丨证券研究报告丨 公司研究丨点评报告丨中国巨石（600176.SH） [Table_Title] 结构优化，盈利改善 报告要点 [Table_Summary] 中国巨石 2025H 实现营业收入 91 亿元，同比增长 18%；归属净利润 16.9 亿元，同比增长 76%，扣非净利润约 17.0 亿元，同比增长 171%。2 季度实现营业收入 46 亿元，同比增长 6%； 归属净利润 9.6 亿元，同比增长 57%，扣非净利润约 9.6 亿元，同比增长 108%。 分析师及联系人 [Table_Author] 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中国巨石（600176.SH） cjzqdt11111 [Table_Title2] 结构优化，盈利改善 [Table_Summary2] 事件描述 公司 2025H 实现营业收入 91 亿元，同比增长 18%；归属净利润 16.9 亿元，同比增长 76%， ...

中国巨石 20250829.docx AceCamp AI 2025-08-30 光远新材在电子布领域的优势是什么？ 光远新材是目前市占率最高的企业，其主要优势在于成熟的池窑技术路线。光 远新材以薄布业务为主，通过小型池窑改造快速进入特种电子布市场。在一代 低介电布领域，光远新材已经实现了成熟稳定的供货，并且正在快速扩产，从 2025 年初到年底预计将实现六倍左右的产能增长。此外，光远新材在二代低 介电布和低膨胀布方面也采用池窑技术进行布局，这使得其生产成本具有显著 优势，比传统方法降低 30%到 40%。尽管在三代 Q 部领域面临一定挑战，但 光远新材凭借其技术积累和成本优势，有望继续保持领先地位。 建涛集团在特种电子纱生产方面有哪些规划？ 摘要 中国巨石通过全技术路径覆盖策略（包括一代、二代低介电布、低膨胀 布和 Q 布等）迅速扩张市场份额，尤其在拉丝技术上已接近行业领先水 平，并通过池窑法和坩埚法并行推进二代布生产，提升竞争力。 光远新材是电子布领域市占率最高的企业，凭借成熟的池窑技术和薄布 业务优势快速进入特种电子布市场，尤其在一代低介电布领域已实现稳 定供货并快速扩产，同时在二代低介电布和低膨胀布方 ...

证券研究报告 | 行业周报 gszqdatemark 2025 08 31 年 月 日 建筑材料 上海地产优化政策出台，但仍需更多政策落地 2025 年 8 月 25 日至 8 月 29 日建筑材料板块（SW）下跌 2.02%，其中 水泥（SW）下跌 3.21%，玻璃制造（SW）下跌 2.52%，玻纤制造（SW） 上涨 4.90%，装修建材（SW）下跌 4.52%，本周建材板块相对沪深 300 超额收益-2.63%。本期建筑材料板块（SW）资金净流入额为-20.15 亿元。 【周数据总结和观点】 本周上海六部门联合印发《关于优化调整本市房地产政策措施的通知》， 包括调减住房限购、优化住房公积金、优化个人住房信贷以及完善个人住 房房产税等政策，按《通知》规定，沪籍居民家庭和沪籍成年单身人士， 在外环外购买住房不限套数；在外环内限购 2 套住房。非沪籍居民家庭和 非沪籍成年单身人士，自购房之日前在本市连续缴纳社会保险或个人所得 税满 1 年及以上的，在外环外购买住房不限套数；自购房之日前在本市连 续缴纳社会保险或个人所得税满 3 年及以上的，在外环内限购 1 套住房。 根据 wind 统计，2025 年 7 月地 ...

