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 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 01 30 年 月 日 兔宝宝（002043.SZ） 定制化趋势下的全方位变革，新动能助力新成长 人造板行业已进入成熟期，市场规模庞大，OEM 资源丰富，但核心品牌 稀缺。2024 年我国人造板消费量达 3.3 亿立方米，市场规模约 7253 亿 元，其中据我们测算用于家具制造的人造板市场规模约 2500 亿元。人造 板产业总体已步入平稳发展阶段，刨花板受益于定制家具行业的快速发 展，细分品种仍存结构性增长机会。由于全国各地对木材材质偏好不一、 板材存经济运输半径等原因，我国人造板产业长期呈现高度分散的格局特 征，截至 2024 年底从业企业数量仍超 8600 家，OEM 资源丰富。但知名 品牌较为稀缺，兔宝宝作为业内头部，2024年板材AB类合计销售额126.58 亿元，占人造板整体市场规模的 1.75%，占家具板材市场规模的 5.03%， 后续受益于板材消费群体 B 端化趋势，份额或加速趋向头部品牌。 稳抓板材使用痛点，环保品牌理念深入人心。衡量板材健康环保程度的最 核心指标为甲醛释放量，而人造板及其制品又占到室内甲醛释放来源的绝 对大头 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 01 30 年 月 日 兔宝宝（002043.SZ） 定制化趋势下的全方位变革，新动能助力新成长 人造板行业已进入成熟期，市场规模庞大，OEM 资源丰富，但核心品牌 稀缺。2024 年我国人造板消费量达 3.3 亿立方米，市场规模约 7253 亿 元，其中据我们测算用于家具制造的人造板市场规模约 2500 亿元。人造 板产业总体已步入平稳发展阶段，刨花板受益于定制家具行业的快速发 展，细分品种仍存结构性增长机会。由于全国各地对木材材质偏好不一、 板材存经济运输半径等原因，我国人造板产业长期呈现高度分散的格局特 征，截至 2024 年底从业企业数量仍超 8600 家，OEM 资源丰富。但知名 品牌较为稀缺，兔宝宝作为业内头部，2024年板材AB类合计销售额126.58 亿元，占人造板整体市场规模的 1.75%，占家具板材市场规模的 5.03%， 后续受益于板材消费群体 B 端化趋势，份额或加速趋向头部品牌。 稳抓板材使用痛点，环保品牌理念深入人心。衡量板材健康环保程度的最 核心指标为甲醛释放量，而人造板及其制品又占到室内甲醛释放来源的绝 对大头 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 股东徐俊保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 德华兔宝宝装饰新材股份有限公司（以下简称"公司"）于2025年12月24日在《中国证券报》《证券时 报》《上海证券报》及巨潮资讯网上（http://www.cninfo.com.cn）上披露了《关于董事、高级管理人员 减持计划的预披露公告》（公告编号：2025-047），公司董事、副总经理徐俊先生自上述公告之日起15 个交易日后的3个月内以集中竞价或大宗交易方式减持公司股份不超过760,829股，占公司总股本比例为 0.0917%，占剔除公司回购专户股数后总股本比例为0.0929%，不超过其所持公司股份总数的25%。 公司于2026年1月29日收到徐俊先生签署的《关于股份减持计划实施完毕的告知函》。截至本公告日， 徐俊先生本次减持计划已实施完毕。现将有关情况公告如下： 一、股东减持情况 1、股东减持股份情况 ■ 说明：上述股东本次减持的股份，系股权激励股票。 2、股东本次减持前后持股情况 三、备查文件 股 ...

