证券研究报告 | 行业策略 gszqdatemark 2026 02 08 年 月 日 建筑材料 竣工端建材将迎来长周期拐点 2026 年竣工端建材将迎来长周期拐点。1）新房竣工降幅自然收窄；2） 二手房成交量持续向好（人口结构带来的改善型需求支撑）；3）进入装修 周期的存量房快速增长，基数庞大（20-25 年为一个装修周期，2005 年左 右是房地产增速最快的时候）；4）经济压力已在建材的需求结构中充分体 现（（二手房成交量存存量房基数加远大大新新房竣工，装装修需求不如 新房竣工，体现的是经济压力下的装修需求延后），未来更多的是积极变 化，四重需求端因素加远供给端过去三年持续收缩，行业格局如断向好趋 势下，竣工端建材行业有望迎来长周期拐点，将带来行业的两重变化：1） 上市公司收入端降幅收窄，收入增长公司越来越多；2）随着需求的触底存 "反内卷"的贯彻，价格战趋新缓存，同时部分重资产行业产能利用率的 提升以及减值拖累的逐步消除，竣工端建材的利润增速有望显著超过收入 端。在此背景下，玻璃供给收缩明显，逐步接近供需均衡点，重视 2026 年 的价格弹性，关注旗滨集团。消费建材也将随着二手房、存量房的在需求 结构中 ...

[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 普通电子布涨价超预期，上海拟收购二手房用作保租房 [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 2026-02-08 [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 -10% 1% 12% 22% 33% 44% 02/25 04/25 07/25 09/25 11/25 02/26 建筑材料 沪深300 chenlinyun@gf.com.cn 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。 [Table_ 相关研 ...

建筑材料行业2026年投资策略 重点关注电子布板块，重视第二增长曲线 西南证券研究院 建筑材料团队 2026年2月 核心观点 1 行业观点：传统建材在新建地产需求收缩放缓、存量更新需求逐渐释放等因素交织影响下，有望触底回升，消费建 材受益显著；受益于算力需求爆发，特种玻纤电子布板块景气度较高，看好技术优势突出、具备产能储备的公司； 受益于基建发力，看好基建相关板块投资机会；部分积极转型并具备优质第二增长曲线的公司值得重点关注。 消费建材：2025年，全国固定资产投资(不含农户)48.5万亿元，同比下降3.8%；全国房地产开发投资8.28万亿元， 同比下降17.2%；其中，房屋新开工面积同比下降20.4%至5.88亿平方米，仅为2019年最高值的25.87%，新建房地 产市场对需求的拖累已充分反应。房地产行业进入存量市场，截至2023年中国城镇住宅存量约为335.5亿平方米， 城镇住房套数约3.74亿套，存量房翻新改造需求增长空间广阔。伴随商品房需求刺激政策陆续推出，"止跌回稳"、 "保交楼"等举措有望对商品房竣工和销售情况有所托底；存量市场下二次装修需求持续释放；下游需求由B端转向 C端过程中部分品牌力、渠道 ...

"定制+"渠道作为战略首站，承载着兔宝宝零售增长的核心使命。在行业渠道面临精装截流、电商冲 击、整装锁定的三重绞杀下，兔宝宝跳出传统分销思维，明确提出以"深度定制为核心，渠道广度为支 撑"的发展路径，一方面通过优化终端门店运营，打造绿色环保板材为基石的属地化定制解决方案，提 升单店盈利能力；另一方面加速乡镇市场下沉，计划通过降本增效、扶商助商策略培育"百万级乡镇门 店"，并依托新零售模式实现线上线下流量协同。会上，兔宝宝进一步提出"国内领先、全球标杆"的战 略目标，要求以品牌升级与专业团队锻造为抓手，筑牢规模与品质双提升的根基，同时深化与"定制 +"合作伙伴的资源共享，构建抗风险能力更强的"力量经济"发展模式。 兔宝宝在会上明确以"深度定制为核心，渠道广度为支撑"的发展路径 家具厂渠道：从"材料供应"向"一体化解决方案"转型 家具厂渠道专题会议上，兔宝宝明确了从"材料供应"向"一体化解决方案"转型的清晰路径。会上提 出"向下要更沉、向深要更固、向上要更高"的发展方向，既通过精细化管理与差异化产品矩阵巩固现有 合作，又以"板材+五金"双品牌战略挖掘新价值——五金部件是提升家具产品品质与使用体验的关键所 在，将通 ...

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [10]. Core Viewpoints - The report emphasizes increasing allocations to high-quality leading companies in consumer building materials and anticipates price increases in electronic fabrics due to shortages [2][3]. - Consumer building materials are highlighted as a strong investment opportunity due to significant supply exits, with production levels for various materials projected to be at 97% for plastic pipes, 82% for gypsum boards, and 77% for cement in 2024 compared to their peak levels [3]. - The report identifies three main lines for 2026: the stock chain, the African chain, and the AI chain, suggesting a shift in demand dynamics and growth opportunities in these areas [7]. Summary by Sections Basic Situation - Cement shipments have seen a slight month-on-month increase, while glass inventory continues to decline [6]. - In late January, cement demand showed slight recovery due to warmer weather in southern regions, with a shipment rate of approximately 32% in key domestic areas, up by 3 percentage points [6][23]. Outlook for 2026 - The report suggests focusing on three main lines: stock chain, African chain, and AI chain. The stock chain is expected to see a qualitative change in demand, with home renovation demand projected to rise from 50% to nearly 70% by 2030 [7]. - The African chain highlights undervalued growth opportunities in the African market, with recommendations for leading companies such as Keda Manufacturing and Huaxin Cement [7]. - The AI chain focuses on the upgrade of special electronic fabrics, with significant opportunities for domestic replacements in low CTE and low-Dk products [7]. Electronic Fabrics - The report is optimistic about price increases in electronic fabrics due to dual demand dynamics, with AI electronic fabrics benefiting from high demand and ordinary electronic fabrics facing supply constraints [5]. - The shortage of weaving machines is expected to continue, leading to sustained price increases [5]. Cement and Glass Market - The report notes that the national average price of cement is 349.84 yuan per ton, with a month-on-month decrease of 2.74 yuan [24]. - The national average price of glass is reported at 63.11 yuan per weight box, with a slight month-on-month increase of 0.50 yuan [36].