Core Viewpoint - The announcements from Zhongcai Technology and China Jushi highlight significant investments and advancements in the AI electronic fabric sector, indicating a high-growth market with potential for increased competition and innovation [1][2][4]. Group 1: Company Developments - Zhongcai Technology's subsidiary, Taishan Fiberglass, plans to invest 1.751 billion yuan to build a project with an annual production capacity of 24 million meters of ultra-low loss low dielectric fiber fabric in Tai'an [1]. - Taishan Fiberglass also intends to invest 1.806 billion yuan in Jining to establish a project with an annual production capacity of 35 million meters of low dielectric fiber fabric [1]. - China Jushi is progressing steadily in the development of low dielectric products, focusing on ultra-thin and extremely thin electronic fabric products [1]. Group 2: Market Trends - The AI application scenarios are experiencing high prosperity, driving demand for special fiberglass, with continuous iteration of fabric types [2]. - In the first half of 2025, special fiber fabric sales reached 8.95 million meters, covering various categories including low dielectric and ultra-low loss low dielectric fabrics [2]. - The low expansion fabric has broken the foreign monopoly, making Zhongcai Technology the only domestic and second global supplier capable of large-scale production [2]. Group 3: Industry Characteristics - The wind power fiberglass market exhibits "three high" characteristics: high growth, high barriers, and high concentration [3]. - In 2024, the new installed capacity for wind power in China is projected to reach 80 GW, a significant increase from 5 GW in 2008 [3]. - The top three companies in the domestic wind power fiberglass market hold approximately 90% market share, with China Jushi at about 37%, Taishan Fiberglass at approximately 29%, and Chongqing International at around 25% [3]. Group 4: Investment Outlook - The AI electronic fabric industry is expected to mirror the wind power fiberglass sector, characterized by high growth and high barriers, with a likelihood of moving towards high concentration [4]. - The precision electronic industry has lower tolerance for errors and higher supply assurance requirements, indicating that materials, despite their limited cost share, can significantly impact the supply chain [4]. - Zhongcai Technology is positioned as a "grand slam" player in the market, while China Jushi's AI electronic fabric is anticipated to undergo a repricing [4].

Market Overview - On August 29, the A-share market closed with a total of 80 stocks hitting the daily limit, with 66 stocks hitting the limit after excluding 14 ST stocks, resulting in an overall limit rate of 80.81% [1] Top Gainers - Tianpu Co., Ltd. had the highest limit order funding exceeding 1.2 billion yuan, with a closing price of 47.19 yuan and a limit order volume of 25.77 million shares, marking its sixth consecutive limit up [2][3] - Zhaoxin Co., Ltd. had the highest limit order volume at 809,400 hands, while China Jushi and Guoan Co., Ltd. followed with 569,300 hands and 390,000 hands respectively [2][3] - Tianpu Co., Ltd. announced a change in control with its major shareholder signing a share transfer agreement, leading to a new actual controller [2] Industry Highlights Lithium Battery Sector - Multiple stocks in the lithium battery sector hit the limit, including Hangke Technology, Guoxuan High-Tech, Putailai, and others, indicating strong market interest [4] - Guoxuan High-Tech is actively expanding its market in light trucks, heavy trucks, and passenger vehicles, with stable deliveries in light trucks and successful collaborations with major domestic and international automakers for heavy trucks [4] Semiconductor Sector - Stocks such as Yuancheng Co., Ltd., Chengbang Co., Ltd., and Walton Technology saw limit increases, reflecting positive market sentiment in the semiconductor industry [5][6] - Chengbang Co., Ltd. focuses on semiconductor storage products, including solid-state drives and embedded storage [5] Financial Performance - Industrial Fulian reported a net profit of 12.113 billion yuan for the first half of the year, a year-on-year increase of 38.61% [7] - Tongfu Microelectronics achieved a net profit of 412 million yuan, up 27.72% year-on-year [8] - Rifen Co., Ltd. reported a net profit of 113 million yuan, reflecting a 27.33% increase compared to the previous year [9] Institutional Activity - Institutions net bought shares of Wancheng Group exceeding 300 million yuan, with Tongfu Microelectronics and China Rare Earth also among the top net purchases [10]

