hyzqdatemark 2026 年 03 月 23 日 投资评级： 看好（维持） 证券研究报告 建筑材料 行业定期报告 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 邓力 SAC：S1350525070006 dengli@jzsec.com 赵梦妮 SAC：S1350525050005 zhaomengni@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 板块表现： 聚焦低波动安全资产和成本上行潜在受益品种 ——建筑材料行业周报（26/03/16-26/03/22） 证券分析师 内需方向或阶段性成为低波动安全资产的配置方向。我们认为，相对 于美伊冲突所带来的外部扰动不确定性，内需方向的低波动性或阶段 性成为安全资产，可关注两个方向：1）水泥板块的基本面与股价拐点 和产能利用率一致，今年年中有望成为板块这一轮下行周期的拐点， 具备前置投资价值；2 ...

行 业 研 究 / 建 筑 材 料 / 证 券 研 究 报 告 建筑材料行业周报 原油涨价对建材成本影响几何 2026 年 03 月 23 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：闫广 证书编号：S1160526010004 联系人：陈怡洁 相对指数表现 -10% 2% 14% 26% 38% 50% 2025/3 2025/9 2026/3 建筑材料 沪深300 相关研究 《出海系列：非洲水泥供需展望稳中向好， 中企有望大展宏图》 2026.03.17 《短期成本扰动增加，关注持续涨价传导 成本压力的板块》 2026.03.15 《玻纤粗/细纱+防水集中提价，聚焦高景 气板块》 2026.03.08 《节后复工数据农历同比改善，上海地产 政策放松助力地产链回暖》 2026.03.01 《关注节后下游复工节奏，期待小阳春》 2026.02.23 事件：近期受中东事件的影响，原油价格持续上涨，截止到 2026 年 3 月 19 日，布伦特原油现货价 ...

建材行业策略周报 建筑材料 证券研究报告 行业投资策略周报 / 2026.03.21 投资评级:看好(维持) 最近 12 月市场表现 1. 《中东冲突油价上涨，建材成本影响几何》 2026-03-20 2. 《建筑材料 2025 年及 2026Q1 业绩前 瞻》 2026-03-19 3. 《建材行业策略周报》 2026-03-14 看好内需改善，静待进入高赔率区间 核心观点 -9% 2% 13% 24% 35% 46% 建筑材料 沪深300 分析师 王涛 SAC 证书编号：S0160526020003 wangtao01@ctsec.com 分析师 朱健 SAC 证书编号：S0160524120002 zhujian@ctsec.com 相关报告 | 表 1：重点公司投资评级 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 公司 | 总市值（亿 | 收盘价 | | EPS（元） | | | PE | | 投资评级 | | | | 元） | （03.20） | 20 ...

