证券研究报告|行业定期报告 2025 年 07 月 15 日 反内卷攻坚战延续，看好水泥玻纤等品类业绩改善 建材行业定期报告 中游制造/建材 本周（2025/7/7-7/13）建材动态：水泥高温雨季压制需求，价格延续下滑趋势， "反内卷"攻坚战延续；浮法玻璃价格整体偏弱运行，区域涨跌互现；玻纤中， 粗纱市场报价稳定为主，电子纱市场价格暂报稳，高端产品价格仍有提涨；消 费建材方面，持续关注 C 端存量市场需求机会，反内卷下看好头部企业盈利能 力回升。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 96 | 1.9 | | 总市值（十亿元） | 817.2 | 0.9 | | 流通市值（十亿元） | 755.5 | 0.9 | 敬请阅读末页的重要说明 ❑ 水泥行业：高温雨季压制需求，价格延续下滑趋势。本周全国水泥市场价 格延续小幅下行趋势，环比回落 0.4%。价格下跌区域主要是安徽、湖北和 陕西等地，幅度 10-20 元/吨。七月上旬，虽然资金面偏紧、持续高温及台 风天气影响，但市场需求呈现趋稳态势，全国重点地区水泥企业平均出货 率维持在 43%， ...

Performance Forecast - The company expects a net loss attributable to shareholders of between 3.2 million and 6.3 million yuan for the current reporting period, a significant decline of 103.87% to 107.63% compared to a profit of 82.6 million yuan in the same period last year [1] - The expected operating revenue is projected to be between 1.8 billion and 2.1 billion yuan, down from 2.33452 billion yuan in the previous year [1] Reasons for Performance Change - The company has strengthened its distribution business and actively expanded the market while implementing lean management, resulting in improved production costs and operational efficiency [2] - Despite cost control measures leading to a decrease in total expenses, the average selling price of products has declined year-on-year, causing overall sales revenue to fall short of expectations [2] - The real estate industry, closely related to the company's strategic engineering business, has entered a stock era, leading to a significant reduction in tile orders and consequently impacting sales revenue from engineering channels [2] - The company has made provisions for asset impairment based on accounting standards due to indications of impairment for certain assets as of the reporting period [2]

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-045 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 2025 年半年度业绩预告 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。 一、本期业绩预计情况 1. 业绩预告期间：2025 年 1 月 1 日-2025 年 6 月 30 日 | 项目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 亏损：320 | 万元-630 | 万元 | 盈利：8,260.21 | 万元 | | | 比上年同期下降：103.87% -107.63% | | | | | | 扣除非经常性损 益后的净利润 | 亏损：1,520 | 万元-1,830 | 万元 | 盈利：6,873.46 | 万元 | | | 比上年同期下降：122.11% -126.62% | | | | | | 基本每股收益 | 亏损：0.01 | ...

Core Viewpoint - The promulgation of the "Private Economy Promotion Law" in China is a significant boost for the private sector, providing a sense of security for private entrepreneurs and expanding their development space [2][5]. Group 1: Impact of the Private Economy Promotion Law - The law establishes a nationwide unified negative list for market access, allowing private enterprises to enter any field not listed, thus broadening their opportunities for growth [2]. - Private enterprises are crucial to China's technological innovation, with over 92% of national high-tech enterprises and 95% of specialized and innovative small and medium-sized enterprises being privately owned [2]. Group 2: Technological Innovation at Mona Lisa Group - Mona Lisa Group has established the world's first demonstration production line for zero-carbon ammonia-hydrogen combustion technology, marking a significant achievement in the high-temperature industrial sector [3]. - Despite facing challenges such as high costs of ammonia compared to natural gas and difficulties in obtaining technical transformation subsidies, the company remains committed to technological innovation to enhance product competitiveness [3][6]. - Technological innovation has allowed Mona Lisa to offer differentiated products, improving average prices and profit margins, which is essential for survival in the current market environment [3]. Group 3: Industry Influence and Brand Image - The breakthroughs in zero-carbon ammonia-hydrogen combustion technology have garnered widespread attention, enhancing the brand image of Mona Lisa and the overall reputation of the Chinese ceramic industry [4]. Group 4: Future Directions and Challenges - The Private Economy Promotion Law encourages private enterprises to play an active role in technological innovation and the development of modern industrial systems [5]. - Mona Lisa aims to become a century-old enterprise by focusing on quality, delivery, cost, and innovation, with technological innovation being a key component for high-quality development [5][6]. - The company recognizes the need to adapt to market changes and maintain competitive advantages through continuous research and development [5][6].

