【一周一议】 首先，本周建材板块表现靠前，涨价链是主线。一方面玻纤为首的涨价链景气度冲高，主因 2 月普通电子布超预期涨 价 0.4-0.5 元/米，提升玻纤板块盈利预期，另一方面【消费建材】为代表的地产链继续和下游地产数据共振。我们 持续看好涨价链，置信度排序是，以新质生产力为代表的结构景气链/外需链/内需链，结合各子行业供给格局的变化， 价格要素视角，我们最看好电子布、出海外需、国内涂料/防水、国内水泥、国内玻璃等板块，时间维度看，尤其需要 重视今年 3-4 月有望呈现"十五五"开门红，建议节前淡季继续重点配置。 第二，重点推荐 2 月金股上峰水泥。主要看好：①主业稳健性和弹性兼具，水泥业务单吨成本足够低来抵御水泥市场 价格波动，已公告 3 年分红计划框定股息底；②"现金奶牛"投资新经济项目金额累计超过 19 亿元，知名项目包括 长鑫科技、盛合晶微、上海超硅、鑫华半导体等，如果上市将会带来投资收益；③双碳和"开门红"带来水泥 2026 年 价格弹性。在水泥主业表现出色的背景下（收获"小海螺""小而美"等业内认可），第二曲线同样呈现未雨绸缪、进 入收获期（早在 2020 年 9 月第一次公告新经济投资），公 ...

Group 1 - The core viewpoint of the article highlights the performance of the CSI 1000 Value ETF (562530), which rose by 0.64% to 1.410 yuan with a trading volume of 808,100 yuan as of the midday close [1] - The top-performing stocks within the CSI 1000 Value ETF include Jiahu Energy, which increased by 3.45%, and Zhejiang Medicine, which rose by 3.87% [1] - The fund's performance benchmark is the CSI Smart Select 1000 Value Steady Strategy Index, managed by Huaxia Fund Management Co., Ltd., with a return of 40.54% since its inception on July 28, 2022, and a return of 5.51% over the past month [1] Group 2 - Notable stock movements include Shengfeng Cement increasing by 2.28%, while Jiufeng Energy decreased by 0.80%, and Changjiang Media fell by 0.65% [1] - The fund manager is Zhang Jinzhi, indicating a specific leadership in the management of the ETF [1] - The article emphasizes the importance of cautious investment due to market risks, although it does not provide specific risk details [1]

Investment Rating - The report maintains a rating of "Buy" for the company [6] Core Insights - The company is positioned as a cash cow in the cement industry, with a strong focus on cost control and profitability, leading to a competitive edge in the market [4][48] - The company is expanding into the semiconductor sector, with financial investments expected to yield returns starting in 2026, enhancing overall profitability [59][60] - The company aims to develop a dual-driven business model combining construction materials and equity investments, targeting a new growth curve in silicon-based materials [32][59] Summary by Sections Company Overview - The company, established in 1978, has a mixed ownership structure that combines the flexibility of private enterprises with the resources of state-owned enterprises, enhancing its competitive position [14] - As of Q3 2025, the company has a market capitalization of approximately 14.49 billion yuan and a significant cash reserve of 3.1 billion yuan, supporting its investment strategies [4][25] Cement Industry Analysis - The cement industry is expected to see improvements in supply-demand dynamics due to capacity replacement policies and government support for infrastructure projects [33][41] - The company has successfully implemented a T-shaped strategy similar to that of Conch Cement, leading to industry-leading cost and profit margins [48][49] Financial Performance - Revenue projections for 2025-2027 are estimated at 5.43 billion, 5.57 billion, and 5.72 billion yuan, with net profits expected to grow significantly during this period [6][7] - The company has a high dividend payout ratio, with a projected dividend of 6 billion yuan for 2024, reflecting a strong commitment to shareholder returns [5][27] Investment Strategy - The company has invested in over 20 semiconductor firms since 2020, focusing on various sectors within the semiconductor industry, which is anticipated to contribute significantly to profits in the coming years [59][60] - The establishment of a partnership with Lanpu Venture Capital aims to further enhance the company's investment capabilities in the semiconductor space [32][59]

Group 1 - The cement sector experienced a 2.9% increase on February 3, with Jinju Group leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the cement sector showed significant price increases, with Jinju Group rising by 10.00% to a closing price of 2.09 [1] Group 2 - The cement sector saw a net inflow of 134 million yuan from main funds, while retail investors experienced a net outflow of 92.23 million yuan [1] - Main fund inflows varied across companies, with Jinju Group receiving 116 million yuan, representing 39.86% of its trading volume [2] - Other notable companies included Conch Cement with a main fund inflow of 80.85 million yuan, and Jinyu Modong with 28.98 million yuan [2]

