Core Viewpoint - The Yunxi District of Yueyang City is emerging as a significant base for modern petrochemical industry development, with over 70% of its economy driven by the private sector, and the establishment of a comprehensive chamber of commerce network is enhancing regional economic growth [1] Group 1: Chamber of Commerce Development - The Yunxi District Federation of Industry and Commerce has prioritized the establishment of town-level chambers and youth entrepreneurship associations, achieving full coverage of town chambers by October 2022, with 1,262 member enterprises participating [2] - The integration of party building with chamber development has been emphasized, with over 20 themed activities conducted to strengthen the connection between private entrepreneurs and the party, benefiting over 2,000 individuals [2] - The establishment of a youth entrepreneurship association has created a support system combining policies, funding, and platforms, aiding the development of 20 incubating enterprises [3] Group 2: Service Quality Improvement - Local chambers are aligning their services with government priorities, such as addressing employment challenges for displaced farmers through innovative operational models, creating over 200 job opportunities and generating over 400,000 yuan in collective economic revenue [4] - The Longling Street Chamber has facilitated land acquisition for major projects, completing the relocation of 351 households in just two months, thereby supporting key project construction [4] - The Yunxi Street Chamber has attracted investments for rural revitalization, leading to nearly 3 million yuan in increased income for local residents [4] Group 3: Cultural and Economic Initiatives - The Lucheng Town Chamber is revitalizing historical cultural districts by transforming idle public spaces into popular attractions and developing cultural products, while also supporting local aquaculture, benefiting over 400 households [5] - The district's chambers are fostering a collaborative network by establishing branches in Shenzhen and Changsha, attracting over 60 external enterprises with a total investment exceeding 10 billion yuan [6] - Continuous engagement with enterprises through policy delivery and problem-solving initiatives has resulted in a 91% resolution rate for issues raised by over 100 businesses [6] Group 4: Social Responsibility and Community Engagement - Over the past three years, chambers have mobilized more than 400 entrepreneurs to participate in rural development, contributing 200 million yuan in donations and over 5 million yuan in educational funds [6] - The chambers are actively involved in community support initiatives, enhancing social harmony and improving living conditions for residents [6]

发布时间：2026-02-09 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 6076.69 | | 52 周最高 | 6160.52 | | 52 周最低 | 4167.51 | 行业相对指数表现 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 建筑材料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 证券研究报告：建筑材料|行业周报 近期研究报告 《防水发布涨价函，关注内需弹性品 种》 - 2026.01.26 建材行业报告 （2026.02.02-2026.02.08） 电子布涨价超预期，看好 26 年涨价持续性 投资要点 2 月 4 日，光远新材、国际复材等玻纤龙头对电子布再度提价， 新一轮提价幅度较大，涨价幅度约 0.5-0.6 元/米。此次涨价，我们 判断一方面由于铜价及下游 CCL 涨价预期导致 ...

Core Viewpoint - The building materials sector is expected to experience fundamental improvement and valuation recovery due to dual drivers of policy support and real estate recovery, with a strategic window opening in 2025 [1] Policy Support - The fiscal policy for 2025 includes a record high special bond allocation of 4.4 trillion yuan, with 800 billion yuan directed towards "two major" construction and urban renewal projects, providing certainty for infrastructure demand [2] - Monetary policy is expected to maintain a moderately loose stance, with anticipated cumulative reductions in reserve requirement ratios of 150-250 basis points and interest rates by 40-60 basis points, benefiting infrastructure investment and real estate construction recovery [2] - Real estate policies aim for stabilization, with measures such as optimizing purchase restrictions and lowering down payment ratios, leading to signs of price recovery in first-tier cities; from January to May 2025, the year-on-year decline in commercial housing sales area narrowed to 2.9%, a significant improvement compared to 2024 [2] Market Trends - Starting in 2025, the sales area and prices of commercial housing are expected to rebound, particularly in the first half of the year, with a notable narrowing of overall declines [5] - The Ministry of Industry and Information Technology's "Building Materials Industry Stabilization Growth Work Plan (2025-2026)" emphasizes improving profitability and prohibits new cement clinker and flat glass capacity, promoting capacity replacement and staggered production to optimize the supply structure [5] - The real estate market in first-tier cities is projected to maintain high transaction levels post-2026, with second-tier cities like Hangzhou, Nanjing, Chengdu, and Tianjin also showing positive performance [5] Demand Dynamics - The policy to ensure housing delivery is expected to reduce the year-on-year decline in housing completion area to around 15% in the first half of 2025, directly stimulating demand for basic building materials like cement and glass [6] - The total urban housing stock in China is 37.3 billion square meters, with increasing renovation and upgrading needs driven by aging properties, leading to new growth in building material consumption; green building materials revenue is expected to exceed 300 billion yuan by 2026 [6] Investment Opportunities - The building materials sector has faced five years of decline, but positive signals are emerging, suggesting a potential recovery in the sector [8] - 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 gain exposure to the building materials sector [8] - The current environment favors cyclical sectors, with the building materials industry presenting investment value due to demand recovery, supply optimization, and profitability restoration, alongside low valuations and high dividends [10]