Investment Rating - The report maintains a "Market Perform" rating for both the real estate and building materials sectors [1][2] Core Insights - Recent policies in Beijing and Shanghai have relaxed housing purchase restrictions, which is expected to boost market confidence and sales [2][26] - The overall performance of listed real estate companies remains under pressure, with a focus on the recovery of their balance sheets [2][28] - The building materials sector is experiencing a gradual recovery in demand, particularly in cement and glass fiber, driven by urban renewal projects and seasonal construction activities [3][44] Real Estate Sector Summary - The real estate sector has seen a 0.97% increase over the past two weeks, underperforming the CSI 300 index by 5.25 percentage points [14] - The sector's performance is influenced by recent policy changes aimed at stabilizing the market and improving sales data [2][26] - Key companies to watch include Poly Developments, Binjiang Group, and China Merchants Shekou, which are focusing on first- and second-tier cities [2][28] Building Materials Sector Summary - The building materials sector has increased by 2.86% over the past two weeks, with a year-to-date increase of 19.28% [29] - Cement prices are stabilizing, with a national average price of 316 RMB per ton, while inventory levels are gradually decreasing [33][44] - The glass fiber industry is showing signs of structural recovery, benefiting from demand in wind power and electronics sectors [3][45] Company Performance Highlights - In the consumer building materials segment, leading companies like Sanke Tree and Rabbit Baby have shown significant profit recovery, with Sanke Tree's net profit increasing by 109.30% year-on-year [48] - The report suggests focusing on companies with strong fundamentals and competitive advantages, such as Beixin Building Materials and Sanke Tree [48]

Investment Rating - The report maintains a positive outlook on the AI electronic fabric industry, suggesting it has high growth potential and high barriers to entry, similar to the wind power yarn market [4][10]. Core Insights - The AI application scenarios are experiencing high demand, which is catalyzing the need for specialty glass fibers, leading to continuous product iteration [2][7]. - Major companies like Zhongcai Technology and China Jushi are expanding their production capacities significantly, indicating confidence in market growth [1][6]. - The report highlights the potential for the AI electronic fabric market to achieve high concentration, with leading companies likely to dominate due to the critical nature of materials in the supply chain [4][10]. Summary by Sections Section 1: Company Developments - Zhongcai Technology's subsidiary, Taishan Fiberglass, plans to invest CNY 17.51 billion to build a production line for 24 million meters of ultra-low loss low dielectric fabric and CNY 18.06 billion for 35 million meters of low dielectric fabric [1][6]. - China Jushi is advancing its low dielectric product development, focusing on ultra-thin and extremely thin electronic fabrics, leveraging its past experience in the 7628 electronic fabric sector [1][6]. Section 2: Market Characteristics - The specialty glass fiber market is characterized by high growth, high barriers, and high concentration, with the top three companies holding approximately 90% of the market share [4][9]. - The report notes that the wind power yarn market has seen a 15-fold increase in domestic capacity over the past 15 years, indicating strong growth potential for similar markets like AI electronic fabrics [4][9]. Section 3: Investment Recommendations - The report recommends continued investment in Zhongcai Technology and China Jushi, highlighting their strong positions in the AI electronic fabric market and the potential for price re-evaluation [10]. - Other companies to watch include Feilihua, International Composites, and Zaiseng Technology, which may also benefit from the industry's growth [10].