证券代码：002043 证券简称：兔宝宝 公告编号：2026-003 德华兔宝宝装饰新材股份有限公司 关于董事、高级管理人员减持股份计划实施完毕的公告 股东徐俊保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 公司于2026年1月29日收到徐俊先生签署的《关于股份减持计划实施完毕的告知函》。 截至本公告日，徐俊先生本次减持计划已实施完毕。现将有关情况公告如下： 一、股东减持情况 | 股东名称 | 减持方式 | 减持时间 | 减持均价 | 减持数量 | 减持股份 占公司总 | 减持股份占 剔除回购股 | | --- | --- | --- | --- | --- | --- | --- | | | | | （元/股） | （股） | 股本比例 | 份后公司总 股本比例 | | | | 2026年1月20 | | | | | | 徐俊 | 集中竞价 | 日至1月28日 | 15.0278 | 760,300 | 0.0916% | 0.0928% | 1、股东减持股份情况 说明：上述股东本次减持的股份，系股权激励 ...

证券之星消息，1月29日装修建材板块较上一交易日上涨3.24%，科顺股份领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。装修建材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) | | | --- | --- | --- | --- | --- | --- | --- | | 300737 | 科顺股份 | 7.61 | 13.58% | 94.28万 | | 7.00亿 | | 002271 | 东方雨虹 | 17.95 | 7.87% | 95.12万 | | 16.84亿 | | 603737 | 三棵树 | 57.88 | 7.58% | - 10.86万 | | 6.20亿 | | 002791 | 坚朗五金 | 24.27 | 6.92% | 1 22.73万 | | 5.48亿 | | 002043 | 兔宝宝 | 16.68 | 6.45% | 17.26万 | | 2.82亿 | | 002372 | 伟星新材 | 12.51 | 4.86% | 41.90万 | | 5.19亿 | ...

建材电话会：聚焦涨价链条，挖掘宝藏个股 20260128 摘要 AI 电子布需求激增是玻纤涨价的主要驱动力，预计 2026 年玻纤行业将 持续上行，电子布将贡献显著业绩弹性。传统电子布自 2025 年四季度 已提价三次，累计约 0.6 元，且因 AI 电子布需求旺盛和新增产能受限， 供需格局紧张，涨价趋势预计持续。 粗纱市场供给端新增有效供给边际减少，高端粗纱（如风电砂、热塑 砂）需求稳定且警惕度较高。风电砂需求维持高位，热塑砂受益于新能 源车渗透率提升和家电刺激政策小幅增长，高端粗纱市场竞争格局稳固， 头部企业长协价格有小幅提升趋势。 消费建材领域地产需求大幅下滑，但供给出清更为显著。防水材料市场 规模大幅下降，但中小企业出清比例高，CR3 市占率提升。防水涂料、 石膏板等自去年下半年起陆续提价，龙头企业逐步显露盈利拐点并向下 游传导成本压力。 玻璃行业自 2024 年下半年起整体亏损，中小企业生存压力大，库存压 力较大。预计一季度大量生产线冷修将进一步收缩产能。龙头企业如旗 滨集团和信义玻璃具备较强盈利能力，有望在行业供需平衡后迎来价格 触底回升的机会。 Q&A 近期建筑建材板块的涨价趋势如何？是否意味着 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920076 | 国亮新材 | 26.62 | -6.89% | 7.93万 | 2.11亿 | | 603378 | 亚士创能 | 6.69 | -4.43% | 12.50万 | 8394.95万 | | 920792 | 东和新材 | 13.36 | -3.47% | 2.96万 | 3990.83万 | | 300374 | 中铁装配 | 16.81 | -2.38% | 11.66万 | 1.95亿 | | 002694 | 顾地科技 | 3.75 | -2.34% | 12.84万 | 4793.29万 | | 001212 | 中旗新材 | 53.75 | -1.47% | 8.63万 | 4.59亿 | | 002247 | 景力文化 | 2.88 | -1.37% | 30.07万 | 8557.70万 | | 002641 | 公元股份 | 4.46 | -1.33% | 21.17万 | 9382.49万 | | 300234 ...

