证券研究报告|行业策略报告 2025 年 12 月 16 日 向内看"反内卷"显效，向外拓"新市场"机遇 建材行业 2026 年度投资策略 中游制造/建材 2025 年以来，我们看到走出较优行情的玻纤、水泥、耐火材料均有供需改善逻 辑。首先是企业达成"反内卷"共识，保障供给收缩或维持，其次是结构性需 求有增长点，如玻纤的特种电子布供需缺口、水泥的海外市场拓展、耐火材料 的高端/特种耐材需求等。从供需格局角度来看，我们认为 2026 年建材行业仍 存结构性机会：国内的浮法玻璃、瓷砖、管材、卫浴等板块仍待磨底；防水、 涂料等板块或有盈利改善空间；玻纤、海外水泥、海外消费建材等板块关注特 定产能落地后对公司的业绩贡献弹性和兑现度，以及行业供需边际变化。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 96 | 1.9 | | 总市值（十亿元） | 948.2 | 0.9 | | 流通市值（十亿元） | 852.6 | 0.9 | 行业指数 % 1m 6m 12m 绝对表现 -6.2 12.3 10.2 相对表现 -4.5 -5.5 -5.5 资料来源： ...

Core Insights - The central economic work conference emphasizes stabilizing the real estate market and combating "involution" in competition, aiming to promote the construction of "good houses" and accelerate the establishment of a new model for real estate development [6][15] - The report suggests that the cement, glass, and certain consumer building materials industries may see continued optimization in supply-side dynamics, leading to increased concentration and improved profitability [6][15] Consumer Building Materials - The consumer building materials sector is experiencing a recovery in retail due to high demand for second-hand housing and supportive subsidy policies, with leading companies showing strong operational resilience [6][31] - Long-term demand stability and increasing industry concentration provide significant growth potential for quality leading companies in the consumer building materials sector [6][31] - Key companies to watch include Sanke Tree, Rabbit Baby, Hanhai Group, Dongfang Yuhong, China Liansu, Beixin Building Materials, Weixing New Materials, and others [6][31] Cement - National cement market prices increased by 0.05% week-on-week, with the average price at 355 RMB/ton as of December 12, 2025, reflecting a year-on-year decrease of 69.17% [6][31] - The report anticipates that cement prices will maintain a slight fluctuation in the future, with industry valuations at historical lows, highlighting companies like Huaxin Cement, Conch Cement, and others for potential investment [6][31] Glass - Float glass prices are showing mixed trends, while photovoltaic glass inventories continue to rise, with the average price of float glass at 1156 RMB/ton, down 1.0% month-on-month and 18.0% year-on-year [6][31] - The report indicates that leading glass companies have low valuations and suggests focusing on Qibin Group, Xinyi Solar, and others for investment opportunities [6][31] Fiberglass/Carbon-based Composites - The market for fiberglass is stable, with direct yarn prices holding steady, while electronic yarn prices have stabilized after previous increases [6][31] - The report identifies leading companies in the fiberglass sector, including China Jushi and others, as having a significant competitive edge [6][31] Market Data and Trends - The report notes that the consumer building materials sector has seen a year-on-year revenue decline of 4.2% in the first three quarters of 2025, with a notable improvement in revenue growth rates for leading companies [33][34] - The profitability of the consumer building materials sector is stabilizing, with net profit margins hovering at the bottom, indicating potential for recovery as market conditions improve [34][41]

