Investment Rating - The report maintains a positive outlook on the coal chemical engineering sector, particularly highlighting China National Chemical Corporation as a representative company [1]. Core Insights - New coal chemical technology is seen as a beneficial supplement to petroleum chemistry, especially in the context of China's high dependence on foreign oil and gas. The importance of coal chemical technology is emphasized due to recent geopolitical events affecting energy security [1]. - China leads globally in coal chemical technology and scale, with potential for high-quality exports to countries along the Belt and Road Initiative. The report cites advancements in methanol-to-olefins technology as a key area of development [1]. - The report suggests that companies like China National Chemical Corporation, Sinopec Engineering, and others are well-positioned to benefit from the growth in the coal chemical sector [2]. Summary by Sections Market Review and Summary - The construction index increased by 1.88% and the building materials index rose by 9.23% during the week of January 19-23, 2026. Year-to-date, the construction index has risen by 7.99%, ranking 13th out of 30 industries, while the building materials index has increased by 12.49%, ranking 6th [9][5]. - The report notes that the chemical engineering sector saw the highest gains, with a 10.95% increase, while other sectors like housing construction and landscaping experienced declines [9]. Special Debt and Funding Status - As of January 23, 2026, local government special bond issuance amounted to 644.20 billion yuan, a week-on-week increase of 183.09%. The report anticipates a further increase in bond issuance in the following week [2][19]. - The funding availability rate for construction sites was reported at 59.21%, with a slight decline observed in both residential and non-residential projects [19]. Cement Industry Weekly Data Tracking - The national average cement price remained stable at 260.8 yuan per ton, with a slight decrease of 0.2% week-on-week and an 18.0% decrease year-on-year. The report predicts limited recovery in demand leading up to the Spring Festival [30][36]. - Cement production for the year 2025 was reported at 1.693 billion tons, reflecting a 6.9% year-on-year decline [46]. Key Company Orders and Valuation - The report highlights the valuation of key companies in the construction and building materials sectors, noting that the overall A-share market P/E ratio is 18.33, while the construction and building materials sectors have P/E ratios of 10.12 and 24.98, respectively [14]. - Companies such as China National Chemical Corporation and Sinopec Engineering are recommended for their favorable valuations and growth potential in the coal chemical sector [2].

Investment Rating - The industry rating is "Outperform the Market" [7][66] Core Insights - The report indicates that the construction materials sector is experiencing a downturn in investment and construction starts, necessitating proactive policy measures to stabilize the market [3][5] - National real estate development investment is projected to be 8.3 trillion yuan in 2025, reflecting a year-on-year decrease of 17.2%, with new housing starts and completions also showing significant declines [3][12] - The report highlights that the easing of monetary policy in Europe and the U.S. may provide more room for China's monetary and fiscal policies, which could positively impact the real estate market [3][5] - The report emphasizes that the construction materials sector may benefit from supply-side reforms and a potential recovery in housing demand, leading to a stabilization of the real estate market [5][20] Summary by Sections Investment Highlights - The report notes that the construction materials sector is expected to see a turning point in capacity cycles due to accelerating supply-side reforms and a recovery in purchasing intentions driven by lower interest rates [5][20] - It suggests that the fundamental conditions of the real estate market are likely to stabilize, which may also lead to a recovery in post-cycle demand for construction materials [5][20] Recent High-Frequency Data - As of January 23, 2026, the average price of bulk P.O 42.5 cement is 333.4 yuan/ton, showing a month-on-month decrease of 0.8% and a year-on-year decrease of 15.1% [4][13] - The average price of glass (5.00mm) is reported at 1097.1 yuan/ton, with a year-on-year decline of 17.2% [4][21] Sector Review - The Shanghai Composite Index rose by 0.84%, while the Shenzhen Composite Index increased by 2.21%. The construction materials index saw a significant rise of 9.23% [4][54] - Sub-sectors such as glass manufacturing and fiberglass manufacturing experienced notable gains, with increases of 11.13% and 8.97%, respectively [4][54]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "Assembly Tool and Its Assembly System" to China National Building Material (Shanghai) Aviation Technology Co., Ltd. and China National Building Material Group Corporation, with the patent announcement number CN115489753B and application date of September 2022 [1] - China National Building Material (Shanghai) Aviation Technology Co., Ltd. was established in 2021, located in Shanghai, and primarily engages in professional technical services, with a registered capital of 1.55 billion RMB [1] - The company has made investments in one enterprise, participated in 87 bidding projects, and holds 111 patent records, along with 2 administrative licenses [1] - China National Building Material Group Corporation was founded in 1981, based in Beijing, and primarily operates in wholesale, with a registered capital of approximately 17.14 billion RMB [1] - The group has invested in 20 enterprises, participated in 5,000 bidding projects, and possesses 242 trademark records and 788 patent records, in addition to 5 administrative licenses [1]