Investment Rating - The report maintains a "Buy" rating for the construction and building materials sectors, with specific recommendations for several companies [9]. Core Insights - The report emphasizes a balanced allocation between traditional cyclical sectors and emerging growth industries, particularly in the context of improving real estate transaction data and liquidity in the market [12][19]. - The construction materials sector has shown resilience, with price increases observed in waterproofing materials, aluminum formwork, and engineering pipe materials since Q3 2025, indicating a strengthening self-repair capability within the sector [12][14]. - The report highlights the ongoing demand for high-end materials in commercial aerospace, including high-temperature fiber materials and perovskite materials in solar wing energy systems [12]. Summary by Sections Industry Overview - The construction materials sector has been leading the market, driven by improved real estate transaction data and expectations of a spring rally in cyclical sectors [12]. - The report notes that from January to December 2025, the new construction area in real estate decreased by 20.4% year-on-year, but there are signs of recovery in major cities [12][19]. Key Companies and Developments - Zhejiang Weixing New Materials announced plans to acquire an 88.26% stake in Beijing Songtian Cheng for approximately 111 million yuan, aiming to enhance its product chain in municipal pipeline systems [3]. - The report recommends several companies for investment, including Yaxiang Integration, Zhongcai International, China Chemical, Qibin Group, and others, with target prices and expected earnings per share provided [9][38]. Market Dynamics - The report indicates that the cement price remained stable at 353 yuan per ton, with a significant drop in the average shipment rate to 29.5% due to seasonal factors [29]. - The glass market has shown stability, with the average price of float glass holding steady at 61 yuan per weight box, despite a year-on-year decline of 18.5% [2][29]. Emerging Trends - The report identifies a potential recovery in investment in Q1 2026, supported by government policies aimed at stimulating the economy, which may benefit cyclical sectors [17]. - The demand for electronic fabrics and cleanroom materials is expected to remain high, driven by advancements in AI and increased PCB investments [13][27]. Recommendations - The report suggests focusing on waterproofing and engineering pipe materials as key opportunities in the construction sector, with a positive outlook for these segments due to expected price increases and improved market conditions [20][21].

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook compared to the broader market [2] Core Views - A new round of urban renewal is beginning, which is expected to provide significant opportunities in the consumer building materials sector, effectively countering the decline in new housing market demand [8] - The report highlights that after a prolonged downturn in the real estate sector, profitability in various segments of the construction supply chain is starting to recover, particularly for leading companies that have undergone strategic adjustments [8] - The report emphasizes the potential for price increases in certain segments, such as waterproofing and coatings, as companies respond to improved market conditions [8] Summary by Sections Cement - The cement market is entering a seasonal downturn, with demand expected to decline. The average shipment rate for major regions has dropped to 29%, a decrease of approximately 10 percentage points [27][34] - The national average price for cement remains stable at around 353 RMB per ton, with minor fluctuations observed in specific regions [28][34] - The report suggests that after the Spring Festival, demand may recover as new key projects are expected to commence, potentially stabilizing prices [34] Glass - The glass market is also experiencing a decline in demand, with production capacity decreasing to approximately 14.95 million tons, the lowest in recent years [53] - The average price for float glass has increased slightly to 1,139 RMB per ton, with inventory levels decreasing [38] - The report indicates that the glass industry is facing profitability challenges, leading to accelerated production line cold repairs, which may help stabilize the market [53] Fiberglass - The fiberglass market is seeing stable pricing for both roving and electronic fabrics, with the price of 7628 electronic fabric currently at approximately 4.4-4.85 RMB per meter [55] - The report anticipates continued high demand for electronic fabrics, supported by structural adjustments and a shortage of high-end products [55] - Key recommendations include focusing on leading companies like China Jushi, with additional attention on International Composite Materials and Zhongcai Technology [55] Carbon Fiber - Carbon fiber prices are expected to remain stable in the short term, with the rapid development of commercial aerospace potentially driving new demand [55] - The report notes that the current price stability is a necessary step for increased market penetration, with significant growth expected in the aerospace sector [55] Consumer Building Materials - The report highlights the resilience of consumer building materials, with leading companies like Sanke Tree and Rabbit Baby showing strong growth potential as they emerge from profitability challenges [8] - The urban renewal initiative is expected to create substantial market opportunities, particularly for high-quality consumer building materials [8]