地产仍处弱景气，供给端的变化更值得期待 建筑材料 证券研究报告/行业定期报告 2025 年 08 月 17 日 | 评级： | 增持 | （维持） | | | --- | --- | --- | --- | | | | | 简称 | | 分析师：孙颖 | | | | | 执业证书编号：S0740519070002 | | | | | Email：sunying@zts.com.cn | | | | | 分析师：聂磊 | | | | | 执业证书编号：S0740521120003 | | | | | Email：nielei@zts.com.cn | | | | | 分析师：万静远 | | | | | 执业证书编号：S0740525030002 | | | | | Email：wanjy@zts.com.cn | | | | | 分析师：农誉 | | | | | 执业证书编号：S0740524120001 | | | | Email：nongyu@zts.com.cn | 基本状况 | | --- | | 上市公司数 | 73 | | --- | --- | | 行业总市值(亿元) | 8,387.33 | | ...

August 11, 2025 10:00 AM GMT Greater China Materials | Asia Pacific Fundamentals diverge for glass; raising bull cases on potential anti-involution While we think anti-involution is unlikely to occur in the glass sector, it would be more likely if energy consumption controls were implemented. This would be the most efficient way to lower market supply for float and solar glass, in our view, and we factor it into our bull case scenarios. Solar glass fundamentals improve: Solar glass supply has been tightenin ...

西部基建节奏再催化，北京地产政策优化 [Table_Industry] 建材 |  | | | | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | | 鲍雁辛(分析师) | 0755-23976830 | baoyanxin@gtht.com | S0880513070005 | | | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | [Table_subIndustry] | | | 巫恺洋(研究助理) | 0755-23976666 | wukaiyang@gtht.com | S0880123070145 | 细分行业评级 | | 本报告导读： 新疆西藏重点基建工程开工节奏置信度持续提升，北京地产政策边际优化，消费建 材板块已经进入基本面企稳修复区间。 投资要点： [Table_Report] 相关报告 建材《国泰海通证券-建材行业基本面数据大全 _20 ...

| | 1家最新被调高评级的公司 | | | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | 600732 | 爱旭股份 | 东吴证券 | 増待 | 玉入 | 光伏设备 | | | 日期:08月11日,南财投研通×南财快讯制图 | | | | | | | | 08月11日券商推荐家数排名 | | | | --- | --- | --- | --- | --- | | 班学代码 | 证券名称 | 收盘价(元) | 评级券商数量 | 行业 | | 000729 | 製盤品編 | 12.61 | 6 | 飘山带 | | 600732 | 爱旭股份 | 14.40 | 3 | 光伏设备 | | 002353 | 杰瑞股份 | 45.82 | 3 | 专用设备 | | 300146 | 汤臣倍健 | 12.73 | 2 | 食品加工 | | 300824 | 北鼎股份 | 12.84 | 2 | 小家电 | | 002270 | 不明治备 | 18.26 | 2 | 电网设备 | | 688519 | ...

南财投研通数据显示，8月11日，券商给予上市公司目标价共15次，按最新收盘价计算，目标价涨幅排 名居前的公司有旗滨集团、萤石网络、工业富联，目标价涨幅分别为43.09%、33.82%、23.80%，分别 属于玻璃玻纤、计算机设备、消费电子行业。 | | | 08月11日目标价涨幅排名 | | | | | --- | --- | --- | --- | --- | --- | | 班学代码 | 证券名称 | 机构 | 最新评级 | 番島目枠代 | 目标涨幅 | | | | | | (元) | (%) | | 601636 | 旗滨集团 | 中信证券 | 买人 | 8.80 | 43.09 | | 688475 | 萤石网络 | 国泰海通证券 | 增持 | 46.22 | 33.82 | | 601138 | 工业富联 | 中国国际金融 | 跑赢行业 | 45.00 | 23.80 | | 000729 | 咸京喫酒 | 华创证券 | 强推 | 15.50 | 22.92 | | 300824 | 北鼎股份 | 华泰金融控股(香港) | 买人 | 15.48 | 20.56 | | 688768 | 容知日新 | ...

