Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [10]. Core Viewpoints - The report emphasizes increasing allocations to high-quality leading companies in consumer building materials and anticipates price increases in electronic fabrics due to shortages [2][3]. - Consumer building materials are highlighted as a strong investment opportunity due to significant supply exits, with production levels for various materials projected to be at 97% for plastic pipes, 82% for gypsum boards, and 77% for cement in 2024 compared to their peak levels [3]. - The report identifies three main lines for 2026: the stock chain, the African chain, and the AI chain, suggesting a shift in demand dynamics and growth opportunities in these areas [7]. Summary by Sections Basic Situation - Cement shipments have seen a slight month-on-month increase, while glass inventory continues to decline [6]. - In late January, cement demand showed slight recovery due to warmer weather in southern regions, with a shipment rate of approximately 32% in key domestic areas, up by 3 percentage points [6][23]. Outlook for 2026 - The report suggests focusing on three main lines: stock chain, African chain, and AI chain. The stock chain is expected to see a qualitative change in demand, with home renovation demand projected to rise from 50% to nearly 70% by 2030 [7]. - The African chain highlights undervalued growth opportunities in the African market, with recommendations for leading companies such as Keda Manufacturing and Huaxin Cement [7]. - The AI chain focuses on the upgrade of special electronic fabrics, with significant opportunities for domestic replacements in low CTE and low-Dk products [7]. Electronic Fabrics - The report is optimistic about price increases in electronic fabrics due to dual demand dynamics, with AI electronic fabrics benefiting from high demand and ordinary electronic fabrics facing supply constraints [5]. - The shortage of weaving machines is expected to continue, leading to sustained price increases [5]. Cement and Glass Market - The report notes that the national average price of cement is 349.84 yuan per ton, with a month-on-month decrease of 2.74 yuan [24]. - The national average price of glass is reported at 63.11 yuan per weight box, with a slight month-on-month increase of 0.50 yuan [36].

（记者 曾健辉） 每经AI快讯，科达制造2月4日晚间发布公告称，本次部分股份解除质押后，梁桐灿先生累计质押股份 约1.89亿股，占其所持公司股份数的50.58%，占公司总股本的9.88%。截至2026年2月3日，梁桐灿先生 及其一致行动人广东宏宇集团有限公司持有公司股份约4.39亿股，占公司总股本的比例为22.88%，累计 质押股份约2.54亿股，占其所持公司股份数的57.83%，占公司总股本的13.23%。 每经头条（nbdtoutiao）——特朗普的"完美人选"颠覆美联储？解码凯文·沃什的"新政构想"：左手放水 右手抽水，要靠AI驯服通胀，拒做美债"大买家" ...

重要内容提示： 梁桐灿先生持有科达制造股份有限公司（以下简称"公司"、"科达制造"） 股份 374,456,779 股，占公司总股本的比例为 19.52%，为公司第一大股东。本次 部分股份解除质押后，梁桐灿先生累计质押股份 189,400,000 股，占其所持公司 股份数的 50.58%，占公司总股本的 9.88%。 截至 2026 年 2 月 3 日，梁桐灿先生及其一致行动人广东宏宇集团有限公 司（以下简称"宏宇集团"）持有公司股份 438,797,931 股，占公司总股本的比例 为 22.88%，累计质押股份 253,741,152 股，占其所持公司股份数的 57.83%，占公 司总股本的 13.23%。 公司近日收到第一大股东梁桐灿先生的通知，获悉其将所持有公司的部分股 份办理了解除质押登记，现将有关情况公告如下： 一、本次股份解除质押情况 证券代码：600499 证券简称：科达制造 公告编号：2026-012 科达制造股份有限公司 关于第一大股东部分股份解除质押的公告 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。 | ...

Investment Rating - The report maintains a "Recommended" rating for the building materials industry [1] Core Views - The report anticipates significant growth in revenue and profit for fiberglass in Q4 2025, while traditional building materials face performance pressure [1] - The overall outlook for the cement industry indicates continued price and profit stabilization, with domestic pressures expected to persist [4][7] - The glass industry is projected to experience ongoing revenue and profit pressure, particularly in the float glass segment due to weak downstream demand [14][20] - The fiberglass sector is expected to see robust growth driven by increased demand for raw yarn and high-end fabrics [28] Summary by Sections Cement - Q4 2025 is expected to see domestic cement performance under pressure, while overseas markets may perform better. The average national cement price is projected at 357 RMB per ton, down 16% year-on-year [7] - The report notes that the cement industry is experiencing a bottoming out phase, with a year-on-year production decline of 7% from January to November 2025 [7] - Non-operating projects may impact profits, with companies accelerating capacity replacement and asset disposals [4][7] Glass - The float glass industry is expected to remain under pressure, with high inventory levels and ongoing losses. The average price for 5mm float glass is projected at 62 RMB per box in Q4 2025, down 17% year-on-year [14] - The photovoltaic glass segment is also expected to face significant revenue and profit pressure due to weak domestic installation demand, with a projected average price of 12.3 RMB per square meter in Q4 2025 [20] Fiberglass - The fiberglass sector is projected to see continued high growth in revenue and profit, with domestic net demand reaching 5.48 million tons, a 19% year-on-year increase [28] - The average price for mainstream products is expected to be 3,603 RMB per ton in 2025, with a slight decrease in Q4 [28] - High-end electronic fabric prices are expected to rise, benefiting companies with a first-mover advantage [28] Renovation Materials - The renovation materials sector is expected to face continued pressure, with a year-on-year decline in housing starts, completions, and sales area [4] - Companies are exploring new business channels to maintain resilience in performance [4]

