本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 西藏天路股份有限公司 关于召开2026年第一次临时股东会的通知 | 证券代码：600326 | 证券简称：西藏天路 | 公告编号：2026-011 号 | | --- | --- | --- | | 债券代码：188478 | 债券简称：21 天路 01 | | 召开的日期时间：2026 年 3 月 20 日 15 点 30 分 召开地点：西藏拉萨市夺底路 14 号公司 6610 会议室 股东会召开日期：2026年3月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东会类型和届次 2026年第一次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2026 年 3 月 20 日 ...

行业周报 | 建筑装饰 中国化学重点推荐，关注减碳技术服务商 建筑建材行业周报 20260224-20260227 核心结论 中央政治局会议：加快推动全面绿色转型。中共中央政治局 2 月 27 日召开 会议，明确提出加快推动全面绿色转型。生态环境部：2026 年完成 1 亿吨 水泥熟料、5000 万吨焦化产能超低排放改造。财联社 2 月 27 日电，从生态 环境部举行的新闻发布会上获悉，生态环境部将高质量推进重点行业超低排 放改造，2026 年完成 1 亿吨水泥熟料、5000 万吨焦化产能超低排放改造。 聚焦重点区域，指导各地开展重点行业低效失效污染治理设施排查整治和传 统产业集群分类整治。我们认为"双碳"政策有望提速，强烈建议关注相关 标的，尤其建议关注降碳技术服务商：中国化学（已覆盖）：掌握国际最先 进的一系列现代煤化工产业核心技术，在前端煤气化、绿氢耦合煤化工等环 节具备低碳优势（9.38xPETTM，0.88xPBLF，截至 2026/2/27，下同）。东华 科技："新能源+绿色化工"耦合业务，承揽多个电解水制氢、氢能综合利用、 二氧化碳回收等项目（19.75xPETTM，1.97xPBLF）。中钢国 ...

Core Viewpoint - The building materials sector is experiencing a strategic configuration window for upward resonance in both prosperity and valuation, driven by the deepening "anti-involution" policies, alleviation of cost pressures, and recovery expectations in the real estate chain [1] Policy and Industry Dynamics - The "Building Materials Industry Stabilization Growth Work Plan (2025-2026)" aims to regulate low-price disorderly competition and promote the orderly exit of backward production capacity [1] - The cement industry is transitioning from "capacity replacement" to "actual capacity and registered capacity unification," with actual clinker capacity expected to decrease from 2.1 billion tons to 1.6 billion tons, leading to a 10-15 percentage point increase in capacity utilization [1] - By April 2025, approximately 31.65 million tons of capacity had exited the national cement industry, with a net exit of 12.2 million tons, and capacity clearance is expected to accelerate by 2026 [1] Demand Recovery - A January 2026 article in "Qiushi" magazine emphasized the need to "improve and stabilize real estate market expectations," with multiple cities relaxing purchase restrictions, resulting in a 16% month-on-month and 33% year-on-year increase in second-hand housing transaction area [1] - Although new housing development is slowing, the demand for renovation, secondary decoration, and old housing transformation is increasing, prompting building material companies to shift from B-end real estate procurement to C-end retail, which offers stable cash flow and high gross margins [1] Performance of Building Materials Index - The CSI All Share Building Materials Index (931009) has shown significant advantages over mainstream broad-based indices like the CSI 300 in terms of industry exposure, cyclical elasticity, valuation cost-effectiveness, and policy sensitivity, especially as the market approaches a cyclical turning point [2] - The building materials index has outperformed the CSI 300 in both the last six months and the past year, benefiting from high beta elasticity during the economic recovery cycle [2] - The building materials index is highly sensitive to industrial policies, with actual clinker capacity reduced from 2.1 billion tons to 1.6 billion tons, while the CSI 300 lacks sufficient cyclical stock representation to reflect this supply-side change [2] Valuation and Dividend Yield - The current price-to-book ratio of the CSI All Share Building Materials Index is only 1.15%, below the 25th percentile of the past decade, with some leading cement companies' price-to-book ratios falling below 0.8, indicating that market valuations may have overly reflected pessimistic expectations [4] - The building materials index has a dividend yield exceeding 4%, significantly higher than the CSI 300's approximately 3%, with leading companies expected to continue increasing their dividend payout ratios as the "stable price and profit" framework takes shape [6] Fund Flows and Market Sentiment - Institutional consensus on left-side allocation to the building materials sector is evidenced by a gradual increase in the proportion of active equity funds held in the building materials industry since Q2 2025 [6] - Following late January 2026, there has been a noticeable increase in net inflows into the CSI All Share Building Materials Index, with the fund size tracking this index rising from 1.426 billion at the end of 2025 to 3.151 billion within two months [6] - This transition from active institutional allocation to passive market fund resonance indicates a systemic improvement in the liquidity environment for the sector [6] ETF and Investment Opportunities - The Building Materials ETF (159745) tracks the CSI All Share Building Materials Index, covering leading companies across the entire building materials industry chain, providing an efficient tool for investors to gain exposure to the sector [8] - The top ten holdings in the ETF include leading companies in various segments, reflecting a high concentration in the industry [10] - The building materials sector is positioned as a core cyclical investment, supported by demand recovery, supply optimization, and profit restoration, making it attractive for investors looking to capitalize on low valuations and high dividends [10]

