【天风建筑建材 & 新材料】周观点 20260223 节前1-2周涨幅较好的主线为：①AI 算力相关电子材料主线，以特种电子布为核心的玻纤领涨建材板块；PCB 基材、半导体封装材料、液冷相关标的领涨新材料板块；②AI + 建筑主线，VR/AR 应用、算力 + 工程咨询设计相 关标的领涨建筑板块；③外围市场 PCB 核心基材、半导体设备/材料主线领涨。 下周重点关注： 1、科技主线持续回归，核心推荐【电子布】赛道：①供需格局持续失衡，行业整体供需缺口约 20%，26 年 1 月 起全品类电子布均出现供应紧张，企业在手订单已达 2 个月水平，预计26 年全年将维持供应偏紧格局；②产能供 给刚性收缩，普通电子布产能向高端转移带来60% 产能损失，全品类供给持续收缩；③涨价节奏加快、弹性充 足，25 年电子布行业普遍提价 4-5 次，26 年 已提价10%，高端 DK 布、Q 布、CTE布价格仍处上行通道；④扩产 瓶颈短期无法突破，高端产品生产依赖的丰田高端织布机交付周期长达 1-2 年，但需关注池窑法突破（单个池窑 年产3000吨VS坩埚36吨）带来的供应增加（29年有可能供过于求）；⑤库存与需求端共振，CCL及电 ...

Investment Rating - The report assigns an "Accumulate" rating for the building materials industry [5] Core Insights - The report emphasizes the expectation of price increases post-Spring Festival and the potential catalyst from the real estate sector. It highlights that the consumption building materials sector may begin to show fundamentals independent of real estate from 2025-2026, with a focus on the resilience of the real estate market after the Spring Festival [2][7] - The report recommends leading companies in the consumption building materials sector that have independent growth logic and sufficient dividend valuation support, particularly in the waterproof materials sub-sector [5][7] Summary by Sections Building Materials Industry Investment Strategy - The consumption building materials sector is anticipated to benefit from potential macroeconomic improvements, with a focus on the resilience of the real estate market post-Spring Festival. The report highlights the importance of observing second-hand housing transactions for signs of market recovery [7] - Recommended companies include Oriental Yuhong, Beixin Building Materials, Weixing New Materials, and others that are expected to perform well due to their growth strategies and market positions [7] Market Review - From February 2 to February 6, 2026, the building materials sector increased by 0.70%, with specific segments like glass manufacturing rising by 5.32% [10] - The report notes significant individual stock movements, with companies like Hanjian Heshan and Jinjing Technology showing notable weekly gains [17] Cement Industry - The national cement market price decreased by 1% week-on-week, with significant price drops in regions like Henan and Hubei. The average shipment rate for cement companies fell by approximately 8 percentage points [24][25] - The report anticipates a stabilization in cement prices as the market enters a holiday period, with a focus on the execution of production restrictions in 2026 [7][24] Glass Industry - The average price of domestic float glass increased to 1154.49 RMB/ton, reflecting a week-on-week rise of 9.69 RMB/ton. However, demand is expected to weaken as downstream processing plants shut down for the holiday [42] - The report recommends leading companies in the glass sector, including Fuyao Glass and Xinyi Glass, due to their strong market positions and dividend yields [42][43] Fiberglass Industry - The report indicates that the fiberglass market is experiencing price increases, particularly in the electronic yarn segment, driven by tight supply and steady demand [55] - Recommended companies in this sector include China Jushi and Zhongcai Technology, which are expected to benefit from structural demand upgrades [55]

Core Viewpoint - Mona Lisa Group's Chairman, Xiao Libiao, emphasizes the integration of cultural empowerment and green manufacturing to enhance urban aesthetics and sustainable development in Foshan [2][21]. Group 1: Urban Aesthetics and Cultural Empowerment - Xiao Libiao proposes a unified aesthetic planning approach at the city, district, and town levels, transforming local cultural elements into reusable design resources for public spaces [2]. - The company aims to create a design library incorporating local cultural essences such as ceramic patterns and lion dance motifs, enhancing the city's aesthetic appeal [2]. - Mona Lisa Group has developed new materials like long-afterglow luminescent ceramics and color-changing ceramics, expanding the functional and artistic boundaries of traditional ceramics [5][10]. Group 2: Innovative Materials and Technology - The long-afterglow luminescent ceramics do not require additional power and provide a soft glow at night, enhancing urban nightscapes while reducing light pollution [7]. - Color-changing ceramics can switch colors based on temperature changes, adding dynamic elements to urban public signage and building facades [10]. - These innovations redefine the application value of ceramics in urban aesthetics, bridging technology and art [10]. Group 3: Sustainable Development and Green Manufacturing - Mona Lisa Group has achieved breakthroughs in ammonia-hydrogen zero-carbon combustion technology, contributing to sustainable urban development [16]. - The first global production line for ammonia-hydrogen zero-carbon ceramics is set to produce 1.5 million square meters annually, reducing carbon emissions by approximately 5,200 tons per year [18]. - The zero-carbon ceramic products are lightweight, durable, and suitable for urban renewal and public space construction, providing a comprehensive low-carbon solution [18]. Group 4: Cultural Integration and Local Identity - The company integrates local cultural elements into its designs, creating unique urban IPs that reflect Foshan's rich cultural heritage [12][15]. - The large ceramic mural "Awakening Foshan," created by Mona Lisa, showcases the city's development history and serves as a cultural landmark [14]. - Mona Lisa's ceramic artworks have been extended to various cities, promoting Foshan's ceramic culture nationwide [15].

