Group 1 - The construction materials sector experienced a significant rally in the late trading session, with Hanjian Heshan hitting the daily limit and achieving a five-day consecutive increase [1] - Other companies in the sector, including International Composite Materials, Three Gorges New Materials, China National Materials, Yashi Chuangneng, and Shandong Fiberglass, also saw gains [1]

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 ...

Group 1: Industry Overview - The glass fiber sector is experiencing significant activity, with companies like Jinjing Technology hitting the daily limit and Honghe Technology rising over 6% [1] - The demand for AI chips is causing a tightening supply of T-type glass fiber cloth, leading to price increases [1] - Nitto Denko, a major supplier, plans to triple its production capacity by 2028, but still anticipates a supply-demand gap, prompting a price increase of potentially 25% or more [1] Group 2: Company Developments - Zhongcai Technology's subsidiary, Taishan Glass Fiber, has successfully developed and mass-produced special fiber products for AI applications, gaining certification from several well-known domestic and international manufacturers [2] - Honghe Technology's high-performance electronic cloth products have entered the supply chains of multiple leading copper-clad laminate manufacturers, with major clients including Taiming Electronics and Panasonic [2] - Lite-On Optoelectronics has formed a team with experience in Q cloth R&D and has acquired some production equipment [3]

重磅研报 持股过节 今日概览 证券研究报告 | 朝闻国盛 gszqdatemark 2026 02 09 年 月 日 | 【宏观】高频半月观—数据进入"假期模式"——20260208 | | --- | | 【金融工程】持股过节——20260208 | | 【金融工程】择时雷达六面图：本周资金面和宏观基本面弱化—— | | 20260207 | | 【固定收益】持债过节——20260208 | | 【固定收益】资金更为宽松，政府债融资将回落——流动性和机构行为 | | 跟踪——20260207 | | 【建筑材料】竣工端建材将迎来长周期拐点——20260208 | | 【电力设备】钙钛矿：迎来 GW 级量产——20260206 | 【钢铁】方大特钢（600507.SH）-成本优势明显，增长潜力突出—— 20260208 朝闻国盛 研究视点 【煤炭】印度扩产炼钢提振焦煤需求，拟加码美国进口优化供应格局— —20260208 【房地产】C-REITs 周报——双轨并行，商业不动产 REITs 密集上报—— 20260207 【计算机】新国都（300130.SZ）-年报业绩符合预期，软硬出海+港股 上市加速全球化布 ...

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 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].

[Table_Page] 跟踪分析|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 普通电子布存供需缺口，步入涨价大周期 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 持有 | | --- | --- | | 前次评级 | 持有 | | 报告日期 | 2026-02-08 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 -10% 2% 14% 26% 38% 50% 02/25 04/25 06/25 09/25 11/25 01/26 建筑材料 沪深300 | 021-38003688 | | --- | | xielu@gf.com.cn | | 分析师： 张乾 | | SAC 执证号：S0260522080003 | | 021-38003687 | | gzzhangqian@gf.com.cn | | 请注意，张乾并非香港证券及期货事务监察委员会的注册 | | [Table_ 相关研究： DocReport] ...

Investment Rating - The report rates the fiberglass industry as "Overweight" indicating a positive outlook for the sector [2][18]. Core Insights - The price of fiberglass fabric 7628 has increased significantly, with Linzhou Guangyuan and International Composites raising prices by 0.65 CNY/m and 0.55 CNY/m respectively, bringing the prices to 5.5 CNY/m and 5.2 CNY/m [4]. - The demand for integrated circuit boards in China has shown robust growth, with a record production of 48.1 billion units in December 2025, marking a historical high [4]. - Supply constraints are evident due to rising platinum and rhodium prices, which have increased the capital expenditure requirements for production, thereby slowing down capacity expansion [4]. - Major companies like China Jushi are expected to benefit from the price increases, with projected production capacities for 2026 being 1.1 billion meters for China Jushi, 600 million meters for China National Building Material, and others [4]. - Ibiden announced a capital expenditure of 500 billion JPY (approximately 3.2 billion USD) over three years to increase production capacity for IC substrates, which will positively impact the demand for Low CTE fabrics [4]. - The report suggests focusing on companies like China Jushi, International Composites, and China National Building Material due to their favorable positions in the market [4]. Summary by Sections Price Trends - The report highlights a continuous increase in prices for electronic yarn and fabric throughout 2026, indicating a strong market recovery [5]. Production Capacity - Domestic electronic yarn production capacity is entering a phase of declining growth, which may impact supply dynamics in the future [6]. Company Valuations - The report provides a valuation table for key companies in the construction materials sector, with China Jushi rated as "Buy" at a price of 21.76 CNY and a market cap of 87.11 billion CNY [13].

中国建材集团有限公司，成立于1981年，位于北京市，是一家以从事批发业为主的企业。企业注册资本 1713614.628692万人民币。通过天眼查大数据分析，中国建材集团有限公司共对外投资了20家企业，参 与招投标项目5000次，财产线索方面有商标信息236条，专利信息793条，此外企业还拥有行政许可5 个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，中材科技风电叶片股份有限公司取得一项名为"风电叶片铺层过程缺陷检测 方法、装置、电子设备和介质"的专利，授权公告号CN117495796B，申请日期为2023年10月。 天眼查资料显示，中材科技风电叶片股份有限公司，成立于2007年，位于北京市，是一家以从事通用设 备制造业为主的企业。企业注册资本75419.3524万人民币。通过天眼查大数据分析，中材科技风电叶片 股份有限公司共对外投资了21家企业，参与招投标项目251次，专利信息483条，此外企业还拥有行政许 可10个。 来源：市场资讯 ...