（文章来源：证券日报） 证券日报网讯 2月10日，中国巨石在互动平台回答投资者提问时表示，玻纤应用于光伏边框可用来保护 光伏玻璃边缘、加强组件密封性能、提高组件机械强度。复合材料边框具有相对传统金属边框更为优异 的抗盐雾性、耐腐蚀性和绝缘性能等，同时玻纤复合材料边框与光伏面板的膨胀系数接近，能有效降低 面板爆板率，具有综合成本优势。下游客户目前已向多家组件厂商发货，公司多个自建的光伏发电项目 已使用玻纤复合材料边框，2025年光伏用纱销量同比提升明显。 ...

Investment Rating - The report assigns an "Accumulate" rating for the building materials industry [5] Core Insights - The report emphasizes the expectation of price increases post-Spring Festival and the potential catalyst from the real estate sector. It highlights that the consumption building materials sector may begin to show fundamentals independent of real estate from 2025-2026, with a focus on the resilience of the real estate market after the Spring Festival [2][7] - The report recommends leading companies in the consumption building materials sector that have independent growth logic and sufficient dividend valuation support, particularly in the waterproof materials sub-sector [5][7] Summary by Sections Building Materials Industry Investment Strategy - The consumption building materials sector is anticipated to benefit from potential macroeconomic improvements, with a focus on the resilience of the real estate market post-Spring Festival. The report highlights the importance of observing second-hand housing transactions for signs of market recovery [7] - Recommended companies include Oriental Yuhong, Beixin Building Materials, Weixing New Materials, and others that are expected to perform well due to their growth strategies and market positions [7] Market Review - From February 2 to February 6, 2026, the building materials sector increased by 0.70%, with specific segments like glass manufacturing rising by 5.32% [10] - The report notes significant individual stock movements, with companies like Hanjian Heshan and Jinjing Technology showing notable weekly gains [17] Cement Industry - The national cement market price decreased by 1% week-on-week, with significant price drops in regions like Henan and Hubei. The average shipment rate for cement companies fell by approximately 8 percentage points [24][25] - The report anticipates a stabilization in cement prices as the market enters a holiday period, with a focus on the execution of production restrictions in 2026 [7][24] Glass Industry - The average price of domestic float glass increased to 1154.49 RMB/ton, reflecting a week-on-week rise of 9.69 RMB/ton. However, demand is expected to weaken as downstream processing plants shut down for the holiday [42] - The report recommends leading companies in the glass sector, including Fuyao Glass and Xinyi Glass, due to their strong market positions and dividend yields [42][43] Fiberglass Industry - The report indicates that the fiberglass market is experiencing price increases, particularly in the electronic yarn segment, driven by tight supply and steady demand [55] - Recommended companies in this sector include China Jushi and Zhongcai Technology, which are expected to benefit from structural demand upgrades [55]

（文章来源：证券日报） 证券日报网讯 2月10日，中国巨石在互动平台回答投资者提问时表示，欧盟对原产于埃及的产品的反倾 销调查在进行中，公司也在积极应诉，努力维护企业合法权益。 ...

Investment Rating - The report assigns an "Accumulate" rating for the building materials industry [5]. Core Insights - The report emphasizes the expectation of price increases post-Spring Festival and the potential catalyst from the real estate sector. It highlights that the consumption building materials sector may begin to show fundamentals independent of real estate from 2025-2026, with a focus on the resilience of the real estate market after the Spring Festival [2][7]. - The report recommends leading companies in the consumption building materials sector that have independent growth logic and sufficient dividend valuation support, particularly in the waterproof materials sub-sector [5][7]. Summary by Sections Investment Strategy - The consumption building materials sector is anticipated to benefit from potential macroeconomic improvements, with a focus on the resilience of the real estate market post-Spring Festival. The report highlights the importance of observing the transaction data in the real estate market for signs of sustained improvement [7]. - Recommendations include companies like Oriental Yuhong, Beixin Building Materials, and Weixing New Materials, which are expected to perform well due to their growth strategies and market positioning [7]. Market Review - The building materials sector saw a 0.70% increase, with cement manufacturing up 0.15%, glass manufacturing up 5.32%, and glass fiber manufacturing down 1.81% during the period from February 2 to February 6, 2026 [10]. - The report notes significant individual stock movements, with Han Jian He Shan and Jin Jing Technology showing notable weekly gains [17]. Cement Industry - The national cement market price decreased by 1% week-on-week, with significant price drops in regions like Henan and Hubei. The average shipment rate for cement companies in key regions fell by approximately 8 percentage points [24]. - The report anticipates a stabilization in cement prices as the market enters a holiday period, with a focus on the potential for price increases post-holiday [24][25]. Glass Industry - The average price of domestic float glass increased to 1154.49 CNY/ton, reflecting a week-on-week rise of 9.69 CNY/ton. However, demand is expected to weaken as downstream processing plants shut down for the holiday [42]. - The report suggests that companies like Fuyao Glass and Xinyi Glass are well-positioned due to their high dividend yields and global market presence [42][43]. Glass Fiber Industry - The report indicates that the price of glass fiber is on an upward trend, supported by tight supply and steady demand. The market for electronic yarn remains strong, with prices for certain products increasing [55]. - Leading companies in this sector, such as China Jushi and Zhongcai Technology, are recommended due to their competitive advantages and market positioning [55].

