【相关阅读】第七届新浪财经金麒麟最佳分析师荣誉榜 第七届新浪财经金麒麟最佳分析师荣誉榜出炉，建筑与建材行业第一名为长江证券范超团队。 新浪财经整理范超最新观点如下： 长江证券-建材行业周专题2025W47：地产政策预期升温，关注消费建材优质龙头-251127 地产政策预期升温，关注消费建材优质龙头 行业下行斜率加大，关注地产政策预期升温。近期行业下行压力加大，市场定向降低购房负担等政策工 具预期升温。深度降息在宏观和银行层面有较多约束，贴息或者抵税是定向降息的主要手段。核心城市 房价承压的根本原因在于两点，一是收入或通胀预期尚不乐观，二是租售比与房贷利率倒挂。贴息或可 一定程度解决回报率倒挂问题，有利于支撑居民购房需求。 消费建材优质龙头具备底部价值，进而博弈地产政策和拥抱经营拐点。配置优质筹码比判断政策强度更 容易，从存量需求角度，建议配置三棵树、兔宝宝、伟星新材等；从周期底部和格局优化角度，防水、 涂料等供给退出最多且龙头份额提升显著，建议配置东方雨虹、科顺股份、三棵树、北新建材、坚朗五 金等。若景气向上，从股价空间看：防水>涂料>管材/五金/石膏板。 基本面：水泥价格小幅下降，玻璃库存由降转升 专题：2 ...

【一周一议】 首先，本周 AI 新材料主要关注点落在①谷歌链，②三井金属的声明，③部分日本材料企业转产动力。谷歌链关注度 持续提升，对 AI 新材料的需求和 NV 链有所不同，带来数量、供应商、代际产品的差异。一般认为在谷歌链性价比优 先，例如玻纤布可能向 low-dk 二代倾斜，铜箔向 hvlp2/4 代倾斜，在性能满足的前提下还要兼顾成本。关于三井金 属发布的声明，市场主要关心国产替代的空间。关于部分日本材料企业可能存在转产 T glass 的动力，一方面市场关 心海外供应链扩张影响格局，一方面验证 AI 电子布的高景气。但无论是 NV 链、还是谷歌链，国内材料龙头中材科技、 铜冠铜箔在技术路线、产品储备上依然保持领先。此外，市场对材料的"通胀"属性有期待，希望出现提价迅速带动 业绩预期、给出空间，但是实际上，今年以来材料链呈现的特征是，"紧缺不等于提价"，严格意义上是"紧缺不等于 国内供应链的提价幅度会≥海外供应链"，究其背后是产业的一份清醒，当前中资在 AI 材料链不是主导地位，因此价 格角度是跟随者定位，以及在产业趋势初期、自身供应能力较为有限，需要平衡盈利、产能、客户关系等多维度。如 果中资加速突 ...

Investment Rating - The report maintains an "Outperform" rating for the company [7][6]. Core Views - The company is advancing its waterproof segment by acquiring Tangshan and Suzhou Yuanda Hongyu, enhancing its regional competitiveness and market share [7]. - The acquisition is deemed reasonably valued, with Tangshan Yuanda Hongyu's price-to-book (PB) ratio at 0.9 times and price-to-earnings (PE) ratio at 4.9 times based on 2024 net profit [7]. - The company is expected to see a recovery in waterproof demand by 2026, which may lead to significant profit elasticity [7]. Financial Data and Profit Forecast - Total revenue is projected to be 25,821 million yuan in 2024, with a slight increase to 25,997 million yuan in 2025, and further growth to 30,551 million yuan by 2027 [6]. - The net profit attributable to the parent company is forecasted to be 3,647 million yuan in 2024, decreasing to 3,516 million yuan in 2025, and then increasing to 4,802 million yuan by 2027 [6]. - The company's return on equity (ROE) is expected to improve from 9.6% in 2025 to 14.3% by 2027 [6]. Market Data - As of November 28, 2025, the closing price of the company's stock is 25.31 yuan, with a market capitalization of 42,761 million yuan [2]. - The company has a dividend yield of 3.42%, and its price-to-earnings ratio is projected to be 12 for 2025, decreasing to 9 by 2027 [2][6].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company is set to enhance its waterproof segment through the acquisition of Tangshan and Suzhou Yuanda Hongyu, with a total investment of approximately 41.8 million yuan for 80% equity in each entity [7] - The acquisition is deemed reasonably valued, with a price-to-book (PB) ratio of 0.9 and a price-to-earnings (PE) ratio of 4.9 for Tangshan Yuanda Hongyu [7] - The merger is expected to strengthen the company's regional competitiveness and is anticipated to release significant earnings elasticity by 2026 as market demand recovers [7] - The company has been actively expanding through both external and internal mergers, with ongoing projects in various locations including Tanzania and Uzbekistan [7] - Price increases for gypsum boards are expected to improve profitability, indicating a potential end to price wars in the industry [7] - The profit forecasts for 2025-2027 are 3.516 billion, 4.030 billion, and 4.802 billion yuan respectively, with corresponding PE valuations of 12, 11, and 9 times [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 25,997 million yuan, with a year-on-year growth rate of 0.7% [6] - The net profit attributable to the parent company for 2025 is estimated at 3,516 million yuan, reflecting a decline of 3.6% year-on-year [6] - Earnings per share (EPS) for 2025 is expected to be 2.07 yuan [6] - The company's gross margin is forecasted to be 28.1% in 2025, with a return on equity (ROE) of 12.7% [6]