[Table_Page] 投资策略周报|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 成本涨价超预期，消费建材龙头有望加速提份额 [Table_Summary] 核心观点： [Table_Gr ade] 行业评级 持有 前次评级 持有 报告日期 2026-03-22 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 021-38003688 xielu@gf.com.cn 分析师： 张乾 SAC 执证号：S0260522080003 021-38003687 gzzhangqian@gf.com.cn 分析师： 陈琳云 SAC 执证号：S0260526010002 021-38003622 chenlinyun@gf.com.cn -10% 2% 14% 26% 38% 50% 03/25 06/25 08/25 10/25 01/26 03/26 建筑材料 沪深300 请注意，张乾,陈琳云并非香港证券及期货事务监察委员会 的注册持牌人，不可在香港从事受监管活动。 | ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Consumption building materials have raised prices intensively, and the price transmission has entered the implementation stage. The profitability of leading companies is expected to gradually recover due to the clear pattern of consumption building materials and price - increasing opportunities provided by raw material price hikes [2][7] - After the release of the "15th Five - Year Plan Outline," attention should be paid to the capacity optimization of traditional building materials such as cement, glass, and fiberglass under anti - involution, as well as advanced new materials such as high - end electronic cloth fiberglass and heat - resistant ceramics [5][8] - The AI chain has a high prosperity and an obvious price - increasing trend. The fiberglass field is relatively favored, with electronic cloth entering the price - increasing cycle and roving having a good outlook in the first half of the year. Waterproofing in the second - hand housing transaction and new construction segments is also relatively favored. It is expected that the overall construction demand in 2026 may be similar to that in 2025, and more attention should be paid to individual stock opportunities in segmented fields. Commercial aerospace is in the stage from 0 to 1, with many domestic and foreign catalysts this year, and it still has a high long - term allocation value [5][8] 3. Summary by Directory 3.1 Consumption Building Materials Intensive Price Hikes, Price Transmission Enters the Implementation Stage - Waterproofing leaders raised prices again. From the beginning of 2026 to March 13th, the market price of East China SBS modified asphalt rose 33% to 4,650 yuan/ton. From March 11th to 12th, Orient Yuhong, Beixin Waterproofing, and Keshun Co., Ltd. successively issued new round price - adjustment letters [2][7] - Coating leaders raised prices collectively. From March 13th to 15th, Nippon, SKSHU, and Carpoly successively issued price - increase letters, covering interior and exterior wall latex paints, with a price - adjustment range of 5 - 15% [2][7] 3.2 Weekly Market Review - **Overall Index Performance**: From March 9th to 13th, 2026, the construction index rose 4.28%, and the building materials index rose 2.51%. Among various industry indices, the coal index had the highest increase, and the building index also had a relatively high increase [12][16] - **Sub - sector Performance in Construction**: The professional engineering and other index rose 6.32%, the infrastructure construction index rose 5.48%, etc. [14] - **Sub - sector Performance in Building Materials**: The cement index fell 0.29%, the glass fiber index fell 0.48%, etc. [18] - **Top Five Gainers and Losers in Building Materials**: The top five gainers included Yangzi New Materials with a weekly increase of 12.22% and China Energy Engineering with 29.41%. The top five losers included Yuexin Health with a weekly decline of 15.02% and Hongrun Construction with 7.85% [20] - **Top Five Gainers and Losers in Construction**: The top five gainers included China Energy Engineering with a weekly increase of 29.41%, and the top five losers included Hongrun Construction with a weekly decline of 7.85% [21] - **Infrastructure Public REITs Performance**: The average weekly increase of infrastructure public REITs was - 1.62%, with some products such as Huatai Jiangsu Expressway REIT rising 1.23% and some products such as Boshi Jinkai Industrial Park REIT falling 5.17% [22][23][24] 3.3 Aggregate Data Tracking - **Real Estate Data**: It includes national real estate new - start, construction, completion, and sales area cumulative year - on - year data, land transaction data (including total, residential, commercial, and industrial land), and real estate transaction data (including second - hand housing prices, listing volume, and 30 - large - city commercial housing transaction volume) [26][35][45] - **Social Financing Data**: It includes monthly new social financing, new RMB loans, new corporate bond financing, etc., as well as their year - on - year increase data [55][57][60] - **Infrastructure Investment Data**: It includes narrow and broad infrastructure cumulative year - on - year growth rates, as well as investment cumulative year - on - year growth rates in