从资金流向上来看，当日水泥板块主力资金净流出1.69亿元，游资资金净流出1365.24万元，散户资金净 流入1.83亿元。水泥板块个股资金流向见下表： 证券之星消息，1月23日水泥板块较上一交易日上涨0.4%，金隅集团领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。水泥板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601992 | 全隅集团 | 2.13 | 3.90% | 572.10万 | | 12.09亿 | | 600678 | 四川金顶 | 13.09 | 3.48% | 43.35万 | | · 5.63亿 | | 002596 | 烘脂肥炭 | 4.72 | 1.94% | 46.61万 | | 2.18亿 | | 605122 | 四方新材 | 13.78 | 1.55% | - 3.84万 | | 5258.65万 | | 000877 | 天山股份 | 5.72 | 1.42% ...

港股晨报 2026 年 1 月 23 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：科技股分化与消费韧性的博弈，金 价逻辑重构 昨日，港股三大指数涨跌互现，其中，恒生指数涨 0.17%，国企指数跌 0.09%， 恒生科技指数涨 0.28%。大市成交金额 2,348.60 亿元，主板总卖空金额 353.83 亿元，占可卖空股票总成交额比率为 17.01%。南向资金北水方面，港股通交易 净流入 139.30 亿港元。港股通 10 大成交活跃股中，北水净买入最多的是盈富 基金 2800.HK、恒生中国企业 2828.HK、阿里巴巴 9988.HK；净卖出最多的是中 国移动 941.HK、腾讯 700.HK、华虹半导体 1347.HK。 板块方面，建材水泥板块显著上扬，其中，中国建材 3323.HK 涨 6.83%，海螺 水泥 914.HK 涨 5.38%，华润建材科技 1313.HK 涨 4.97%，华新水泥 6655.HK 涨 4.18%。根据国家统计局数据，2025 年全国累计水泥产量 16.93 亿吨，同比下 降 6.9%，降幅与 1-11 月持平，较去年同期收窄 2.6 个百分点，产量为 ...

Market Overview - The Greenland incident has concluded, leading to a rebound in the US stock market, with the S&P 500 index experiencing a notable recovery [1] - Trump announced a framework for future agreements regarding Greenland and the Arctic during his speech at the World Economic Forum, which alleviated market concerns [1] - The North Atlantic Treaty Organization (NATO) discussed a compromise where Denmark would transfer small parcels of land in Greenland to the US for military base construction [1] Commercial Aerospace - SpaceX, led by Elon Musk, is actively pursuing an IPO plan aimed for completion by July this year [3] - Blue Origin, owned by Jeff Bezos, announced the launch of TeraWave, a satellite internet service, with plans to deploy over 5,000 satellites by the end of 2027 [3] - Companies like Junda Co. are focusing on space photovoltaic battery products and commercial aerospace investments, leading to significant stock price increases [3] Automotive Industry - The German government is set to restart its electric vehicle subsidy policy, with plans to allocate €3 billion by 2029 to support low-income families in purchasing zero-emission vehicles [4] - Companies like Minth Group are positioned as key suppliers for European electric vehicle platforms and are expanding their operations in robotics and semiconductor supply chains [4] Real Estate and Construction - Hong Kong's real estate market is showing signs of recovery, with a revised forecast predicting an 8% increase in residential property prices by 2026 [6] - The Ministry of Housing and Urban-Rural Development in China has released guidelines to enhance housing quality, promoting the use of green building materials [6] Semiconductor Industry - Semiconductor companies like SMIC are benefiting from the domestic demand surge, with a reported revenue of ¥49.51 billion for the first three quarters of 2025, reflecting an 18.22% year-on-year increase [9] - The company has achieved a net profit of ¥3.818 billion, a 41.09% increase year-on-year, driven by rising demand for AI computing and domestic substitution [9][12] - SMIC's production capacity utilization rate reached 95.8%, with a significant increase in average selling prices due to a shift in product mix [10][11]

