上市企业：远兴能源（000683）,三友化工（600409）,山东海化（000822）,双环科技（000707）,氯碱化 工（600618）,金晶科技（600586）,湖北宜化（000422）,云图控股（002539）,和邦生物（603077） 2020-2025年中国纯碱(碳酸钠)产量统计图 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2026-2032年中国纯碱行业市场专项调研及竞争战略分析报告》 根据国家统计局数据显示：2025年12月中国纯碱(碳酸钠)产量为335万吨，同比下降0.1%；2025年1-12 月中国纯碱(碳酸钠)累计产量为3957.2万吨，累计增长4.3%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Group 1 - The perovskite battery sector is experiencing significant growth, with multiple companies seeing stock price increases [1] - Companies such as Hangxiao Steel Structure, Jinjing Technology, Xizi Clean Energy, Shanghai Port Bay, and Tuori New Energy have reached their daily price limits [1] - Other notable companies with substantial stock price gains include Baoxin Technology, Maiwei Co., Mingyang Smart Energy, Dier Laser, and Dike Co. [1]

Group 1: Consumer Building Materials - The demand for traditional building materials is expected to rebound as the contraction in new real estate demand slows and the demand for stock updates gradually releases [1] - In 2025, national fixed asset investment (excluding rural households) is projected to be 48.5 trillion yuan, a year-on-year decrease of 3.8%, while real estate development investment is expected to be 8.28 trillion yuan, down 17.2% year-on-year [1] - The area of new housing starts is expected to decline by 20.4% year-on-year to 588 million square meters, only 25.87% of the peak value in 2019, indicating that the drag on demand from the new real estate market has been fully reflected [1] - The stock market for urban residential properties in China is approximately 33.55 billion square meters, with about 37.4 million housing units, indicating significant growth potential for renovation and upgrading of existing properties [1] - Policies aimed at stimulating demand for commercial housing, such as "stopping the decline and stabilizing" and "ensuring delivery," are expected to support the completion and sales of commercial housing [1] Group 2: Fiberglass Industry - The downstream application fields of fiberglass continue to expand, and the product structure of the industry is continuously optimized, with strong demand for specialty fiberglass fabrics such as electronic fiberglass cloth [2] - The industry is expected to see continuous improvement in profitability due to the explosive demand for computing power, leading to tight supply of specialty fiberglass fabrics like low-dielectric electronic cloth [2] - The overall price level of the industry is on the rise, and leading companies are expected to benefit significantly from industry dividends [2] Group 3: Infrastructure Demand - During the 14th Five-Year Plan, it is expected that over 700,000 kilometers of underground pipeline networks will be constructed and renovated, with new investment demand exceeding 5 trillion yuan [3] - There is a broad demand for upgrading and renovating underground pipeline networks for urban gas, water supply, sewage, drainage, and heating [3] Group 4: Companies with Second Growth Curve - Jinjing Technology (600586.SH) is expected to benefit from the significant production ramp-up in the downstream perovskite photovoltaic component industry, indicating broad future growth potential [4] - Puyang Refractories (002225.SZ) is expected to benefit from the demand space created by the replacement of wet metallurgy technology paths, with performance expected to be realized as production capacity is released [4] - Companies like Jinjing Technology and Puyang Refractories are recommended as they show significant incremental potential in their second growth curves [4]

Group 1 - The perovskite battery sector experienced a significant surge, with multiple companies reaching their daily price limit [1] - Notable companies that saw substantial gains include Hangxiao Steel Structure, Jinjing Technology, Xizi Clean Energy, Shanghai Port Bay, and Tuori New Energy [1] - Other companies with notable price increases include Zhonglai Co., Maiwei Co., Mingyang Smart Energy, Dongfang Risheng, and JA Solar Technology [1]

Group 1 - The special glass sector is showing strong performance, with companies like Jinjing Technology and Tuori New Energy hitting the daily limit up [1] - Other notable stocks in the sector include Yamaton, An彩高科, and Jiuding New Materials, which are also experiencing significant gains [1]

Core Viewpoint - The perovskite solar cell sector experienced significant gains, with multiple companies reaching their daily price limits [1] Group 1: Company Performance - Hangxiao Steel Structure, Jinjing Technology, and Tuori New Energy all hit the daily limit up [1] - Companies such as Xizi Clean Energy, Dongfang Risheng, Mingyang Smart Energy, Zhonglai Shares, Longi Green Energy, Jiejia Weichuang, and JA Solar also showed notable price increases [1]

Group 1 - The photovoltaic sector showed active performance on February 9, with Jin Jing Technology (600586) hitting the daily limit up [1] - Xiexin Integration (002506) increased by over 9% [1] - Other companies such as Juhe Materials, Yamaton (002623), TCL Zhonghuan (002129), Trina Solar, and Yicheng New Energy (300080) also experienced gains [1]