Group 1 - Mona Lisa Group Co., Ltd. has recently obtained three invention patent certificates from the National Intellectual Property Administration, with patent names including "Flowing Pattern Decorative Ceramic Tiles and Their Preparation Method" and "A Luxury Stone Ceramic and Its Preparation Method" [1] Group 2 - The nuclear power construction industry is experiencing a surge, with equipment manufacturers reporting high demand, leading to orders scheduled until 2028. Employees are working in three shifts, and production lines are operating 24 hours a day [1]

| 证券代码：002918 | 证券简称：蒙娜丽莎 | 公告编号：2026-005 | | --- | --- | --- | | 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 上述发明专利为公司自主研发成果。专利的取得和应用不会对公司目前的生产经营产 生重大影响，但有利于充分发挥公司自主知识产权的优势，促进技术创新，增强公司产品 的核心竞争力，对公司未来发展产生积极影响。 特此公告。 蒙娜丽莎集团股份有限公司董事会 2026 年 1 月 31 日 蒙娜丽莎集团股份有限公司（以下简称"蒙娜丽莎"或"公司"）于近日取得国家知 识产权局颁发的发明专利证书共 3 项，具体情况如下： | 序 | 专利 | 专利 | 发明名称 | 专利号 | 专利 | 专利授权 | 证书号 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 类型 | 权人 | | | 申请日 | 公告日 | | | | 1 | 发明 | 蒙娜 | 流纹装饰效果陶瓷砖及 | ZL202511 | 2025.09.24 | 2026.01. ...

Core Viewpoint - The renovation and building materials sector experienced a slight increase, closing at 18,076.57 points with a growth rate of 0.91%, driven by several stocks in the sector showing positive performance [1]. Group 1: Stock Performance - Keshun Co. closed at 7.61 CNY per share, leading the sector with a growth rate of 13.58% [1]. - Dongfang Yuhong closed at 17.95 CNY per share, with a growth rate of 7.87%, ranking second in the sector [1]. - Sankeshu closed at 57.88 CNY per share, achieving a growth rate of 7.58%, ranking third in the sector [1]. - Kangxin New Materials closed at 3.81 CNY per share, leading the decline with a drop of 8.19% [1]. - Xiong Plastic Technology closed at 10.38 CNY per share, with a decline of 3.98%, ranking second in losses [1]. - Mona Lisa closed at 16.46 CNY per share, with a decline of 3.23%, ranking third in losses [1]. Group 2: Market Outlook - China Galaxy's research report indicates that both consumption and investment are working together to expand domestic demand, with consumption upgrades driving the high-quality transformation of building materials [1]. - The Central Economic Work Conference mentioned plans to "deeply implement special actions to boost consumption" by 2026, which aligns with the 14th Five-Year Plan's suggestion to "remove unreasonable restrictions on consumption" [1]. - It is anticipated that by 2026, housing purchase restrictions in various regions will gradually be relaxed, enhancing expectations for a recovery in the home decoration market and boosting demand for building materials [1].

Core Viewpoint - In 2025, the Chinese home furnishing industry is facing significant challenges, with a projected industry kiln operation rate of approximately 50% and a sales volume expected to drop to around 4.5 billion square meters, leading to intensified price wars. Mona Lisa Group aims to avoid this price war by implementing lean management and focusing on quality, delivery, cost, and innovation as core strategies for sustainable growth [1][2][16]. Group 1: Industry Challenges - The ceramic industry is predicted to experience its lowest point in a decade in 2025, with a significant gap between production capacity and actual sales [1]. - The competition is becoming increasingly fierce, with price wars threatening brand value and revenue [1]. Group 2: Company Strategy - Mona Lisa Group is adopting the Danaher model to implement lean management, emphasizing quality, delivery, cost, and innovation as the four key elements of its strategy [1][2]. - The company has reported a 48.79% year-on-year increase in net profit attributable to shareholders in Q3 2025, indicating a successful internal growth strategy [2]. Group 3: Quality and Innovation - Quality is prioritized as the foundation of the company's operations, with over 1,100 internal control standards in place to maintain brand trust and product integrity [4][5]. - The company focuses on user needs and comprehensive cost considerations in its innovation strategy, ensuring that new products meet market demands and optimize user costs [7][9]. Group 4: Market Positioning - Mona Lisa is committed to high-quality standards, being a key contributor to the drafting of the GB/T 45817-2025 standard for ceramic tiles, and plans to launch the first 5A boutique showroom in the industry [11][12]. - The company aims to respond to the trend of consumption upgrading and differentiation by promoting high-end products that meet health and safety standards [12]. Group 5: Future Outlook - For 2026, Mona Lisa has set a theme of "quality and growth," anticipating a potential industry recovery and aiming to empower its distributors for better market positioning [14][16]. - The company believes that long-term value and a solid operational foundation are essential for navigating economic cycles and achieving sustainable growth [14][16].