Core Viewpoint - The construction materials industry is experiencing profit improvement driven by two main paths: cost-side improvements leading to profit elasticity release and a revaluation of channel value in the C-end retail transformation [1][2]. Group 1: Cost-side Improvement - The construction materials industry, being resource-intensive, has over 60% of its production costs attributed to energy and raw materials, making it sensitive to price fluctuations of commodities like coal, natural gas, soda ash, and PVC [2]. - Following the high volatility of global energy prices in 2022-2023, current coal supply policies have stabilized price levels, and international natural gas prices have significantly decreased from historical peaks, providing relief on the cost side for construction material companies [2][4]. - The recent decline in coal prices indicates a potential weakening in market demand, which could further impact profit margins positively [4]. Group 2: C-end Retail Transformation - The real estate sector is transitioning into a stock update era, fundamentally changing the demand structure, with a shift from new housing development to renovation and upgrading of existing properties [4][5]. - This shift compels construction material companies to move from a reliance on B-end bulk procurement to a dual-channel strategy that includes both B and C-end operations, enhancing cash flow quality and brand premium capabilities [4][5]. - C-end retail offers advantages such as stable cash flow, higher profit margins, and strong customer loyalty compared to B-end business, which is characterized by longer payment terms and slower receivables [4][5]. Group 3: Market Sentiment and Investment Trends - Institutional investors are increasingly aligning their portfolios with the construction materials sector, as evidenced by a rising proportion of active equity funds in the industry since Q2 2025, indicating a clear left-side layout for the industry cycle [6][10]. - By late January 2026, there was a significant increase in net inflows for construction materials ETFs, marking a transition from active institutional allocation to passive market resonance, suggesting an improvement in liquidity conditions [7][10]. - The construction materials ETF (159745) tracks the CSI Construction Materials Index, which includes leading companies across the entire industry chain, reflecting the overall performance of the sector [10][12].