Core Viewpoint - The company is planning a significant asset restructuring to acquire minority stakes in its subsidiary, Tefu International, to enhance its overseas building materials business and improve profitability [4][5][6]. Group 1: Asset Restructuring - The company announced a suspension of trading on January 15, 2026, to plan a major asset restructuring involving the acquisition of minority stakes in Tefu International through share issuance and cash payment [4]. - The restructuring aims to increase the company's ownership in Tefu International from 51.55% to 100% by purchasing shares from 24 specific investors at a price of 10.80 yuan per share [6][7]. - The total amount of funds raised through this issuance will not exceed 100% of the transaction price for the asset purchase, and the success of the fundraising will not affect the asset acquisition [6][7]. Group 2: Business Expansion and Financial Impact - Tefu International has established a core business system of "tiles + sanitary ware + glass" and has expanded its production capacity across seven African countries, with a projected tile sales volume of approximately 172 million square meters in 2024, capturing 14.3% of the African tile market [8]. - The overseas building materials segment is expected to contribute significantly to the company's revenue and profit, with projected revenue and net profit for Tefu International in 2025 being 8.19 billion yuan and 1.47 billion yuan, respectively, which could add 760 million yuan to the company's net profit [8]. - The company is also investing approximately 94.72 million USD in a float glass production project in Ghana to further expand its overseas building materials business [8]. Group 3: Lithium Carbonate Price Increase - The price of lithium carbonate has been rising since the second half of 2025 due to supply disruptions and strong demand, which is expected to further boost the company's profits [9]. - The company's associate, Lanke Lithium Industry, achieved a lithium carbonate production and sales volume of 32,000 tons each in the first nine months of 2025, with a revenue of 1.92 billion yuan, despite a year-on-year decline of 13.5% [9]. - The net profit margin for Lanke Lithium Industry improved from 24% in the previous year to 32% in 2025, contributing 270 million yuan to the company's net profit, reflecting a year-on-year increase of 15.2% [9].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is planning a major asset restructuring to acquire minority stakes in its subsidiary, Tef International, to enhance its overseas building materials business [6][8] - The overseas building materials segment has shown significant growth, with Tef International projected to contribute substantially to the company's net profit [8][10] - The restructuring is expected to solidify the company's position in the overseas market and improve operational synergies [10] Summary by Sections Company Overview - The company has a total share capital of 1.918 billion shares and a market capitalization of 33.927 billion yuan [1] - The stock price has fluctuated between 6.92 yuan and 17.89 yuan over the past year [1] Financial Performance - The company reported a significant increase in revenue and net profit, with Tef International achieving a revenue of 8.19 billion yuan and a net profit of 1.47 billion yuan in 2025 [8][10] - The overseas building materials business accounted for 46% of total revenue and 58% of gross profit in the first half of 2025, with a gross margin of 36.8% [8] Future Projections - The company forecasts a net profit of 1.569 billion yuan for 2025, with a growth rate of 55.89% compared to the previous year [12] - The projected revenue for 2025 is 16.032 billion yuan, reflecting a growth rate of 27.24% [12] Valuation Metrics - The report estimates a P/E ratio of 22 for 2025 and a P/B ratio of 2.7 [12][15] - The expected EPS for 2025 is 0.82 yuan, with a projected ROE of 12.39% [12][15]

