| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002080 | 中材科技 | 3.13亿 | 11.83% | -8210.20万 | -3.11% | -2.31 Z | -8.72% | | 301526 | 国际复材 | 1.51 Z | 13.22% | 3983.21万 | 3.49% | -1.91 Z | -16.71% | | 603256 宏和科技 | | 6353.63万 | 7.15% | 3490.15万 | 3.93% | -9843.77万 | -11.08% | | 600176 | 中国巨石 | 2604.35万 | 6.60% | -1739.41万 | -4.41% | -864.94万 | -2.19% | | 605006 山东玻纤 | | 420.53万 | 5.78% | 242.99万 | 3.34% | -663.53万 | -9.13% | | 000012 | ...

证券研究报告|行业策略报告 2025 年 12 月 16 日 向内看"反内卷"显效，向外拓"新市场"机遇 建材行业 2026 年度投资策略 中游制造/建材 2025 年以来，我们看到走出较优行情的玻纤、水泥、耐火材料均有供需改善逻 辑。首先是企业达成"反内卷"共识，保障供给收缩或维持，其次是结构性需 求有增长点，如玻纤的特种电子布供需缺口、水泥的海外市场拓展、耐火材料 的高端/特种耐材需求等。从供需格局角度来看，我们认为 2026 年建材行业仍 存结构性机会：国内的浮法玻璃、瓷砖、管材、卫浴等板块仍待磨底；防水、 涂料等板块或有盈利改善空间；玻纤、海外水泥、海外消费建材等板块关注特 定产能落地后对公司的业绩贡献弹性和兑现度，以及行业供需边际变化。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 96 | 1.9 | | 总市值（十亿元） | 948.2 | 0.9 | | 流通市值（十亿元） | 852.6 | 0.9 | 行业指数 % 1m 6m 12m 绝对表现 -6.2 12.3 10.2 相对表现 -4.5 -5.5 -5.5 资料来源： ...

据Wind统计，截至12月15日，沪深两市共有165只个股连续5日或5日以上获主力资金净买入。连续获主 力资金净买入天数最多的股票是昊海生科，已连续15个交易日获净买入；连续获主力资金净买入天数较 多的还有龙腾光电、中材科技、建研院、新华医疗、凤凰股份、华旺科技、红豆股份、百合股份等股。 （文章来源：证券时报网） ...

近日，中材科技（002080.SZ）全资子公司——中材科技（山东）复合型材有限公司落地滕州，注册资本2.4亿元，经营范围涉及高性能纤维及复合材料制 造、高性能纤维及复合材料销售、玻璃纤维增强塑料制品制造等。 中材科技注册地位于江苏省南京市，2001年12月成立，2006年11月上市，主营业务是玻璃纤维及制品、风电叶片、锂电池隔膜三大主导产业，同时从事高 压复合气瓶、膜材料及其他复合材料制品的研发、制造及销售，主要产品为风电叶片、玻璃纤维及其制品、锂电池隔膜等。 来源：海报新闻、爱企查 作者提示: 素材来源官方媒体/网络新闻，文中事件发生于2025年12月15日 中材科技（山东）复合型材有限公司是中材科技在山东落地的第三家子公司。之前，已在山东落地泰山玻璃纤维有限公司、中材锂膜有限公司（中材科技 为第一大股东，持股48.39%）。从产业链条看，三家山东子公司实现"原料—材料—部件"的垂直整合。 ...

（文章来源：证券时报网） 据Wind统计，截至12月12日，沪深两市共有201只个股连续5日或5日以上获主力资金净买入。连续获主 力资金净买入天数最多的股票是昊海生科，已连续14个交易日获净买入；连续获主力资金净买入天数较 多的还有龙腾光电、建研院、欧派家居、中国神华、中材科技、中持股份、新华医疗、凤凰股份等股。 ...

（编辑 张昕） 本报讯 （记者袁传玺）天眼查工商信息显示，近日，中材科技（山东）复合型材有限公司成立，注册 资本2.4亿元，经营范围包括高性能纤维及复合材料制造、高性能纤维及复合材料销售、玻璃纤维增强 塑料制品制造等。股东信息显示，该公司由中材科技全资持股。 ...

Core Insights - The central economic work conference emphasizes stabilizing the real estate market and combating "involution" in competition, aiming to promote the construction of "good houses" and accelerate the establishment of a new model for real estate development [6][15] - The report suggests that the cement, glass, and certain consumer building materials industries may see continued optimization in supply-side dynamics, leading to increased concentration and improved profitability [6][15] Consumer Building Materials - The consumer building materials sector is experiencing a recovery in retail due to high demand for second-hand housing and supportive subsidy policies, with leading companies showing strong operational resilience [6][31] - Long-term demand stability and increasing industry concentration provide significant growth potential for quality leading companies in the consumer building materials sector [6][31] - Key companies to watch include Sanke Tree, Rabbit Baby, Hanhai Group, Dongfang Yuhong, China Liansu, Beixin Building Materials, Weixing New Materials, and others [6][31] Cement - National cement market prices increased by 0.05% week-on-week, with the average price at 355 RMB/ton as of December 12, 2025, reflecting a year-on-year decrease of 69.17% [6][31] - The report anticipates that cement prices will maintain a slight fluctuation in the future, with industry valuations at historical lows, highlighting companies like Huaxin Cement, Conch Cement, and others for potential investment [6][31] Glass - Float glass prices are showing mixed trends, while photovoltaic glass inventories continue to rise, with the average price of float glass at 1156 RMB/ton, down 1.0% month-on-month and 18.0% year-on-year [6][31] - The report indicates that leading glass companies have low valuations and suggests focusing on Qibin Group, Xinyi Solar, and others for investment opportunities [6][31] Fiberglass/Carbon-based Composites - The market for fiberglass is stable, with direct yarn prices holding steady, while electronic yarn prices have stabilized after previous increases [6][31] - The report identifies leading companies in the fiberglass sector, including China Jushi and others, as having a significant competitive edge [6][31] Market Data and Trends - The report notes that the consumer building materials sector has seen a year-on-year revenue decline of 4.2% in the first three quarters of 2025, with a notable improvement in revenue growth rates for leading companies [33][34] - The profitability of the consumer building materials sector is stabilizing, with net profit margins hovering at the bottom, indicating potential for recovery as market conditions improve [34][41]