Group 1 - The core viewpoint of the news highlights the performance of the construction materials sector, particularly the decline of the CSI All Share Construction Materials Index and the mixed performance of its constituent stocks [1] - The construction materials ETF (159745) has seen a recent decline of 0.94%, with a current price of 0.74 yuan, while it has accumulated a 2.91% increase over the past two weeks [1] - The liquidity of the construction materials ETF is strong, with a turnover rate of 5.31% and a transaction volume of 1.23 billion yuan, indicating robust trading activity [1] - The construction materials ETF has reached a new high in scale at 2.328 billion yuan, ranking in the top third among comparable funds [1] - The net inflow of funds into the construction materials ETF is 61.784 million yuan, with significant inflows observed over the past five trading days [1] - Leverage funds have been actively buying into the construction materials ETF, with a net purchase of 17.9644 million yuan on the highest single day [1] Group 2 - The report from Huayuan Securities indicates that major project lists for 2026 are being disclosed, with high investment intensity maintained across various provinces, reflecting a focus on stabilizing investment and promoting development [2] - Infrastructure projects continue to dominate the investment landscape, with significant allocations in transportation, municipal, water conservancy, and energy sectors [2] - The construction materials ETF has shown a net value increase of 29.76% over the past two years, outperforming comparable funds [2] - The ETF has recorded a maximum monthly return of 24.25% since its inception, with an average monthly return of 6.65% during rising months [2] Group 3 - The construction materials ETF has a Sharpe ratio of 1.29 over the past year, indicating a favorable risk-adjusted return [3] - The maximum drawdown for the ETF this year is 5.48%, with a recovery time of just 2 days, the fastest among comparable funds [3] Group 4 - The management fee for the construction materials ETF is 0.50%, and the custody fee is 0.10%, which are competitive rates [4] - The ETF closely tracks the CSI All Share Construction Materials Index, which reflects the overall performance of listed companies in the construction materials sector [4] - The top ten weighted stocks in the CSI All Share Construction Materials Index account for 61.6% of the index, indicating a concentration in key players such as Conch Cement and Oriental Yuhong [4]

Group 1 - The core viewpoint is that in a macro environment characterized by low interest rates and asset scarcity, high dividend strategies have become a "ballast" for institutional fund allocation, with the building materials sector being a stable choice due to its high dividend and safety margin attributes [1] - The building materials sector's high dividend characteristic is not merely a reflection of profit fluctuations but is a result of improved industry competition and cash flow realization, with leading companies in the cement industry maintaining dividend yields between 3.5% and 5.0%, significantly higher than the ten-year government bond yield [2][4] - By 2025, the building materials sector is projected to rank 8th in dividend yield among Shenwan's primary industries, surpassing traditional high-dividend sectors such as utilities and steel, with renovation materials and cement yielding close to 4% [2][3] Group 2 - The building materials sector has undergone three years of deep adjustment, resulting in a "cash cow" characteristic, with capital expenditure peaking and free cash flow becoming abundant, as major cement companies' fixed asset spending is expected to decline by over 40% compared to the 2021 peak [3][4] - The "anti-involution" policy has led to effective production scheduling and capacity replacement mechanisms, which have suppressed vicious price wars, allowing leading companies to maintain a high dividend payout ratio of 30% to 50% despite a decline in profit margins [4] - The renovation materials segment also shows high dividend potential, with leading companies like Weixing New Materials and Beixin Building Materials maintaining stable dividend rates above 40%, indicating a positive cycle of profit growth and dividend increases [4] Group 3 - The current valuation of the building materials sector is low, with the CSI All Share Building Materials Index's price-to-book ratio at only 1.15%, indicating that the market has overly reflected pessimistic expectations, with some leading cement companies' price-to-book ratios falling below 0.8 [6] - The current valuation levels are lower than during the financial deleveraging period in 2018 and the real estate crisis in 2022, providing a solid safety margin that can offer considerable capital gains even if profits are under short-term pressure [6] - The building materials ETF (159745) tracks the CSI All Share Building Materials Index, covering leading companies across the entire industry chain, providing an efficient tool for investors to allocate to the building materials sector [6][8] Group 4 - Investors looking to capitalize on the cyclical recovery in the building materials sector can consider the building materials ETF (159745) for both short-term trading and long-term allocation to undervalued, high-dividend sectors, especially in a market environment where funds are shifting towards cyclical stocks [9]

