证券研究报告 | 2026年03月03日 建筑材料周报（2026 年第 9 周） 优于大市 关注节后开复工情况及涨价品种 节后首周工地开复工率农历同比略有增加，上海优化调整地产政策。据百年 建筑调研，截至 2 月 25 日(农历正月初九)，全国 10692 个工地开复工率为 8.9%，农历同比增加 1.5 个百分点；劳务上工率 15.5%，农历同比增加 3.7 个百分点；资金到位率 29%，农历同比增加 9.4 个百分点。同时，2 月 25 日， 上海市住房城乡建设管理委等五部门联合印发《关于进一步优化调整本市房 地产政策的通知》，自 2 月 26 日起施行，新政重点调减限购政策，有望刺 激市场需求，提升市场活跃度，同时公积金贷款额度的提高和房产税的减免 将进一步增强购房者的支付能力和购买意愿。 renhe@guosen.com.cn chenying4@guosen.com.cn S0980520040006 S0980518090002 重点板块数据跟踪： 1）水泥：全国水泥市场价格环比回落，跌幅-0.78%，节后需求尚未启 动，预计元宵节过后，下游需求将会陆续恢复，考虑部分区域价格已经 触底，市场全面启 ...

行 业 及 产 业 建筑材料/ 装修建材 2026 年 03 月 03 日 防水提价，看好建材春旺行情 看好 ——建材行业事件点评 本期投资提示： 研 究 报 告 证券分析师 任杰 A0230522070003 renjie@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 郝子禹 A0230524060003 haozy2@swsresearch.com 研究支持 郝子禹 A0230524060003 haozy2@swsresearch.com 联系人 郝子禹 A0230524060003 haozy2@swsresearch.com 行业点评 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 证 券 相关研究 - ⚫ 防水三强陆续提价 5%-10%。东方雨虹 3 月 1 日发函：将于 3 月 15 日起对工程端沥青 卷材和沥青涂料价格统一上涨 5%-10%；科顺股份 3 月 2 日发函，3 月 15 日起，对沥 青类卷材和沥青类涂料及高分子类卷材价格上涨 5-1 ...

防水涨价函频发，消费建材在油价传导链上 20260302 摘要 防水板块内需价格弹性突出，主要由于行业过去几年加杠杆较多，下行 阶段供给出清更快，价格战持续导致价格基数偏低，以及原材料沥青与 油价高度相关，油价波动易触发顺价行为，为 2026 年价格修复提供空 间。 建材行业经历四五年价格下行周期，利润触底，企业有强烈的利润修复 诉求，供给出清显著，玩家数量减少，构成行业形成一致涨价诉求的基 础。地产政策变化及企业预期修复，需求下滑斜率放缓，下沉市场存在 结构性机会。 多家头部防水企业集中发布提价函，主要原因是沥青成本波动，年前跌 至低位后因原油波动反弹，推动沥青基材料成本上升。各公司普遍计划 本月中旬起对沥青类材料上调价格，幅度基本在 5%–10%之间。 雨虹提价覆盖以工程端卷材与沥青相关产品为主，约占其收入的四五成。 本轮提价幅度不仅能够覆盖近期沥青上涨带来的成本抬升，还具备一定 的超额传导空间，有望提升盈利能力。 防水与涂料行业集中度提升显著，反映中大型企业及中小生产商陆续退 出，有效供给收缩明显，为行业底部修复利润、推动涨价形成基础。防 水行业前三家市占率接近翻倍，涂料行业立邦与三棵树市占率提升至 3 ...

建材 2026 年 3 月 2 日 悍高集团(001221.SZ) 国产家居五金龙头，上市续写成长佳绩 推荐（首次） 股价：69.68 元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.higold.com.cn | | 大股东/持股 | 广东悍高管理集团有限公司/64.63% | | 实际控制人 | 欧锦锋,欧锦丽 | | 总股本(百万股) | 400 | | 流通 A 股(百万股) | 36 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 279 | | 流通 A 股市值(亿元) | 25 | | 每股净资产(元) | 6.85 | | 资产负债率(%) | 35.7 | 行情走势图 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 平安观点 ...