power, transportation, and water conservancy industries [64][66][68] - **New Contract Signing of Eight Major Construction Central Enterprises**: It shows the quarterly new contract signing amounts and year - on - year growth rates of eight major construction central enterprises from 2022Q1 to 2025Q4 [71] - **Special Bond Issuance**: It includes monthly new special bond issuance, replacement special bond issuance, and their cumulative issuance amounts [73][75][77] 3.4 High - Frequency Data Tracking - **Cement Data**: It includes the national PO42.5 cement average price, East China regional cement price, cement - coal price difference index, cement capacity utilization ratio, and cement production monthly year - on - year growth rate [84][85][91] - **Float Glass Data**: It includes glass spot price, futures price, inventory, and daily melting volume [92][94][98] - **Photovoltaic Glass Data**: It includes 2mm photovoltaic glass price, inventory, daily melting volume, and soda ash price [99][102][103] - **Fiberglass Data**: It includes the prices of SMC roving 2400tex, winding direct roving 2400tex, etc., and fiberglass inventory [106][107][116] - **Carbon Fiber Data**: It includes carbon fiber average price, raw silk price, inventory, production, capacity utilization rate, gross profit margin, cost, and gross profit [113][117][120] - **Magnesia and Alumina Prices**: It includes the ex - factory tax - included price of large - crystal electro - fused magnesia and alumina price [130][133] - **Upstream Raw Material Prices**: It includes asphalt, PVC, waste paper, HDPE, acrylic acid, and titanium dioxide prices [135][136][144] - **Physical Workload Data**: It includes high - machine rental rate and asphalt average capacity utilization rate [145][147]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector, as well as for building materials [10]. Core Insights - The report highlights a price increase chain in the building materials sector, which is now extending to carbon fiber and architectural coatings due to rising raw material costs and the onset of the regular demand peak season [1][12]. - The domestic carbon fiber market has seen a breakthrough in the T1200 grade, with leading companies initiating a new round of price increases, indicating high industry demand [1][12]. - The report emphasizes the importance of monitoring whether price increases during the regular peak season exceed expectations, recommending companies such as Yaxiang Integration, China National Materials, Sichuan Road and Bridge, and others [1][12][15]. Summary by Sections Building Materials Sector - Recent price increases have been observed in various building materials, including waterproofing materials and gypsum boards, with architectural coatings and ceramics following suit [1][12]. - The report notes that the average price of cement has decreased by 0.3% week-on-week, with a 24.7% shipment rate, reflecting a 9.5% increase month-on-month but a 20.1% decrease year-on-year [2][22]. - The average price of domestic float glass is reported at 63 yuan per weight box, showing a 1.2% increase week-on-week but a 10.4% decrease year-on-year [2][23]. Key Companies and Dynamics - Yaxiang Integration reported a revenue of 4.907 billion yuan for the year, with a net profit of 892 million yuan, reflecting a year-on-year increase of 40.3% [3]. - The report recommends several companies for investment, including Yaxiang Integration, Sichuan Road and Bridge, China National Materials, and others, all rated as "Buy" [10][34]. - The report indicates that the construction sector is experiencing a recovery in demand, particularly in the renovation market, with significant increases in second-hand housing transactions in Shanghai [15]. Price Trends and Market Dynamics - The report outlines two pricing scenarios: seasonal price increases driven by demand recovery post-holidays and off-season price increases reflecting stronger supply dynamics [13]. - The report anticipates that the construction materials sector will see a "L"-shaped recovery, with waterproof materials likely to stabilize in terms of volume and price [16][17]. - The carbon fiber market has seen a price increase of 5,000 yuan per ton for wet-process products due to strong demand [2][21]. Future Outlook - The report suggests that the construction materials industry must accelerate its transformation and upgrade to capture long-term growth opportunities, particularly in technology-driven segments [14]. - The report also highlights the potential for growth in sectors related to cleanroom engineering and special electronic fabrics, driven by high demand in AI technology [14]. - The overall sentiment remains positive for the renovation market, with expectations of continued demand for building materials in the coming months [15].