建材ETF（516750）跟踪中证全指建筑材料指数，该指数从中证全指指数中选取业务涉及建筑材料领域 的上市公司证券作为指数样本，覆盖水泥、防水、玻璃等多领域，成份股包括海螺水泥、东方雨虹、北 新建材等龙头企业。 （文章来源：每日经济新闻） 有券商表示，行业目前盈利已触底，价格经历多年竞争目前已无向下空间，此次借助反内卷政策行业对 提价及盈利改善诉求强烈。2025年防水、涂料、石膏板等多品类持续发布提价函，行业盈利有望触底， 2026年可期待龙头企业的盈利改善。从时间维度看，尤其需要重视今年3-4月有望呈现"十五五"开门 红，建议节前淡季继续重点配置。 此外，楼市成交呈现淡季不淡、企稳修复迹象，随着步入传统需求旺季，三月成交或延续温和修复，带 动价格阶段性企稳，2026年政策端仍值得期待。 A股三大指数今日高开高走，建材行业近期持续走强，板块个股早盘一度快速拉升，金晶科技涨停，苏 博特涨超7%，蒙娜丽莎涨超6%。 受盘面影响，建材ETF（516750）早盘一度涨近2%，今年以来累计涨幅约14%，强于大盘。 ...

近日，厦门火炬高新区重点新能源建设工程迎来关键进展，由宁德时代投资建设的"时代高性能锂电池 项目"推进顺利，预计2026年6月完成主体工程建设。建筑建材企业东方雨虹凭借在高端工业防水领域的 核心技术积淀与全链条系统服务能力成功跻身该项目供应链，为项目提供总面积约24万平方米的TPO屋 面系统服务。 前不久，东方雨虹旗下1.5mm和1.8mm增强型TPO防水卷材顺利通过新版强制性国家标准《建筑材料及 制品燃烧性能分级》（GB 8624-2025）中屋顶覆盖材料及制品的B1级燃烧性能检测，成为行业内斩获 该项认证的企业；同时，凭借爱玛车业新能源智慧出行项目、奥迪一汽新能源汽车产业园项目，东方雨 虹TPO拿下2025年度"建筑防水行业科学技术奖—工程技术奖（金禹奖-金属围护系统工程）"，技术实 力获得行业高度认可。 东方雨虹凭借前瞻性的战略布局，已形成技术、客户、品牌的多重优势，在高端工业防水赛道构建起差 异化竞争壁垒，有望进一步扩大市场份额，推动业务转型实现更高质量发展。 随着新能源产业向集群化、高端化深度发展，高端工业防水需求正迎来爆发式增长，成为建筑防水行业 新的增长引擎。行业数据显示，2026年国内高端防水 ...