Core Viewpoint - The construction materials sector is experiencing mixed performance, with the cement industry facing challenges but showing signs of potential recovery due to policy changes and market dynamics [2][3]. Group 1: Market Performance - As of February 12, 2026, the CSI All Construction Materials Index (931009) decreased by 0.70%, with stocks showing varied performance [1]. - The latest price of the Construction Materials ETF (159745) is 0.74 yuan, down 0.67%, but it has seen a cumulative increase of 2.91% over the past two weeks [1]. - The Construction Materials ETF has a trading turnover of 4.06% and a transaction volume of 94.05 million yuan [1]. Group 2: Fund Flows and Size - The Construction Materials ETF has reached a new high in size at 2.328 billion yuan, ranking in the top third among comparable funds [2]. - The ETF's latest share count is 3.132 billion, also a new high, and it has seen a net inflow of 61.78 million yuan recently [2]. - Over the past five trading days, the ETF has recorded net inflows on four days, totaling 329 million yuan, with an average daily net inflow of 65.75 million yuan [2]. Group 3: Industry Insights - The cement industry has faced four consecutive years of declining demand and intensified price competition, but signals of a profit bottom are expected in the second half of 2025 [2]. - From 2026, stricter production regulations based on approved capacity are anticipated to improve industry capacity utilization by 10-15 percentage points [2]. - The "dual carbon" policy is expected to increase cost pressures, benefiting leading companies with better energy management [2]. Group 4: Performance Metrics - The Construction Materials ETF has seen a net value increase of 29.76% over the past two years, ranking first among comparable funds [3]. - The ETF's highest monthly return since inception is 24.25%, with an average monthly return of 6.65% [3]. - The ETF's Sharpe ratio over the past year is 1.29, indicating strong risk-adjusted returns [4]. Group 5: Fees and Tracking Accuracy - The management fee for the Construction Materials ETF is 0.50%, and the custody fee is 0.10% [5]. - The ETF has a tracking error of 0.065% over the past six months, the highest accuracy among comparable funds [5]. - The ETF closely tracks the CSI All Construction Materials Index, which reflects the overall performance of listed companies in the construction materials sector [5].

Core Viewpoint - The construction materials industry is experiencing a sustainable growth momentum due to unprecedented debt resolution actions, which are expected to improve market expectations and drive investment recovery in infrastructure and real estate sectors [1] Fiscal Perspective - The current debt resolution measures, including debt swaps and the expansion of special bonds, have systematically alleviated liquidity constraints for local governments, improving fiscal space for infrastructure investments [1] - Special bonds issued by local governments have been increasing annually since 2017, with projections for 2024 and 2025 to exceed 7 trillion yuan, and the total issuance in 2025 expected to surpass 10 trillion yuan for the first time in history [1][4] Infrastructure Investment - The issuance of special bonds is expected to lead to a significant increase in construction activity in transportation, municipal, and water conservancy sectors, with a projected surge in physical work volume in the first half of 2025 [4][6] - Despite a decline in infrastructure investment growth, the sector still holds a significant share of fixed asset investment, indicating its critical role in the overall economy [4] Policy Transition - The policy environment is shifting from "debt replacement" to "investment stimulation," which is likely to further enhance demand for construction materials [5] Demand Dynamics - The demand structure for construction materials is changing, with traditional materials benefiting from infrastructure support and renovation materials gaining from the demand for upgrading existing properties [6] - The dual drivers of infrastructure and real estate are expected to provide a solid foundation for the construction materials sector during this debt resolution cycle [6] Profitability and Market Outlook - The profitability of the cement industry is recovering, with expectations of improved margins due to supply-side adjustments and a favorable demand outlook from real estate policies [8] - The construction materials sector is characterized by high cash flow and potential for stable dividends, with forecasts indicating overall profit recovery by 2026 [8] Investment Opportunities - The construction materials ETF (159745) tracks the performance of the construction materials index, providing investors with a tool to efficiently allocate resources in the sector [8][11] - The sector is viewed as a core cyclical investment opportunity, especially in the context of a market shift towards undervalued, high-dividend stocks [11]

