7月29日早盘，中材科技出现快速回调，在9点42分时5分钟内跌幅超过2%，股价最低触及28.80元。当 日主力资金净流出5945.25万元。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 截至2025年7月29日15时，中材科技股价报29.20元，较前一交易日下跌1.72%。当日成交额达17.55亿 元，成交量599399手，振幅5.39%。 中材科技主要从事复合材料制品的研发、生产和销售，产品广泛应用于新能源、节能环保等领域。公司 业务涵盖玻璃纤维及其制品、风电叶片、高压复合气瓶等多个板块。 ...

内容概要：玻璃纤维电子布（Glass Fiber Electronic Cloth），又称电子布、电子级玻璃纤维布，是一种以 玻璃纤维为基材，经特殊织造工艺制成的高性能织物，是电子信息产业中关键的基础材料之一。电子布作 为生产覆铜板必不可少的材料，也是生产印制电路板的专用基本材料，近年来也朝着越来越薄的方向不断 发展。根据电子布的厚度不同，可分为厚型电子布、薄型电子布、超薄型电子布和极薄型电子布（以下分 别简称为"厚布、薄布、超薄布、极薄布"）。中国玻璃纤维电子布的需求量与中国作为全球PCB制造中心 的地位直接相关，且受下游应用（消费电子、通信、汽车电子、AI算力等）的强劲驱动，市场规模持续增 长。特别是AI算力等高端市场需求持续旺盛，玻璃纤维电子布行业市场空间将进一步放量。根据测算， 2024年中国玻璃纤维电子布市场规模已从2020年的185.2亿元增长至286.5亿元。未来 3-5 年，随着国产替 代加速和技术突破，中国企业有望在高端市场（如 Q 布、低介电布）实现从 "跟跑" 到 "并跑" 的转变，而 全球电子布行业将进入性能竞争、成本竞争、生态竞争的新阶段。 上市企业：宏和科技（603256）、国际复 ...

Core Viewpoint - The company is accelerating its business layout by acquiring a 15% stake in China National Building Material (Shanghai) Aviation Technology Co., Ltd. for 147 million yuan and increasing its capital by 200 million yuan, aiming to enhance its presence in the civil aviation composite materials sector and support national strategic projects for domestic large aircraft [1][2][3]. Business Acquisition - The company plans to acquire a 15% stake in China National Building Material Aviation for 147 million yuan, increasing its ownership to 40% after the transaction [2]. - Following the acquisition, the company and its partner will inject a total of 500 million yuan into the aviation company, with the company's contribution being 200 million yuan [2]. - The registered capital of the aviation company will increase from 1.05 billion yuan to 1.55 billion yuan post-capital increase [2]. Financial Performance - The company expects a significant increase in net profit for the first half of 2025, projecting a range of 840 million to 1.04 billion yuan, representing a year-on-year growth of 80.77% to 123.81% [1][5]. - The company reported a revenue of 23.98 billion yuan in 2024, a decrease of 7.4% year-on-year, with a net profit of 890 million yuan, down 59.9% [5]. Research and Development - The company is committed to innovation, with R&D expenditures of 1.312 billion yuan in 2024, accounting for 5.47% of its revenue [1][3]. - The number of R&D personnel increased from 2,528 in 2023 to 2,754 in 2024, representing 11.91% of the workforce [3]. Market Position and Strategy - The company focuses on special fibers, composite materials, and new energy materials, maintaining a strong market position in wind power equipment manufacturing and new energy vehicles [5]. - The company aims to expand its overseas market presence, with foreign revenue accounting for approximately 9.95% of total revenue as of 2024 [5][6]. Stock Performance - Since the beginning of 2025, the company's stock price has increased by over 130%, with a closing price of 29.71 yuan per share and a total market capitalization of 49.86 billion yuan as of July 28 [6].

二季度A股反弹节奏加快，从估值底部回升至结构性活跃，外资公募在此背景下的调仓路径显 得尤为关键。 根据最新披露的2025年二季度持仓数据，摩根大通、贝莱德、摩根士丹利、富达、施罗德、 宏利、联博、路博迈及安联九大外资公募基金的调仓路径已浮出水面，清晰地勾勒出它们对后 市预期的变化。无论是大举押注光模块与PCB的算力中枢，还是逆势增配贵州茅台等核心资 产，这份持仓清单里藏着外资对"性价比"与"增长"的重新定义。 谁在真加仓？数据揭示外资集体押注科技中枢 二季度真正的加仓主力，来自路博迈与联博两家相对年轻的外资公募。 路博迈基金二季度股 票市值增长高达491.66%，联博基金也增长逾340% ，二者在体量虽不及摩根大通、宏利等 老牌外资，但调仓动作明显更加激进。 两者重仓方向出现明显重合——以新易盛、生益科 技、胜宏科技等为代表的科技制造链条成为加仓"焦点资产"。 与激进加码算力赛道的后起之秀不同，摩根大通、宏利和摩根士丹利三家头部外资公募在二季 度展现出更具沉稳风格的重仓布局。摩根大通仍是全市场持仓市值最高的外资公募，股票资产 达225亿元，其第一大重仓股依旧是宁德时代，合计持仓市值超23亿元。此外，东山精密、 ...