Investment Rating - The industry investment rating is "Hold" [3] Core Insights - In Q4 2025, funds increased their allocation in the cement and glass sectors, while the overall allocation in the building materials sector remains low at 0.51%, with a low allocation of 0.49% [19][23] - The industry shows signs of profit recovery, with leading companies demonstrating resilience [23] - The fund's strategy continues to focus on core industries that counteract internal competition, particularly in waterproofing and glass [41] Fund Holdings Analysis - As of Q4 2025, the fund's allocation in the building materials sector is 0.51%, up by 0.046 percentage points from the previous quarter, indicating a low allocation compared to the overall market [19] - The allocation by sub-sector includes cement at 0.13%, glass at 0.07%, and other materials at 0.02% [23] - The fund increased its holdings in all sub-sectors except for consumer materials, new materials, and glass fibers [23] Individual Stock Performance - The top ten companies by fund holdings as of Q4 2025 include: - 菲利华 (44.5 billion RMB) - 东方雨虹 (22.4 billion RMB) - 三棵树 (20.5 billion RMB) - 中材科技 (16.1 billion RMB) - 海螺水泥 (13.7 billion RMB) [41] - The top ten companies by fund holding percentage include: - 菲利华 (8.68%) - 东方雨虹 (8.61%) - 三棵树 (6.00%) [41] Valuation and Financial Analysis - The report includes a detailed valuation and financial analysis of key companies in the building materials sector, with several companies rated as "Buy" based on their projected earnings and price-to-earnings ratios [7]

Investment Rating - The report maintains a "Buy" rating for key companies in the building materials sector, indicating an expected relative performance increase of over 15% in the next 6-12 months [6][110]. Core Insights - The building materials industry is at a turning point, with both demand and valuation expected to improve. The real estate sector is anticipated to stabilize, leading to a recovery in building materials demand. The report highlights that new construction starts in 2025 are projected to decline by 70% compared to 2021, with completions down by 40% and new home sales down by 50% [9][8]. - Rising prices of upstream raw materials such as asphalt, polypropylene, and polyethylene are expected to drive up building material prices, benefiting companies with pricing power [9][8]. - The report recommends several companies, including Beixin Building Materials, Oriental Yuhong, and Sanhe Tree, while suggesting to pay attention to companies like Rabbit Baby and China Liansu [9][8]. Summary by Sections Market Overview - The building materials sector is currently underweighted, with a configuration ratio of 0.72% as of Q4 2025, which is significantly lower than the historical average since 2010 [8]. - The cement and glass sectors are noted to be at low valuation levels, with the cement manufacturing PB at the 16th percentile and glass manufacturing PB also at the 16th percentile since 2010 [8]. Key Company Recommendations - Recommended companies include: - Beixin Building Materials: EPS forecasted to increase from 2.1 in 2024 to 3.5 in 2027, with a PE ratio decreasing from 13.4 to 8.2 [6]. - Conch Cement: EPS forecasted to rise from 1.5 in 2024 to 2.2 in 2027, with a PE ratio decreasing from 17.3 to 11.6 [6]. - China Jushi: EPS expected to grow from 0.6 in 2024 to 1.2 in 2027, with a PE ratio decreasing from 36.1 to 18.6 [6]. - Other companies include Weixing New Materials, Sanhe Tree, and Huaxin Cement, all rated as "Buy" or "Increase" [6]. Industry Trends - The report notes a significant increase in market share for consumer building materials over the past few years, with profitability in segments like waterproofing and piping at a low point, suggesting potential for recovery [9][8]. - The cement sector is expected to see a gradual recovery in profitability, with a current national cement market price decrease of 1% and a notable drop in average shipment rates [36][9]. - The float glass sector is experiencing a supply-side adjustment, with production capacity at a five-year low, indicating potential for price recovery [9][8]. Emerging Opportunities - The report highlights opportunities in overseas markets, particularly in Africa, Central Asia, and Southeast Asia, where rising populations and urbanization rates are creating demand for building materials [9][8]. - The electronic fabric market is also noted for its upward price trend due to supply constraints, with significant price increases observed in recent weeks [9][8]. Conclusion - The building materials industry is positioned for a recovery phase, driven by stabilization in the real estate market and rising raw material prices. The report emphasizes the importance of focusing on companies with strong pricing power and market positioning to capitalize on these trends [9][8].

