%，中材科技领跌。当日上证指数报收于 3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。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) | | --- | --- | --- | --- | --- | --- | | 600176 | 中国巨石 | 16.30 | 4.42% | 289.10万 | 46.49 Z | | 600293 | 三峡新材 | 3.10 | 1.64% | 28.72万 | 8820.24万 | | 601636 | 旗滨集团 | 6.45 | 1.57% | 50.36万 | 3.18亿 | | 002613 | 北玻股份 | 4.23 | 1.44% | 31.73万 | 1.33亿 | | 600586 | 金晶科技 | 4.88 | 0.21% | 17.15万 | 8294.84万 | | 002201 | 九鼎新材 | 8.45 | 0.00% | 18.68万 | 1.58亿 | | 000012 | 南 玻 A | ...

2025/9/1 1 资料来源：国金证券研究所 2 25Q2建筑建材持仓小结：传统板块承压，AI材料+出海+转型表现突出。 水泥行业：涨价+降本修复利润，出海表现靓丽，供给侧查超产继续推进。 消费建材：景气依然在底部，但Q2龙头拐点频现；资产负债表修复是慢变量，各企业节奏不同； 降本控费主旋律，粗放式向高效率过渡。 玻纤行业：AI高景气催化特种玻纤需求，传统玻纤毛利率环比继续改善。 玻璃行业：磨底之年，继续观测供给端变化。 投资建议：一方面，看好AI PCB上游新材料的空间，龙头企业技术壁垒高、产品迭代升级快， 有望保持先发优势；另一方面，继续看好"一带一路"出海，关注非洲瓷砖龙头、水泥龙头、 玻纤龙头，以及关注内需大环境下、依托内生竞争力逐步走出增长趋势的涂料龙头，和"反内 卷"带动水泥、光伏玻璃、锂电隔膜等多行业盈利趋势改善。 风险提示：原材料价格波动的风险、政策落地情况不及预期、市场竞争激烈的风险。 1.1 AI + + 2020Q3-2025Q2：建材板块基金持仓比例变化趋势 2020Q3-2025Q2：建筑板块基金持仓比例变化趋势 1.32% 0.95% 1.20% 0.97% 0.85% 1.04 ...

AI 服务器渗透加速，特种电子布需求放量 玻璃玻纤 投资评级:看好(首次) 最近 12 月市场表现 相关报告 证券研究报告 行业专题报告/ 2025.09.01 ❖ AI 服务器渗透率加速提升，PCB 景气度持续向上，拉动上游电子布 需求放量。随着人工智能技术和应用的快速发展，AI 服务器需求强劲，据 TrendForce 数据显示，2024 年全球 AI 服务器出货量达 198 万台，占整体 服务器市场比重为 12.1%，预计 2025 年出货量达 246.11 万台同增 24.3%。 AI 服务器渗透率加速及需求放量将直接拉动 PCB 需求，根据 Prismark 数 据显示，2024 年全球 PCB 产值为 735.65 亿美元，同比增长 5.8%，2029 年全球 PCB 市场规模预计将达 946.61 亿美元，2024—2029 年年均复合增 长率预计为 5.2%。低介电电子布作为 PCB 的核心上游原材料，后续需求亦 将大幅放量。 请阅读最后一页的重要声明！ -5% 11% 28% 44% 61% 77% 玻璃玻纤 沪深300 上证指数 分析师 毕春晖 SAC 证书编号：S016052207000 ...

Group 1: Company Highlights - Mindray Medical has launched the world's first clinically implemented critical care large model, named Qiyuan, and established an animal healthcare subsidiary [1] - YTO Express is embracing high-quality development amid industry regulations, with a significant increase in single ticket transportation cost efficiency and a projected capital expenditure of over 4.4 billion yuan for 2025 [1] - ChipSource Micro is expected to exceed its annual order target for front-end chemical cleaning products, with a focus on high-end equipment and a projected 60% order share from front-end products by mid-2025 [2] Group 2: Financial Performance and Market Trends - China Jushi is maintaining stable profitability from its overseas production bases, with a focus on cost reduction and steady pricing strategies [3] - Caibai Jewelry is experiencing significant sales growth in precious metal investment products, with a 15% increase in sales expenses due to store expansion [4] - New Industries is facing revenue pressure from domestic reagent price declines but anticipates recovery in both volume and price by Q3 2025, with overseas reagent business growing over 35% [5] Group 3: Operational Strategies - Shentong Express is actively responding to national calls for industry rationalization, with a 19.3% increase in express business volume in the first half of 2025 [6] - The company is integrating AI technology across various operational scenarios to enhance efficiency and reduce costs [6] - YTO Express is expanding its international business into Central Asia and enhancing its air freight capabilities with new aircraft [1]