22.32% 截至7月21日，国产电池级碳酸锂现货价格报6.68万元/吨，相较于6月9日的低点6.00万元/吨，上涨0.68 万元/吨，累计涨幅超11%。碳酸锂主力合约2509价格自6月23日以来累计上涨22.32%。 ● 刘英杰 谭丁豪 近期，碳酸锂市场持续回暖，多重因素推动现货价格上行。A股市场多只锂矿概念股陆续发布上半年业 绩预告，普遍预喜，天齐锂业、威领股份实现扭亏为盈。 展望后市，分析人士认为，受短期市场情绪与供给扰动影响，碳酸锂价格或延续偏强震荡。 现货价格走高 Wind数据显示，近期，国产电池级碳酸锂现货价格呈上涨态势，截至7月21日，报6.68万元/吨，相较于 6月9日的低点6.00万元/吨，上涨0.68万元/吨，累计涨幅超11%。碳酸锂主力合约2509价格自6月23日以 来累计上涨22.32%。 消息面上，日前，宜春市国土资源局发布关于8家矿山企业审批事项的文件，市场普遍担忧相关文件会 引发企业停产，因此碳酸锂价格大幅上行。同时，藏格矿业日前公告称，全资子公司藏格钾肥收到海西 州自然资源局、海西州盐湖管理局下发的《关于责令立即停止锂资源开发利用活动的通知》。 光大期货研究所有色研究总监展大鹏 ...

【一周一议】 继续挖潜 PCB 上游新材料，结合供给格局+下游技术路线，我们看好铜箔+电子布两个领域。高端 PCB 板用电解铜箔 包括 RTF 铜箔和 HVLP 铜箔，HVLP 粗化面平滑、细腻，具有高的热稳定性、高硬度、厚薄均匀，其对铜箔表面轮廓度 （Rz）要求更高，可用于生产高频高速 CCL。HVLP 铜箔生产难度体现在需同时满足低轮廓度与高抗剥离强度。电子布 的市场研究较为充分，而同属高端 PCB 原材料的高阶铜箔材料，具备同样持续升级、高端紧缺的属性，我们认为铜箔 预期差仍然较大：①高阶铜箔国产化率偏低，国内龙头先发优势可能更突出，②铜箔和电子布均是促进电性能的重要 材料，如果二代低介电供给端较为紧缺，可能会加速 HVLP 铜箔代数升级。 电子布角度，关注①英伟达 Rubin 潜在新技术（如正交背板）对 Q 布需求的拉动，Q 布以石英石为原料熔制而成，相 较低介电电子布，其拥有理论上更低的介电常数（10GHz 下为 3.74，Low-Dk 二代为 4）+介电损耗（10GHz 下为 0.2‰， Low-Dk 二代为 2.8‰）。②Low-CTE 紧缺，芯片的尺寸由小变大，在 PCB 组装焊接时会发生焊点 ...

建筑材料 2025 年 07 月 19 日 行 业 研 究 / 行 业 点 评 证券分析师 任杰 A0230522070003 renjie@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 郝子禹 A0230524060003 haozy2@swsresearch.com 研究支持 郝子禹 A0230524060003 haozy2@swsresearch.com 联系人 郝子禹 (8621)23297818× haozy2@swsresearch.com 水泥与玻纤延续修复，后周期分化 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 水泥：延续修复趋势，关注行业产能出清进展。2025 年 2 季度是水泥业绩修复的第 3 个季度，行 业触底修复的趋势更加明确。2024 年水泥行业 A 股上市公司平均吨净利仅 13.7 元/吨，已较为接 近 2015 年的历史底部。水泥企业维护吨净利意愿提升，价格战缓和，叠加煤炭成本逐步回落，水 泥单吨净利有较大弹性，带动盈利整体修复。市场监管总局最新发布的《水泥生产许可证实施细则 （征求意见稿）》明确要求 ...

