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]

Group 1 - The announcement pertains to the pledge of shares by a major shareholder, Mr. Zhang Nengyong, of Guangdong Tapai Group Co., Ltd. [1] - The company confirms that the information disclosed is true, accurate, and complete, with no false records or misleading statements [1] - The specific details regarding the pledged shares are to be provided by the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch [1] Group 2 - The announcement includes the basic situation of the share pledge and the cumulative situation of the shareholder's pledged shares [2] - The board of directors of Guangdong Tapai Group Co., Ltd. issued the announcement on January 23, 2026 [2]

（文章来源：证券日报） 证券日报网讯 1月22日，塔牌集团发布公告称，公司近日接到股东张能勇先生的通知，获悉张能勇先生 所持有本公司的部分股份质押，本次质押数量为28，400，000股。 ...

2、股东股份累计质押的情况 截至公告披露日，上述股东所持质押股份情况如下： 证券代码：002233 证券简称：塔牌集团 公告编号：2026-003 广东塔牌集团股份有限公司 关于持股 5%以上的股东部分股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 广东塔牌集团股份有限公司（以下简称"公司"）近日接到股东张能勇先生的通知，获悉张 能勇先生所持有本公司的部分股份质押，具体事项如下： 一、股东股份质押基本情况 1、本次股份质押的基本情况 | | | 张能勇 否 | | | 动人 | 一致行 | 东及其 | 一大股 名称 | 股东 | 东或第 | 控股股 | 是否为 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 28,400,000 股 40.74% | | | | | 比例 | 持股份 数量 | 本次质押 | 占其所 | | | | | | 2.38% | | | | 比例 | | 股本 | 司总 | 占公 | | | ...

Core Viewpoint - The announcement from the company indicates that shareholder Zhang Nengyong has pledged 28.4 million shares to CITIC Securities for funding purposes, which represents 40.74% of his holdings and 2.38% of the company's total share capital [1] Summary by Relevant Categories Shareholder Actions - Zhang Nengyong has pledged a total of 28.4 million shares, which is 40.74% of his total holdings [1] - The total shares held by Zhang Nengyong amount to 69.7084 million, representing 5.85% of the company's total shares [1] Pledged Shares - Cumulatively, Zhang Nengyong has pledged 34.72 million shares, which accounts for 49.81% of his holdings and 2.91% of the company's total share capital [1]

Investment Rating - The report maintains a positive outlook on the building materials industry, indicating a "Look Forward" investment rating [3][4]. Core Insights - The real estate sector has experienced a downturn for five consecutive years, but there are emerging positive signals that warrant attention. The building materials industry has faced pressures such as declining demand, credit risk expansion, cost disturbances, and intensified competition [4][5]. - Over the past five years, the industry has undergone significant capacity clearance, with a cumulative decline of 38% in waterproof materials production from 2021 to 2024. In contrast, the top three companies in this sector have seen a revenue decline of only 20.9%, indicating a rapid increase in industry concentration [4][5]. - Strategic transformations have been completed by several leading building materials companies, enhancing their competitive positions and adapting to market changes. Companies like Dongfang Yuhong and Keshun have successfully restructured their channels and expanded into new markets [6]. - There is an anticipated surge in renovation demand due to the aging housing stock, with a significant portion of homes being over 20 years old. The report predicts that by 2025, second-hand housing transactions will account for 70% of the market, which will likely stimulate renovation activities [7][9]. - Policy adjustments have been noted, with government signals indicating support for the real estate sector, including tax incentives for housing transactions. This is expected to positively influence market sentiment and investment in the building materials sector [9]. Summary by Sections Industry Overview - The building materials industry has faced five years of challenges, but recent developments suggest a potential recovery. The report emphasizes the importance of viewing the industry from a long-term perspective [4][5]. Capacity and Production - The report highlights a significant reduction in production capacity across various segments, including a 38% decline in waterproof materials and a 1.6 billion ton reduction in cement capacity, which has alleviated supply pressures [4][5]. Strategic Transformations - Notable companies have successfully navigated strategic transformations, with improvements in asset quality and revenue growth. For instance, Dongfang Yuhong has seen a substantial increase in retail business revenue [6]. Demand Dynamics - The report anticipates a shift in demand dynamics, particularly in the renovation market, driven by an aging housing stock and changing consumer preferences. This is expected to lead to increased demand for building materials [7]. Policy Environment - Recent policy changes are viewed as supportive of the real estate market, with indications of government backing for housing transactions and urban renewal initiatives [9]. Investment Recommendations - The report suggests focusing on core consumer building materials stocks, particularly those positioned to benefit from anticipated increases in construction activity and renovation demand [9].