证券研究报告：建筑材料|行业周报 发布时间：2026-03-02 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 6571.81 | | 52 | 周最高 | 6706.6 | | 52 | 周最低 | 4167.51 | 行业相对指数表现 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 近期研究报告 《电子布涨价超预期，看好 26 年涨价 持续性》 - 2026.02.09 建材行业报告 （2026.02.23-2026.03.01） 电子布延续高景气，看好龙头中国巨石 投资要点 行业投资评级 电子布自 25 年 10 月已经历 4 轮涨价，2 月初涨价幅度达 0.5-0.6 元/米，涨价节奏及幅度均超预期。一方面，AI 相关的 low-CTE、一 代布二代布等产品需求旺盛高景气，供给短期难以满足，产品价格有 望持续提升。另一方面，由于行业产能转向 AI 特种玻纤，传统电子 布产能紧缺、叠加织布机紧缺等因素，预计传统电子布仍将延续超预 期涨价态势。建议关注：中国巨石。 水泥： ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the electronic cloth sector has experienced four rounds of price increases since October 2025, with a price increase of 0.5-0.6 yuan/meter in early February 2026, driven by strong demand from AI-related products and a supply shortage [3] - The cement industry is gradually recovering post-Spring Festival, with demand showing signs of improvement, particularly in the civil market, while the overall capacity is expected to decline under production restriction policies, leading to increased profit elasticity [3] - The glass industry is facing continuous demand pressure due to real estate impacts, with short-term price fluctuations expected to remain low due to high inventory levels among intermediaries [4] - The fiberglass sector is anticipated to see explosive growth driven by AI demand, with a clear upgrade in product structure and a trend of simultaneous volume and price increases [4] - The consumer building materials sector is expected to see profit improvements as prices stabilize after years of competition, with major companies expected to issue price increases in 2026 [4] Summary by Sections Cement - National demand is gradually recovering post-Spring Festival, with a notable decline in cement production of 1.44 billion tons in December 2025, down 6.6% year-on-year [8] Glass - The glass market is under pressure with traditional peak season orders showing limited improvement, and supply-side adjustments are expected to keep prices low in the short term [15] Fiberglass - The demand for electronic yarn is strong, driven by the AI industry, with expectations for simultaneous increases in volume and price due to product upgrades [4] Consumer Building Materials - The sector's profitability has reached a bottom, with strong calls for price increases expected to lead to profit improvements for leading companies in 2026 [4]

Investment Rating - The report suggests a positive outlook for the electronic inflation chain and oil chain sectors, indicating potential price increases and strong demand in various materials [1][2][3]. Core Insights - The electronic inflation chain is expected to see price increases in early March due to strong downstream demand from AI materials and new product launches, with a successful price transmission anticipated [1]. - The oil chain is impacted by rising oil prices, leading to cost increases for products like asphalt, with companies adjusting prices accordingly [2]. - Companies like Keda, Huaxin, and Leshushi are highlighted for their expansion into international markets, particularly in Africa and South America, indicating a strategic focus on local manufacturing and job creation [3]. Summary by Sections Electronic Inflation Chain - Strong demand for AI materials is driving price increases in electronic fabrics and copper foil, with expectations for smooth price transmission in March [1]. - The report emphasizes the ongoing trend of AI displacing traditional production capacities in various sectors, including storage and electronic fabrics [1]. Oil Chain - The report notes that the cost of asphalt has risen from 3,000 RMB/t to 3,350 RMB/t, prompting companies to increase prices by 5%-10% for related products [2]. - The report highlights the potential for coal chemical alternatives to gain traction as oil prices rise, suggesting increased capital expenditure in this area [2]. International Expansion - Keda's establishment of a glass factory in Ghana is noted as a significant development, with expectations for local job creation and reduced costs for construction and automotive needs [3]. - Leshushi's inclusion in the Hang Seng Composite Index is also highlighted, indicating its growing market presence and liquidity [3]. Market Performance - The report provides insights into the performance of various materials, with cement prices averaging 339 RMB/ton, down 52 RMB/ton year-on-year, and glass prices showing a slight increase [4][15]. - The overall building materials index has shown a positive performance, with specific sectors like glass manufacturing and fiberglass seeing notable gains [18].

