丨证券研究报告丨 行业研究丨行业周报丨建材 [Table_Title] 电子布上涨预期强化，看好需求爆发和产能挤压 的超级周期——建材周专题 2026W7 报告要点 [Table_Summary] 电子布上涨预期强化，看好需求爆发和产能挤压的超级周期 基本面：水泥出货季节性下降，玻璃库存小幅上升 展望 2026 年：把握存量链、非洲链、AI 链三条主线 分析师及联系人 [Table_Author] SFC：BQK473 SFC：BVZ972 范超 张佩 李金宝 李浩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 %% %% research.95579.com 1 建材 cjzqdt11111 [Table_Title 电子布上涨2] 预期强化，看好需求爆发和产能挤 压的超级周期——建材周专题 2026W7 请阅读最后评级说明和重要声明 %% %% [Table_Summary2] 电子布上涨预期强化，看好需求爆发和产能挤压的超级周期 看好电子布需求爆发和产能挤 ...

重要内容提示： 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。 ● 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。本次部分股份质押后，梁桐灿先生累计质押股份 202,400,000股，占其所持公司股份数的54.05%，占公司总股本的10.55%。 ● 截至2026年2月10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266,741,152股，占其所持公 司股份数的60.79%，占公司总股本的13.91%。 一、本次股份质押情况 1、本次股份质押情况 公司近日收到第一大股东梁桐灿先生的通知，获悉其将持有的公司部分股份办理了质押登记手续，具体 情况如下： ■ 注：梁桐灿先生不是公司控股股东，但为公司第一大股东；上述股份的解质以实际办理解除质押登记手 续之日为准。 2 ...

证券代码：600499 证券简称：科达制造 公告编号：2026-013 科达制造股份有限公司 关于第一大股东股份质押的公告 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。 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 部分股份质押后，梁桐灿先生累计质押股份 202,400,000 股，占其所持公司股份 数的 54.05%，占公司总股本的 10.55%。 截至 2026 年 2 月 10 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 266,741,152 股，占其所持公司股份数的 60.79%，占 公司总股本的 13.91%。 公司近日收到第一大股东梁桐灿先生的通知，获悉其将持有的公司部分股份 办理了质押登记手续，具体情况如下： | 是否为 | 本次 | 是否 | 占其所 | ...

Group 1 - The company Keda Manufacturing announced that Mr. Liang Tongcan has pledged approximately 202 million shares, which accounts for 54.05% of his total shares held and 10.55% of the company's total share capital [1] - As of February 10, 2026, Mr. Liang and his concerted party, Guangdong Hongyu Group Co., Ltd., hold about 439 million shares, representing 22.88% of the company's total share capital, with a total of approximately 267 million shares pledged, which is 60.79% of their holdings and 13.91% of the company's total share capital [1]

科达制造公告称，第一大股东梁桐灿于2026年2月10日质押1300万股，占其所持股份比例3.47%，占公 司总股本比例0.68%，融资用于广东宏威陶瓷实业有限公司生产经营资金周转。本次质押后，梁桐灿累 计质押2.02亿股，占其所持公司股份数的54.05%，占公司总股本的10.55%。截至2月10日，梁桐灿及其 一致行动人宏宇集团累计质押2.67亿股，占其所持股份数的60.79%，占公司总股本的13.91%。本次质押 风险可控，对公司生产经营、治理等无影响。 ...

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].

Group 1 - The company Keda Manufacturing announced the release of part of its pledged shares, with Mr. Liang Tongcan having a total of approximately 189 million shares pledged, which accounts for 50.58% of his holdings and 9.88% of the company's total share capital [1] - As of February 3, 2026, Mr. Liang and his concerted party, Guangdong Hongyu Group Co., Ltd., hold approximately 439 million shares in the company, representing 22.88% of the total share capital, with a total of approximately 254 million shares pledged, accounting for 57.83% of their holdings and 13.23% of the company's total share capital [1]

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].