Investment Rating - The report rates the construction materials industry as "Overweight," indicating an expectation for the industry to outperform the overall market [2][12]. Core Insights - Domestic cement prices are expected to show a trend of high prices followed by a decline, with an average price of 372.8 RMB/ton in 2025, a decrease of 12.6 RMB/ton year-on-year. Cement production is projected to decline by 7.2% in 2025, with a gradual recovery in profitability anticipated in 2026 due to supply-side improvements [4]. - The glass sector continues to face pressure, with the average price of flat glass expected to drop to 1323.3 RMB/ton in 2025, a significant decrease of 383.4 RMB/ton year-on-year. The industry is entering a period of accelerated cold repairs, which may enhance profitability in the future [4]. - The fiberglass yarn market remains relatively stable, with an expected average price of 3866 RMB/ton in 2025, reflecting a year-on-year increase of 174 RMB/ton. The demand for specialty electronic fabrics is anticipated to grow rapidly, contributing positively to the sector's performance [4]. - Consumer building materials are expected to show strong performance, with companies like Sanke Tree and Han Gao Group maintaining excellent revenue and profit due to strong channel development and brand advantages [4]. Summary by Sections Cement Industry - The average cement price in 2025 is projected at 372.8 RMB/ton, down 12.6 RMB/ton from the previous year. The first quarter's average price is expected to be 400.8 RMB/ton, declining to 358.0 RMB/ton by the fourth quarter. Cement production is expected to decrease by 7.2% in 2025, with a recovery in profitability anticipated in 2026 due to supply-side improvements [4]. Glass Industry - The average price of flat glass is expected to be 1323.3 RMB/ton in 2025, a decrease of 383.4 RMB/ton year-on-year. The industry is entering a cold repair cycle, with daily melting capacity dropping below 150,000 tons. This may lead to improved profitability in the future [4]. Fiberglass Sector - The average price of fiberglass yarn is projected to be 3866 RMB/ton in 2025, an increase of 174 RMB/ton year-on-year. The demand for specialty electronic fabrics is expected to accelerate, contributing positively to the sector's performance [4]. Consumer Building Materials - Companies such as Sanke Tree and Han Gao Group are expected to perform strongly due to their robust channel development and brand advantages. Other companies in the sector are also expected to maintain good operational quality, with potential for significant performance recovery in 2026 [4]. Investment Recommendations - The report suggests focusing on companies with improving quarterly reports and those benefiting from supply-side adjustments. Recommended companies include Conch Cement, Huaxin Cement, and Tianshan Shares in the cement sector, as well as China Jushi and Zhongcai Technology in the fiberglass sector. In consumer building materials, companies like Dongfang Yuhong and Kezhong Shares are highlighted for their strong performance [4].

证券代码：600176 证券简称：中国巨石 公告编号：2026-002 中国巨石股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公告 投资者振石控股集团有限公司及其一致行动人张毓强、张健侃保证向本公司提供的 信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 2025 年 11 月 29 日，中国巨石股份有限公司（以下简称"公司"）发布《关 于持股 5%以上股东以专项贷款和自有资金增持公司股份计划的公告》（公告编 号：2025-081），基于对公司未来发展前景的坚定信心及中长期投资价值的认可， 为增强投资者对公司的投资信心，促进公司持续、稳定、健康发展，公司持股 5%以上股东振石控股集团有限公司（以下简称"振石集团"）计划自 2025 年 11 月 29 日起 12 个月，以自有及专项贷款资金增持公司股份，增持总金额不低于人 民币 5.5 亿元，不超过人民币 11 亿元（以下简称"本次增持计划"），本次增 持计划不设置固定价格、价格区间，振石集团将基于对公司股票价值的合理判断， 并根据公司股票价格波动情况及资本市场 ...