Investment Rating - The report highlights a positive investment outlook for Keda Manufacturing and recommends Shengfeng Cement as a key stock for February [2][12]. Core Insights - Keda Manufacturing's acquisition of the remaining 51.55% stake in Tefu International is viewed positively, with projected revenues of 8.187 billion yuan and net profits of 1.474 billion yuan by 2025 [2]. - Shengfeng Cement is favored due to its resilient business model, low production costs, and significant investments in new economic projects exceeding 1.9 billion yuan [2]. - The report emphasizes the potential for price increases in traditional electronic fabrics and related materials, driven by AI demand and copper price fluctuations [3][15]. - The trend towards space photovoltaic energy is highlighted, with a focus on UTG and TCO glass as essential materials for future energy solutions [4][14]. Summary by Sections Weekly Discussion - Keda Manufacturing's stock resumption is positively received, and the acquisition strengthens its strategic partnerships [2]. - Shengfeng Cement is recommended for its stable core business and cash flow from new investments [2]. Market Performance - The construction materials index showed a mixed performance, with glass manufacturing and fiberglass sectors performing well, while cement manufacturing faced slight declines [19][21]. Price Changes in Construction Materials - National average cement price decreased to 345 yuan/ton, with a slight increase in sales rates [16]. - Float glass prices increased to 1,144.80 yuan/ton, reflecting a 0.53% rise, while inventory levels decreased slightly [16][39]. Important Changes - Several companies released performance forecasts, and Keda Manufacturing announced a capital increase plan for the acquisition of Tefu International [6].

2026 年 1 月 31 日 总量研究 市场交易情绪回落 ——金融工程市场跟踪周报 20260131 要点 本周市场核心观点： 本周（2026.01.26-2026.01.30，下同）A 股整体窄幅震荡，大盘宽基指数周度 小幅收涨，中小盘宽基指数收跌。主要宽基指数量能指标先升后降，截至周五 （2026.01.30，下同）主要宽基指数量能择时指标均转为谨慎信号。资金面方面， 本周股票型 ETF 资金延续净流出。 本周黄金价格剧烈波动，"A"顶回落走势或引发资源品板块短期持续调整，权 益市场的情绪亦可能伴随交易资金的收紧而回落。A 股市场短线或延续震荡调整 表现。配置主线方面，中长期持续看好"红利+科技"主线；短线低估值、红利 方向或有防御性交易机会。 本周市场各指数涨跌不一，上证综指下跌 0.44%，上证 50 上涨 1.13%，沪深 300 上涨 0.08%，中证 500 下跌 2.56%，中证 1000 下跌 2.55%，创业板指下 跌 0.09%，北证 50 指数下跌 3.59%。 截至 2026 年 1 月 30 日，宽基指数来看，中证 500、中证 1000、创业板指处于 估值分位数"适中"等级，上 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600499 证券简称：科达制造 公告编号：2026-011 科达制造股份有限公司 关于股票交易异常波动的公告 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。 重要内容提示： 1、生产经营情况 经公司自查，公司目前日常经营情况及外部环境未发生重大变化，公司经营活动正常，不存在影响公司 股票交易价格异常波动的重大事宜，不存在应披露而未披露的重大信息。 2、重大事项情况 公司于2026年1月29日披露了《关于科达制造股份有限公司发行股份及支付现金购买资产并募集配套资 金暨关联交易方案的议案》等相关公告，公司拟发行股份及支付现金的方式购买广东特福国际控股有限 公司51.55%股份，并向不超过35名特定投资者发行股份募集配套资金。截至本公告披露日，本次交易 相关的审计、评估工作尚未完成，公司会同有关各方正积极推进本次交易的相关工作。 ● 科达制造股份有限公司（以下简称"公司"）股票在2026年1月29日、30日连续两个交易日内收盘价格 涨幅偏离值累计超过20%。根据《上海证券 ...

证券代码：600499 证券简称：科达制造 公告编号：2026-011 科达制造股份有限公司 科达制造股份有限公司（以下简称"公司"）股票在 2026 年 1 月 29 日、 30 日连续两个交易日内收盘价格涨幅偏离值累计超过 20%。根据《上海证券交易 所交易规则》的有关规定，属于股票交易异常波动。 因筹划重大资产重组，公司 A 股股票已于 2026 年 1 月 15 日开市起 停牌；2026 年 1 月 28 日，公司第九届董事会第十五次会议审议通过了《关 于科达制造股份有限公司发行股份及支付现金购买资产并募集配套资金暨 关联交易方案的议案》等相关议案，公司 A 股股票于 2026 年 1 月 29 日开 市起复牌。经公司自查并向第一大股东梁桐灿及其一致行动人广东宏宇集团有限 公司（以下简称"宏宇集团"）核实确认，截至本公告披露日，本公司、梁桐灿及其 一致行动人宏宇集团均不存在应披露而未披露的重大信息。 目前，公司上述重大资产重组事项涉及的审计、评估工作及审批程序尚未 完成，相关交易能否最终成功实施存在不确定性，敬请广大投资者注意投资风险！ 一、股票交易异常波动的具体情况 公司股票于 2026 年 1 月 ...