Core Viewpoint - The construction materials industry is experiencing profit improvement driven by two main paths: cost-side improvements leading to profit elasticity release and a revaluation of channel value in the C-end retail transformation [1][2]. Group 1: Cost-side Improvement - The construction materials industry, being resource-intensive, has over 60% of its production costs attributed to energy and raw materials, making it sensitive to price fluctuations of commodities like coal, natural gas, soda ash, and PVC [2]. - Following the high volatility of global energy prices in 2022-2023, current coal supply policies have stabilized price levels, and international natural gas prices have significantly decreased from historical peaks, providing relief on the cost side for construction material companies [2][4]. - The recent decline in coal prices indicates a potential weakening in market demand, which could further impact profit margins positively [4]. Group 2: C-end Retail Transformation - The real estate sector is transitioning into a stock update era, fundamentally changing the demand structure, with a shift from new housing development to renovation and upgrading of existing properties [4][5]. - This shift compels construction material companies to move from a reliance on B-end bulk procurement to a dual-channel strategy that includes both B and C-end operations, enhancing cash flow quality and brand premium capabilities [4][5]. - C-end retail offers advantages such as stable cash flow, higher profit margins, and strong customer loyalty compared to B-end business, which is characterized by longer payment terms and slower receivables [4][5]. Group 3: Market Sentiment and Investment Trends - Institutional investors are increasingly aligning their portfolios with the construction materials sector, as evidenced by a rising proportion of active equity funds in the industry since Q2 2025, indicating a clear left-side layout for the industry cycle [6][10]. - By late January 2026, there was a significant increase in net inflows for construction materials ETFs, marking a transition from active institutional allocation to passive market resonance, suggesting an improvement in liquidity conditions [7][10]. - The construction materials ETF (159745) tracks the CSI Construction Materials Index, which includes leading companies across the entire industry chain, reflecting the overall performance of the sector [10][12].

Core Viewpoint - The construction materials industry is experiencing a sustainable growth momentum due to unprecedented debt resolution actions, which are expected to improve market expectations and drive investment recovery in infrastructure and real estate sectors [1] Fiscal Perspective - The current debt resolution measures, including debt swaps and the expansion of special bonds, have systematically alleviated liquidity constraints for local governments, improving fiscal space for infrastructure investments [1] - Special bonds issued by local governments have been increasing annually since 2017, with projections for 2024 and 2025 to exceed 7 trillion yuan, and the total issuance in 2025 expected to surpass 10 trillion yuan for the first time in history [1][4] Infrastructure Investment - The issuance of special bonds is expected to lead to a significant increase in construction activity in transportation, municipal, and water conservancy sectors, with a projected surge in physical work volume in the first half of 2025 [4][6] - Despite a decline in infrastructure investment growth, the sector still holds a significant share of fixed asset investment, indicating its critical role in the overall economy [4] Policy Transition - The policy environment is shifting from "debt replacement" to "investment stimulation," which is likely to further enhance demand for construction materials [5] Demand Dynamics - The demand structure for construction materials is changing, with traditional materials benefiting from infrastructure support and renovation materials gaining from the demand for upgrading existing properties [6] - The dual drivers of infrastructure and real estate are expected to provide a solid foundation for the construction materials sector during this debt resolution cycle [6] Profitability and Market Outlook - The profitability of the cement industry is recovering, with expectations of improved margins due to supply-side adjustments and a favorable demand outlook from real estate policies [8] - The construction materials sector is characterized by high cash flow and potential for stable dividends, with forecasts indicating overall profit recovery by 2026 [8] Investment Opportunities - The construction materials ETF (159745) tracks the performance of the construction materials index, providing investors with a tool to efficiently allocate resources in the sector [8][11] - The sector is viewed as a core cyclical investment opportunity, especially in the context of a market shift towards undervalued, high-dividend stocks [11]