Summary of Conference Call Notes Industry and Company Involved - The notes primarily focus on the **electronic fabric** industry and **real estate** market, with specific mentions of companies such as **China Jushi**, **Keshun Co., Ltd.**, **Sankeshu**, **Rabbit Baby**, **Hankao Group**, **Beixin Building Materials**, **Weixing New Materials**, **Oriental Yuhong**, **Qingniao Fire Protection**, **Qiba Group**, and **Xinyi Glass**. Key Points and Arguments 1. **Price Increase in Electronic Fabric** The price of 7628 electronic fabric has increased again, with international composite materials rising by **0.5-0.6 yuan/meter**. The supply-demand dynamics in the industry continue to improve, leading to a tight supply of traditional electronic yarn and fabric, alongside a strong demand for mid-to-high-end products. This trend supports a continued price increase, and the outlook for the fiberglass sector is positive for **2026** [1][1][1]. 2. **Stable Demand in Fiberglass Sector** The demand in sectors such as wind power and thermoplastics remains stable, and the expected impact of new supply in **2026** is limited. The supply-demand balance is anticipated to improve marginally, with a strong recommendation for **China Jushi** and suggestions to pay attention to **International Composite Materials**, **Changhai Co.**, and **China National Materials Technology** [1][1][1]. 3. **Real Estate Market Recovery** In January **2026**, the transaction volume of second-hand houses in major cities (Beijing, Shanghai, Guangzhou, Shenzhen) has collectively rebounded, with a **16% month-on-month increase** and a **33% year-on-year increase** in transaction area. The growth in first-tier cities exceeds **20%** year-on-year, supported by ongoing real estate policy adjustments that help stabilize the market [2][2][2]. 4. **Price Recovery in Construction Materials** The real estate downturn has accelerated the clearing of supply in the construction materials industry, leading to a rebound in prices for certain products. Several leading companies have begun to report profit recovery after strategic adjustments over the past 2-3 years. Recommended companies for stable growth include **Sankeshu** and **Rabbit Baby**, with additional attention to **Hankao Group**, **Beixin Building Materials**, **Weixing New Materials**, **Oriental Yuhong**, **Keshun Co.**, and **Qingniao Fire Protection** [2][2][2]. 5. **Opportunities in Float Glass Industry** The float glass industry is facing challenges, with two new cold repair lines added this week, reducing production capacity to approximately **14.9 million tons/day**. The industry is currently experiencing losses, and the pressure from inventory accumulation during the traditional Chinese New Year may accelerate the exit of production capacity. The glass sector is expected to stabilize, with recommendations to focus on **Qiba Group** and **Xinyi Glass** [2][2][2]. Other Important but Potentially Overlooked Content - The overall sentiment in the electronic fabric and construction materials sectors indicates a positive outlook for **2026**, with price increases and demand stability being key themes. - The recovery in the real estate market is seen as a potential catalyst for related industries, suggesting a broader economic recovery may be on the horizon. - The mention of specific companies provides actionable insights for investors looking to capitalize on emerging trends in these sectors [1][2][2].

Investment Rating - The industry investment rating is "Hold" [3] Core Insights - In Q4 2025, funds increased their allocation in the cement and glass sectors, while the overall allocation in the building materials sector remains low at 0.51%, with a low allocation of 0.49% [19][23] - The industry shows signs of profit recovery, with leading companies demonstrating resilience [23] - The fund's strategy continues to focus on core industries that counteract internal competition, particularly in waterproofing and glass [41] Fund Holdings Analysis - As of Q4 2025, the fund's allocation in the building materials sector is 0.51%, up by 0.046 percentage points from the previous quarter, indicating a low allocation compared to the overall market [19] - The allocation by sub-sector includes cement at 0.13%, glass at 0.07%, and other materials at 0.02% [23] - The fund increased its holdings in all sub-sectors except for consumer materials, new materials, and glass fibers [23] Individual Stock Performance - The top ten companies by fund holdings as of Q4 2025 include: - 菲利华 (44.5 billion RMB) - 东方雨虹 (22.4 billion RMB) - 三棵树 (20.5 billion RMB) - 中材科技 (16.1 billion RMB) - 海螺水泥 (13.7 billion RMB) [41] - The top ten companies by fund holding percentage include: - 菲利华 (8.68%) - 东方雨虹 (8.61%) - 三棵树 (6.00%) [41] Valuation and Financial Analysis - The report includes a detailed valuation and financial analysis of key companies in the building materials sector, with several companies rated as "Buy" based on their projected earnings and price-to-earnings ratios [7]