Core Viewpoint - The company anticipates significant growth in its first half of 2025, with projected net profit increasing by 54.03% to 73.83% year-on-year, driven by effective market communication and strategic adjustments in production and pricing [3][4]. Group 1: Financial Performance - The company expects a net profit attributable to shareholders of between 700 million to 790 million yuan for the first half of 2025, marking a year-on-year increase of 54.03% to 73.83% [3]. - The projected net profit after deducting non-recurring items is estimated to be between 650 million to 740 million yuan, reflecting a year-on-year growth of 62.58% to 85.09% [3]. - In the first half of 2024, the company faced challenges with a revenue of 5.5 billion yuan and a net profit of 500 million yuan, showing a decline of 64% in net profit year-on-year [4]. Group 2: Operational Developments - The company has successfully ended a price war and is implementing price increases across various sales regions, contributing to improved profitability in 2025 [4]. - Two new ceramic plants in Kenya and Côte d'Ivoire commenced operations in June 2025, enhancing the company's production capacity and expanding its market presence in Africa [5]. - The Kenyan plant is expected to produce 11,000 square meters daily, while the Côte d'Ivoire plant has a designed daily capacity of 40,000 square meters, catering to diverse market needs [5]. Group 3: Market Expansion - The company is expanding its overseas building materials business, with expectations of reaching a production capacity of over 200 million square meters by the end of 2025 [5]. - The overseas building materials segment is anticipated to maintain stable gross margins despite fluctuations in international market conditions [5].

内容概况：根据海关总署数据显示，中国液压马达进出口数据呈现"进口增速分化、出口量价齐升"的特 征，折射出行业结构性变革。2025年1-5月，中国液压马达进口数量为10.44万台，同比增长2.09%；进 口金额为6.29亿元，同比增长11.84%。这反映出国内产业升级对高精度、高可靠性产品的需求增长，尤 其是工程机械电动化、工业自动化等领域对高端液压马达的依赖。同期，中国液压马达出口数量为 92.99万台，同比增长12.76%；出口金额为8.10亿元，同比增长9.20%。一方面，东南亚、非洲等新兴市 场基建需求拉动中低端液压马达出口；另一方面，本土企业通过技术迭代，在高端市场逐步突破。例 如，恒立液压等企业通过机联网、智能生产线提升生产力，推动高端液压马达出口占比提升。此外，电 动液压马达等绿色产品出口增长，契合全球"双碳"目标下的市场需求。 相关上市企业：恒立液压（601100）、艾迪精密（603638）、力源液压（600765）、科达制造 （600499）、利通科技（832225） 相关企业：宝武钢铁集团有限公司、中国五矿集团有限公司、本溪钢铁（集团）有限责任公司、安阳钢 铁集团有限责任公司、无锡派克新材料 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The glass fiber industry is expected to perform well, with strong earnings forecasts for companies like China National Materials and China Jushi, driven by wind power demand and AI applications [6][10] - The cement prices continue to decline, while glass inventory has decreased month-on-month, indicating a potential recovery in demand [8][9] - The report emphasizes the importance of focusing on special glass fibers and the African supply chain, with leading companies being the main investment focus for the year [10] Summary by Sections Glass Fiber - The mid-year earnings forecast for glass fiber is optimistic, with China National Materials expected to achieve a net profit of approximately 670-830 million yuan, a year-on-year increase of 186-254% [6] - China Jushi's net profit is projected to be around 1.65-1.70 billion yuan, reflecting a year-on-year growth of 163-171% [6] - The demand for ordinary glass fiber remains under pressure, while special electronic fabrics are experiencing accelerated growth due to the AI wave [6][10] Cement - Cement prices have continued to decline, with average prices at 352.74 yuan per ton, down 0.65 yuan month-on-month and 45.32 yuan year-on-year [27] - The average shipment rate for cement companies in key regions is 43%, remaining stable month-on-month but down 3 percentage points year-on-year [27] - There are plans for price increases in certain regions as prices approach bottom levels [27] Glass - The domestic float glass market prices are stable, with slight increases in some areas, and overall demand remains cautious [9][41] - The production capacity utilization rate for the float glass industry is at 82.09%, with a total of 283 production lines [9] - Inventory levels have decreased, with a total of 5.734 million weight boxes, down 97,000 weight boxes month-on-month [9][41] Recommendations - The report recommends focusing on special glass fibers and the African supply chain, highlighting companies like China National Materials and Keda Manufacturing as key players [10] - It also suggests that the demand for building materials is expected to rise, particularly in the renovation sector, benefiting companies with strong business models [10]

