【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]

2月9日，东鹏控股大宗交易成交155.02万股，成交额1046.39万元，占当日总成交额的14.51%，成交价 6.75元，较市场收盘价7.48元折价9.76%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交全额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-09 | 003012 | 东鹏控股 | 6.75 | 44.00 | 297.00 机构专用 | | 中国中金财富证券 | | | | | | | | | 有限公司佛山分公 | | | | | | | | | 日 | | 2026-02-09 | 003012 | 东鹏控股 | 6.75 | 37.00 | 249.75 机构专用 | | 中国中金财富证券 | | | | | | | | | 有限公司佛山分公 | | | | | | | | | ロ | | 2026-02-09 | 003012 | 东鹏控股 | 6.75 | 74.02 | 499.64 机构专用 | | 中国 ...

Core Insights - The report indicates that the price of ordinary electronic cloth has exceeded expectations, with significant price increases observed in recent months, suggesting a sustained high demand in the market [12][13] - Shanghai's initiative to purchase second-hand homes for rental purposes is expected to boost the supply of rental housing and stimulate the construction materials market [13][14] - The construction materials industry is currently at a historical valuation low, with potential for recovery as demand stabilizes and supply-side improvements take effect [23][25] Group 1: Price Trends and Market Dynamics - The price of ordinary electronic cloth has seen cumulative increases of 1-1.2 RMB/m due to supply-demand imbalances and rising copper prices, indicating a long-term bullish trend [12] - The Shanghai government has launched a program to acquire second-hand homes for rental purposes, focusing on small-sized units, which is anticipated to enhance the supply of rental properties and invigorate the construction materials sector [13] - Recent data shows a recovery in second-hand home transactions, with significant year-on-year increases, suggesting a potential rebound in the real estate market [14][15] Group 2: Industry Fundamentals and Company Performance - The construction materials sector is experiencing a bottoming out phase, with various sub-sectors like cement and fiberglass showing signs of recovery, supported by supply-side adjustments and improved market conditions [23][25] - The report highlights that leading companies in the consumer building materials segment are demonstrating resilience, with improved revenue growth rates compared to the overall market, indicating strong operational capabilities [29] - Cement prices have recently decreased by 1%, but the overall market is expected to stabilize as companies implement price control measures and benefit from lower coal costs [25][26] Group 3: Investment Opportunities - The report suggests focusing on leading companies in the consumer building materials sector, such as Three Trees, Rabbit Baby, and Oriental Yuhong, which are well-positioned to benefit from the ongoing market recovery [23][25] - In the cement industry, companies like Huaxin Cement and Conch Cement are highlighted as potential investment opportunities due to their strong market positions and historical performance [25][26] - The fiberglass sector is also noted for its growth potential, with leading firms like China Jushi and Zhongtai Technology expected to capitalize on increasing demand for high-end electronic cloth [26][28]

2月6日，东鹏控股大宗交易成交196.68万股，成交额1333.5万元，占当日总成交额的14.51%，成交价6.78元，较市场收盘价 7.5元折价9.6%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-02-06 | 003012 | 东鹏控股 | 6.78 | 35.00 | 237.30 机构专用 | | 中国中金财富证券 | | | | | | | | | 有限公司佛山分公 | | | | | | | | | 司 | | 2026-02-06 | 003012 | 东鹏控股 | 6.78 | 49.31 | 334.33 机构专用 | | 中国中金财富证券 | | | | | | | | | 有限公司佛山季华 | | | | | | | | | 五路证券营业部 | | 2026-02-06 | 003012 | 东鹏控股 | 6.78 | 29.50 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2026-02-04 | 003012 | 东鹏控股 | 6.60 | 49.00 | 323.40 浙商证券股份有限 | 中国中金财富证券 | | | | | | | 公司金华分公司 | 有限公司佛山分公 | | | | | | | | 司 | | 2026-02-04 | 003012 | 东鹏控股 | 6.60 | 49.00 | 323.40 华泰证券股份有限 | 中国中金财富证券 | | | | | | | 公司南京分公司 | 有限公司佛山分公 | | | | | | | | 司 | | 2026-02-04 | 003012 | 东鹏控股 | 6.60 | 51.00 | 336.60 中国银河证券股份 | 中国中金财富证券 | | | | | | | 有限公司杭州建国 | 有限公司佛山季华 | | | | | | | 北路证券营 ...

