Group 1 - The company Zhejiang Weixing New Materials Co., Ltd. has signed an agreement to acquire 88.2557% of Beijing Songtian Cheng Technology Co., Ltd. for 110,739,201 RMB to enhance its product chain in municipal pipeline sectors such as gas and heating [2] - The acquisition aims to improve the company's system solution capabilities and accelerate the transformation of its municipal engineering business model [2] - The acquisition has been completed with the necessary changes in shareholder structure and business registration, making Beijing Songtian Cheng Technology Co., Ltd. a subsidiary of the company [2] Group 2 - The new shareholder structure shows that the company holds 88.2557% of the shares, while Lin Songyue holds 10% and Bian Xianhua holds 1.7443% [3] - The registered capital of Beijing Songtian Cheng Technology Co., Ltd. is 57.33 million RMB, and its main business involves the research, manufacturing, and sales of polyethylene valves for municipal gas and heating pipelines [2]

Core Viewpoint - Weixing New Materials (002372) has successfully acquired a controlling stake in Beijing Songtian Cheng Technology Co., Ltd., enhancing its business portfolio in the municipal pipeline sector [1] Group 1: Company Overview - As of February 3, 2026, Weixing New Materials closed at 11.95 yuan, up 0.59% from the previous trading day, with a total market capitalization of 19.025 billion yuan [1] - The stock opened at 11.87 yuan, reached a high of 12.03 yuan, and a low of 11.68 yuan, with a trading volume of 1.93 billion yuan and a turnover rate of 1.11% [1] Group 2: Acquisition Details - On January 22, 2026, Weixing New Materials signed a share transfer agreement to acquire 88.2557% of Beijing Songtian Cheng Technology Co., Ltd. for 110,739,201 yuan [1] - The acquisition has been completed with the necessary changes in shareholder registration, articles of association, and legal representative, and the company is now a subsidiary of Weixing New Materials [1] - Following the changes, Beijing Songtian Cheng's registered capital is now 57.33 million yuan, focusing on the research, manufacturing, and sales of polyethylene valves for gas and heating municipal pipelines [1]

证券代码：002372 证券简称：伟星新材 公告编号：2026-003 注册资本：5,733万元人民币 暨完成工商变更登记的公告 浙江伟星新型建材股份有限公司（以下简称"公司""伟星新材"）及董事会全体成员 保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、交易概述 为了进一步完善燃气、热力等市政管网领域的产品链，有效提升系统解决方案能力，加 速推动市政工程业务商业模式转型升级，持续提升综合竞争力，公司于 2026 年 1 月 22 日与 林松月、边仙花签署了《关于北京松田程科技有限公司之股权转让协议》，以自有资金 110,739,201 元人民币收购北京松田程科技有限公司（以下简称"松田程"）88.2557%的股 权。具体内容详见公司于 2026 年 1 月 24 日刊载在《证券时报》《中国证券报》《上海证券 报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）的《公司关于收购北京松田程科技 有限公司控股权的公告》。 二、本次交易的进展情况 松田程已于近日办理完成股东变更、章程修改、法定代表人变更等相关工商变更登记手 续，并取得了北京市房山区市场监督管理局换发的《营 ...

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 地产链有望震荡向上 2026 年 02 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 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 建筑材料 沪深300 相关研究 《继续看好地产链估值修复》 2026-01-26 《社融增速小幅回落，关注红利高股 息等方向》 2026-01-19 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（2026.1.23–2026.1.30，下同）：本周建筑材料板块（SW）涨跌幅 0.73%，同期沪深 300、万得全 A 指数涨跌幅分别为 0.08%、-1.59%，超 额收益分别为 0.65%、2.32%。 ◼ 大宗建材基本面与高 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The real estate market in first-tier cities has shown strong performance, particularly in second-hand housing transactions, indicating a potential recovery in the sector [1][2] - Government debt issuance has significantly increased, with a total of 863.35 billion yuan in January 2026, reflecting a 204.3% month-on-month increase and a 54.8% year-on-year increase, which may alleviate fiscal pressure and accelerate municipal projects [1] - The glass manufacturing sector is approaching a supply-demand balance due to accelerated cold repairs, while photovoltaic glass companies are reducing production to ease supply tensions [1][3] - The cement industry is experiencing a demand bottoming process, with increased off-peak production efforts and a focus on regional demand recovery, particularly in areas like Tibet and Xinjiang [1][2] - The demand for fiberglass remains robust, driven by growth in wind energy and high-end applications, indicating structural investment opportunities [1][6] Summary by Sections Cement Industry Tracking - As of January 30, 2026, the national cement price index is 342.94 yuan/ton, down 0.69% week-on-week, with a total cement output of 2.278 million tons, a decrease of 4.27% [2][18] - The capacity utilization rate for cement clinker kilns is 45.19%, up 2.77 percentage points from the previous week, indicating a slight recovery in production [2][18] - The market is currently undergoing structural adjustments, with infrastructure remaining the main support but showing weak growth [2][18] Glass Industry Tracking - As of January 29, 2026, the average price of float glass is 1144.80 yuan/ton, reflecting a week-on-week increase of 0.53% [3][31] - Inventory levels have decreased, with a total of 49.27 million weight boxes, down 500,000 from the previous week [3][31] - Demand is expected to slow down as many small processing plants will shut down for the holiday, leading to a quieter market [3][31] Fiberglass Industry Tracking - The price of non-alkali roving remains stable, with demand primarily driven by essential purchases, while supply remains unchanged [6] - The average price of electronic yarn is stable, with expectations of price increases in high-end products due to ongoing demand [6] Carbon Fiber Industry Tracking - The carbon fiber price remains stable, with a weekly production of 2,369 tons and an operating rate of 76.28% [7] - The industry continues to face profitability challenges, with an average production cost of 113,300 yuan/ton and a negative gross margin [7] Consumer Building Materials - The consumer building materials sector is benefiting from the recovery in second-hand housing and renovation demand, with significant potential for market share growth [1][6]

