Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Viewpoints - The monetary policy has been intensified, with simultaneous reductions in reserve requirements and interest rates, which is expected to support the real estate market and stabilize housing demand [5][21] - Cement prices continue to decline, while glass inventory has increased on a month-on-month basis [6][40] - Recommendations include focusing on the African supply chain and domestic substitution chain, with leading companies being the main investment focus for the year [8][9] Summary by Sections Monetary Policy - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [5] - The policy interest rate was lowered by 0.1 percentage points, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4% [5][21] - The personal housing provident fund loan interest rate was reduced by 0.25 percentage points, with the rate for first-time homebuyers over five years dropping from 2.85% to 2.6% [5] Cement Market - The average shipment rate for cement companies in key regions was 48%, down approximately 1.4 percentage points month-on-month and 6.3 percentage points year-on-year [6] - National cement prices decreased by 1.2% month-on-month, with regional production issues contributing to the price decline [6][25] - The national average cement price was 387.42 yuan/ton, a decrease of 4.52 yuan/ton month-on-month, but an increase of 25.16 yuan/ton year-on-year [26] Glass Market - The overall price of float glass has seen more declines than increases, with a slight downward shift in price levels [7][40] - The production capacity of float glass decreased, with 220 out of 286 production lines operational, and daily melting capacity reduced to 156,505 tons [7] - The total inventory of glass in monitored provinces increased by 191 million weight boxes, a rise of 3.39% [7][40] Recommended Companies - For the African supply chain, Keda Manufacturing is recommended as a leading local player with advantages in production, channels, and brand [8] - For domestic substitution, companies such as China National Materials, Puyang Huicheng, and Meijiaxin Color are highlighted due to their strong market positions and growth potential [8] - The report emphasizes the importance of existing leading companies as a stable investment focus for 2025 [9]

Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Viewpoints - The construction materials sector is expected to gradually recover due to policy support and improving fundamentals, with a focus on opportunities in the civil explosives sector [2][3] - Recent data shows a 13.95% year-on-year increase in the sales area of commercial housing in 30 major cities, indicating a potential recovery in the real estate market [2][15] - The cement sector has experienced a recent price correction, primarily due to underwhelming price performance in April, but there is a consensus on maintaining ecological balance, which may lead to improved supply coordination [2][17] Summary by Sections Market Review - From May 6 to May 9, the CSI 300 index rose by 2.00%, while the construction materials sector (CITIC) increased by 2.83% [12] - Notable stock performances included Jingang Photovoltaic (+31.1%) and Haomei New Materials (+19.3%) [12] Recent Tracking of Key Sub-sectors - Cement: National cement market prices fell by 1.2% week-on-week, with average shipment rates around 48% [17] - Glass: The price of photovoltaic glass remained stable, while float glass prices decreased slightly [17] - Fiberglass: Prices for non-alkali yarn remained stable, with production capacity holding steady [18] Focus on Key Recommendations - Recommended stocks include China National Materials, Gaozheng Civil Explosives, Sankeshu, Western Cement, Huaxin Cement, and China Resources Cement Technology [4][18] - The civil explosives industry is expected to benefit from policies like the Western Development and the Belt and Road Initiative, with a projected increase in demand [3][18]