房地产、建材板块反复活跃，京投发展、韩建河山3连板，兔宝宝、坚朗五金、三棵树、城投控股、津 投城开、中国武夷跟涨跟涨。 ...

家装渠道：以"品牌+团队"实现生态协同升级 2026年1月，兔宝宝装饰材料2026经营研讨会在浙江德清启幕，以"兔宝宝 让家更好"为主题，聚焦定制 +、家具厂、家装、工装四大核心渠道，提出"战略精准触达、经验有效复制、渠道协同增长"三大战 略，勾勒出品牌2026年"全链协同，高质增长"的发展蓝图，以龙头担当为当下深陷"增量腰斩、价格内 卷"的家居行业提供了可实践的转型范本。 "定制+"渠道：深度定制为核心，渠道广度为支撑 "定制+"渠道作为战略首站，承载着兔宝宝零售增长的核心使命。在行业渠道面临精装截流、电商冲 击、整装锁定的三重绞杀下，兔宝宝跳出传统分销思维，明确提出以"深度定制为核心，渠道广度为支 撑"的发展路径，一方面通过优化终端门店运营，打造绿色环保板材为基石的属地化定制解决方案，提 升单店盈利能力；另一方面加速乡镇市场下沉，计划通过降本增效、扶商助商策略培育"百万级乡镇门 店"，并依托新零售模式实现线上线下流量协同。会上，兔宝宝进一步提出"国内领先、全球标杆"的战 略目标，要求以品牌升级与专业团队锻造为抓手，筑牢规模与品质双提升的根基，同时深化与"定制 +"合作伙伴的资源共享，构建抗风险能力更强的" ...

从资金流向上来看，当日装修建材板块主力资金净流入2.03亿元，游资资金净流出5928.88万元，散户资 金净流出1.44亿元。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) | | --- | --- | --- | --- | --- | --- | | 002791 | 坚朗五金 | 25.70 | 10.02% | 16.65万 | 4.10亿 | | 300737 | 科顺股份 | 7.55 | 8.63% | 72.54万 | 5.31亿 | | 002271 | 东方雨虹 | 18.26 | 6.97% | 79.51万 | 14.27亿 | | 002043 | 兔宝宝 | 17.32 | 5.67% | 18.38万 | 3.12亿 | | 000786 | 北新建材 | 29.55 | 5.61% | 52.61万 | 15.41亿 | | 002372 | 伟星新材 | 12.51 | 4.69% | 24.72万 | 3.05亿 | | 603378 | 亚士创能 | 6.86 | 4.57% | 10.29万 | 696 ...

格隆汇2月4日丨兔宝宝(002043.SZ)涨2.62%，报16.820元，股价创历史新高，总市值139.56亿元。 ...

Investment Rating - The report maintains a "Recommended" rating for the building materials industry [1] Core Views - The report anticipates significant growth in revenue and profit for fiberglass in Q4 2025, while traditional building materials face performance pressure [1] - The overall outlook for the cement industry indicates continued price and profit stabilization, with domestic pressures expected to persist [4][7] - The glass industry is projected to experience ongoing revenue and profit pressure, particularly in the float glass segment due to weak downstream demand [14][20] - The fiberglass sector is expected to see robust growth driven by increased demand for raw yarn and high-end fabrics [28] Summary by Sections Cement - Q4 2025 is expected to see domestic cement performance under pressure, while overseas markets may perform better. The average national cement price is projected at 357 RMB per ton, down 16% year-on-year [7] - The report notes that the cement industry is experiencing a bottoming out phase, with a year-on-year production decline of 7% from January to November 2025 [7] - Non-operating projects may impact profits, with companies accelerating capacity replacement and asset disposals [4][7] Glass - The float glass industry is expected to remain under pressure, with high inventory levels and ongoing losses. The average price for 5mm float glass is projected at 62 RMB per box in Q4 2025, down 17% year-on-year [14] - The photovoltaic glass segment is also expected to face significant revenue and profit pressure due to weak domestic installation demand, with a projected average price of 12.3 RMB per square meter in Q4 2025 [20] Fiberglass - The fiberglass sector is projected to see continued high growth in revenue and profit, with domestic net demand reaching 5.48 million tons, a 19% year-on-year increase [28] - The average price for mainstream products is expected to be 3,603 RMB per ton in 2025, with a slight decrease in Q4 [28] - High-end electronic fabric prices are expected to rise, benefiting companies with a first-mover advantage [28] Renovation Materials - The renovation materials sector is expected to face continued pressure, with a year-on-year decline in housing starts, completions, and sales area [4] - Companies are exploring new business channels to maintain resilience in performance [4]