Core Viewpoint - The company, Zhejiang Weixing New Materials Co., Ltd., held a conference call on January 27, 2026, to address investor inquiries regarding market demand, pricing strategies, acquisition matters, and business planning, with participation from 13 institutions including Citi and Fidelity International [1][2]. Market Demand - The current market demand remains weak, reflecting overall industry pressure and providing context for potential adjustments in the company's operational strategies [3]. Pricing Strategy for 2025 - The company aims to maintain a "three high positioning" (high quality, high service, high value) to stabilize its pricing system amidst ongoing industry price wars, focusing on enhancing product and service capabilities rather than engaging in pure price competition [4]. Acquisition of Songtian Cheng - The acquisition of Beijing Songtian Cheng Technology Co., Ltd. is intended to strengthen the company's municipal business competitiveness and expand its international market presence, leveraging Songtian Cheng's advanced technology and strong brand reputation in the valve sector [5]. 2026 Business Planning - The company's operational planning and targets for 2026 are still under discussion, with specific indicators to be disclosed in the 2025 annual report, indicating a cautious approach to future planning [6]. Waterproof and Water Purification Business - The waterproof business model is considered mature, with plans for increased market expansion, while the water purification business will undergo positioning adjustments to refine its business model [7]. Goodwill Provisioning - The company has previously made goodwill impairment provisions, including a full provision of 21.261 million yuan for Guangzhou Hexin and a partial provision of 52.7107 million yuan for Zhejiang Kairui, with decisions on future provisions to be based on accounting standards and auditor evaluations [8]. Dividend Policy - The company maintains a stable and transparent dividend policy, achieving an average dividend payout ratio of 70%-80% since its listing, with future distributions to be determined based on various factors [9][10]. Raw Material Prices - The company reports significant increases in copper prices, while polyethylene and polypropylene prices are experiencing low-level fluctuations, posing challenges for cost control [11]. Capital Expenditure - Annual capital expenditures are approximately 300 million yuan, primarily focused on production capacity expansion and smart transformation, which will enhance production efficiency [12]. Construction Business - The company plans to selectively choose client projects and increase efforts in non-residential sectors, aiming to reduce reliance on a single industry and mitigate operational risks [13].

Market Demand and Pricing Strategy - Current market demand remains weak, indicating a challenging environment for the company [2] - The company plans to maintain a "high-quality positioning" and "co-creation and win-win" philosophy to stabilize pricing amidst ongoing industry price wars in 2025 [2] Acquisition and Business Development - The acquisition of Beijing Songtian Cheng Technology Co., Ltd. aims to leverage its advanced technology and production capabilities in the gas and heating municipal pipeline sector, enhancing the company's competitive edge [2][3] - The company seeks to transition its municipal engineering business model from "selling individual products" to "selling integrated solutions" [3] Future Planning and Financials - The operational goals for 2026 are still under discussion, with specific indicators to be disclosed in the 2025 report [3] - The company has a stable and transparent dividend policy, maintaining an average payout ratio of 70-80% since its listing [3] Material Costs and Capital Expenditure - Significant price increases in copper have been noted, while polyethylene and polypropylene prices are experiencing low volatility [3] - Capital expenditures are primarily focused on expanding production facilities and upgrading equipment, averaging around 300 million yuan annually in recent years [3] Business Opportunities and Market Focus - The company will continue to prioritize customer and project selection, with an increased focus on expanding non-real estate business opportunities due to the lack of significant macroeconomic improvement [3]