广东塔牌集团股份有限公司（以下简称"公司"）近日接到股东张能勇先生的通知，获悉张 能勇先生所持有本公司的部分股份解除质押，具体事项如下： 证券代码：002233 证券简称：塔牌集团 公告编号：2026-002 广东塔牌集团股份有限公司 关于持股 5%以上的股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 截至公告披露日，上述股东所持质押股份情况如下： | | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | （ 解 除 质 | 押 适 | （ 解 除 质 | 押 适 | | | | | | 累计被质 | 累计被标 | 合计占 | 合计 | 用） | | 用） | | | 股东 | | | 持股 | 押/冻结/ | 记数量 | 其所持 | 占公 | 已质押 | | | | | 名称 | 持股数量 | | 比例 | 拍卖等数 | （ ...

塔牌集团公告称，近日接到股东张能勇通知，其部分股份解除质押。2026年1月19日，张能勇解除质押 3183万股和490万股，分别占其所持股份的45.66%、7.03%，占公司总股本的2.67%、0.41%，质权人均 为广发证券。截至公告披露日，张能勇持股6970.84万股，占比5.85%，累计被质押632万股，占其所持 股份的9.07%，占公司总股本的0.53%。 ...

Group 1 - The cement sector experienced a significant increase of 3.3% on January 20, with Han Jian He Shan leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the cement sector showed notable price changes, with Han Jian He Shan rising by 10.07% to a closing price of 6.23, and other companies like Hai Luo Cement and Ta Pai Group also seeing increases of 5.74% and 4.38% respectively [1] Group 2 - The cement sector saw a net inflow of 412 million yuan from main funds, while retail investors experienced a net outflow of 298 million yuan [2] - The trading volume for Han Jian He Shan was 344,800 shares, with a total transaction value of 209 million yuan, indicating strong investor interest [1][2] - The main fund inflows for leading companies included 215 million yuan for Hai Luo Cement and 191 million yuan for Xi Zang Tian Lu, reflecting positive sentiment towards these stocks [3]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Insights - The construction materials sector has shown a slight decline in social financing growth, prompting a focus on high-dividend stocks and sectors such as real estate and technology [3] - The cement market is experiencing price fluctuations, with a current average price of 347.7 yuan/ton, down 4.8 yuan from last week and down 56.2 yuan from the same period in 2025 [10][11] - The report highlights potential investment opportunities in companies benefiting from high dividends, export-oriented industries, and home renovation sectors [3] Summary by Sections 1. Cement Market Overview - The national average cement price is 347.7 yuan/ton, reflecting a decrease of 4.8 yuan from the previous week and a decrease of 56.2 yuan year-on-year [10][11] - The average cement inventory ratio is 58.9%, down 1.4 percentage points from last week but up 1.4 percentage points from the same period in 2025 [16][20] - The average daily cement shipment rate is 39.2%, down 5.0 percentage points from last week but up 7.0 percentage points year-on-year [16][20] 2. Glass Market Overview - The average price of float glass is 1138.3 yuan/ton, an increase of 16.3 yuan from last week but a decrease of 246.1 yuan from 2025 [41][42] - The inventory of float glass in 13 provinces is 4,986 million weight boxes, a decrease of 209 million from last week but an increase of 1,071 million from the same period in 2025 [46][49] 3. Fiberglass Market Overview - The effective production capacity for fiberglass is projected to reach 759.2 million tons in 2026, a year-on-year increase of 6.9% [4] - The demand for fiberglass is expected to maintain steady growth, driven by wind power and new applications, despite a potential slowdown in overall growth [4] 4. Investment Recommendations - Recommended companies include China National Building Material, Huaxin Cement, and others that are expected to benefit from industry recovery and structural improvements [4][3] - The report suggests focusing on companies with strong dividend yields and those involved in technology and home renovation sectors [3]