- The report introduces a quantitative model framework for market trend analysis, focusing on five asset style stages: external growth, quality growth, quality dividend, value dividend, and bankruptcy value. The model evaluates assets based on their intrinsic attributes and prioritizes them using the sequence of g > ROE > D, analyzing whether there are "good assets" and whether they are "expensive" [5][8][9] - The model incorporates key factors such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (B/P). Each factor is associated with specific market phases, e.g., expected growth is relevant across all phases, while profitability is emphasized during maturity phases [9][12] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.67% since 2009. It has shown consistent excess returns in most years, particularly post-2017, with limited effectiveness in years like 2011, 2012, and 2016 [19][22] - The model's backtesting results for specific years include notable excess returns, such as 51% in 2009, 36% in 2013, and 62% in 2022. However, it also recorded underperformance in years like 2011 (-11%) and 2014 (-4%) [22] - The report details six specific strategies derived from the model, each focusing on different factors: - **Expected Growth Strategy**: Selects industries with the highest analyst-forecasted growth rates. Recent recommendations include sectors like automotive sales, lithium equipment, and tungsten [38][39] - **Actual Growth Strategy**: Focuses on industries with the highest unexpected growth (△g). Current recommendations include photovoltaic equipment, insurance, and coal chemical sectors [40][41] - **Profitability Strategy**: Targets high-ROE industries with low valuations under the PB-ROE framework. Recommended sectors include copper, liquor, and non-dairy beverages [43][44] - **Quality Dividend Strategy**: Utilizes a DP+ROE scoring system to identify industries. Current recommendations include forestry, lithium equipment, and fiberglass [46][47] - **Value Dividend Strategy**: Employs a DP+BP scoring system. Recommended sectors include security, daily chemicals, and buses [49][50] - **Bankruptcy Value Strategy**: Focuses on industries with the lowest PB+SIZE scores. Current recommendations include automotive sales, ceramics, and cotton textiles [53][54]

证券代码：003012 证券简称：东鹏控股 公告编号:2026-001 广东东鹏控股股份有限公司 关于取得发明专利证书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 广东东鹏控股股份有限公司（以下简称"公司"）及控股子公司于近日取得 由国家知识产权局颁发的 8 项发明专利证书。截至本公告披露日，公司及控股子 公司累计取得各类型专利 2557 项，现有各类型有效专利 1331 项（其中包括发明 专利 453 项）。 | 序号 | 专利名称 | | 专利号 | | 专利申请日 | 专利权人 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 一种双片瓷砖的磨边 生产线及其控制方法 | ZL | 2023 1 | 1143663.4 | 2023 年 09 月 05 日 | 佛山市东鹏陶瓷有限公司； 广东东鹏控股股份有限公司； 丰城市东鹏陶瓷有限公司； | | | | | | | | 佛山市东鹏陶瓷发展有限公司 | | 2 | 一种提高瓷砖粘结强 度的低吸水率瓷砖 | ZL | 2024 1 | 00506 ...

每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 （记者 王晓波） 每经AI快讯，亚联机械1月29日晚间发布公告称，为了进一步开拓海外市场，服务海外客户，提升公司 持续发展能力，亚联机械股份有限公司以自有资金对外投资设立新加坡全资子公司亚联机械（新加坡） 股份有限公司，注册资本约为7.6万美元。 ...

Group 1 - The company, Yalian Machinery, is committed to continuously improving its performance to reward shareholders' trust and support [2] - The company emphasizes its focus on shareholder interests and aims to promote sustainable and healthy development [2]