Core Viewpoint - Current infrastructure investment is becoming a crucial support for the economy, with fiscal policies continuously strengthening, leading to a configuration window driven by infrastructure recovery in the building materials sector [1] Group 1: Infrastructure Investment Dynamics - The "14th Five-Year Plan" is entering its final year, accelerating the implementation of major engineering projects, which is providing solid support for the improvement of the industry fundamentals through the demand pull of infrastructure [1] - Since the second half of 2024, active fiscal policies have significantly increased, with the pace of special bond issuance accelerating and the launch of ultra-long special government bonds injecting ample funds into infrastructure investment [1] - Infrastructure investment has a clear policy orientation and planning, unlike the endogenous fluctuations of real estate investment, with 2025 being a key year for the transition between the "14th" and "15th" Five-Year Plans [1][4] Group 2: Investment Trends and Performance - Despite a year-on-year decline in cumulative infrastructure construction investment to -1.48% in December, the cumulative proportion of infrastructure investment remained high at 50.49% in December 2025, reflecting its significant position in fixed asset investment [1][4] - Key areas for current infrastructure investment include urban agglomerations, metropolitan areas, and the connectivity of infrastructure along the "Belt and Road" [4] - Major infrastructure projects are expected to drive demand for cement, pipes, waterproof materials, and other building materials, with a focus on water conservancy and disaster prevention projects [4][5] Group 3: Building Materials Sector Outlook - The building materials industry is currently in a low operating state after inventory destocking, and the concentrated release of infrastructure demand is expected to trigger price elasticity [5] - The profitability transmission from infrastructure recovery is anticipated to drive the development of the building materials sector, with a notable improvement in gross profit margins due to supply-side discipline and cost pressure relief [6] - The building materials sector is characterized by "valuation repair + profit improvement," with the risk of a cliff-like decline in demand eliminated by infrastructure support, leading to a systematic uplift in valuation [8] Group 4: Investment Vehicles and Strategies - The building materials ETF (159745) tracks the CSI All-Share Building Materials Index, covering leading enterprises across the entire industry chain, providing an efficient tool for investors to layout in the building materials sector [8][9] - The top ten holdings in the ETF reflect a high concentration in leading companies across various segments of the building materials industry, accounting for over 60% of the total holdings [9] - The building materials sector is highlighted as a core cyclical investment, with low valuations and high dividends, making it attractive for investors during market shifts towards cyclical stocks [12]

登录新浪财经APP 搜索【信披】查看更多考评等级 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法律责任。 西藏天路股份有限公司（以下简称"公司"）独立董事专门会议和第七届董事会第二十四次会议审议通过 了《关于接受厦门东翔工程设计有限公司以资产抵债的议案》，具体详见公司于2026年1月6日披露的 《西藏天路股份有限公司关于关联方以实物资产抵债暨关联交易的公告》（公告编号：2026-002号）。 一、关联方以实物资产抵债的进展情况 林芝天路企业管理交流中心项目于2019年对外招标，林芝毛纺厂有限公司（以下简称"林芝毛纺厂"）为 该项目建设单位，厦门东翔工程设计有限公司（以下简称"厦门东翔"）中标为该项目EPC总承包方单位 后，经公开招投标方式公司取得该项目，并于2020年开始施工建设，公司已完成项目竣工验收但尚未收 回项目相关费用147,957,489.58元。为最大限度维护公司及股东权益，保障应收账款安全回收，经与债 务相关方协商一致，并经具有证券期货资格的评估机构评估，同意厦门东翔提议的以资产抵偿相关债务 的方式等额抵偿公司对林芝天路 ...

Core Viewpoint - The company has reached an agreement with related parties to settle debts through the transfer of physical assets, specifically hotel properties, to ensure the recovery of accounts receivable totaling approximately 128.91 million yuan [2][3][9]. Group 1: Progress of Debt Settlement - The company has completed the construction and acceptance of the Linzhi Tianlu Enterprise Management Exchange Center project but has not yet recovered accounts receivable amounting to 147,957,489.58 yuan [2]. - An agreement has been signed with Xiamen Dongxiang Engineering Design Co., Ltd. to use assets for debt settlement, with the total debt to be offset being 12,891,020.00 yuan [2][3]. - The remaining accounts receivable will be addressed through a separate repayment plan [2]. Group 2: Main Content of the Related Transaction Agreement - The agreement involves Linzhi Woolen Factory using its legally owned hotel property to offset debts owed to the company [3]. - The total construction fee owed by Linzhi Woolen Factory to Xiamen Dongxiang is confirmed to be 146,436,751.39 yuan, while Xiamen Dongxiang owes the company 147,957,489.58 yuan [3]. - The agreement stipulates that all parties have fulfilled their construction obligations without any quality issues or potential liabilities [3]. Group 3: Repayment Plan - As of January 20, 2026, the company's accounts receivable balance from Xiamen Dongxiang is 143,434,341.15 yuan, with a proposed debt settlement amount of 128,910,200.00 yuan [15]. - The repayment plan includes five installments, with the first payment of 3,526,551.39 yuan due by June 20, 2026, and the final payment of 997,589.76 yuan due by December 20, 2026 [16][17][18]. - If any payment is missed, the company reserves the right to declare the remaining debt due immediately and pursue legal action [18]. Group 4: Other Situations - The company has claimed interest on overdue payments amounting to 15,410,000 yuan from Linzhi Woolen Factory and other parties [19]. - The company plans to evaluate the market conditions and asset valuation before selling the properties post-transfer to ensure shareholder interests are maximized and prevent state asset loss [19].

