中信证券指出，根据卓创资讯（301299），9月进入行业旺季以来，玻纤粗纱刚需有所恢复。在企业复 价预期推动下，推动中下游市场提货有所加快。相较于中低端传统热固产品，高端风电纱、热塑短切产 品需求保持相对旺盛，旺季中下游订单亦有增长，具备高端产品结构优势的龙头企业产销情况明显较 好。电子纱/布方面，今年以来受益于PCB高景气，整体需求保持相对旺盛，特别是终端AI领域应用的 特种电子布供不应求情况较为突出。9月旺季以来，在复价预期下，下游CCL企业提货加速，电子纱/布 企业整体产销增长良好，后续有望保持较高景气。 据报道，在旺季供需改善，叠加生产成本提升和海外关税等经营压力的共同推动下，10月30日，中国巨 石（600176）、泰山玻纤（中材科技（002080）下属企业）、国际复材（301526）、长海股份 （300196）等玻纤龙头企业发布提价函。其中，中国巨石对风电和热塑短切产品复价5%—10%，对合 股纱和普通直接纱产品每吨复价100元—200元。泰山玻纤对粗纱、毡布制品复价幅度不高于10%，其中 对短切纱、风电纱复价幅度5%—10%。国际复材、长海股份对主要品类粗纱产品整体复价5%—10%。 9月以来， ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603256 | 宏和科技 | 42.33 | 10.01% | 21.22万 | 8.93 Z | | 618009 | 耀皮玻璃 | 8.21 | 6.21% | 48.95万 | 4.02亿 | | 600586 | 金融科技 | 5.15 | 4.89% | 59.19万 | 3.00亿 | | 002080 | 中材科技 | 35.92 | 4.00% | 71.66万 | 25.95亿 | | 601636 | 旗滨集团 | 7.32 | 3.24% | 41.04万 | 2.9867 | | 600176 | 中国巨石 | 16.56 | 2.99% | 57.16万 | 9.41亿 | | 000012 | 南 玻 A | 4.81 | 2.34% | 42.88万 | 2.05亿 | | 301526 | 国际复材 | 6.78 | 2.11% | 158.28万 | 10.63亿 | | 002201 | 九鼎新材 | 8.40 ...

Core Insights - The PCB industry is experiencing unprecedented growth opportunities driven by the surge in AI server demand and the unexpected recovery in traditional sectors [1][2] Demand Drivers - The resilience in PCB demand is attributed to a dual-driven model of emerging sectors' explosion and the recovery of traditional fields [2] - AI technology breakthroughs are pushing the industry into a "golden phase" of simultaneous volume and price increases [2] - AI server PCB demand is expected to significantly increase, with Nvidia's GB 200/300 NVL72 shipments projected to meet expectations by 2025, and Blackwell & Rubin series shipments potentially exceeding 50,000-60,000 units by 2026 [2][3] - The technical requirements for AI servers far exceed those of traditional servers, with high-layer count (HLC) and high-density interconnect (HDI) boards becoming core demands [2] Market Dynamics - UBS estimates that the single-unit PCB content for AI servers is 5-10 times higher than that of traditional servers, significantly driving the server PCB market [3] - The domestic AI chip and cluster solutions are accelerating the formation of a local AI server supply chain, benefiting companies like Shenzhen Circuits and Huitian Technology [3] - Traditional PCB demand is also recovering, contributing 70-80% of revenue from sectors like smartphones, PCs, and general servers [3] Sector-Specific Insights - The smartphone sector is benefiting from the unexpected shipment volume of the iPhone 17 series, with global smartphone shipment forecasts for 2025/26 raised to 1.26 billion and 1.27 billion units, reflecting year-on-year growth of 3% and 1% respectively [3] - The PC market is seeing a recovery driven by the replacement cycle following the end of Windows 10 support, with global PC shipment growth expected to exceed 4% in 2025/26 [3] - General server demand is notably resilient, with global shipments projected to grow by 8.6% and 8.0% in 2025/26, and hyperscale data center shipments expected to grow by 17.8% and 9.8% [4] Industry Chain Analysis - The PCB industry chain shows a concentration of value in upstream segments, with substrates and copper-clad laminates (CCL) being the most certain segments benefiting from AI demand [5] - BT substrates are experiencing high utilization rates due to the recovery in storage chip demand and supply shortages of key materials [7] - The price of BT substrates has increased by 30% this year, with further increases expected by year-end [8] - The high-speed CCL segment is seeing explosive demand driven by AI server upgrades, with prices expected to rise by 10-15% in the second half of 2025 [9] Company Profiles - Shenzhen Circuits: Covers major North American clients [10] - Huitian Technology: Main PCB supplier for Google and optical modules [11] - Shenghong Technology: Strong position with Nvidia and aggressive capacity expansion [12] - Sany Electronics: Significant orders from AWS leading to strong Q3 performance [13] - Sany Technology: Strong earnings certainty due to CCL price increases [14] - Dazhu CNC: Q3 performance exceeded expectations, reflecting PCB segment dynamics [15] - Ding Tai High-Tech: Facing process challenges due to high difficulty in Q fabric [16] - Zhongcai Technology: Expected to benefit from sustained PCB demand in the coming year [17] Conclusion - The Chinese PCB industry is entering a new upward cycle driven by AI, with upstream segments like substrates and CCL, along with leading companies in the AI server supply chain, being the primary beneficiaries [18]