Market Overview - The glass fiber sector increased by 0.48% on August 29, with China Jushi leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - China Jushi (600176) closed at 15.61, up 10.01%, with a trading volume of 318,300 shares and a transaction value of 497 million yuan [1] - Changhai Co., Ltd. (300196) closed at 16.77, up 2.38%, with a trading volume of 382,100 shares and a transaction value of 657 million yuan [1] - Shandong Pofiber (605006) closed at 8.41, up 1.69%, with a trading volume of 360,400 shares and a transaction value of 309 million yuan [1] - Other notable stocks include Yao Pi Glass (618000) down 0.16% and Qibin Group (601636) down 0.31% [1] Capital Flow - The glass fiber sector experienced a net outflow of 999.5 million yuan from institutional investors, while retail investors saw a net inflow of 947 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - China Jushi saw a net inflow of 208 million yuan from institutional investors, but a net outflow of 98.75 million yuan from speculative funds [3] - Qibin Group had a net inflow of 618,930 yuan from institutional investors, while retail investors contributed a net inflow of 177,210 yuan [3] - Other stocks like Sanxia New Materials (600293) and Jinjing Technology (600586) experienced varying degrees of net outflows from institutional investors [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown a significant recovery in profitability, with a 75.5% year-on-year increase in net profit for the first half of 2025, reaching 1.687 billion yuan [7] - The report highlights the successful implementation of price recovery and structural adjustments, leading to improved profit margins and sales performance [7] - The company plans to distribute a cash dividend of 1.70 yuan per 10 shares [7] Financial Performance Summary - For the first half of 2025, total revenue reached 9.109 billion yuan, reflecting a year-on-year growth of 17.7% [7] - The gross profit margin for Q2 improved to 33.8%, up 3.3 percentage points from Q1, driven by higher average prices for key products [7] - The company achieved a net profit margin of 20.7% in Q2, an increase of 4.1 percentage points from Q1 [7] Future Outlook - The report projects a steady recovery in the fiberglass industry, with support for raw yarn prices and potential price increases for electronic fabrics due to improved downstream demand [7] - The company's net profit forecasts for 2025-2027 have been raised to 3.51 billion, 4.30 billion, and 4.98 billion yuan respectively, with corresponding P/E ratios of 16, 13, and 11 times [7][8]

Market Overview - On August 29, A-shares opened mixed, with the Shanghai Composite Index up 0.16%, Shenzhen Component Index up 0.93%, ChiNext Index up 2.34%, and the North Star 50 Index up 2.47% [1] - The total trading volume in the three major markets reached 1.8752 trillion yuan, an increase of 67 billion yuan compared to the previous day, with over 2,000 stocks rising across the market [1] Sector Performance - Leading sectors included electrical engineering and grid, automotive, and precious metals, while semiconductor, computer hardware, and shipping sectors experienced significant declines [3] - Notable gainers included: - Electrical engineering and grid: +1.98% - Automotive: +3.19% - Precious metals: +2.43% [4] - The semiconductor sector faced a downturn, with stocks like Cambrian Technology dropping by 5.6% [12] Noteworthy Stocks - Industrial Fulian's market capitalization surpassed 1 trillion yuan, making it the 13th company in A-shares to achieve this milestone [6] - The ChiNext Index briefly rose over 3.5%, breaking the 2900-point mark, reaching a new three-year high [8] - Key stocks in the lithium battery sector saw significant increases, with Ningde Times rising over 11% and other leading lithium battery stocks also performing well [10] Stock Listings and Market Capitalization - The following companies have market capitalizations exceeding 1 trillion yuan: 1. Industrial and Commercial Bank of China: 2,458.1 billion yuan 2. Agricultural Bank of China: 2,383.4 billion yuan 3. China Construction Bank: 1,852.1 billion yuan 4. Kweichow Moutai: 1,846.2 billion yuan 5. China Mobile: 1,790.7 billion yuan 6. China Bank: 1,650.0 billion yuan 7. China Petroleum: 1,553.7 billion yuan 8. Ningde Times: 1,423.5 billion yuan 9. China Merchants Bank: 1,093.9 billion yuan 10. China Life: 1,039.1 billion yuan 11. Ping An Insurance: 1,025.8 billion yuan 12. Industrial Fulian: 1,008.3 billion yuan 13. BYD: 1,007.0 billion yuan [7] Additional Insights - The liquor sector continued to rise, with Jinhuijiu hitting the daily limit and other brands like Shede Liquor and Laobai Gan Jiu following suit [17] - The construction materials sector also saw gains, with China Jushi hitting the daily limit and other companies like Zhongcai Technology and Longquan Shares rising [19]