公司于 2026 年 3 月 13 日接到洪杰先生的通知，获悉其将部分质押给中信证 券股份有限公司（以下简称"中信证券"）的无限售条件流通股办理了股份质押续 期，具体情况如下： 证券代码：603737 证券简称：三棵树 公告编号：2026-008 三棵树涂料股份有限公司 关于公司实际控制人、控股股东部分股份 质押续期的公告 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： 截至本公告披露日，三棵树涂料股份有限公司（以下简称"公司"）实际控 制人、控股股东洪杰先生持有公司股份49,445.3628万股，占公司总股本的67.02%； 本次办理质押续期后，洪杰先生累计质押公司股份 11,074.2199 万股，占其所持 公司股份的 22.40%。 一、股份质押情况 1、2025 年 3 月 13 日，洪杰先生将其所持有的公司 2,110.40 万股无限售条件 流通股股份与中信证券进行了股票质押式回购交易。具体内容详见公司于 2025 年 3 月 18 日披露的相关公告。2026 年 3 月 13 日，双方办理了续期手续 ...

Investment Rating - The report gives an "Overweight" rating for the construction materials industry, indicating that it is expected to outperform the overall market [2][11]. Core Insights - The consumer building materials sector is experiencing a strong price increase, with significant price hikes announced by major companies in the waterproofing and coating industries [4]. - The core contradiction for the consumer building materials sector in 2026 will be price transmission and profit improvement, driven by rising international oil prices affecting raw material costs [4]. - Demand recovery is supported by the traditional peak construction season and active second-hand housing market, which provides a favorable environment for companies to pass on costs [4]. - The report highlights three major changes in demand: increased importance of non-housing scenarios, a significant rise in second-hand housing transactions, and the anticipated growth of stock renovations [4]. - The report emphasizes the importance of industry structure and company willingness to raise prices, with a focus on the waterproofing sector as a key area for investment [4]. Summary by Sections Price Increases - In March, the consumer building materials sector saw a strong rhythm of price increases, with companies like Nippon Paint and Sanke announced price hikes ranging from 3% to 15% for various products [4][5]. - Major companies such as Dongfang Yuhong and Keshun Co. have also announced price increases for waterproofing materials and coatings, indicating a trend of price adjustments across the sector [5]. Demand and Market Dynamics - The report notes that the waterproofing industry has undergone significant changes in demand structure and industry dynamics over the past five years, leading to improved industry concentration [4]. - The report suggests that the construction materials sector will benefit from increased demand due to the seasonal uptick in construction activities and renovations [4]. Investment Recommendations - The report recommends focusing on the waterproofing sector, specifically highlighting companies like Keshun Co. and Dongfang Yuhong as key investment opportunities [4]. - Other companies such as Hanhigh Group, Sanke, and Weixing New Materials are also recommended for their strong cash flow and stable performance [4].

Investment Rating - The report rates the construction materials industry as "Overweight" [2] Core Insights - The consumer building materials sector is experiencing strong price increases, with significant price hikes announced by major companies in the waterproofing and coatings industries [4] - The core contradiction for the consumer building materials sector in 2026 will be price transmission and profit improvement, driven by rising international oil prices affecting raw material costs [4] - Demand recovery is supported by the traditional peak construction season and active second-hand housing market, which aids companies in passing on costs [4] - The report highlights three major changes in demand: increased importance of non-housing scenarios, a significant rise in second-hand home transactions, and the anticipated growth of stock renovations [4] - The report emphasizes the importance of industry structure and company willingness to raise prices, with a focus on the waterproofing sector [4] Summary by Sections Price Increases - In March, the consumer building materials sector saw strong price increases, with companies like Nippon Paint and Skshu Paint announcing price hikes of 3-10% and 5-15% respectively [4][5] - Major companies in the waterproofing sector, such as Oriental Yuhong and Keshun, have also announced price increases for various products [5] Demand and Supply Dynamics - The report notes that the demand for building materials is expected to rise due to the peak construction season and increased activity in the real estate market [4] - The report suggests that the supply side has been constrained due to capacity reductions in cement and glass, which may lead to further price increases [4] Investment Recommendations - The report recommends focusing on the waterproofing sector, specifically companies like Keshun and Oriental Yuhong, which have demonstrated strong growth potential [4] - Other recommended companies include Hanhigh Group, Sanke Tree, and Weixing New Materials, which have stable cash flows and performance [4][6]

Investment Rating - The report maintains a positive outlook on energy engineering and energy materials, suggesting potential for revaluation in the sector [2][13]. Core Insights - The transition of engineering companies from traditional construction to renewable energy infrastructure is significantly altering revenue structures. For instance, China Energy Engineering's renewable energy business revenue is projected to exceed 32% by the first half of 2025, up from 22.7% in 2022. The total new contracts signed in 2025 are expected to reach 1.45 trillion yuan, with renewable energy contracts accounting for over 40% [2][13]. - The business model is shifting towards integrated investment, construction, and operation. Companies like North International and China Power Construction are leading examples, with projects such as the Croatian wind farm demonstrating this model. The average project size in renewable energy has increased to 360 million yuan, compared to 220 million yuan in 2021 [3][14]. - The international expansion of energy engineering is becoming a hallmark of Chinese infrastructure. For example, China Energy Engineering's overseas revenue share is projected to be 15% in the first half of 2025, up from 12.8% in 2022 [4][15]. Summary by Sections Weekly Discussion - The report emphasizes the ongoing transformation in energy engineering and materials, highlighting the structural changes in revenue and order composition within companies like China Energy Engineering [2][13]. Cycle Linkage - The report provides insights into various materials, noting that the national average price of cement is 337 yuan per ton, down 60 yuan year-on-year, with an average shipment rate of 24.7% [5][17]. - The average price of float glass is reported at 1177.42 yuan per ton, reflecting a slight increase, while the inventory days for monitored provinces have decreased [5][17]. Market Performance - The construction materials index has shown a decline of 1.33%, with specific segments like glass manufacturing and cement showing varied performance [20][21]. Price Changes in Construction Materials - Cement prices have seen a slight decrease, with regional variations noted, while float glass prices have been supported by rising costs, particularly due to geopolitical events affecting energy prices [30][40].