Investment Rating - The report highlights a positive investment outlook for Keda Manufacturing and recommends Shengfeng Cement as a key stock for February [2][12]. Core Insights - Keda Manufacturing's acquisition of the remaining 51.55% stake in Tefu International is viewed positively, with projected revenues of 8.187 billion yuan and net profits of 1.474 billion yuan by 2025 [2]. - Shengfeng Cement is favored due to its resilient business model, low production costs, and significant investments in new economic projects exceeding 1.9 billion yuan [2]. - The report emphasizes the potential for price increases in traditional electronic fabrics and related materials, driven by AI demand and copper price fluctuations [3][15]. - The trend towards space photovoltaic energy is highlighted, with a focus on UTG and TCO glass as essential materials for future energy solutions [4][14]. Summary by Sections Weekly Discussion - Keda Manufacturing's stock resumption is positively received, and the acquisition strengthens its strategic partnerships [2]. - Shengfeng Cement is recommended for its stable core business and cash flow from new investments [2]. Market Performance - The construction materials index showed a mixed performance, with glass manufacturing and fiberglass sectors performing well, while cement manufacturing faced slight declines [19][21]. Price Changes in Construction Materials - National average cement price decreased to 345 yuan/ton, with a slight increase in sales rates [16]. - Float glass prices increased to 1,144.80 yuan/ton, reflecting a 0.53% rise, while inventory levels decreased slightly [16][39]. Important Changes - Several companies released performance forecasts, and Keda Manufacturing announced a capital increase plan for the acquisition of Tefu International [6].

建材行业 建材材料-标配（维持） 建材行业双周报（2026/01/16-2026/01/29） 行 业 双 周 部分消费建材产品再次提价，行业盈利持续修复可期 2026 年 1 月 30 日 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：何敏仪 S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn 资料来源：iFind，东莞证券研究所 建材周观点： SAC 执业证书编号： 申万建筑材料行业指数走势 水泥：根据百年建筑网，2026年一季度水泥企业错峰停窑力度加大，全 国平均停窑46天，多地停窑超60天。各地错峰时长因区域产业特点和政 策要求不同而有所区别，整体错峰力度较大，旨在平衡市场供需与行业 可持续发展。截至1月22日，全国水泥企业原燃材料平均库存56%；根据 调研的274家水泥企业数据显示，全国P.O42.5散装水泥单位成本197元/ 吨，水泥毛利润17%。行业一季度整体盈利韧性显现。2025年水泥产量 16.93亿吨，同比下降6.9%，创2010年 ...

Core Viewpoint - The independent director system for listed companies in China is undergoing a significant transformation, with new regulations aimed at enhancing shareholder representation and governance structures [1][2]. Group 1: Regulatory Changes - The "Management Measures for Independent Directors of Listed Companies" was officially introduced in August 2023, allowing investor protection agencies to publicly solicit shareholder rights and nominate independent directors [1][2]. - This regulatory change aims to amplify the voices of minority shareholders, particularly those who have historically been silent [1]. Group 2: Practical Implementation - The China Securities Investor Services Center has successfully transitioned the new system from concept to practice, with five successful independent director nominations planned from 2024 to 2026 across various companies and ownership structures [1][3]. - The nomination process has evolved to include "joint action" strategies, expanding the backgrounds of independent directors from industry experience to accounting expertise [1][4]. Group 3: Challenges and Participation - Despite a high approval rate of over 99% for the five nominations, actual participation from investors remains limited, with the highest number of participants in a single case being only 17 [2][9]. - The low engagement reflects a "free-rider" mentality among minority shareholders, indicating a need for improved investor education and participation mechanisms [2][9]. Group 4: Governance Impact - The involvement of the China Securities Investor Services Center is seen as a way to internalize external market supervision, enhancing the independence and representativeness of independent directors [5][6]. - The successful nominations have begun to demonstrate a potential shift in corporate governance, allowing for a more balanced representation of shareholder interests within company boards [4][6]. Group 5: Future Directions - The center aims to continue refining the independent director nomination process while addressing practical challenges such as the 1% shareholding requirement for proposal submissions [8][9]. - Experts suggest that regulatory adjustments may be necessary to facilitate the nomination process and encourage broader participation from minority shareholders [8][9].