Core Insights - The report emphasizes the importance of identifying investment opportunities in the building materials sector as it transitions from a period of intense competition to one focused on value extraction and growth [1]. Group 1: Investment Opportunities in the Building Materials Sector - Four key investment themes are highlighted: traditional building material leaders emerging from the bottom of the cycle, overseas capacity expansion, high-demand new materials, and policy support for industry consolidation [5]. - Traditional building material leaders are expected to recover first, with a focus on alpha opportunities as the sector stabilizes [14]. - The overseas expansion of building material capacity is driven by high demand in foreign markets, particularly in Africa, where Chinese companies are increasingly investing [20][22]. Group 2: Consumer Building Materials - The consumer building materials sector is stabilizing, with a narrowing decline in real estate indicators expected in 2026, leading to a potential rebound in demand [15]. - Strong alpha leaders in the sector are anticipated to achieve positive revenue growth first, with companies like Sanke Tree and Dongfang Yuhong highlighted as key players [15][16]. - Profit margins are expected to improve in 2026 due to price stabilization, structural optimization, and enhanced operational efficiency [15]. Group 3: Glass Fiber Industry - The glass fiber market is projected to maintain a tight supply-demand balance, with demand expected to grow by 5.8% in 2025 and 4.6% in 2026 [5][25]. - The report notes that the profitability of traditional glass fiber products is on an upward trajectory, with leading companies benefiting from differentiated product advantages [5][28]. Group 4: Cement Industry - The domestic cement market is facing a decline in demand, with expectations of a 7% drop in 2025 and a 6% drop in 2026, while overseas markets remain robust [5][31]. - The report suggests that supply-side policies will play a crucial role in stabilizing the market, with potential profitability improvements anticipated in 2026 [5][36]. Group 5: Glass Industry - The glass industry is expected to see supply optimization as a key theme in 2026, with a slight decline in demand for float glass anticipated [5][40]. - The photovoltaic glass segment is projected to experience a balanced supply-demand situation, with potential profitability improvements if production resumes [5][45].

中国经济网北京12月8日讯 东鹏控股(003012.SZ)今日股价下跌，截至收盘，该股报6.84元，跌幅 1.01%。 东鹏控股首次公开发行股票的发行费用为1.43亿元，其中，保荐及承销费1.00亿元。 (责任编辑：徐自立) 东鹏控股于2020年10月19日在深交所上市，发行总股数为14,300万股（占发行后总股本的 12.19%），发行价格为11.35元/股，保荐机构（主承销商）为中国国际金融股份有限公司，保荐代表 人为章志皓、潘志兵。该股目前处于破发状态。 东鹏控股首次公开发行股票募集资金总额为16.23亿元，扣除发行费用后，募集资金净额为14.80 亿元。东鹏控股于2020年9月28日披露的招股说明书显示，该公司拟募集资金14.80亿元，分别用于年 产315万平方米新型环保生态石板材改造项目、扩建4条陶瓷生产线项目、澧县新鹏陶瓷有限公司二期 扩建项目、年产160万件节水型卫生洁具生产线建设项目、年产260万件节水型卫生洁具及100万件五 金龙头建设项目、东鹏信息化设备及系统升级改造项目、智能化产品展示厅建设项目。 ...

证券日报网讯12月5日晚间，东鹏控股（003012）发布公告称，公司及控股公司于近日取得由国家知识 产权局颁发的15项发明专利证书，涵盖锂尾矿应用于瓷砖生产的固废循环经济技术、防滑抗菌防污适老 化瓷砖、智能马桶、生态石生产技术等，专利已应用或即将应用于生产，有利于保护自主知识产权、保 持技术领先并提升核心竞争力。 ...

每经AI快讯，东鹏控股（SZ 003012，收盘价：6.91元）12月5日晚间发布公告称，广东东鹏控股股份有 限公司及控股公司于近日取得由国家知识产权局颁发的15项发明专利证书。截至本公告披露日，公司及 控股子公司累计共取得各类型专利2546项，现有各类型有效专利1328项。专利名称分别为"一种基于锂 尾矿的陶瓷坯料、陶瓷砖及其制备方法""一种具有防滑作用的防污哑光仿古砖及其制备方法"等。 （记者 曾健辉） 2025年1至6月份，东鹏控股的营业收入构成为：瓷砖占比84.69%，洁具占比12.67%，其他占比2.63%。 截至发稿，东鹏控股市值为80亿元。 每经头条（nbdtoutiao）——秒光、售罄！银行大额存单成稀缺资源，2%以上产品很难抢，有的门槛高 达1000万元！专家：存款利率或长期下行 ...

