证券之星消息，1月7日玻璃玻纤板块较上一交易日上涨0.1%，宏和科技领涨。当日上证指数报收于 4085.77，上涨0.05%。深证成指报收于14030.56，上涨0.06%。玻璃玻纤板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603256 宏和科技 | | 9391.29万 | 7.89% | -1753.57万 | -1.47% | -7637.72万 | -6.42% | | 301526 | 国际复材 | 7576.02万 | 7.99% | 2348.46万 | 2.48% | -9924.48万 | -10.47% | | 601636 旗滨集团 | | 1772.76万 | 4.75% | -210.02万 | -0.56% | -1562.74万 | -4.19% | | 618000 | 耀皮玻璃 | 1143.91万 | 7.22% | -461.39万 | -2.91% ...

基础化工 | 证券研究报告 — 年度报告 2026 年 1 月 6 日 强于大市 公司名称 股票代码 股价 评级 江丰电子 300666.SZ 人民币 93.52 买入 资料来源： Wind ，中银证券 以 2025 年 12 月 29 日当地货币收市价为标准 相关研究报告 《化工行业周报 20251228》20251228 《化工行业周报 20251221》20251222 《供应端扩产高峰已过，"反内卷"助力景气度 回升》20251216 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 证券分析师：范琦岩 qiyan.fan@bocichina.com 证券投资咨询业务证书编号：S1300525040001 证券分析师：赵泰 基于下游行业快速发展、先进技术不断迭代以及国产替代大背景，我们认为电子材料 领域持续迎来发展良机。中长期推荐投资主线： tai.zhao@bocichina.com 证券投资咨询业务证书编号：S1300525100 ...

证券之星消息，1月5日玻璃玻纤板块较上一交易日上涨2.81%，旗滨集团领涨。当日上证指数报收于 4023.42，上涨1.38%。深证成指报收于13828.63，上涨2.24%。玻璃玻纤板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601636 | 旗滨集团 | 6.23 | 5.06% | 83.92万 | 5.23亿 | | 002080 | 中材科技 | 37.98 | 4.51% | 81.25万 | 31.05亿 | | 603601 | 再升科技 | 12.99 | 4.17% | 239.18万 | 29.92亿 | | 603256 | 宏和科技 | 37.95 | 3.10% | 1 23.97万 | 8.96/Z | | 301526 | 国际复材 | 7.18 | 2.57% | 123.39万 | 8.78亿 | | 600176 | 中国巨石 | 17.50 | 2.34% | 86.59万 | 15.18亿 | | 300196 | 长海股份 | ...

Market Overview - The glass fiber sector experienced a decline of 1.83% on December 29, with Jiuding New Materials leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable stock performances in the glass fiber sector include: - Honghe Technology: Closed at 38.02, up 1.12%, with a trading volume of 238,900 shares and a transaction value of 898 million [1] - Shandong Glass Fiber: Closed at 7.48, up 0.67%, with a trading volume of 65,300 shares and a transaction value of 48.48 million [1] - Jiuding New Materials: Closed at 11.21, down 9.96%, with a trading volume of 1,544,900 shares and a transaction value of 1.787 billion [2] Capital Flow - The glass fiber sector saw a net outflow of 1.142 billion from institutional investors, while retail investors had a net inflow of 850 million [2] - The capital flow for specific stocks indicates: - Jiuding New Materials had a significant net outflow of 4.216 million from institutional investors [3] - Shandong Glass Fiber experienced a net inflow of 535.81 thousand from institutional investors [3] Summary of Individual Stocks - Key stocks in the glass fiber sector and their respective capital flows include: - Jiuding New Materials: -4.216 million from institutions, -9.96% change [2][3] - Shandong Glass Fiber: +535.81 thousand from institutions, +0.67% change [2][3] - China Jushi: -3.01% change with a transaction value of 898 million [2]

Market Performance - The glass and fiberglass sector increased by 0.24% compared to the previous trading day, with Jiuding New Materials leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Stock Performance - Jiuding New Materials (002201) closed at 12.45, up 9.98% with a trading volume of 437,000 shares and a transaction value of 544 million [1] - Zais Technology (603601) also rose by 9.98% to close at 13.34, with a trading volume of 4.43 million shares and a transaction value of 5.795 billion [1] - Other notable performers include Sanxia New Materials (600293) up 5.66% and Jinjing Technology (600586) up 2.10% [1] Capital Flow - The glass and fiberglass sector experienced a net outflow of 1.389 billion from institutional investors, while retail investors saw a net inflow of 1.149 billion [2] - The overall capital flow indicates that retail investors are actively buying into the sector despite the institutional outflow [2] Individual Stock Capital Flow - Sanxia New Materials (600293) had a net inflow of 21.0753 million from institutional investors, while retail investors contributed a net inflow of 1.824 million [3] - Jiuding New Materials (002201) saw a net outflow of 17.2338 million from institutional investors but a net inflow of 12.6057 million from retail investors [3] - Other stocks like Yao Pi Glass (618009) and Changhai Co. (300196) faced significant net outflows from both institutional and retail investors [3]