Group 1 - The company Donghe New Materials announced a change in its auditing firm for the 2025 annual audit, with the original auditor Zhou Hongbo being replaced by Sha Zhengyu due to work arrangement adjustments [2] - The new project partner for the 2025 annual audit is Yan Changman, with Sha Zhengyu and Liu Yan serving as signing auditors, and Lang Haihong as the quality control reviewer [2]

Core Viewpoint - Mona Lisa Group Co., Ltd. has announced a significant decline in its expected net profit for 2025, alongside the resignation of a high-profile executive, highlighting the dual challenges of performance and personnel changes amid a downturn in the real estate sector [1][5]. Financial Performance - The company forecasts a net profit attributable to shareholders of between 45 million to 66 million yuan for 2025, representing a year-on-year decline of 47.18% to 63.99% [1][4]. - The decline in performance is attributed to a decrease in average selling prices and a reduction in order volume due to the real estate sector's transition to a stock era [4][6]. - The engineering strategic business revenue saw a significant drop of 42.68% year-on-year in the first half of 2025, with a 44.09% decline in the first three quarters, which has been a core factor dragging down overall performance [4][6]. Executive Compensation - Despite a 21.79% decline in revenue and a 53.06% drop in net profit in 2024, the total compensation for directors and senior management increased to 18.62 million yuan, with the then-secretary Zhang Qikang receiving 2.757 million yuan, leading to public controversy [5]. - In response to the performance decline, the company has committed to reducing the salaries of some directors and senior management by no less than 20% in 2025, aligning with the revenue decline [5]. Cash Flow and Operational Challenges - The company reported a negative net cash flow from operating activities of 113 million yuan in the first quarter of 2025, indicating severe cash flow challenges [6]. - Although the overall cash flow turned positive in the first three quarters, the industry remains in a low-demand environment, with ongoing price wars and low kiln operating rates [6]. Strategic Initiatives - The company is attempting to pivot towards green and intelligent transformation, having launched the world's first ceramic industrial ammonia-hydrogen zero-carbon combustion demonstration production line in September 2024 [6]. - However, the high cost of ammonia, which is currently about twice that of natural gas, poses a significant barrier to the widespread commercialization of this technology [6]. Industry Context - The challenges faced by Mona Lisa reflect broader issues within the ceramic industry, particularly the impact of the real estate cycle on the supply chain [7]. - While the recent executive pay cuts and changes may temporarily soothe market sentiment, the company must address its over-reliance on the real estate engineering channel to achieve long-term stability [7].

Core Viewpoint - Mona Lisa Group is facing a significant decline in net profit for the fiscal year 2025, with projections indicating a drop of 47.18% to 63.99% compared to the previous year, leading to market discussions regarding executive compensation amidst poor performance [1][2][4]. Financial Performance - The expected net profit attributable to shareholders for 2025 is projected to be between 45 million and 66 million yuan, a decrease from 124.96 million yuan in the previous year, representing a decline of 47.18% to 63.99% [2][4]. - The non-recurring net profit is anticipated to decline by 56.74% to 70.84% [2][4]. - The average sales price of products has decreased, contributing to lower overall sales revenue, while the real estate sector's transition to a stock era has led to a reduction in order volume, impacting engineering channel sales [4][10]. Executive Compensation - Despite the declining performance, executive compensation has seen an increase. In 2023, the total pre-tax salary for all directors and senior management was approximately 17.91 million yuan, which rose to about 18.62 million yuan in 2024, despite a significant drop in net profit [6][7]. - The highest-paid executive, Zhang Qikang, had an annual salary of 2.757 million yuan, which has raised concerns regarding the company's incentive mechanisms [7][8]. Market Conditions - The ceramic industry is experiencing intensified competition, leading to a projected revenue decline of 17.96% in the first half of 2025 [10]. - The engineering strategic business revenue is expected to drop significantly, with a reported decrease of 42.68% in the first half of 2025 [11]. Cash Flow and Asset Risks - The company is facing challenges with operating cash flow, reporting a net cash flow from operating activities of -113.62 million yuan in the first quarter of 2025, a significant decline of 507.66% year-on-year [11]. - Asset impairment risks are also a concern, with the company indicating that it has recognized impairment losses of 32 million yuan in the first three quarters of 2025, which is an increase compared to the previous year [12]. Strategic Initiatives - The company is focusing on green and intelligent transformation as a key strategy, with plans to launch a zero-carbon combustion production line in September 2024. However, high costs associated with ammonia fuel pose a challenge for commercial promotion [13].