部分业绩向好的优质股股价大涨。 今日（10月28日），上证指数盘中突破4000点整数大关，上一次触及4000点是在2015年8月18日，距今已超3700天。 大同证券指出，从场内视角来讲，伴随着三季报的逐步披露，市场资金开始转向业绩面相对较优的板块，其中以半年报期间表现最佳的通信板块为主要方 向。该机构建议哑铃型策略，一方面，进攻端或可继续维持现有双创板块仓位，如通信、半导体、电池等，但不宜追高；另一方面，防守端或可逢低布局 红利板块增强配置确定性。 18股三季报净利暴增逾10倍 其中，瑞达期货主力资金净流入占比超过18%居首，菲利华、东方钽业、多氟多、翔港科技等吸金占比也居前。 当前，市场进入三季报业绩披露期。据证券时报·数据宝统计，截至10月28日，共有2000多家上市公司公布了2025年三季报业绩，逾半数公司净利同比增 长或扭亏。其中，同比增幅超过10倍的公司有18家，净利润同比翻倍且在10倍以下的超130家。 2025年三季报业绩增幅较大的公司有方正电机（维权）、晶瑞电材、天保基建，净利润同比增幅分别为153128.60%、19202.65%、7158.91%。 部分公司三季报业绩高增长主要是因为去年 ...

从资金流向上来看，当日低空经济板块主力资金净流出33.61亿元，游资资金净流入3.17亿元，散户资金 净流入30.44亿元。低空经济板块个股资金流向见下表： 证券之星消息，10月28日低空经济板块较上一交易日下跌0.22%，华建集团领跌。当日上证指数报收于 3988.22，下跌0.22%。深证成指报收于13430.1，下跌0.44%。低空经济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) | | --- | --- | --- | --- | --- | --- | | 000547 | 航天发展 | 8.84 | 9.95% | 161.02万 | 13.99亿 | | 300644 | 南京景隆 | 36.36 | 8.60% | 15.61万 | 5.70亿 | | 002080 | 中材科技 | 34.54 | 6.87% | 74.46万 | 25.24亿 | | 301136 | 招标股份 | 13.14 | 5.97% | 1 35.77万 | 4.68亿 | | 000559 | 万向钱潮 | 12.05 | 5.89% | 234.35万 ...

沪指10月28日下跌0.22%，申万所属行业中，今日上涨的有10个，涨幅居前的行业为综合、国防军工， 涨幅分别为2.06%、1.07%。建筑材料行业今日上涨0.01%。跌幅居前的行业为有色金属、美容护理，跌 幅分别为2.72%、1.51%。 建筑材料行业今日上涨0.01%，全天主力资金净流入2.86亿元，该行业所属的个股共71只，今日上涨的 有38只，涨停的有3只；下跌的有33只。以资金流向数据进行统计，该行业资金净流入的个股有34只， 其中，净流入资金超千万元的有11只，净流入资金居首的是宏和科技，今日净流入资金3.36亿元，紧随 其后的是中材科技、国际复材，净流入资金分别为1.62亿元、8630.01万元。建筑材料行业资金净流出个 股中，资金净流出超3000万元的有5只，净流出资金居前的有东方雨虹、西藏天路、海螺水泥，净流出 资金分别为8154.43万元、8108.30万元、6063.86万元。（数据宝） | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 603256 | 宏和科技 | 10.0 ...

证券之星消息，10月28日玻璃玻纤板块较上一交易日上涨3.3%，宏和科技领涨。当日上证指数报收于 3988.22，下跌0.22%。深证成指报收于13430.1，下跌0.44%。玻璃玻纤板块个股涨跌见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603256 | 宏和科技 | 3.31亿 | 32.70% | -1.30 乙 | -12.86% | -2.01 Z | -19.84% | | 002080 | 中材科技 | 1.79亿 | 7.08% | -295.85万 | -0.12% | -1.76 Z | -6.96% | | 301526 | 国际复材 | 8971.46万 | 8.14% | 1942.34万 | 1.76% | -1.09亿 | -9.90% | | 601636 | 旗滨集团 | 1321.02万 | 7.52% | -393.63万 | -2.24% | -927.39万 | ...

