Stock Performance - China National Building Material's stock price has shown strong performance, reaching a new high, with a closing price of HKD 6.44 on February 12, 2026, reflecting a single-day increase of 1.90% and a cumulative increase of 16.67% over the past five days, and a year-to-date increase of 25.78% [2] - On February 11, 2026, the stock price surged by 11.46%, with trading volume increasing to HKD 839 million and a turnover rate of 3.65%, pushing the stock price above HKD 6.3, marking the highest level since October 2025 [2] - Technical indicators show a continuous expansion in the MACD histogram, with the KDJ indicator's K line rising to 83.56, indicating a strong market position [2] Industry Policy and Environment - Supply-side reforms are deepening, with a report from Zhongtai Securities indicating that the cement industry is improving capacity utilization through the reduction of actual clinker capacity and off-peak production policies, leading to a recovery in industry profits [3] - The building materials sector is currently undervalued, with significant capital inflow, as evidenced by over HKD 1.5 billion net inflow into building materials ETFs in the past 20 days [3] - Improved expectations for real estate policies have emerged, with a publication emphasizing the need to stabilize the real estate market, leading to a resurgence in building material demand [3] Company Fundamentals - The new materials segment has shown significant growth, with a reported 235% year-on-year increase in net profit for Q3 2025, partially offsetting pressures from the cement business [4] - The company’s new materials fund has invested in 48 projects with a total delivery scale of HKD 12.14 billion, focusing on sectors such as semiconductors and new energy materials [4] - The pressure from impairment losses is easing, with the company expecting a full-year loss primarily due to impairment provisions for properties, plants, and goodwill, estimated between HKD 6 billion and 8.3 billion, but the market perceives this as a fully priced-in negative [4] Capital Movement - On February 11, 2026, there was a notable net inflow of institutional funds, with retail investor activity also increasing, leading to a nearly tenfold increase in trading volume compared to the previous day [5] - The building materials ETF has attracted significant capital, reflecting optimistic market sentiment regarding improvements in the industry fundamentals [5]
中国建材股价创阶段新高，政策与行业催化推动上涨