Core Viewpoints - The segmented fields show differentiated growth: semiconductor materials grow at 50%, new energy materials at 52%, and biomedical materials at 87%, while traditional structural materials maintain a stable growth of 8-10% [2] - Emerging fields are rapidly rising: AI servers with high-frequency materials grow at 60%, new energy vehicles with MLCC at 100%, foldable screens with UTG glass at 30%, and hydrogen energy with a 60% localization rate for proton exchange membranes [2] - The industrial chain is changing: semiconductor materials are developed in a bundled manner with "wafer factories + material factories," while new energy materials involve a three-in-one integration of car manufacturers, battery factories, and material suppliers [2] Market Analysis - The Chinese innovative materials market has formed a diversified tiered structure, reaching a total scale of 6 trillion yuan in 2024, with a forecast to exceed 10 trillion yuan in 2025. The segmented fields show differentiated growth: semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%) constitute three major growth poles, while traditional structural materials grow steadily at 8-10% [10][11] - The application field is being restructured, with traditional applications (aerospace, automotive manufacturing) dropping from 65% in 2019 to 48% in 2023, while emerging fields like AI servers (CCL usage growth of 60%), new energy vehicles (MLCC demand growth of 100%), and foldable screens (UTG glass demand growth of 30%) are rapidly rising [10] Competitive Landscape and Industrial Chain Evolution - The industry concentration is accelerating, showing a dual-track pattern of "national teams leading + private specialization." China National Building Material Group, as a representative of "national materials," has achieved breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [12] - The collaborative model in the industrial chain is innovating significantly. In the semiconductor materials field, a "wafer factory + material factory" bundled development model has formed, while new energy materials show a three-in-one R&D model involving car manufacturers, battery factories, and material suppliers [12] Future Market Space - The innovative materials market in China is expected to reach 10 trillion yuan by 2025 and exceed 30 trillion yuan by 2030, maintaining a CAGR of 18%. The growth engines come from deepening domestic substitution, technological iteration dividends, and the expansion of emerging applications [19] - Key areas to focus on include high-end photoresists, aerospace engine materials, solid-state batteries, high-temperature superconducting materials, perovskite photovoltaic materials, high-frequency materials, MLCC, UTG glass, silicon-carbon anodes, AI + new materials, and biodegradable materials [10][19] Policy Environment and Institutional Innovation - The national strategic layout provides strong support, with the Ministry of Industry and Information Technology clarifying key development directions for frontier materials, and local governments increasing support, such as Guangdong Province establishing a 10 billion yuan new materials industry fund [15] - The policy combination has shown significant effects, with the first application insurance compensation mechanism covering 80% of key materials, reducing R&D risks for enterprises by 30% [15] Technological Innovation and Industry Upgrade - The materials genome engineering is revolutionizing the R&D model, significantly shortening the development cycle of new materials [16] - Breakthroughs in production processes are reshaping cost curves, with significant reductions in unit costs and improvements in yield rates for various materials [16] Investment Strategy Recommendations - Focus on three major tracks: high-end semiconductor materials, new energy materials, and biomedical materials. Risk control should pay attention to technological route risks and the competitive landscape of leading enterprises [25][26] - The certainty of domestic substitution is high, with significant opportunities in solid-state electrolytes and superconducting materials [26]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The sales decline of the top 100 real estate companies has stabilized, with a year-on-year sales amount decrease of 7.8% and a sales area decrease of 18.9% from January to April 2025, showing a significant narrowing compared to the previous year [5][6] - Cement prices continue to decline, while prices for fiberglass from small and medium enterprises are loosening [5][6] - Recommendations include focusing on the African supply chain and computing power chain, with leading companies in existing markets being the main focus for the year [8][9] Summary by Sections Sales Performance - In April 2025, the year-on-year sales amount for the top 100 real estate companies decreased by 10.3%, and the sales area decreased by 18.3%, showing slight improvement compared to the previous month [5][6] - The sales amount in April decreased by 12.4% month-on-month, which is better than 2024 but weaker than the average from 2018 to 2024 [5] Cement Market - As of late April, domestic cement market demand has slightly improved, with a national shipment rate of 49.3%, up by approximately 2.1 percentage points month-on-month but down by 2.5 percentage points year-on-year [6][23] - The national average cement price is 391.94 yuan/ton, down by 3.06 yuan/ton month-on-month but up by 27.74 yuan/ton year-on-year [24] Glass Market - The domestic float glass market is experiencing weak transactions, with limited price adjustments and general market demand [7][34] - The national average glass price is 75.13 yuan/weight box, up by 0.06 yuan/weight box month-on-month but down by 17.23 yuan/weight box year-on-year [37] Fiberglass Market - The market for non-alkali roving has seen price loosening among some small and medium enterprises, with overall trading activity declining [42] - The electronic yarn market prices have remained stable, with downstream purchasing being demand-driven [42] Recommendations - The report recommends focusing on the African supply chain, particularly highlighting Keda Manufacturing as a leading local player with advantages in production, channels, and brand [8] - In the computing power chain, Zhongcai Technology is recommended as a leading domestic special fiberglass cloth manufacturer benefiting from domestic substitution [8][9]