Group 1 - The glass and fiberglass sector increased by 0.17% on December 25, with Jiuding New Materials leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Jiuding New Materials saw a closing price of 11.32, with a significant increase of 10.01% and a trading volume of 65,200 shares, amounting to 73.80 million yuan [1] Group 2 - The glass and fiberglass sector experienced a net outflow of 294 million yuan from institutional investors, while retail investors saw a net inflow of 432 million yuan [2] - The trading data indicates that Jiuding New Materials had a net inflow of 30.28 million yuan from institutional investors, representing 41.03% of its trading volume [3] - In contrast, China Jushi experienced a decline of 1.19% in its stock price, closing at 16.59 with a trading volume of 439,900 shares, totaling 73.20 million yuan [2]

Group 1 - The report emphasizes three main investment themes in the building materials industry: the stock chain, the Africa chain, and the AI chain. The stock chain focuses on optimizing demand and clearing supply varieties, with a significant shift in consumer demand expected as renovation needs rise to nearly 70% by 2030 [4][7][26] - The Africa chain highlights the undervalued potential of leading companies in the African market, benefiting from population growth and urbanization, with a projected threefold market expansion for cement [9][10] - The AI chain anticipates an upgrade in the special electronic cloth industry, driven by the transition from Low-Dk to higher-grade products, indicating substantial domestic replacement opportunities due to supply shortages [10][10] Group 2 - The stock chain indicates that the renovation demand is currently around 50% and is expected to reach nearly 70% by 2030, which will drive the industry back to historical demand levels [7][26][28] - The report notes that the supply of consumer building materials is expected to exit significantly, with production levels for various materials projected to be at 90% to 62% of their peak by 2024 [7][37] - The report identifies companies like Huaxin Cement and West Cement as key players in the African market, which is expected to see high demand due to ongoing urbanization and infrastructure development [9][10] Group 3 - The report suggests that the renovation market could reach 20 billion square meters annually, driven by a shorter renovation cycle and an increase in the aging housing stock [28][31] - The report highlights that leading companies in the consumer building materials sector are expected to show revenue and profit resilience, with some companies already demonstrating growth despite industry downturns [8][41] - The report indicates that the waterproof and coating sectors are under significant pressure, with the waterproof materials market expected to see a notable decline in production by 2024 [45][58]

中邮证券研报指出，宏和科技高性能电子布占比持续提升，核心竞争优势不断强化。公司在极薄布、极 细纱领域技术实力全球领先，目前公司的电子布产品最低厚度可达8微米，电子纱产品直径最细可达4微 米。随着AI服务器、高频通信领域快速发展，公司高性能电子布产品实现营收7,412万元，主营业务占 比13.54%，高性能电子布快速放量。公司推进募投项目落地，高性能电子布纱布一体化生产。持续丰 富公司产品结构，保持市场竞争优势。维持"买入"评级。 ...

投资要点 高性能电子布占比持续提升，核心竞争优势不断强化。公司在极薄布、极细纱领域技术实力全球领先， 目前公司的电子布产品最低厚度可达8 微米，电子纱产品直径最细可达4 微米。依托领先的技术实力， 公司不断自主研发多种高附加值、高功能性产品，实现低介电常数/损耗电子布/纱、低热膨胀系数电子 布/纱等产品的技术突破，成为世界少数具备齐全产品线的企业之一。公司高性能低介电、低热膨胀系 数电子布，是满足AI 服务器、6G 高频通信等领域高性能PCB 要求的理想材料。2024 年公司高性能电 子级低介电常数玻璃纤维布和低热膨胀系数玻璃纤维布已获得下游客户的认证通过，2025 年开始批量 供应给下游客户，并依据市场需求状况扩充产能，满足客户对高端电子布的需求。2022/2023/2024 年， 公司高性能电子布产品的主营收入占比分别为0.6%/2.05%/1.5%。2025H1，随着AI 服务器、高频通信领 域快速发展，公司高性能电子布产品实现营收7,412 万元，主营业务占比13.54%，高性能电子布快速放 量。 推进募投项目落地，高性能电子布纱布一体化生产。公司2025年定增募集资金投资项目主要为高性能玻 纤纱产线 ...

资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 32.38 | | --- | --- | | 总股本/流通股本（亿股）8.80 | / 8.80 | | 总市值/流通市值（亿元）285 | / 285 | | 52 周内最高/最低价 | 44.89 / 7.25 | | 资产负债率(%) | 42.2% | | 第一大股东 | 远益国际有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 宏和科技(603256) 证券研究报告：建筑材料 | 公司点评报告 股票投资评级 行业需求放缓导致业绩回升不及预期的风险，市场竞争风险，主 要原材料和能源价格波动风险，原材料集中采购风险，产品技术研发 风险，研发人员流失风险，贸易摩擦风险，毛利率波动的风险，存货 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 高性能电子布快速放量 l 投资要点 高性能电子布占比持续提升，核心竞争优势不断强化 ...