Investment Rating - The report maintains an investment rating of "Outperform" for the construction materials sector, indicating a positive outlook compared to the broader market [2]. Core Views - The report highlights a favorable supply-demand dynamic in the electronic fabric market, with price increases expected to continue in 2026, driven by structural adjustments and strong demand for mid-to-high-end products [5][9]. - The real estate market is showing signs of recovery, particularly in major cities, which is anticipated to boost the performance of consumer building materials [5][9]. - The cement industry is entering a seasonal downturn, with a slight decrease in prices and demand, but is expected to stabilize post-Chinese New Year [22][29]. Summary by Sections Cement - The cement market is experiencing a seasonal decline, with average shipment rates around 25%, down approximately 8 percentage points week-on-week [22][24]. - The average price of cement is approximately 347 RMB/ton, reflecting a decrease of 3.2 RMB/ton [22][24]. - Recommendations include companies like Huaxin Cement and Conch Cement, with a focus on potential recovery post-holiday [29]. Glass - The glass market is entering a demand lull, with production capacity decreasing to about 14.89 million tons per day, and inventory levels rising [31][41]. - The average price of float glass has increased to 1,154 RMB/ton, with a week-on-week rise of 10 RMB/ton [31][41]. - Companies to watch include Qibin Group and Xinyi Glass, as they may benefit from the anticipated stabilization in the market [41]. Fiberglass - The electronic fabric prices have increased, with 7628 electronic fabric now priced at 5.1-5.3 RMB/m, indicating a strong market outlook for 2026 [5][9]. - The report recommends China Jushi as a key player in the fiberglass sector, with additional attention on International Composite Materials and Changhai Co., Ltd. [5][9]. Carbon Fiber - Carbon fiber prices are stable, with potential demand growth driven by advancements in commercial aerospace [5][9]. - Companies like Zhongfu Shenying and Guangwei Composites are highlighted for their growth potential in this sector [5][9].

Investment Rating - The report maintains a "Buy" rating for key companies in the building materials sector, indicating an expected relative performance increase of over 15% in the next 6-12 months [6][110]. Core Insights - The building materials industry is at a turning point, with both demand and valuation expected to improve. The real estate sector is anticipated to stabilize, leading to a recovery in building materials demand. The report highlights that new construction starts in 2025 are projected to decline by 70% compared to 2021, with completions down by 40% and new home sales down by 50% [9][8]. - Rising prices of upstream raw materials such as asphalt, polypropylene, and polyethylene are expected to drive up building material prices, benefiting companies with pricing power [9][8]. - The report recommends several companies, including Beixin Building Materials, Oriental Yuhong, and Sanhe Tree, while suggesting to pay attention to companies like Rabbit Baby and China Liansu [9][8]. Summary by Sections Market Overview - The building materials sector is currently underweighted, with a configuration ratio of 0.72% as of Q4 2025, which is significantly lower than the historical average since 2010 [8]. - The cement and glass sectors are noted to be at low valuation levels, with the cement manufacturing PB at the 16th percentile and glass manufacturing PB also at the 16th percentile since 2010 [8]. Key Company Recommendations - Recommended companies include: - Beixin Building Materials: EPS forecasted to increase from 2.1 in 2024 to 3.5 in 2027, with a PE ratio decreasing from 13.4 to 8.2 [6]. - Conch Cement: EPS forecasted to rise from 1.5 in 2024 to 2.2 in 2027, with a PE ratio decreasing from 17.3 to 11.6 [6]. - China Jushi: EPS expected to grow from 0.6 in 2024 to 1.2 in 2027, with a PE ratio decreasing from 36.1 to 18.6 [6]. - Other companies include Weixing New Materials, Sanhe Tree, and Huaxin Cement, all rated as "Buy" or "Increase" [6]. Industry Trends - The report notes a significant increase in market share for consumer building materials over the past few years, with profitability in segments like waterproofing and piping at a low point, suggesting potential for recovery [9][8]. - The cement sector is expected to see a gradual recovery in profitability, with a current national cement market price decrease of 1% and a notable drop in average shipment rates [36][9]. - The float glass sector is experiencing a supply-side adjustment, with production capacity at a five-year low, indicating potential for price recovery [9][8]. Emerging Opportunities - The report highlights opportunities in overseas markets, particularly in Africa, Central Asia, and Southeast Asia, where rising populations and urbanization rates are creating demand for building materials [9][8]. - The electronic fabric market is also noted for its upward price trend due to supply constraints, with significant price increases observed in recent weeks [9][8]. Conclusion - The building materials industry is positioned for a recovery phase, driven by stabilization in the real estate market and rising raw material prices. The report emphasizes the importance of focusing on companies with strong pricing power and market positioning to capitalize on these trends [9][8].