Investment Rating - The report maintains a positive outlook on the building materials sector, particularly highlighting the demand recovery driven by major infrastructure projects and policy support for supply-side reforms [2][10][25]. Core Insights - The demand for building materials is expected to improve due to the initiation of large-scale projects like the Tibet Yarlung Zangbo River hydropower station, which is projected to significantly increase cement demand [5][13]. - The report emphasizes the importance of supply-side policies aimed at curbing overproduction in the cement industry, which is anticipated to enhance price stability and profitability [10][23][25]. - The report identifies key players in the building materials sector, such as Hanhai Group, which is set to go public and is expected to capture a significant market share in the home hardware segment [3][7]. Summary by Sections 1. Company Overview - Hanhai Group's main business segments include home hardware and outdoor furniture, with home hardware expected to account for 85% of total revenue in 2024 [3]. - The company has a strong focus on R&D, holding 1,173 patents and receiving multiple international design awards, showcasing its innovation capabilities [4]. 2. Market and Channel Strategy - Hanhai Group has established a nationwide sales network with 359 distributors across 31 provinces and has developed an online platform to enhance market penetration [6]. - The company has successfully tapped into e-commerce platforms, with its products consistently ranking high in sales [6]. 3. Financial Performance - From 2022 to 2024, Hanhai Group's revenue is projected to grow from 1.62 billion to 2.857 billion yuan, reflecting a compound annual growth rate (CAGR) of 32.8% [7]. - The net profit attributable to shareholders is expected to increase from 206 million to 531 million yuan during the same period, with a CAGR of 60.7% [7]. 4. Future Outlook - Hanhai Group plans to raise 420 million yuan through its IPO to fund automation and R&D projects, aiming to solidify its market leadership [8]. - The report anticipates continued growth in the home hardware market and expansion into smart home solutions, alongside strengthening its international market presence [8]. 5. Cement Industry Insights - The cement sector is expected to benefit from supply-side reforms aimed at reducing overproduction, with policies already in place to support this transition [10][23]. - The report predicts that the overall capacity utilization in the cement industry could improve significantly, leading to better profitability for key players [25][26]. 6. Glass and Fiberglass Market - The report highlights a shift in the glass market, with inventory levels decreasing and price stabilization expected due to improved demand from downstream sectors [31][39]. - The fiberglass market is experiencing a divergence in performance between large and small manufacturers, with high-end products maintaining strong demand [41][42].

Group 1 - The report indicates that the real estate chain is showing signs of stabilization, with policies since 2025 continuing a loose tone that has been in place since 2024, suggesting a gradual bottoming out of the real estate fundamentals [1][34] - Cement demand is expected to decline at a slower rate in 2025, with industry awareness of price stability and profit protection increasing, indicating a potential profit turning point [1][34] - The consumption building materials sector is seeing an increase in the proportion of existing stock, with improved second-hand housing transactions and consumption stimulus expected to accelerate demand for renovations [1][3] Group 2 - Non-traditional building materials are experiencing higher overall demand, particularly in fiberglass, where downstream demand from wind power and thermoplastics remains strong, and competition is expected to ease [2][3] - The civil explosives sector is benefiting from increased investment in mining and water conservancy, leading to sustained demand growth, with major companies accelerating mergers and acquisitions [2][3] - Traditional refractory materials are facing weak downstream demand, but leading companies are expanding into new markets, such as magnesium salt chemicals and wet metallurgy, which are expected to contribute significantly to profits [2][3] Group 3 - The investment focus for traditional chains is on structural and supply aspects, while non-traditional chains are centered on downstream growth opportunities [3][4] - In the cement sector, supply-side reforms are accelerating, with a potential reduction in actual capacity to below 180 million tons in the medium to long term [3][4] - The consumption building materials sector is witnessing a price competition trend easing, with a focus on leading companies in the consumer market [3][4] Group 4 - The fiberglass segment is highlighted as a market focus, with significant demand expected for low dielectric and low expansion electronic fabrics, particularly in communication infrastructure and semiconductor packaging [4][3] - The civil explosives market in Xinjiang is projected to grow significantly, with existing demand estimated at 67.6 million tons, potentially reaching close to one million tons by the end of the 14th Five-Year Plan [4][3] - The report emphasizes the importance of policy-driven demand in the photovoltaic glass sector, awaiting improvements in market conditions [4][3]