Core Viewpoint - Current infrastructure investment is becoming a crucial support for the economy, with fiscal policies continuously strengthening, leading to a configuration window driven by infrastructure recovery in the building materials sector [1] Group 1: Infrastructure Investment Dynamics - The "14th Five-Year Plan" is entering its final year, accelerating the implementation of major engineering projects, which is providing solid support for the improvement of the industry fundamentals through the demand pull of infrastructure [1] - Since the second half of 2024, active fiscal policies have significantly increased, with the pace of special bond issuance accelerating and the launch of ultra-long special government bonds injecting ample funds into infrastructure investment [1] - Infrastructure investment has a clear policy orientation and planning, unlike the endogenous fluctuations of real estate investment, with 2025 being a key year for the transition between the "14th" and "15th" Five-Year Plans [1][4] Group 2: Investment Trends and Performance - Despite a year-on-year decline in cumulative infrastructure construction investment to -1.48% in December, the cumulative proportion of infrastructure investment remained high at 50.49% in December 2025, reflecting its significant position in fixed asset investment [1][4] - Key areas for current infrastructure investment include urban agglomerations, metropolitan areas, and the connectivity of infrastructure along the "Belt and Road" [4] - Major infrastructure projects are expected to drive demand for cement, pipes, waterproof materials, and other building materials, with a focus on water conservancy and disaster prevention projects [4][5] Group 3: Building Materials Sector Outlook - The building materials industry is currently in a low operating state after inventory destocking, and the concentrated release of infrastructure demand is expected to trigger price elasticity [5] - The profitability transmission from infrastructure recovery is anticipated to drive the development of the building materials sector, with a notable improvement in gross profit margins due to supply-side discipline and cost pressure relief [6] - The building materials sector is characterized by "valuation repair + profit improvement," with the risk of a cliff-like decline in demand eliminated by infrastructure support, leading to a systematic uplift in valuation [8] Group 4: Investment Vehicles and Strategies - The building materials ETF (159745) tracks the CSI All-Share Building Materials Index, covering leading enterprises across the entire industry chain, providing an efficient tool for investors to layout in the building materials sector [8][9] - The top ten holdings in the ETF reflect a high concentration in leading companies across various segments of the building materials industry, accounting for over 60% of the total holdings [9] - The building materials sector is highlighted as a core cyclical investment, with low valuations and high dividends, making it attractive for investors during market shifts towards cyclical stocks [12]

Core Viewpoint - The construction materials sector is experiencing positive momentum, with significant increases in the performance of key stocks and ETFs, driven by favorable government policies and market dynamics [1][2]. Group 1: Market Performance - As of February 11, 2026, the CSI All Share Construction Materials Index rose by 0.85%, with notable gains from companies such as Qihang Group (up 4.03%) and Conch Cement (up 2.46%) [1]. - The Construction Materials ETF (159745) increased by 0.54%, closing at 0.74 yuan, and has seen a cumulative rise of 2.35% over the past week [1]. - The ETF recorded a turnover rate of 6.28% and a trading volume of 142 million yuan, with an average daily trading volume of 253 million yuan over the past week, ranking first among comparable funds [1]. Group 2: Fund Flows and Leverage - The Construction Materials ETF experienced a net outflow of 39.68 million yuan recently, but over the past five trading days, it attracted a total of 474 million yuan in net inflows, averaging 9.47 million yuan per day [1]. - Leverage funds are increasingly being allocated to the sector, with a net purchase of 1.17 million yuan in financing on the previous trading day and a total financing balance of 37.40 million yuan [1]. Group 3: Industry Outlook - According to Huafu Securities, the central economic work conference emphasized stabilizing the real estate market, which is expected to positively impact the construction materials sector through policies aimed at inventory reduction and supply optimization [1]. - China Galaxy's report highlights that the renovation of existing homes and urban renewal will be key drivers for demand in the construction materials sector, with leading companies expanding their retail operations [2]. Group 4: ETF Performance Metrics - The Construction Materials ETF has achieved a net value increase of 28.66% over the past two years, ranking first among comparable funds [2]. - The ETF's highest monthly return since inception was 24.25%, with an average monthly return of 6.65% [2]. - As of February 6, 2026, the ETF's Sharpe ratio was 1.29, indicating strong risk-adjusted returns [3]. Group 5: Fee Structure and Tracking Accuracy - The management fee for the Construction Materials ETF is 0.50%, and the custody fee is 0.10% [4]. - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.065% over the past six months [4]. - The top ten weighted stocks in the CSI All Share Construction Materials Index account for 61.6% of the index, with companies like Conch Cement and Dongfang Yuhong being the most significant [4].