本文汇报 国泰海通建材鲍雁辛-周观点：西部基建和庆典催化大宗，消费建材基本面临 近右侧 1、周观点：西部基建和庆典催化大宗，消费建材基本面临近右侧 （国泰海通 建材行业 鲍雁辛 18676684351）20250810 2025 年以来，市场对地产政策的交易已经边际关注下降，但是消费建材的基本面已经几 乎进入右侧。这个右侧有两方面的含义：1.地产数据本身，尤其是先行的销售和开工数 据，其已经进入到筑底区间；2.地产链建材本身的营收业绩预期，Q3 开始同比企稳甚至 部分改善的预期可能出现，这个企稳和改善来自于营收基数走低，价格战的缓和，以及 降费降本的持续成效。 8 月 8 日，北京市住房和城乡建设委员会、北京住房公积金管理中心联合印发《关于进一 步优化调整本市房地产相关政策的通知》自 2025 年 8 月 9 日起，符合北京商品住房购买 条件的居民家庭，购买五环外商品住房不限套数。《通知》还加大了对住房公积金贷款 支持力度，包括由每缴存公积金一年可贷 10 万元提高至可贷 15 万元、二套房公积金贷 1.雅下水电高调开工启动后，市场对新疆西藏基建的置信度再提升。 雅下水电站之后，新藏基建关注度提升，本周新藏铁 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from increased infrastructure investment, with a notable focus on cement and glass fiber industries as key areas for growth [3][4] - The report highlights a potential recovery in cement prices due to supply-side discipline and government support for infrastructure projects [10][12] - The demand for construction materials is anticipated to improve as consumer confidence returns and government policies stimulate domestic consumption [13] Summary by Sections 1. Industry Overview - The construction materials sector has shown a 1.19% increase in the past week, underperforming compared to the Shanghai Composite Index which rose by 1.23% [3] - The report emphasizes the importance of government investment in infrastructure to stabilize demand in the sector [4] 2. Bulk Construction Materials Fundamentals 2.1 Cement - The national average price for high-standard cement is currently 339.7 CNY/ton, unchanged from last week but down 42.5 CNY/ton compared to the same period last year [3][17] - The average cement inventory level is at 67.4%, with an average shipment rate of 44.0%, indicating a slight decline in demand [24] - The report suggests that if self-discipline measures are effectively implemented, cement prices may begin to rise in late August [10][16] 2.2 Glass Fiber - The report notes a clear trend towards upgrading electronic glass fiber products, with high-end products expected to see increased market penetration [11] - The profitability of ordinary glass fiber remains resilient, supported by growth in domestic demand from sectors like wind power and thermal plastics [11] 2.3 Glass - The glass industry is expected to experience a supply-side contraction, which may improve the short-term supply-demand balance [12] - The report recommends focusing on leading companies in the glass sector that can leverage resource advantages and enjoy excess profits [12] 3. Renovation and Building Materials - The report highlights the potential for increased domestic demand for renovation materials due to government policies aimed at stimulating consumption [13] - It suggests that leading companies in the renovation materials sector are well-positioned to benefit from these trends, with many currently trading at low valuations [13][14]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [2]. Core Insights - The construction materials sector is experiencing a dual boost from urban renovation demands and supply restrictions due to the "anti-involution" trend, leading to sustained growth in the cement sector [6][35]. - The report highlights the strong demand for specialty electronic fabrics, driven by upgrades in cloud manufacturing, and recommends companies like Zhongcai Technology and Huazhong Technology [6]. - Cement prices are expected to stabilize and potentially rise due to self-regulatory measures in the industry, with recommendations for companies such as Conch Cement and Huaxin Cement [6][35]. Summary by Sections Industry Overview - The construction materials industry consists of 73 listed companies with a total market value of 807.18 billion yuan and a circulating market value of 761.71 billion yuan [2]. Key Companies and Performance - Key companies include: - Beixin Building Materials: EPS forecast for 2024A is 2.2 yuan, with a PE ratio of 12.2, rated as "Buy" [4]. - Conch Cement: EPS forecast for 2024A is 1.5 yuan, with a PE ratio of 16.7, rated as "Buy" [4]. - China Jushi: EPS forecast for 2024A is 0.6 yuan, with a PE ratio of 20.2, rated as "Buy" [4]. - Weixing New Materials: EPS forecast for 2024A is 0.6 yuan, with a PE ratio of 17.9, rated as "Buy" [4]. - Sankeshu: EPS forecast for 2024A is 0.5 yuan, with a PE ratio of 87.9, rated as "Overweight" [4]. - Huaxin Cement: EPS forecast for 2024A is 1.2 yuan, with a PE ratio of 14.0, rated as "Buy" [4]. Market Trends - The report notes that the cement market is currently stable, with an average shipment rate of 44% across key regions, and prices have reached or fallen below cost lines in many areas [35]. - The report emphasizes the importance of self-regulatory measures to alleviate operational pressures and suggests that if effectively implemented, cement prices may begin to rise [35]. Recommendations - The report recommends increasing allocations in construction materials, particularly in cement and specialty electronic fabrics, highlighting companies that are expected to benefit from ongoing market trends and regulatory changes [6][35].

（文章来源：证券日报） 证券日报网讯旗滨集团8月7日在互动平台回答投资者提问时表示，截至2025年7月31日，公司的股东数 是106424户。 ...

格隆汇8月7日丨旗滨集团(601636.SH)在互动平台表示，目前公司现有产品不涉及发电玻璃。公司2010 年就具备规模化生产FTO玻璃的能力及相关技术储备，生产的TCO玻璃已分别通过国家科学技术成果鉴 定和新产品新技术鉴定，公司通过引进技术团队，在醴陵开展了TCO玻璃生产恢复性试验，加速推进技 术迭代与工艺优化，力求在高端市场实现新突破。 ...