证券代码：600499 证券简称：科达制造 公告编号：2025-029 科达制造股份有限公司 关于 2025 年员工持股计划首次授予部分 完成股票非交易过户的公告 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。 科达制造股份有限公司（以下简称"公司"、"科达制造"）分别于 2025 年 3 月 26 日、2025 年 4 月 16 日召开第九届董事会第六次会议、2024 年年度股东 大会，审议通过《2025 年员工持股计划（草案）及摘要》《关于提请公司股东大 会授权董事会办理员工持股计划相关事宜的议案》；并于 2025 年 5 月 30 日召开 第九届董事会第八次会议，审议通过《关于调整 2025 年员工持股计划相关事项 的议案》，具体内容详见公司于 2025 年 3 月 27 日、2025 年 4 月 17 日、2025 年 5 月 31 日在上海证券交易所网站（www.sse.com.cn）披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等相 ...

Investment Rating - The report maintains a recommendation for the construction materials sector, indicating a positive outlook for performance recovery in categories such as cement and fiberglass [2]. Core Insights - The ongoing "anti-involution" campaign is expected to improve the profitability of leading companies in the construction materials sector, particularly in the consumer segment [6][13]. - Cement prices are experiencing a slight downward trend due to high temperatures and rainy seasons affecting demand, with a recent average price drop of 0.4% [10][21]. - The fiberglass market shows stable pricing for non-alkali roving, while electronic yarn prices are expected to rise for high-end products [12][14]. Summary by Sections Industry Scale - The construction materials sector comprises 96 listed companies with a total market capitalization of 817.2 billion [2]. Industry Dynamics - Cement: The national average cement price has decreased by 0.4%, with significant drops in regions like Anhui and Hubei [10][21]. - Float Glass: The average price is 1173 yuan/ton, reflecting a slight decrease of 0.24% [11]. - Fiberglass: The market for non-alkali roving remains stable, while electronic yarn prices are expected to increase [12]. Consumer Construction Materials - The consumer market is showing signs of recovery, with a 3.0% year-on-year increase in retail sales of construction and decoration materials from January to May 2025 [13]. - The report highlights the importance of leading companies with strong distribution channels and healthy cash flow [13]. Recommended Stocks - The report recommends several companies, including Weixing New Materials, Keda Manufacturing, and Mona Lisa, for their strong market positions and growth strategies [14][15][16].

证券代码：600499 证券简称：科达制造 公告编号：2025-028 科达制造股份有限公司 关于为控股子公司提供担保的进展公告 累计担保情况 | 对外担保逾期的累计金额（亿元） | | | 0 | | --- | --- | --- | --- | | 截至 年 月 日，公司及其控股子公 2025 7 | 14 | | | | 司对外担保总额（含担保预计额度及本次担 | | | 106.36 | | 保，共同担保不再重复计算，亿元） | | | | | 对外担保总额占 年度经审计净资产的 | 2024 | | 92.66% | | 比例 | | | | | 特别风险提示 | | | □对外担保总额超过最近一期经审计净资产 | | | | 100% | | | | | | 担保金额超过上市公司最近一期经审计净 | | | | 资产 | 50% | | | | | □对合并报表外单位担保金额达到或超过最 | | | | | 近一期经审计净资产 30%的情况下 | | | | | 对资产负债率超过 70%的单位提供担保 | 一、担保情况概述 （一）担保的基本情况 为满足子公司业务发展需求，公司于 2025 年 ...

证券代码：600499 证券简称：科达制造 公告编号：2025-027 科达制造股份有限公司 2025 年半年度业绩预增公告 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。 重要内容提示： 本期业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比上 升50%以上的情形。 科达制造股份有限公司（以下简称"公司"） 预计2025年半年度实现归 属于上市公司股东的净利润为7.00亿元到7.90亿元，同比增长54.03%到73.83%。 扣除相关非经常性损益事项后，公司预计2025年半年度实现归属于上市 公司股东的净利润为6.50亿元到7.40亿元，同比增长62.58%到85.09%。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 1、经财务部门初步测算，预计 2025 年半年度实现归属于上市公司股东的净 利润为 7.00 亿元到 7.90 亿元，与上年同期相比预计增加 2.46 亿元到 3.36 亿元， 同比增长 54.03%到 73.83%。 2 ...