智通财经网·2026-02-09 03:13Group 1: Consumer Building Materials - The demand for traditional building materials is expected to rebound as the contraction in new real estate demand slows and the demand for stock updates gradually releases [1] - In 2025, national fixed asset investment (excluding rural households) is projected to be 48.5 trillion yuan, a year-on-year decrease of 3.8%, while real estate development investment is expected to be 8.28 trillion yuan, down 17.2% year-on-year [1] - The area of new housing starts is expected to decline by 20.4% year-on-year to 588 million square meters, only 25.87% of the peak value in 2019, indicating that the drag on demand from the new real estate market has been fully reflected [1] - The stock market for urban residential properties in China is approximately 33.55 billion square meters, with about 37.4 million housing units, indicating significant growth potential for renovation and upgrading of existing properties [1] - Policies aimed at stimulating demand for commercial housing, such as "stopping the decline and stabilizing" and "ensuring delivery," are expected to support the completion and sales of commercial housing [1] Group 2: Fiberglass Industry - The downstream application fields of fiberglass continue to expand, and the product structure of the industry is continuously optimized, with strong demand for specialty fiberglass fabrics such as electronic fiberglass cloth [2] - The industry is expected to see continuous improvement in profitability due to the explosive demand for computing power, leading to tight supply of specialty fiberglass fabrics like low-dielectric electronic cloth [2] - The overall price level of the industry is on the rise, and leading companies are expected to benefit significantly from industry dividends [2] Group 3: Infrastructure Demand - During the 14th Five-Year Plan, it is expected that over 700,000 kilometers of underground pipeline networks will be constructed and renovated, with new investment demand exceeding 5 trillion yuan [3] - There is a broad demand for upgrading and renovating underground pipeline networks for urban gas, water supply, sewage, drainage, and heating [3] Group 4: Companies with Second Growth Curve - Jinjing Technology (600586.SH) is expected to benefit from the significant production ramp-up in the downstream perovskite photovoltaic component industry, indicating broad future growth potential [4] - Puyang Refractories (002225.SZ) is expected to benefit from the demand space created by the replacement of wet metallurgy technology paths, with performance expected to be realized as production capacity is released [4] - Companies like Jinjing Technology and Puyang Refractories are recommended as they show significant incremental potential in their second growth curves [4]