证券研究报告/策略研究 增持策略周报（20260223-20260301） 投资要点 ➢ 本周A股增持事件情况 2026年2月23日至2026年3月1日，共6家上市公司发布股东拟增持公告，具体包 括艾迪药业，滨化股份，通策医疗，华能水电，比音勒芬，海螺水泥增持金额均 值占总市值比例分别为0.18%、1.09%、0.04%、0.07%、1.69%、0.80%。2026 年2月23日至2026年3月2日，共9家上市公司发布管理层增持公告，其中增持金 额占总市值比例超过0.01%的公司为斯瑞新材。 综合增持、业绩增速及行业基本面，重点关注比音勒芬、艾迪药业、海螺水泥： 1. 比音勒芬：上市首次增持+控股股东拟增持超 1% 比音勒芬于2026年2月27日公告，控股股东一致行动人、总经理谢邕先生计划在 未来6个月内，通过集中竞价方式增持公司股份，金额不低于1亿元且不超过2亿 元，增持比例不超过总股本的2%，不设价格区间，资金为自有或自筹。这是谢邕 先生上市以来首次增持，此前未持股，彰显其对公司作为专注高尔夫运动生活方 式的头部高端服饰集团、实施多品牌发展战略的长期发展前景充满信心。 2.艾迪药业：控股股东拟增持 0.1 ...

据香港联交所最新数据显示，2月26日，The Capital Group Companies,Inc.增持海螺水泥（600585） (00914)1404.2万股，每股作价25.6995港元，总金额约为3.61亿港元。增持后最新持股数目约为1.53亿 股，持股比例为11.81%。 ...

智通财经APP获悉，据香港联交所最新数据显示，2月26日，The Capital Group Companies,Inc.增持海螺 水泥(00914)1404.2万股，每股作价25.6995港元，总金额约为3.61亿港元。增持后最新持股数目约为1.53 亿股，持股比例为11.81%。 ...

FF301 本月底法定/註冊股本總額： RMB 5,299,302,579 | 公司名稱: | 安徽海螺水泥股份有限公司 | | --- | --- | | 呈交日期: | 2026年3月2日 | | I. 法定/註冊股本變動 | | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00914 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,299,600,000 | RMB | | 1 RMB | | 1,299,600,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 1,299,600,000 | RMB | | 1 RMB | | 1,299,600,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | | ...

证券研究报告 建筑材料 行业定期报告 hyzqdatemark 2026 年 03 月 02 日 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 邓力 SAC：S1350525070006 dengli@jzsec.com 赵梦妮 SAC：S1350525050005 zhaomengni@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 板块表现： 继续重视电子布、地产链、地下管网 投资评级： 看好（维持） ——建筑材料行业周报（26/02/23-26/03/01） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 电子布维持景气上行，Q 布短期或迎催化。1）当下传统电子布正在经 历的是此轮景气周期的拐点，之于科技而言或是"类存储时刻"，之 于周期而言则或是"类供给侧改革时刻"。上游织布机紧缺叠加下游 需求景气背景下，我们判断电子布价格有望新高，传统电子布、 Low-CTE、二代布均有看点 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 继续关注涨价品种 2026 年 03 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 52% 2025/3/3 2025/7/1 2025/10/29 2026/2/26 建筑材料 沪深300 相关研究 《海外模型大厂融资落地，算力链条 迎来新动力》 2026-02-24 《地产链有望继续震荡向上》 2026-02-08 东吴证券研究所 1 / 19 请务必阅读正文之后的免责声明部分 ◼ 本周（2026.2.21–2026.2.27，下同）：本周建筑材料板块（SW）涨跌幅 4.42%，同期沪深 300、万得全 A 指数涨跌幅分别为 1.08%、2.75%，超 额收益分别为 3.34%、1.67%。 ◼ 大宗建材基本面与 ...

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]