Group 1 - The space photovoltaic sector opened high, with Jinjing Technology hitting the daily limit, and companies such as Mingyang Smart Energy, Junda Co., and JinkoSolar also experiencing gains [1]

Core Viewpoints - The traditional building materials sector is expected to bottom out and recover due to a combination of factors such as the slowdown in new real estate demand and the gradual release of stock renovation demand, with consumer building materials benefiting significantly [4] - The special fiberglass electronic cloth sector is experiencing high demand due to the explosion of computing power needs, and companies with outstanding technical advantages and production capacity reserves are favored [4] - Infrastructure investment opportunities are promising, particularly in sectors related to urban renewal and underground pipeline construction [4] Cement Sector - Cement demand is expected to stabilize as confidence in the housing market strengthens, with a potential bottoming out of demand [26][29] - The production of cement is declining due to weak demand from the real estate sector, with a forecasted production volume of 1.693 billion tons in 2025, down 6.9% year-on-year [29] - The average price of cement is recovering due to industry self-discipline and effective supply control, with policies aimed at eliminating backward production capacity expected to accelerate this trend [33] Fiberglass Sector - The fiberglass sector is expanding its application fields, with strong demand for electronic fiberglass cloth driven by the growth of computing power needs [36][41] - The apparent consumption of fiberglass in China has increased from 187,000 tons in 2012 to 624,000 tons in 2023, with a compound annual growth rate of 11.56% [40] - The demand for high-performance computing and AI applications is significantly increasing, leading to a structural change in demand for fiberglass materials [44] Glass Sector - The demand for flat glass is under pressure due to a decline in housing completion areas, with consumption levels expected to continue decreasing [51] - The glass industry is facing high inventory levels, with total inventory reaching 58.227 million weight boxes as of December 11, 2025, indicating a need for supply-side adjustments [51] - The photovoltaic glass sector is experiencing growth, but overall glass prices are under pressure due to capacity expansion and declining demand [51] Consumer Building Materials - The consumer building materials sector is seeing a release of stock demand, with policies aimed at stabilizing the housing market expected to support sales and completion rates [62] - The renovation demand is anticipated to recover as macroeconomic policies stimulate consumption, with a significant portion of demand coming from homes built 10-15 years ago [66] - The urban renewal initiatives and the establishment of a housing pension system are expected to further boost demand for consumer building materials [66] Recommended Investment Targets - Companies such as Rabbit Baby (兔宝宝, 002043) and Beixin Building Materials (北新建材, 000786) are highlighted for their strong market positions and competitive advantages in the consumer building materials sector [4][103] - International Composites (国际复材, 301526) is recommended for its strong performance in the special fiberglass cloth sector [4] - Companies like Jinjing Technology (金晶科技, 600586) and Puhua Co., Ltd. (濮耐股份, 002225) are noted for their promising second growth curves in TCO glass and high-activity magnesium oxide businesses, respectively [4]

Investment Rating - The report maintains a rating of "Increase" for the industry [4] Core Insights - Perovskite solar cells are entering the era of GW-level mass production, with leading companies like JinkoSolar and LONGi Green Energy accelerating capacity release [2][35] - The efficiency of perovskite cells is rapidly improving, with laboratory efficiencies reaching 27.3% for single-junction cells and 35.0% for perovskite-silicon tandem cells, significantly surpassing the maximum efficiency of silicon cells at 27.9% [15][19] - The cost competitiveness of perovskite cells is expected to improve, with unit production costs projected to drop to 1.0 RMB/W by 2026, potentially surpassing silicon cells [2][35] Summary by Sections Section 1: Perovskite as the Next Generation Photovoltaic Solution - Perovskite solar cells utilize a hybrid organic-inorganic metal halide semiconductor as the light-absorbing material, offering advantages such as high efficiency, low cost, and lightweight [8][11] Section 2: Efficiency and Stability Breakthroughs - The report highlights significant advancements in efficiency and stability, with perovskite cells achieving rapid efficiency improvements compared to silicon cells [15][18] - The industry is overcoming stability challenges through material modifications and process optimizations, with some products achieving IEC commercial standard certification [25][26] Section 3: GW-Level Production Era - The first GW-level production line for perovskite solar cells has been launched, marking the beginning of large-scale production [35] - By 2027, global production capacity is expected to exceed 5GW, with a complete supply chain being established [2][35] Section 4: Investment Recommendations - The report suggests focusing on leading companies in the perovskite supply chain, particularly those with clear capacity deployment and advancements in tandem technology, such as LONGi Green Energy and Trina Solar [3] - Equipment manufacturers with high domestic production rates and sufficient orders, like JinkoSolar and Mibet, are also recommended for investment [3]