| 证券代码：600326 | 证券简称：西藏天路 | 公告编号：2026-010 号 | | --- | --- | --- | | 债券代码：188478 | 债券简称：21 天路 01 | | 西藏天路股份有限公司 关于关联方以实物资产抵债的进展情况公告 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法律责任。 （一）关联交易协议的主要内容 西藏天路股份有限公司（以下简称"公司"）独立董事专门会议和第七届董 事会第二十四次会议审议通过了《关于接受厦门东翔工程设计有限公司以资产抵 债的议案》，具体详见公司于 2026 年 1 月 6 日披露的《西藏天路股份有限公司 关于关联方以实物资产抵债暨关联交易的公告》（公告编号：2026-002 号）。 一、关联方以实物资产抵债的进展情况 林芝天路企业管理交流中心项目于 2019 年对外招标，林芝毛纺厂有限公司 （以下简称"林芝毛纺厂"）为该项目建设单位，厦门东翔工程设计有限公司（以 下简称"厦门东翔"）中标为该项目 EPC 总承包方单位后，经公开招投标方式公 司取得该项目，并于 2020 年 ...

西藏天路公告称，公司承建林芝天路企业管理交流中心项目，已完成竣工验收但未收回费用1.48亿元。 经协商，厦门东翔以林芝毛纺厂的酒店房产及相关权益，作价1.29亿元等额抵偿对应债务，剩余1452.41 万元未抵偿金额，厦门东翔出具还款计划，拟于2026年底前分批支付。此外，林芝毛纺厂等同意支付项 目逾期资金利息1541.09万元。公司将督促还款及资产过户，维护股东利益。 ...

Group 1 - The core point of the news is that Xizang Tianlu's stock price increased by 5.02%, reaching 11.30 CNY per share, with a trading volume of 304 million CNY and a turnover rate of 2.05%, resulting in a total market capitalization of 15.396 billion CNY [1] - Xizang Tianlu Co., Ltd. is located at No. 14 Duodi Road, Lhasa, Tibet, established on March 29, 1999, and listed on January 16, 2001. The company's main business includes engineering contracting, production and sales of cement and cement products, production and sales of asphalt and asphalt products, commodity trading, and processing and sales of mineral products [1] - The revenue composition of Xizang Tianlu's main business includes: cement sales 53.20%, housing construction engineering 12.30%, highway engineering 9.80%, asphalt concrete sales 9.79%, commodity concrete sales 7.78%, other engineering 2.58%, municipal roads 2.49%, supervision and testing 0.74%, technical services, transportation, and others 0.54%, aggregate sales 0.49%, and other (supplement) 0.29% [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Guotai Fund ranks among the top ten circulating shareholders of Xizang Tianlu. The Guotai CSI All-Index Building Materials ETF (159745) newly entered the top ten circulating shareholders in the third quarter, holding 4.5251 million shares, accounting for 0.34% of the circulating shares, with an estimated floating profit of approximately 2.4436 million CNY [2] - The Guotai CSI All-Index Building Materials ETF (159745) was established on June 9, 2021, with a latest scale of 610 million CNY. Year-to-date return is 14.36%, ranking 265 out of 5569 in its category; the one-year return is 29.99%, ranking 2169 out of 4295; and since inception, it has a loss of 25.63% [2] - The fund manager of Guotai CSI All-Index Building Materials ETF (159745) is Huang Yue, who has a cumulative tenure of 5 years and 7 days, with the current total asset scale of 49.496 billion CNY. The best fund return during his tenure is 48.99%, while the worst is -58.53% [2] Group 3 - From the perspective of the fund's top heavy positions, the Guotai CSI All-Index Building Materials ETF (159745) reduced its holdings in Xizang Tianlu by 2.1556 million shares in the fourth quarter, holding 2.3695 million shares, which accounts for 4.28% of the fund's net value, ranking as the seventh largest heavy position, with an estimated floating profit of approximately 1.2795 million CNY [3]

格隆汇2月6日丨西藏天路(600326.SH)在投资者互动平台表示，目前，公司拥有工布江达县汤不拉铜钼 矿及那曲县旁嘎弄巴铅矿探矿权。 ...

证券日报网讯2月6日，西藏天路（600326）在互动平台回答投资者提问时表示，截至2026年1月30日， 公司持股人数为190000多户。 ...