广东东鹏控股股份有限公司（以下简称"公司"）及控股公司于近日取得由 国家知识产权局颁发的 15 项发明专利证书。截至本公告披露日，公司及控股子 公司累计共取得各类型专利 2546 项，现有各类型有效专利 1328 项（其中发明专 利 445 项）。 证券代码：003012 证券简称：东鹏控股 公告编号:2025-083 一、获得发明专利证书的情况 广东东鹏控股股份有限公司 关于取得15项发明专利证书的公告 公司本次新增 15 项发明专利，涵盖锂尾矿应用于瓷砖生产的固废循环经济 利用技术，防滑、抗菌和防污等适老化瓷砖生产技术，新品类瓷砖、智能马桶、 生态石生产技术等，具体情况如下： 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。 | 序号 | 专利名称 | | | 专利号 | | 专利申请日 | | 专利权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 一种基于锂尾矿的陶 瓷坯料、陶瓷砖及其制 | ZL | 2024 | 1 0860354.7 | 2024 年 | 06 | 月 ...

Core Viewpoint - The implementation of the national standard "Quality Grading of Consumer Ceramic Tiles" marks a significant step in the transformation of China's ceramic tile industry, guiding competition back to product value enhancement and curbing low-price and disorderly competition [1][2]. Industry Overview - The new standard provides clear and quantifiable criteria for high-quality ceramic tiles, establishing a benchmark for companies and accelerating the elimination of inefficient production capacity and industry consolidation [1]. - The highest quality grade is designated as "5A" (AAAAA), with only an estimated 5% of products expected to meet this standard across the industry [1]. Company Actions - Leading companies such as Dongpeng Holdings, Marco Polo, and Mona Lisa are actively promoting product innovation and upgrading in response to the new standard [1][2]. - Dongpeng Holdings emphasizes its long-standing high-standard manufacturing and quality control capabilities, which are expected to provide a competitive advantage under the new standard [2]. - Mona Lisa has launched its first batch of 5A ceramic products, implementing a closed-loop quality control model that integrates over 1,100 internal standards that exceed national benchmarks [2]. Market Dynamics - The market share of leading ceramic tile companies remains relatively low, and the new standard is anticipated to drive industry consolidation [2]. - Companies are encouraged to seize development opportunities through product innovation and upgrades to enhance competitiveness and capture a larger market share [2].

Core Insights - Dongpeng Holdings experienced a 1.42% increase in stock price, closing at 7.12 yuan, with a total of 7 block trades amounting to 3.1152 million shares and a total transaction value of 19.7815 million yuan [1][2] Trading Activity - The first block trade occurred at a price of 6.35 yuan for 400,000 shares, totaling 2.54 million yuan, with a discount rate of -10.81% [1] - The second block trade also priced at 6.35 yuan involved 403,800 shares, amounting to 2.5641 million yuan, maintaining the same discount rate of -10.81% [2] - The third block trade involved 511,400 shares at the same price of 6.35 yuan, totaling 3.2474 million yuan, with a consistent discount rate of -10.81% [1] - Subsequent trades (fourth to seventh) continued at the same price of 6.35 yuan, with varying volumes and total amounts, all reflecting a discount rate of -10.81% [2] - Over the past three months, Dongpeng Holdings has recorded a total of 55 block trades with a cumulative transaction value of 199 million yuan [2] - In the last five trading days, the stock has increased by 3.64%, while the net outflow of main funds amounted to 4.2286 million yuan [2]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交軍 | 成交全额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-12-01 | 003012 | 东鹏控股 | 6.35 | 40.00 | 254.00 中国中金财富证券 | 中国中金财富证券 | | | | | | | 有限公司深圳分公 | 有限公司佛山季华 | | | | | | | 司 | 五路证券营业部 | | 2025-12-01 | 003012 | 东鹏控股 | 6.35 | 40.38 | 256.41 中信证券股份有限 | 中国中金财富证券 | | | | | | | 公司苏州分公司 | 有限公司佛山季华 | | | | | | | | 五路证券营业部 | | 2025-12-01 | 003012 | 东鹏控股 | 6.35 | 51.14 | 324.74 中国银河证券股份 | 中国中金财富证券 | | | | | | | 有限公司南京洪武 | 有限公司佛山分公 | | ...