Group 1 - The report emphasizes the strengthening of supply logic in the building materials industry due to carbon neutrality policies, with a continued price increase for copper-clad laminates (CCL) and adjustments in real estate policies in Shanghai [2][14][20] - The implementation of differentiated electricity pricing policies across provinces is expected to promote technological advancements and energy-saving measures in high-energy-consuming industries, aiding in the elimination of outdated production capacity [14][15] - The report highlights a significant price increase of over 30% for CCL and adhesive films by Resonac, driven by the ongoing shortage and rising costs of key raw materials [18][19] Group 2 - The building materials industry is experiencing a recovery in demand, particularly in the consumer building materials sector, which is expected to see stable long-term demand and improved profitability for leading companies [29][32] - The national cement market price has decreased by 0.8% week-on-week, but there is potential for price increases as demand recovers [29][33] - The report notes a slight increase in float glass prices, while the trading of photovoltaic glass remains sluggish, indicating a mixed outlook for the glass segment [29][34] Group 3 - The report suggests that the building materials sector is at a historical valuation low, with potential for significant recovery in profitability as supply-side improvements support the market [29][30] - Key companies in the consumer building materials sector, such as Three Trees, Rabbit Baby, and Oriental Yuhong, are highlighted for their resilience and growth potential amid a challenging market environment [29][32] - The report indicates that the glass fiber and carbon-based composite materials sector is expected to see price increases in electronic yarns and fabrics, driven by stable demand and competitive dynamics [29][34]

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook compared to the broader market [2]. Core Insights - The report highlights a recovery in the real estate sector, particularly in Shanghai, due to policy relaxations that are expected to boost the construction materials chain [6][7]. - It emphasizes the potential for a "small spring" in the market as downstream demand gradually recovers, supported by various government policies aimed at stabilizing the real estate market [6][7]. - The report identifies key companies that are likely to benefit from this recovery, including three trees and rabbit baby, while also suggesting to monitor other firms like Han Gao Group and Beixin Building Materials [6][7]. Summary by Sections Market Overview - The construction materials sector has seen a 3.3% increase, outperforming the CSI 300 index by 2.2 percentage points [15]. - Year-to-date, the sector has risen by 12.2%, exceeding the CSI 300 index by approximately 10.5 percentage points [15]. Cement Sector - Demand has not fully recovered post-holiday, with an average shipment rate of about 10% in key regions [30]. - The average price of cement is approximately 344 RMB per ton, reflecting a slight decrease of 2.6 RMB per ton compared to the previous week [22][24]. - Recommendations include Huaxin Cement and Conch Cement, with a focus on the recovery of downstream projects [30]. Glass Sector - The glass industry is experiencing significant inventory accumulation, with a total of 67.28 million heavy boxes, a 30.3% increase from the previous week [43]. - The average price of float glass has risen to 1,165 RMB per ton, with an average profit margin of -49 RMB per ton [32]. - Companies to watch include Qibin Group and Xinyi Glass, as the market anticipates a stabilization in prices [43]. Fiberglass Sector - The report notes expectations for price increases in both coarse and fine yarns as downstream demand begins to recover [44]. - The average price for fiberglass coarse yarn remains stable at 3,500 RMB per ton, with potential upward pressure due to cost increases [44]. - Key players in this sector include China Jushi, with recommendations to monitor International Composite Materials and Changhai Co., Ltd. [6][7]. Carbon Fiber Sector - Carbon fiber prices are expected to remain stable in the short term, with the rapid development of commercial aerospace potentially driving new demand [6]. - Companies to consider include Zhongfu Shenying and Guangwei Composites, as the sector looks to capitalize on emerging opportunities [6].

2026 年 03 月 01 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 行 业 研 究 / 建 筑 材 料 / 证 券 研 究 报 告 建筑材料行业周报 节后复工数据农历同比改善，上海地产 政策放松助力地产链回暖 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：闫广 证书编号：S1160526010004 联系人：陈怡洁 相对指数表现 -10% 4% 18% 32% 46% 60% 2025/3 2025/8 2026/2 建筑材料 沪深300 相关研究 《关注节后下游复工节奏，期待小阳春》 2026.02.23 《7628 电子布再提价推升业绩弹性，消费 建材小阳春可期》 2026.02.08 《拥抱景气周期，聚焦涨价链条》 2026.02.01 《新一轮城市更新开启，关注消费建材底 部向上的弹性》 2026.01.25 《政策组合拳助力"开门红"， 看好玻纤 景气度向上》 2026.01.18 板块行情回顾：本周建材板块上涨 3.3%，跑赢沪深 300 指数 2.2pct。 分 子 板 块 ...