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2212.99 points, up 0.51% with a trading volume of 16.404 billion yuan and a turnover rate of 0.67% [1] - Among the index constituents, 36 stocks rose while 12 fell, with China Steel International leading the gainers at 2.67% and China Merchants Shekou leading the decliners at 2.63% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (9.31% weight, latest price 3.86, market cap 144.418 billion yuan) in the electronics sector - Hikvision (7.97% weight, latest price 30.02, market cap 275.129 billion yuan) in the computer sector - Wuliangye Yibin (7.71% weight, latest price 117.85, market cap 457.448 billion yuan) in the food and beverage sector - Luzhou Laojiao (6.59% weight, latest price 135.88, market cap 200.007 billion yuan) in the food and beverage sector - XCMG Machinery (5.75% weight, latest price 10.32, market cap 121.291 billion yuan) in the machinery sector - Changan Automobile (3.88% weight, latest price 11.94, market cap 118.374 billion yuan) in the automotive sector - Shenwan Hongyuan (3.84% weight, latest price 5.15, market cap 128.956 billion yuan) in the non-banking financial sector - Yunnan Aluminum (3.81% weight, latest price 24.70, market cap 85.659 billion yuan) in the non-ferrous metals sector - Yanghe Brewery (3.37% weight, latest price 66.20, market cap 99.727 billion yuan) in the food and beverage sector - Tongling Nonferrous Metals (3.18% weight, latest price 5.10, market cap 68.388 billion yuan) in the non-ferrous metals sector [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 56.5973 million yuan, while speculative funds saw a net outflow of 69.8164 million yuan, and retail investors had a net inflow of 13.2191 million yuan [3] - Notable capital flows include: - Changan Automobile experienced a main fund net outflow of 54.1716 million yuan - China Steel International had a main fund net inflow of 31.1027 million yuan - Hikvision saw a main fund net inflow of 27.5848 million yuan [3]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [12]. Core Viewpoints - The report highlights an increase in expectations regarding real estate policies, suggesting a focus on high-quality consumer building materials leaders. The industry is experiencing intensified downward pressure, but the anticipated policy tools aim to reduce housing burdens, which could support residential demand [6][9]. - The report recommends focusing on quality leaders in consumer building materials, such as SanKeTree, TuBaoBao, and WeiXing New Materials, as they possess bottom value and are expected to benefit from policy changes and operational turning points [6][9]. - The report notes a slight decline in cement prices and a shift in glass inventory from decrease to increase, indicating ongoing challenges in the market [7][8]. Summary by Sections Basic Situation - Cement prices have slightly decreased, with a national average of 355.65 yuan/ton, down 1.45 yuan/ton week-on-week and down 76.77 yuan/ton year-on-year. The cement output rate is approximately 45.5%, reflecting a 0.4 percentage point decrease [24][32]. - The glass market is operating weakly, with a national average price of 61.55 yuan per weight box, down 1.84 yuan per weight box week-on-week and down 15.22 yuan year-on-year. The inventory of glass has increased, indicating pressure on the market [38][40]. Recommendations - The report continues to recommend investments in the African supply chain and existing supply chain leaders, highlighting companies like Huaxin Cement and Keda Manufacturing as key players benefiting from demand recovery and structural optimization [9]. - It emphasizes the importance of focusing on quality leaders in the consumer building materials sector, particularly those with strong business models and growth potential, such as SanKeTree and TuBaoBao [9]. Market Trends - The report indicates that the downward slope of the industry is increasing, with a focus on the expected rise in real estate policies. The core reasons for the pressure on housing prices in major cities are linked to income and inflation expectations, as well as the rental-to-sale ratio being inverted with mortgage rates [6][9].