Investment Rating - The report maintains a recommendation for the building materials sector, indicating a positive outlook for profitability recovery in the industry [2]. Core Insights - The building materials industry is experiencing a "de-involution" campaign aimed at improving overall profitability, particularly in the cement sector, where demand is currently suppressed due to high temperatures and rainy weather [1][10]. - The report highlights a significant increase in land acquisition by the top 100 real estate companies, with a year-on-year growth of 33.3%, reflecting a recovery in investment confidence among real estate enterprises [6][13]. - Price adjustments in the waterproofing materials sector are noted, with leading companies implementing price increases of 1% to 13% across various product categories, indicating a shift towards healthier competition in the consumer building materials market [6][13]. Summary by Sections Cement Industry - The national average cement price has continued to decline, with a drop of 10-15 CNY/ton in certain regions, while some areas like Jilin and Chongqing have seen price increases of 30-50 CNY/ton [10][22]. - The cement market is under pressure with a current inventory ratio of 76.00%, indicating a continued accumulation of stock [10][22]. - The China Cement Association has initiated measures to address supply-demand imbalances, which are expected to enhance overall industry profitability [10][11]. Float Glass Industry - The float glass market is experiencing weak price performance, with a national average price of 1174 CNY/ton, down 3.27 CNY/ton from the previous period [11]. - Inventory levels have decreased slightly, with a total of 6.9085 million heavy boxes reported, and production has increased to 110.34 million tons [11][12]. - Despite some replenishment activities in the downstream market, overall demand remains limited, leading to expectations of continued price weakness [11][12]. Fiberglass Industry - The market for non-alkali fiberglass remains stable, with prices around 3700 CNY/ton for high-end products, while electronic fiberglass prices are expected to rise due to tight supply [12]. - The main product G75 in the electronic fiberglass market is priced between 8800-9200 CNY/ton, showing stability compared to the previous week [12]. Consumer Building Materials - The report emphasizes the trend of price increases among leading companies in the waterproofing sector, which is seen as a positive sign for the industry's competitive landscape [6][13]. - Recommendations for investment include companies like Weixing New Materials, Keda Manufacturing, and Mona Lisa, which are positioned well for growth in the current market environment [14][15][16].

Investment Rating - The report maintains a "Recommendation" rating for the building materials industry [2] Core Views - The real estate policy continues to stabilize, which is expected to support the recovery of leading companies in the consumption building materials sector [14][15] - The cement market is experiencing continued low demand and overall price decline, with a national average shipment rate of 43.4% [11][21] - The float glass market is facing price declines and weak supply-demand support, with a current average price of 1174 RMB/ton [12][21] - The fiberglass market shows stable pricing for alkali-free roving, while electronic yarn prices remain steady [13] Summary by Sections Industry Dynamics - The cement market saw a price drop of 1.1% this week, with significant declines in various regions, while some areas like Jilin and Henan experienced slight price increases [11][21] - The float glass market's average price decreased by 7.14 RMB/ton, with a total production of 1.0909 million tons this week, reflecting a year-on-year decline of 8.2% [12][21] - The fiberglass market remains stable, with prices for alkali-free roving around 3500-3600 RMB/ton, while electronic yarn prices are expected to remain stable due to tight supply [13] Consumption Building Materials - The real estate policy is expected to drive demand for high-quality building materials, with the "Good House" national standard promoting industry transformation [14][15] - The report highlights the potential for recovery in the consumption building materials sector, particularly for leading companies [15] Recommended Stocks - Key recommended stocks include Weixing New Materials, Keda Manufacturing, Mona Lisa, Beixin Building Materials, Keshun Co., Dongpeng Holdings, with a focus on companies like China National Materials and Tianan New Materials [16][18]