Core Insights - The report emphasizes the importance of identifying investment opportunities in the building materials sector as it transitions from a period of intense competition to one focused on value extraction and growth [1]. Group 1: Investment Opportunities in the Building Materials Sector - Four key investment themes are highlighted: traditional building material leaders emerging from the bottom of the cycle, overseas capacity expansion, high-demand new materials, and policy support for industry consolidation [5]. - Traditional building material leaders are expected to recover first, with a focus on alpha opportunities as the sector stabilizes [14]. - The overseas expansion of building material capacity is driven by high demand in foreign markets, particularly in Africa, where Chinese companies are increasingly investing [20][22]. Group 2: Consumer Building Materials - The consumer building materials sector is stabilizing, with a narrowing decline in real estate indicators expected in 2026, leading to a potential rebound in demand [15]. - Strong alpha leaders in the sector are anticipated to achieve positive revenue growth first, with companies like Sanke Tree and Dongfang Yuhong highlighted as key players [15][16]. - Profit margins are expected to improve in 2026 due to price stabilization, structural optimization, and enhanced operational efficiency [15]. Group 3: Glass Fiber Industry - The glass fiber market is projected to maintain a tight supply-demand balance, with demand expected to grow by 5.8% in 2025 and 4.6% in 2026 [5][25]. - The report notes that the profitability of traditional glass fiber products is on an upward trajectory, with leading companies benefiting from differentiated product advantages [5][28]. Group 4: Cement Industry - The domestic cement market is facing a decline in demand, with expectations of a 7% drop in 2025 and a 6% drop in 2026, while overseas markets remain robust [5][31]. - The report suggests that supply-side policies will play a crucial role in stabilizing the market, with potential profitability improvements anticipated in 2026 [5][36]. Group 5: Glass Industry - The glass industry is expected to see supply optimization as a key theme in 2026, with a slight decline in demand for float glass anticipated [5][40]. - The photovoltaic glass segment is projected to experience a balanced supply-demand situation, with potential profitability improvements if production resumes [5][45].

Investment Rating - The report emphasizes a positive outlook for the construction materials industry, particularly in relation to domestic demand and government policies aimed at stabilizing the housing market and increasing residents' income [1][11]. Core Insights - The Central Political Bureau meeting in 2025 prioritized "maintaining domestic demand and building a strong domestic market," which is crucial for the construction materials sector as it is closely tied to the housing market and residents' income [1][11]. - The Federal Reserve's recent interest rate cut of 25 basis points is expected to alleviate external debt pressures for African countries, potentially increasing investment opportunities in the region, which is highlighted as a key area for expansion [2][12]. - The report discusses the rapid evolution of AI materials, suggesting a strategy of "stability in response to change," with a focus on companies like Zhongcai Technology and Copper Crown Copper Foil, which are positioned to benefit from technological advancements and market demand [3][13]. Summary by Sections Weekly Discussion - The report highlights the importance of domestic demand for the construction materials industry, linking it to government initiatives aimed at increasing income and stabilizing the housing market [1][11]. Market Performance - The construction materials index showed a slight decline of -0.01%, with specific segments like glass manufacturing and cement experiencing varied performance [18][21]. - The report notes that the national average price for cement is 355 RMB/t, with a year-on-year decrease of 70 RMB/t but a month-on-month increase of 5 RMB/t [14][30]. Price Changes in Construction Materials - Cement prices have shown regional variations, with increases in areas like Henan and Guangdong, while declines were noted in Sichuan and Yunnan [30]. - The floating glass market is experiencing a slight upward trend, with the average price reaching 1163.86 RMB/t, reflecting a 1.40% increase from the previous week [41][42]. Industry Trends - The report identifies a trend towards AI materials, particularly in electronic fabrics and high-end copper foil, with companies like Zhongcai Technology and Copper Crown Copper Foil leading the way in innovation and market share [3][13]. - The glass fiber market is showing slight price increases, driven by selective price hikes from certain manufacturers, with the average price for 2400tex non-alkali yarn at 3535.25 RMB/t [65].

按照问询函的要求，公司会同相关中介机构就问询函中提出的问题进行了逐项回复和说明，并对募集说 明书等申请文件进行了补充和更新，具体内容详见公司于2025年12月13日在巨潮资讯网 （www.cninfo.com.cn）披露的相关公告。 公司本次向特定对象发行A股股票的方案尚需经深交所审核通过，并经中国证券监督管理委员会作出予 以注册决定后方可实施，且以前述监管机构最终审批通过的方案为准。 公司将根据上述事项进展情况，严格按照有关法律法规的规定和要求及时履行信息披露义务，敬请广大 投资者关注后续公告并注意投资风险。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002080 证券简称：中材科技 公告编号：2025-062 中材科技股份有限公司 关于2025年度向特定对象发行股票的审核问询函回复及募集说明书等申请文件更新的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 中材科技股份有限公司（以下简称"公司"）于2025年12月2日收到深圳证券交易所（以下简称"深交 所"）出具的《关于中材科技股份有限公司申请向特定对象发行股票的审核问询函（ ...