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The report highlights that the Shanghai government has initiated a pilot program for purchasing second-hand housing, with expectations for further policy support [3] - The report indicates that the effective investment policies discussed in the State Council meeting will focus on infrastructure, urban renewal, public services, and emerging industries, aiming to promote significant projects [3] - The report notes that the real estate market is showing signs of stabilization, with various supportive measures being implemented, including tax reductions and subsidies for home purchases [3] - The construction materials sector is expected to benefit from supply-side reforms and a potential recovery in housing demand due to declining interest rates and improved purchasing power [6] Summary by Sections Recent High-Frequency Data - As of February 6, 2026, the average price of bulk P.O 42.5 cement in China is 329.1 CNY/ton, down 0.2% week-on-week and down 15.3% year-on-year [4][14] - The average price of glass (5.00mm) is 1105.7 CNY/ton, down 0.1% week-on-week but up 2.8% year-on-year [20][24] Sector Review - The Shanghai Composite Index and Shenzhen Composite Index both fell by 1.27%, while the construction materials index rose by 0.7% [5][55] - Sub-sectors such as glass manufacturing (+5.32%) and cement products (+4.74%) performed well, while fiberglass manufacturing (-1.81%) and refractory materials (-3.24%) saw declines [5][55] Investment Recommendations - The report suggests focusing on three main investment lines: 1. High-quality companies benefiting from stock renovation, such as Weixing New Materials and Beixin Building Materials [6] 2. Undervalued stocks with long-term alpha attributes, such as Sankeshu and Dongfang Yuhong [6] 3. Leading cyclical construction material companies showing signs of bottoming out, such as Huaxin Cement and Conch Cement [6]

Investment Rating - The report maintains an "Increase" rating for the construction materials industry [1] Core Insights - The report indicates that public fund holdings in the construction materials sector have slightly increased but remain at a low level, with the market value of heavy holdings in the construction and materials sectors accounting for 0.42% and 0.71% of A-shares, respectively [13][14] - The concentration of holdings in the construction and materials sectors has decreased, with 47 and 23 stocks held by sample funds, representing 29% and 32% of their respective industries [12][14] Summary by Relevant Sections 1. Industry Holding Analysis - The market value of heavy holdings in the construction and materials sectors has increased slightly, with respective shares of 0.42% and 0.71% of A-shares, ranking in the 28th and 26th percentiles over the past decade [13] - The concentration of holdings in the construction and materials sectors has decreased, with 47 and 23 stocks held by sample funds, representing 29% and 32% of their respective industries [12][14] 2. Individual Stock Holdings Analysis - The top five stocks by market value in the construction sector are Jin Chengxin (2.74 billion), China Construction (1.96 billion), Honglu Steel Structure (1.20 billion), Shanghai Port (0.88 billion), and Oriental Iron Tower (0.71 billion) [2] - The top five stocks by market value in the materials sector are Oriental Yuhong (2.24 billion), Sankeshu (2.05 billion), China National Materials (1.61 billion), Conch Cement (1.37 billion), and Huaxin Materials (1.11 billion) [2]

Investment Rating - The report maintains a positive outlook on the building materials sector, particularly focusing on price increase chains and structural prosperity chains [3][14]. Core Insights - The building materials sector is currently experiencing a price increase chain, with fiberglass leading the way due to a significant price rise in ordinary electronic cloth, which is expected to enhance profitability in the fiberglass sector [3][14]. - The report emphasizes the importance of the upcoming months (March-April) for potential growth, suggesting that investors should continue to focus on key sectors such as electronic cloth, domestic coatings/waterproofing, domestic cement, and domestic glass [3][14]. - The report highlights the potential of companies like Shengfeng Cement, which has a stable business model and is investing in new economic projects, indicating a strong cash flow and future investment returns [4][16]. Summary by Sections Weekly Discussion - The building materials sector is performing well, driven by price increases, particularly in fiberglass and electronic cloth [3][14]. - The report suggests a focus on structural prosperity chains and external demand chains, with a positive outlook for various sub-sectors [3][14]. Market Performance - The building materials index decreased by 0.67%, with specific sectors like glass manufacturing showing a 2.00% increase, while cement manufacturing saw a decline of 1.05% [21]. - The report notes that the average price of cement is currently 342 RMB/ton, down 53 RMB/ton year-on-year, with a national average shipment rate of 24.6% [17][31]. Price Changes in Building Materials - The average price of float glass increased to 1154.49 RMB/ton, reflecting a rise of 9.69 RMB/ton, with inventory levels showing a slight increase [17][44]. - The report indicates that the price of electronic cloth has risen significantly, enhancing the profitability outlook for the fiberglass sector [3][14]. Industry Trends - The report identifies a strong demand for AI-PCB upstream materials, particularly in substrate materials, driven by CPU shortages and price increases in downstream products [5][16]. - The report also highlights the importance of UTG glass and TCO glass in the aerospace energy sector, driven by advancements in solar energy production [4][15].