Industry Background - The innovative materials sector is a cornerstone for China's manufacturing transformation, evolving from strategic support to a key pillar of national competitiveness. By 2024, the industry scale is projected to exceed 60 trillion yuan, maintaining a 20% annual growth rate, making it the fastest-growing new materials market globally [2] - The "14th Five-Year Plan" identifies innovative materials as a core area of strategic emerging industries, with the release of the "Guidance Directory for the First Batch of Key New Materials Application Demonstration (2024 Edition)" covering 299 new materials, providing clear guidance for industry development [2] - The industry is entering a quality upgrade phase, with the localization rate of semiconductor materials increasing from 15% in 2020 to 25% in 2024, while lithium iron phosphate cathode materials in the new energy sector have reached a 95% localization rate, supporting companies like CATL and BYD with over 60% global market share [2] Market Status Analysis - The Chinese innovative materials market has formed a diversified tiered structure, with an overall scale reaching 60 trillion yuan in 2024 and expected to surpass 100 trillion yuan by 2025. Key growth areas include semiconductor materials (50% growth), new energy materials (52%), and biomedical materials (87%), while traditional structural materials grow steadily at 8-10% [4] - The regional distribution shows the Yangtze River Delta (45% share in semiconductor materials), the Pearl River Delta (leading in new energy materials), and the Beijing-Tianjin-Hebei region (cluster advantage in biomedical materials) [4] Competitive Landscape and Industry Chain Evolution - The industry concentration is accelerating, characterized by a dual-track model of "national teams leading + specialized private enterprises." China National Building Material Group has made breakthroughs in carbon fiber and silicon nitride ceramics, with R&D investment exceeding 10 billion yuan in 2023 [7] - The semiconductor materials sector has developed a "wafer factory + material factory" collaborative development model, while new energy materials show a "vehicle manufacturers + battery factories + material suppliers" integrated R&D approach [7] Policy Environment and Institutional Innovation - National strategic layouts provide strong support, with the Ministry of Industry and Information Technology outlining key development directions for frontier materials, including superconductors and graphene [9] - The establishment of a standard system that aligns with international standards is accelerating, with China National Building Material Group participating in the formulation of 52 ISO international standards [9] Future Forecast Analysis - The Chinese innovative materials market is expected to experience structural growth, reaching 100 trillion yuan by 2025 and exceeding 300 trillion yuan by 2030, with a CAGR of 18%. Growth drivers include deepening domestic substitution, technological iteration benefits, and the expansion of emerging applications [14] - The future five years will focus on four major technological breakthroughs: extreme performance, intelligent upgrades, green manufacturing, and cross-border integration [15] Investment Strategy Recommendations - Key investment areas include semiconductor materials, new energy materials, and biomedical materials, with a focus on technological breakthroughs and capacity releases [20]

证券研究报告 工业/基础材料 Q1 境外工程高景气，加力城市更新 华泰研究 2025 年 4 月 27 日│中国内地 行业周报（第十七周） 本周观点：25Q1 海外工程订单景气，加力城市更新稳定消费建材需求 上周中共中央政治局会议提出"加强超常规逆周期调节"、"加力实施城市更 新行动"、"加强对企业'走出去'的服务"等，我们认为有利于内需基建投 资链、城市更新类建材、一带一路等细分板块。25Q1 我国对外承包工程新 签合同额/完成营业额 586.7/341.8 亿美元, 同比+26.0%/+5.5%，海外工程 保持较高景气。加大高品质住房供给，有利于稳定一线消费建材品牌龙头需 求；老旧小区改造和城中村改造有望从小 b 和大 b 不同渠道提供消费建材 增量需求。我们短期继续推荐内需逆周期及供给端约束较强的品种，重点推 荐四川路桥、中材国际、中国交建、中国核建、中国建筑国际、海螺水泥、 上峰水泥、中材科技、兔宝宝、中国联塑。 上周细分行业回顾 截至 4.25，上周全国水泥价格周环比-0.7%；水泥出货率 47.4%，周环比/ 同比-1.3%/-2.5pct；上周国内浮法玻璃均价 71 元/重量箱，周环比/同比持 ...