Group 1: Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 8.14[12] - Hualing Steel's net profit is projected to increase from CNY 20.32 billion in 2024 to CNY 28.54 billion in 2025, with a PE ratio of 19.72[12] - Xiamen Tungsten's net profit is expected to rise from CNY 17.28 billion in 2024 to CNY 21.01 billion in 2025, with a PE ratio of 22.97[12] Group 2: Construction and Transportation - Sichuan Road and Bridge's net profit is forecasted to grow from CNY 72.10 billion in 2024 to CNY 82.86 billion in 2025, with a PE ratio of 10.35[12] - YTO Express's net profit is expected to decrease from CNY 40.12 billion in 2024 to CNY 35.39 billion in 2025, with a PE ratio of 13.03[12] - China Merchants Highway's net profit is projected to be CNY 55 billion in 2025, with a PE ratio of 14.56[12] Group 3: Chemical and Energy Sector - Yara International's net profit is expected to rise from CNY 9.50 billion in 2024 to CNY 17.94 billion in 2025, with a PE ratio of 30.56[12] - Funiu Power's net profit forecast for 2025 is CNY 28.95 billion, with a PE ratio of 9.18[12] - Huajin's net profit is projected to recover to CNY 0.92 billion in 2025 after a loss of CNY 27.95 billion in 2024[12] Group 4: Strategic Metals and New Materials - Xiamen Tungsten's strategic metal segments are expected to contribute 79% to profits in 2024, with a focus on tungsten and rare earths[21] - Zhongcai Technology's special glass fiber is projected to see significant demand growth due to AI hardware requirements, with expected profits of CNY 0.2 billion in 2024[30] - The company anticipates a profit contribution from special glass fiber of CNY 7.2 billion by 2026[30]

建筑材料 2025 年 07 月 27 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 建筑材料 沪深300 相关研究报告 《中央城市工作会强调城市更新，关 注 建 材 投 资 机 会 — 行 业 周 报 》- 2025.7.20 《住建部强调稳定房地产市场，关注 建 材 投 资 机 会 — 行业周报》- 2025.7.13 《"反内卷"持续推进，关注建材投 资机会—行业周报》-2025.7.6 雅江下游水电工程顺利开工，关注建材投资机会 ——行业周报 张绪成（分析师） 刘天文（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 liutianwen@kysec.cn 证书编号：S0790523110001 雅江下游水电工程顺利开工，关注建材投资机会 雅鲁藏布江下游水电工程开工仪式 7 月 19 日上午在西藏自治区林芝市举行。中共 中央政治局常委、国务院总理李强出席开工仪式，并宣布工程正式开工。雅鲁藏 布江下游水电工程位于西藏自治区林芝市。工程主要采取截弯取直、隧 ...

内容概要：车载储氢瓶是氢燃料电池汽车中用于储存氢气的容器，是氢燃料电池汽车重要组成部分。储 氢瓶主要分为四个类型：全金属气瓶（Ⅰ型）、金属内胆纤维环向缠绕气瓶（Ⅱ型）、金属内胆纤维全 缠绕气瓶（Ⅲ型）、非金属内胆纤维全缠绕气瓶（Ⅳ型）。车载储氢瓶大多使用III型、IV型两种容 器。氢燃料电池汽车行业目前仍处于商业化初期，在政策支持、技术突破等因素驱动下，2021-2023年 中国氢燃料电池汽车产销量不断增加。2024年氢燃料电池汽车产销量均呈下滑态势，主要系自2020年启 动的燃料电池汽车示范应用政策将于2025年底到期，而新的政策尚未明确，叠加行业成本仍偏高、基础 设施尚不完善等。2025年氢燃料电池仍处于迷茫期，产销量继续下跌，1-5月，氢燃料电池车产销分别 完成1176辆和1122辆，同比分别下降25%和26.14%。2021-2023年期间，我国车载储氢瓶市场出货量伴 随着氢燃料电池汽车销量增加而增长，2024年出货量同步下滑，2024年国内车载储氢瓶出货量约4.3万 支，同比下降12%。从产品技术类型来看，当前我国车载储氢大多为35MPa的III型瓶，70MPa的III型瓶 也有少量应用，2024年 ...

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：2025-030 中材科技股份有限公司第七届董事会第二十二次临时会议决议公告 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。 一、董事会会议召开情况 中材科技股份有限公司（以下简称"公司"）第七届董事会第二十二次临时会议于2025年7月18日以书面 形式通知全体董事、监事及高级管理人员，于2025年7月25日上午9时30分在中国北京市海淀区东升科技 园北街6号院7号楼12层公司会议室以现场与通讯相结合的方式召开。本次会议应出席董事7人，实际出 席董事7人。本次会议由公司董事长黄再满先生主持，公司监事列席本次会议。会议程序符合《公司 法》及《公司章程》的规定，会议合法有效。 二、董事会会议审议情况 会议审议并通过了以下议案： 1、经与会董事投票表决，以7票赞成、0票反对、0票弃权的表决结果通过了《关于修订公司章程及附件 并取消公司监事会的议案》，并提请公司2025年第一次临时股东大会审议。本议案已经公司董事会审计 及法治建设委员会审议通过。 为进一步规范公司 ...