[Table_Page] 投资策略周报|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 普通电子布涨价超预期，上海拟收购二手房用作保租房 [Table_Summary] 核心观点： [Table_Gr ade] 行业评级 持有 前次评级 持有 报告日期 2026-02-08 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 021-38003688 xielu@gf.com.cn 分析师： 张乾 SAC 执证号：S0260522080003 021-38003687 gzzhangqian@gf.com.cn 分析师： 陈琳云 SAC 执证号：S0260526010002 -10% 1% 12% 22% 33% 44% 02/25 04/25 07/25 09/25 11/25 02/26 建筑材料 沪深300 chenlinyun@gf.com.cn 请注意，张乾,陈琳云并非香港证券及期货事务监察委员会 的注册持牌人，不可在香港从事受监管活动。 [Table_ 相关研 ...

午后玻纤股异动拉升，山东玻纤直线涨停，宏和科技一度涨7%，续创历史新高，中国巨石、国际复 材、长海股份、中材科技跟涨。 ...

证券之星消息，1月30日玻璃玻纤板块较上一交易日上涨0.23%，宏和科技领涨。当日上证指数报收于 4117.95，下跌0.96%。深证成指报收于14205.89，下跌0.66%。玻璃玻纤板块个股涨跌见下表： 从资金流向上来看，当日玻璃玻纤板块主力资金净流出1.96亿元，游资资金净流入6968.0万元，散户资金 净流入1.26亿元。玻璃玻纤板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002080 中材科技 | | 1.03亿 | 4.04% | 4089.58万 | 1.60% | -1.44 Z | -5.64% | | 601112 | N振石 | 5354.03万 | 3.42% | 2376.31万 | 1.52% | -7730.34万 | -4.94% | | 603256 宏和科技 | | 542.98万 | 0.30% | 1006.79万 | 0.55% | -154 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601112 | N振石 | 24.78 | 121.65% | 120.23万 | 32.20 乙 | | 301526 | 国际复材 | 8.66 | 3.96% | 332.08万 | 30.19亿 | | 600293 | 三峡新材 | 3.73 | 1.91% | 89.17万 | 3.27亿 | | 618009 | 耀皮玻璃 | 8.52 | 1.43% | 13.65万 | 1.16亿 | | 601636 | 旗滨集团 | 7.20 | 1.41% | 80.82万 | 5.83亿 | | 603601 | 再升科技 | 11.90 | 1.10% | 257.68万 | 30.28亿 | | 000012 | 南 玻 A | 4.71 | 0.86% | 24.62万 | 1.16亿 | | 002613 | 北玻股份 | 3.92 | -1.26% | 17.90万 | 7056.33万 | | 605006 | 山东玻纤 | ...

证券之星消息，1月27日玻璃玻纤板块较上一交易日下跌0.52%，九鼎新材领跌。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。玻璃玻纤板块个股涨跌见下表： 从资金流向上来看，当日玻璃玻纤板块主力资金净流出2.61亿元，游资资金净流出3198.84万元，散户资 金净流入2.93亿元。玻璃玻纤板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603601 | 再升科技 | 10.70 | 6.36% | 209.11万 | 22.67亿 | | 600293 | 三峡新材 | 3.69 | 1.37% | 144.79万 | 5.23亿 | | 600876 | 凯盛新能 | 10.80 | 1.12% | 7.59万 | 8047.63万 | | 002613 | 北玻股份 | 4.00 | 0.76% | 1 28.84万 | 1.14亿 | | 600819 | 耀皮玻璃 | 8.70 | 0.46% | 13.45万 ...

从资金流向上来看，当日玻璃玻纤板块主力资金净流出5.51亿元，游资资金净流入1440.74万元，散户资 金净流入5.36亿元。玻璃玻纤板块个股资金流向见下表： 证券之星消息，1月26日玻璃玻纤板块较上一交易日下跌0.56%，再升科技领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。玻璃玻纤板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002201 | 九鼎新材 | 16.28 | 10.00% | 198.66万 | | 31.00亿 | | 603256 | 宏和科技 | 48.35 | 2.44% | 40.51万 | | 19.85 G | | 600293 | 三峡新材 | 3.64 | 0.28% | 266.05万 | | 10.01亿 | | 605006 | 山东玻纤 | 7.93 | 0.00% | 13.29万 | | 1.05亿 | | 601636 | 旗滨集团 | 6.93 ...

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]

Market Overview - The glass and fiberglass sector experienced a decline of 0.56% on January 23, with International Composite Materials leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the glass and fiberglass sector included: - Jinjing Technology (600586) with a closing price of 6.68, up 10.05% and a trading volume of 2.0262 million shares, totaling 1.331 billion yuan [1] - Sanxia New Materials (600293) closed at 3.63, up 10.00% with a trading volume of 1.4648 million shares, totaling 523 million yuan [1] - Jiuding New Materials (002201) closed at 14.80, up 6.78% with a trading volume of 2.2046 million shares, totaling 3.213 billion yuan [1] Fund Flow Analysis - The glass and fiberglass sector saw a net outflow of 1.027 billion yuan from institutional investors, while retail investors contributed a net inflow of 691 million yuan [2] - The main fund flow for key stocks included: - Jinjing Technology had a net inflow of 1.821 billion yuan from institutional investors, but a net outflow of 940.533 million yuan from speculative funds [3] - Sanxia New Materials experienced a net inflow of 880.962 million yuan from institutional investors, with a net outflow of 278.971 million yuan from speculative funds [3] - Flag Group (601636) had a net inflow of 434.656 million yuan from institutional investors, while speculative funds saw a net outflow of 325.892 million yuan [3]

证券之星消息，1月22日玻璃玻纤板块较上一交易日上涨5.42%，九鼎新材领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。玻璃玻纤板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002201 | 九鼎新材 | 13.86 | 10.00% | 86.00万 | 11.59亿 | | 603256 | 宏和科技 | 47.43 | 10.00% | 46.37万 | 21.29亿 | | 603601 | 再升科技 | 10.15 | 9.97% | 156.28万 | 15.36亿 | | 301526 | 国际复材 | 8.69 | 7.02% | 272.53万 | 22.66亿 | | 600586 | 金晶科技 | 6.07 | 5.20% | 57.42万 | 3.43 Z | | 002080 | 中材科技 | 41.14 | 4.76% | 82.43万 | 33.22亿 | | 601636 | | 6. ...

从资金流向上来看，当日玻璃玻纤板块主力资金净流入4.2亿元，游资资金净流出2.81亿元，散户资金净 流出1.39亿元。玻璃玻纤板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603256 | 宏和科技 | 43.12 | 10.00% | 36.57万 | 15.05亿 | | 301526 | 国际复材 | 8.12 | 9.58% | 293.58万 | 23.95 Z | | 600176 | 中国巨石 | 20.44 | 7.07% | 101.54万 | 20.31亿 | | 002080 | 中材科技 | 39.27 | 5.51% | 62.07万 | 23.69亿 | | 300196 | 长海股份 | 16.49 | 3.91% | 18.87万 | 3.07亿 | | 605006 | 山东玻纤 | 7.79 | 2.91% | 22.45万 | 1.73亿 | | 601636 | | 6.49 | 1.56% | 71.49万 | 4.61亿 | ...