2024年风电叶片销量 ，同比增长10.9%， 全球市占率保持第一 。收入增长主要源于 大兆瓦叶片 技术突破（如全 球最长的147米GW147叶片 及可 回收环氧树脂叶片量产）及海外市场拓展（ 巴西基地 批量交付，筹备海外第二工厂）。但行业价格竞争激烈叠加原材料成本波动，导致毛利率承压。 玻璃纤维及制品业务 | | 2024 年 | 2023 年 | | 本年比 上年増 | 2022 年 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | 漫 | | | | | | 调整前 | 调整后 | 调整后 | 调整前 | 调整后 | | 营业收入 | 23.983.849.999.77 | 25.889.456.590.45 | 25,892,634,285.05 | -7.37% | 25.813.809.327.36 | 25.816.404.520.58 | | (元) | | | | | | | | 归属于上市 公司股东的 净利润 | 891,867,214.26 | 2.224.269.932.32 | 2,223,310,454.87 | - ...

证券研究报告 中材科技 (002080 CH) | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 24 日│中国内地 | 专用材料 | 公司公布 25 年一季报：25Q1 收入/归母净利/扣非归母净利 55.1/3.6/2.5 亿 元，同比+24.3%/+68.3%/+132.4%，玻纤复价带动公司盈利能力同环比改 善，我们认为玻纤及叶片价格回升有望带动公司盈利能力改善，Low-Dk 电 子布等高端产品有望为公司带来新增量，维持"买入"。 玻纤及叶片需求旺盛带动销量增长，Q1 毛利率环比改善 25Q1 公司收入同比+24.3%，一季度风电需求旺盛带动公司玻纤及叶片销量 增长。25Q1 公司毛利率 18.5%，同/环比-0.9/+2.4pct，同比下降主要系锂 膜价格下滑，但 Q1 玻纤延续复价带动公司毛利率环比回升，预计锂膜价格 企稳以及 Low-Dk 电子布等高端产品放量有望驱动公司毛利率继续改善。 Q1 盈利改善，新材料继续扩产 期间费用率同比-2.5pct，经营性净现金流同比改善 25Q1 公司期间费用率 12.2%，同比-2. ...

业绩简评 2025 年 4 月 23 日，公司发布 2025 年一季报公告：25Q1 单季度收 入 55.06 亿元，同比+24.3%，归母净利润 3.62 亿元，同比+68.3%， 扣非归母净利润 2.51 亿元，同比+132.4%。25Q1 公司毛利率 18.54%，同比-0.89pct，环比+3.37pct。我们认为归母口径好于市 场预期，扣非口径基本符合市场预期，归母与扣非的 1.11 亿元的 差值主要为政府补助。 经营分析 （1）玻纤：传统业务淡季不淡、基本面改善，Low-Dk 需求快速扩 张。①单价方面，25Q1 全国缠绕直接纱 2400tex 均价为 3766 元/ 吨，同比+22.3%、环比+2.3%，价格环比继续修复，主因高端品风 电纱、热塑长协产品提价，风电纱产品复价预计 25Q1 逐步落地。 ②销量方面，参考卓创资讯库存数据，5Q1 期末行业库存为 79.8 万吨，环比 24Q4 末增加 1.95 万吨、垒库幅度仅 2.5%，我们预计 行业呈现淡季不淡的特征。③盈利能力方面，考虑到公司整体归母 净利同比+68%、扣非归母净利同比+134%，公司玻纤收入/利润占比 较高，同时结合行业其他头 ...

业绩简评 2025 年 4 月 23 日，公司发布 2025 年一季报公告：25Q1 单季度收 入 55.06 亿元，同比+24.3%，归母净利润 3.62 亿元，同比+68.3%， 扣非归母净利润 2.51 亿元，同比+132.4%。25Q1 公司毛利率 18.54%，同比-0.89pct，环比+3.37pct。我们认为归母口径好于市 场预期，扣非口径基本符合市场预期，归母与扣非的 1.11 亿元的 差值主要为政府补助。 经营分析 （1）玻纤：传统业务淡季不淡、基本面改善，Low-Dk 需求快速扩 张。①单价方面，25Q1 全国缠绕直接纱 2400tex 均价为 3766 元/ 吨，同比+22.3%、环比+2.3%，价格环比继续修复，主因高端品风 电纱、热塑长协产品提价，风电纱产品复价预计 25Q1 逐步落地。 ②销量方面，参考卓创资讯库存数据，5Q1 期末行业库存为 79.8 万吨，环比 24Q4 末增加 1.95 万吨、垒库幅度仅 2.5%，我们预计 行业呈现淡季不淡的特征。③盈利能力方面，考虑到公司整体归母 净利同比+68%、扣非归母净利同比+134%，公司玻纤收入/利润占比 较高，同时结合行业其他头 ...