从资金流向上来看，当日装修建材板块主力资金净流出3.72亿元，游资资金净流入2.01亿元，散户资金净 流入1.71亿元。装修建材板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002088 | 亀阳节能 | 11.96 | 2.49% | 9.81万 | 261T | | 300737 | 科顺股份 | 5.29 | 2.32% | 21.37万 | 1.12亿 | | 000786 | 北新建材 | 25.13 | 2.20% | 27.21万 | 6.82亿 | | 920792 | 东和新材 | 12.26 | 1.83% | 1.83万 | 2267.95万 | | 300599 | 雄塑科技 | 7.25 | 1.68% | 5.09万 | 3670.41万 | | 603038 | 华立股份 | 17.81 | 1.31% | 4.30万 | 7650.72万 | | 6118889 | 中钢浩耐 | 4.13 | 0.98% | 11.59万 | 4778 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Views - The acquisition of 80% stakes in two companies enhances the company's market share in the waterproofing materials sector, particularly in North China. The acquisition price has been adjusted downwards due to the decline in the waterproofing industry's market conditions compared to 2022 [3][4]. - The company anticipates an increase in production capacity for various waterproofing materials, including 12 million square meters of asphalt waterproofing membranes, 4 million square meters of polymer waterproofing membranes, and 159,000 tons of waterproof coatings [3]. - The financial performance for the first half of 2025 shows a revenue of approximately 2.49 billion yuan, with a year-on-year growth of about 6%, and a net profit of 140 million yuan, also reflecting a 6% increase [3]. Summary by Sections Acquisition Details - The total price for acquiring 80% stakes in Tangshan Yuanda Hongyu Waterproof Materials Co., Ltd. and Suzhou Yuanda Hongyu Building Materials Technology Co., Ltd. is 418 million yuan. The adjusted acquisition price reflects the current market conditions in the waterproofing industry [2][4]. - The expected revenue and net profit for the Tangshan entity in 2024 are 820 million yuan and 80 million yuan, respectively, with a net profit margin of approximately 9.8% [4]. - The expected revenue and net profit for the Suzhou entity in 2024 are 199 million yuan and 2 million yuan, respectively, with a net profit growth of 40.5% [4]. Financial Projections - The company’s revenue projections for 2025-2027 are 25.99 billion yuan, 27.88 billion yuan, and 29.22 billion yuan, with year-on-year growth rates of 1%, 7%, and 5% respectively. The projected net profits for the same period are 3.15 billion yuan, 3.66 billion yuan, and 4.01 billion yuan, with growth rates of 14%, 7%, and 8% respectively [5][10]. - The price-to-earnings (P/E) ratios based on the closing price on November 26 are projected to be 13, 11, and 10 times for the years 2025, 2026, and 2027, respectively [5].

Group 1 - Shaanxi Guotou A has received acceptance for its application to issue A-shares to specific targets, pending further review and approval by the Shenzhen Stock Exchange and the China Securities Regulatory Commission [1] - *ST Dongtong has received a notice of termination of stock listing due to false disclosures in annual reports from 2019 to 2022, leading to a suspension of trading [2] - Jianlong Micro-Nano has terminated its major asset restructuring plan, concluding that the conditions for implementation are not mature [3] Group 2 - China Iron & Steel Logistics Group plans to increase its stake in China Iron & Steel by investing between 65 million and 130 million yuan within six months [4] - Industrial Fulian has adjusted its share repurchase price ceiling to no more than 75 yuan per share, up from a previous limit of 19.36 yuan [5] - Fujian Expressway intends to invest 180 million yuan in a capital increase project for Haixia Insurance, acquiring an 18% stake [6] Group 3 - Beixin Building Materials plans to use up to 8 billion yuan of idle funds for entrusted wealth management, aiming for capital preservation and appreciation [8] - Mao Ye Commercial has confirmed that its production and operation are normal despite recent stock price fluctuations [10] - Sanjiang Shopping has reported a significantly higher rolling P/E ratio of 70.45 compared to the industry average of 26.11 [11] Group 4 - Pinming Technology has experienced a stock price increase of 255.54% from September 25 to November 26, leading to potential trading risks [13] - Jiangbolong's vice president plans to reduce his stake by up to 30,600 shares, representing 0.0073% of the total share capital [15] - He Sheng Co. shareholders plan to collectively reduce their stake by up to 3% [16] Group 5 - Baiao Chemical's major shareholders plan to transfer a total of 10% of the company's shares, with a total consideration of approximately 1.986 billion yuan [18] - *ST Huawang's subsidiary plans to invest 10 million yuan to establish a wholly-owned subsidiary in Yibin, Sichuan [19] - *ST Yatai's restructuring application has been accepted by the court, leading to a risk warning for its stock [20]

北新建材今年以来股价跌14.79%，近5个交易日跌0.71%，近20日涨6.45%，近60日跌5.25%。 资料显示，北新集团建材股份有限公司位于北京未来科学城七北路9号北新中心A座，成立日期1997年5 月30日，上市日期1997年6月6日，公司主营业务涉及石膏板、龙骨等新型建材的生产、销售。主营业务 收入构成为：石膏板49.25%，涂料18.52%，防水卷材12.68%，其他9.66%，龙骨8.38%，防水工程 1.51%。 11月27日，北新建材盘中上涨2.03%，截至10:41，报25.09元/股，成交2.29亿元，换手率0.55%，总市值 427.09亿元。 资金流向方面，主力资金净流出59.57万元，特大单买入1059.34万元，占比4.62%，卖出1192.19万元， 占比5.20%；大单买入4224.36万元，占比18.44%，卖出4151.08万元，占比18.12%。 机构持仓方面，截止2025年9月30日，北新建材十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1.60亿股，相比上期减少1706.99万股。华泰柏瑞沪深300ETF（510300）位居第四大流通 股东，持股17 ...