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-044 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 关于 2025 年第二季度可转换公司债券转股情况的公告 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。 特别提示： 3、转股价格：人民币 19.80 元/股 4、转股期起止日期：2022 年 2 月 21 日至 2027 年 8 月 15 日 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》的有关规定，蒙娜丽莎集团股份有限公司（以下简称"公司"） 现将 2025 年第二季度可转换公司债券（以下简称"可转债"或"蒙娜转债"）转股及公司 股份变动情况公告如下： 一、可转债发行上市基本情况 （一）可转债发行情况 经中国证券监督管理委员会"证监许可【2021】2510 号"文核准，公司于 2021 年 8 月 16 日公开发行了 1,168.93 万张可转换公司债券，每张面值 100 元，发行总额 116 ...

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 上述担保事项在公司 2024 年度股东大会审批的担保额度范围内。截至 2025 年 6 月 30 日，公司为桂蒙公司提供的实际担保余额为 37,987.67 万元，剩余实际可用担保额度为 112,012.33 万元。 三、被担保人基本情况 1. 公司名称：广西蒙娜丽莎新材料有限公司 关于为全资子公司提供担保的进展公告 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。 一、担保情况概述 蒙娜丽莎集团股份有限公司（以下简称"公司"）为满足控股子公司日常经营和业务 发展资金需要，提高公司融资决策效率，公司分别于 2025 年 4 月 16 日召开第四届董事会 第八次会议、第四届监事会第五次会议，于 2025 年 5 月 16 日召开 2024 年度股东大会， 审议通过了《关于 2025 年度对外担保额度预计的议案》，同意公司 2025 年度为控股子公 司提供 ...

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。 特别提示： 债券代码：127044 | 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：127044 | 债券简称：蒙娜转债 | | 蒙娜丽莎集团股份有限公司 关于蒙娜转债恢复转股的公告 债券简称：蒙娜转债 恢复转股时间：自 2025 年 6 月 26 日起恢复转股 蒙娜丽莎集团股份有限公司董事会 2025 年 6 月 25 日 根据相关规定，"蒙娜转债"将在本次权益分派股权登记日后的第一个交易日，即 2025 年 6 月 26 日起恢复转股。敬请公司可转换公司债券持有人留意。 特此公告。 蒙娜丽莎集团股份有限公司（以下简称"公司"）因实施 2024 年度权益分派方案， 根据《蒙娜丽莎集团股份有限公司公开发行可转换公司债券募集说明书》相关条款的规定， 公司可转换公司债券（债券简称：蒙娜转债；债券代码：127044）自 2025 年 6 月 18 日至 公司 2024 年度权益分派股权登记日暂停转股。具体内容详见公司于 202 ...

申万宏源证券承销保荐有限责任公司 关于 蒙娜丽莎集团股份有限公司 公开发行可转换公司债券受托管理事务 报告 （2024年度） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办 法》"）《关于蒙娜丽莎集团股份有限公司公开发行可转换公司债券受托管 理协议》（以下简称"《受托管理协议》"）《蒙娜丽莎集团股份有限公司公开 发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）《蒙娜丽莎集 团股份有限公司2024年年度报告》等相关公开信息披露文件、第三方中介机构出 具的专业意见等，由本期债券受托管理人申万宏源证券承销保荐有限责任公 司（以下简称"申万宏源"）编制。申万宏源对本报告中所包含的从上述文件中 引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确 性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为申万宏源所作的承诺或 声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，申万宏源不 承担任何责任。 1 | 重要声明 | | 1 | | ...