Core Insights - The independent director system for listed companies in China is undergoing a significant transformation, with the introduction of the "Management Measures for Independent Directors of Listed Companies" in August 2023, which allows investor protection agencies to publicly solicit shareholder rights and nominate independent directors [1][2] Group 1: Key Developments - The new regulations aim to enhance the representation of minority shareholders, particularly those who have been historically silent [1] - The China Securities Investor Services Center has successfully implemented this system in five cases over a year and a half, covering various ownership structures and regions [1][4] - The evolution of the nomination process has shown a clear trend towards "joint action" and an expansion of the backgrounds of independent directors from industry experience to accounting expertise [2][4] Group 2: Challenges and Responses - Despite a high approval rate of over 99% for the shareholder meetings regarding the nominated independent directors, the actual participation of investors in the solicitation process remains limited, highlighting the ongoing issue of minority shareholders' "free-riding" mentality [2][10] - The operational challenges faced by the China Securities Investor Services Center include the difficulty in uniting shareholders who hold more than 1% of shares to exercise their voting rights [9][10] - Recommendations have been made to improve investor participation through education and the establishment of efficient online authorization systems [10] Group 3: Governance Implications - The involvement of the China Securities Investor Services Center in nominating independent directors represents a shift from external oversight to internal participation in corporate governance [7][8] - The selection of independent directors has focused on their professional qualifications and experience, which is expected to enhance the effectiveness of corporate governance [5][8] - The successful nomination of independent directors is seen as a step towards empowering minority shareholders and improving the balance of power within corporate boards [7][8]

Group 1: Strategy Overview - The report emphasizes the resilience of the A-share market amidst multiple overseas risks and signals of regulatory easing in China, suggesting that the relationship between market performance and regulatory changes warrants further consideration [5][12] - It highlights the significant outperformance of the A-share market compared to other major indices, particularly the CSI 300, which has faced substantial redemption pressure [5][12] - The report suggests that investors should not overly worry about the CSI 300's performance, as it has already aligned with regulatory easing requirements, reducing the necessity for further pressure [5][12] Group 2: Economic Insights - China's exports continued to show strong performance in December, driven by overseas investment during a global easing cycle, positively impacting sectors like electrical and mechanical equipment [6][13] - Domestic consumption is recovering, with a rebound in per capita consumer spending in the fourth quarter, aligning with the report's annual strategy predictions [6][13] - The report notes that recent government policies aimed at boosting domestic demand and stabilizing real estate are expected to support synchronized recovery in both domestic and external demand [6][13] Group 3: Asset Allocation and Investment Recommendations - The report identifies a dual focus for 2026 on physical assets and Chinese assets, with thematic investments being essential [7][16] - Recommended sectors include physical assets such as copper, aluminum, tin, gold, lithium, and oil, alongside Chinese equipment export chains like electrical grid equipment and renewable energy [7][16] - The report also highlights sectors benefiting from capital market expansion and improving long-term asset returns, such as non-bank financials and consumer sectors like aviation and duty-free retail [7][16] Group 4: Company-Specific Insights - **Yunnan Aluminum Co. (000807.SZ)**: The report recommends a long-term investment due to favorable conditions for aluminum exports and a strong balance sheet, with potential for increased dividends [18] - **Hua Aluminum (600301.SH)**: The company is seen as a strong growth candidate due to rising tin and antimony prices and its position as a key beneficiary of metal consolidation in Guangxi [19] - **Yingliu Co. (603308.SH)**: The report anticipates a surge in global gas turbine demand, positioning the company to increase its market share in turbine blades [20] - **Shangfeng Cement (000672.SZ)**: The company is recognized for its strong cash flow from cement operations and potential for significant dividends [21] - **Pop Mart (9992.HK)**: The company is expected to maintain rapid growth in the entertainment market through IP incubation and diverse monetization strategies [22] - **China Duty Free Group (601888.SH)**: The company is projected to strengthen its market position in the duty-free sector, benefiting from increased inbound tourism and overseas expansion [24] - **China Southern Airlines (1055.HK)**: The airline is expected to benefit from improved industry supply-demand dynamics and a large fleet size [25] - **Li Auto (2015.HK)**: The company is focusing on advancements in AI and smart driving technology, with expectations for increased vehicle sales [26] - **Lante Optics (688127.SH)**: The company is positioned to benefit from strong demand in automotive and smart imaging sectors [27] - **InnoCare Pharma (9606.HK)**: The company is advancing in the ADC field with a robust pipeline and partnerships, with several products nearing clinical registration [29]

每经AI快讯，1月29日，水泥概念震荡反弹，四川金顶涨停，塔牌集团、西部建设、上峰水泥等跟涨。 （文章来源：每日经济新闻） ...