Group 1: Cement Industry - National cement production in December 2025 decreased by 6.6% year-on-year to 144 million tons, with an average national cement shipment rate of 41% [1] - December cement prices showed resilience, with a nationwide average price of 354 RMB per ton, up by 5 RMB month-on-month, leading to a recovery in industry profitability with a gross profit of 63 RMB per ton, an increase of 11 RMB [1] - The industry is expected to continue capacity replacement policies in 2026, which may lead to ongoing supply clearance; recommended companies include Conch Cement (600585.SH), Shangfeng Cement (000672.SZ), and China Resources Cement Technology (01313) [1] Group 2: Glass Industry - The glass price continued to decline, with the average price of float glass at 1124 RMB per box as of January 15, 2026; companies are facing profitability pressure, leading to an accelerated cold repair process [2] - The housing completion area in 2025 decreased by 18.1% year-on-year to 603 million square meters, and the processing days for glass in December decreased by 17% to 9 days [2] - Recommended companies in the glass sector include Qibin Group (601636.SH) and Xinyi Glass (00868) [2] Group 3: Steel Industry - In December, crude steel production was 68.18 million tons, down by 10.3% year-on-year, with apparent domestic crude steel consumption at approximately 61.15 million tons, a decrease of 8.5% [3] - The steel industry is experiencing weak supply and demand, with daily molten iron production dropping below 2.3 million tons, leading to fluctuations in black series spot prices [3] - The industry is expected to focus on structural opportunities in 2026, with recommendations for Hualing Steel (000932.SZ) for its differentiated production management and Tiangong International (00826) for its high-growth potential in specialty steel [3]

从资金流向上来看，当日水泥板块主力资金净流入3.73亿元，游资资金净流出1.5亿元，散户资金净流出 2.23亿元。水泥板块个股资金流向见下表： 证券之星消息，1月22日水泥板块较上一交易日上涨2.9%，金隅集团领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。水泥板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601992 | 金属重区 | 2.05 | 10.22% | 418.02万 | | 8.26亿 | | 002302 | 西部建设 | 6.18 | 3.34% | 28.23万 | | ● 1.73亿 | | 600802 | 福建水泥 | 6.57 | 3.14% | 21.51万 | | 1.40亿 | | 600326 | 西藏大路 | 11.89 | 3.12% | P 99.46万 | | 11.68亿 | | 000672 | 上峰水泥 | 13.85 | 3.05% | 29.7 ...

Group 1 - The Shanghai Composite Index rose by 0.14%, while the ChiNext Index increased by 1.01%, driven by gains in the building materials sector, with Jinju Group hitting the daily limit and Dongfang Yuhong rising over 8% [1] - The building materials ETFs, including E Fund and others, saw increases of over 3.8% year-to-date, with E Fund's building materials ETF showing a year-to-date gain of 10.77% [2] - The Ministry of Housing and Urban-Rural Development recently issued guidelines aimed at improving housing quality, targeting significant progress by 2030 in various aspects such as standards, design, materials, and construction [2] Group 2 - According to Shenwan Hongyuan Securities, the real estate chain has been in decline for five years, but there are positive signals emerging. The building materials industry has faced pressures such as demand decline and increased competition, but long-term changes are now visible [3] - The report suggests that the building materials sector is expected to benefit from a recovery in housing demand, particularly in renovation and improvement of living conditions as income expectations improve [3] - Huafu Securities indicates that supply-side reforms and declining interest rates may enhance home-buying willingness, potentially stabilizing the real estate market and boosting demand for building materials [3] Group 3 - Guotai Junan Securities highlights that despite static total physical data showing a year-on-year decline, leading building materials companies have achieved revenue and profit growth through increased market share and expansion into overseas markets [4] - The growth in revenue and profitability is attributed to factors such as material upgrades driven by AI and new energy, as well as the easing of competition [4] - The intrinsic growth potential of leading building materials companies is seen as attractive, with the possibility of significant benefits if macroeconomic expectations improve [4]

（文章来源：每日经济新闻） 每经AI快讯，港股水泥股涨幅居前，截至发稿，中国建材(03323.HK)涨5.82%，报5.27港元；金隅集团 (02009.HK)涨5%，报0.84港元；海螺水泥(00914.HK)涨4.6%，报24.1港元；华润建材科技(01313.HK)涨 4.35%，报1.68港元。 ...