Core Insights - The wind power sector in A-shares is experiencing a significant recovery, with major companies like Goldwind Technology, Xinqianglian, and China National Materials Technology reporting substantial revenue and profit growth, marking a transition from losses to profits driven by policy support and market demand [1][2][5] Industry Performance - The recovery trend in the wind power industry is evident across the entire supply chain, with leading companies reporting net profit growth exceeding 200% and improved gross margins compared to the previous year [2][5] - Goldwind Technology reported a revenue of 48.147 billion yuan, a year-on-year increase of 34.34%, and a net profit of 2.584 billion yuan, up 44.21% [2] - Xinqianglian achieved a revenue of 3.618 billion yuan, a growth of 84.10%, and a net profit of 664 million yuan, reversing a loss from the previous year [4] - Haile Wind Power reported a revenue of 3.671 billion yuan, a 246.01% increase, and a net profit of 347 million yuan, marking a significant turnaround [4] - China National Materials Technology recorded a revenue of 21.701 billion yuan, a 29.09% increase, and a net profit of 1.480 billion yuan, up 143.24% [5] Policy and Market Dynamics - The strong performance in Q3 is attributed to a combination of policy benefits and the steady advancement of major projects, with the government implementing measures to curb unhealthy competition in the industry [6][7] - The "anti-involution" policies introduced by the government aim to stabilize market prices and promote fair competition, leading to a recovery in bidding prices for wind power projects [6][7] - Major projects like the Kubuqi Desert Wind Power Base, with an investment of 98.8 billion yuan and a planned capacity of 4 million kilowatts, are set to drive demand in the sector [7] Future Growth Prospects - The "Wind Energy Beijing Declaration 2.0" anticipates that China's annual new installed capacity for wind power will not be less than 120 GW during the 14th Five-Year Plan period, doubling the previous average [9] - The offshore wind power sector is expected to see significant growth, with policies supporting its development and a projected increase in global offshore wind capacity from 15.5 GW to 38.5 GW by 2030 [10][12] - Domestic companies are accelerating their global expansion, with firms like Envision Energy and Mingyang Smart Energy securing international contracts and establishing manufacturing bases abroad [14][15] Technological Innovations - The integration of AI and energy solutions is becoming a focal point for innovation in the wind power industry, with companies exploring new business models and technologies [15] - The emphasis on green hydrogen and ammonia, along with zero-carbon initiatives, is expected to shape the future landscape of the industry [15]

Group 1 - The core point of the article highlights the significant increase in the stock price of China National Materials Technology Co., Ltd. (中材科技), which rose by 5.07% to 33.96 yuan per share, with a trading volume of 1.226 billion yuan and a turnover rate of 2.19%, resulting in a total market capitalization of 56.989 billion yuan [1] - The company, established on December 28, 2001, and listed on November 20, 2006, focuses on three main industries: wind power blades, fiberglass and products, and lithium battery separators. The revenue composition is as follows: wind power blades 39.01%, fiberglass and products 28.05%, lithium battery separators 6.96%, technology and equipment 6.44%, engineering composite materials 5.99%, high-pressure gas cylinders 4.77%, advanced composite materials 4.12%, membrane materials 3.29%, and others 1.39% [1] Group 2 - From the perspective of fund holdings, one fund under Nord Fund has a significant position in China National Materials Technology Co., Ltd. The Nord Strategy Select Fund (007152) held 60,100 shares in the second quarter, accounting for 4.84% of the fund's net value, making it the fourth-largest holding. The estimated floating profit today is approximately 98,600 yuan [2] - The Nord Strategy Select Fund (007152) was established on May 23, 2019, with a current scale of 24.2012 million yuan. Year-to-date returns are 22.88%, ranking 4208 out of 8155 in its category; the one-year return is 14.12%, ranking 5049 out of 8029; and since inception, the return is 29.74% [2]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - Short-term easing of US-China trade tensions and anticipation of economic work conference guidance [1] - Mid-term expectations for improved profitability in the fiberglass sector [2] - The construction materials sector has shown a 1.60% increase in the past week, underperforming compared to the broader market indices [4] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 348.2 RMB/ton, up 1.3 RMB/ton from last week but down 63.0 RMB/ton year-on-year. The average cement inventory ratio is 67.9%, up 0.6 percentage points from last week [11][12][18]. - **Glass**: The average price for float glass is 1243.7 RMB/ton, down 57.3 RMB/ton from last week and down 9.3% year-on-year. Inventory levels have increased, indicating weak demand [44][50]. - **Fiberglass**: The market for non-alkali fiberglass remains stable, with prices holding steady. The average price for 2400tex non-alkali winding direct yarn is between 3250-3700 RMB/ton [5]. 2. Industry Dynamics Tracking - **Investment Trends**: Fixed asset investment growth has slowed, indicating weakness in traditional sectors like real estate and infrastructure. The focus is shifting towards technology and domestic consumption [4]. - **Market Recommendations**: The report suggests focusing on technology sectors benefiting from domestic cycles and improving supply chains in the real estate sector [4]. 3. Weekly Market Review and Sector Valuation - The construction materials sector has underperformed compared to the broader market indices, with a 1.60% increase against a 3.24% rise in the CSI 300 index [4]. - The report highlights the importance of industry self-discipline and the potential for price stabilization in the cement sector due to supply-side adjustments [5][11]. 4. Price and Inventory Trends - **Cement Prices**: The report notes a slight increase in cement prices in certain regions, with expectations for continued price fluctuations due to seasonal demand [11][12]. - **Glass Inventory**: The increase in glass inventory suggests a need for demand recovery to stabilize prices [50]. 5. Recommendations for Key Companies - The report recommends focusing on leading companies in the cement and fiberglass sectors, such as China National Building Material and China Jushi, which are expected to benefit from market adjustments and technological advancements [5].