Core Insights - The construction materials industry is currently at a low valuation level, with a focus on urban renewal and related opportunities. The allocation ratio for construction materials in Q4 2025 is 0.72%, an increase of 0.11 percentage points from Q3 2025, indicating significant potential for valuation recovery [6][15]. Group 1: Urban Renewal and Market Dynamics - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued a notice on January 20, 2026, to support urban renewal actions, providing specific operational guidelines for the "14th Five-Year Plan" urban renewal strategy. This includes a focus on "two renewals and two new projects," emphasizing the construction of underground pipelines and comprehensive utility tunnels [24]. - Companies involved in urban renewal and the renovation of old neighborhoods, such as Dongfang Yuhong, Keshun Co., Sankeshu, Weixing New Materials, and China Liansu, are recommended for attention [24]. Group 2: Construction Materials Sector Overview - The construction materials sector is experiencing a recovery in profitability, with expectations for continued improvement in 2026. The supply-side adjustments and structural changes in demand are expected to support this recovery [37]. - The cement market saw a 0.8% decrease in prices week-on-week, with the national average price at 345 RMB/ton as of January 30, 2026. The industry is currently at a historical low valuation, with companies like Huaxin Cement, Conch Cement, and Shafeng Cement recommended for investment [6][38]. Group 3: Key Company Developments - Keshun Co. established a semiconductor company to explore a second growth curve, focusing on integrated circuit chips and related technologies [20]. - Weixing New Materials plans to acquire an 88.26% stake in Beijing Songtiancheng Technology Co., enhancing its capabilities in municipal pipeline systems and expanding its market reach [23]. - Leading companies in the construction materials sector, such as Sankeshu and Huaxin Cement, are expected to report significant profit growth in 2025, driven by strong operational resilience and strategic adjustments [25][27].

Summary of Key Points from Conference Call Records Industry: Hong Kong Real Estate Market - The Hong Kong real estate market is expected to bottom out between Q4 2024 and Q2 2025, with fundamentals reaching their lowest point by April 2025. New home transaction volumes are projected to recover to 21,000 units, the same level as in 2019, while secondary home transactions will only recover to 70% of the previous peak of 56,000 units, indicating a slower recovery for the secondary market [1][2][3] - Property stocks of Hong Kong developers are currently undervalued, with a price-to-book (PB) ratio below 0.5. If valuations return to the previous cycle's upper limit of 0.8 PB, there is potential for at least a 100% increase. Companies with high property sales ratios and significant land reserves, such as Sun Hung Kai, Henderson Land, and Sino Land, are recommended for investment [1][4] Industry: Highway Sector - The recent adjustment in the highway sector is attributed to a style shift rather than changes in fundamentals. Stocks like Anhui Expressway, Shandong Expressway, and Sichuan Chengyu have seen adjustments of 30%-40%, but their dividend yields have become more attractive, with Shandong Expressway's yield nearing 6% [5][6] - The potential for growth exists due to expansion projects, making companies like Shandong Expressway and Anhui Expressway good investment opportunities [6] Company: J&T Express - J&T Express has experienced a stock price adjustment of approximately 15%, primarily due to the impact of share issuance and convertible bonds, which do not reflect the company's fundamentals. The company is expected to show strong performance in 2026, with significant growth in overseas markets [7] Company: Beibu Gulf Port - The stock price of Beibu Gulf Port has fluctuated due to news regarding the new land-sea corridor and the upcoming opening of the Pinglu Canal. After a recent pullback, it is considered a good time to invest again, especially with policy catalysts expected in the medium term [8] Company: SF Express - SF Express has optimized its low-cost e-commerce business, leading to reasonable growth in parcel volume and a month-on-month price recovery. The company's valuation is at historical lows, and it is expected to perform well in the upcoming quarters, making it a good investment opportunity [9] Industry: Construction and Building Materials - The construction and building materials sector still holds investment value amid a cyclical rebalancing, currently at a historically low allocation. Key companies to watch include traditional leaders like Skshu, Yuhong, and Weixing, as well as high-dividend stocks like Conch Cement and TPI Cement. Companies related to technology, such as Roman Holdings and Zhongtai Technology, are also recommended due to increased demand from domestic AIDC and AI-related construction [10] Industry: Commercial Aerospace and Space Photovoltaics - The commercial aerospace sector is gaining traction, with significant developments expected this year. Companies involved in space photovoltaics, such as Shanghai Port Bay, are highlighted for their potential demand and investment value [11]

Group 1 - The core viewpoint of the article highlights the significant expansion of sponsorship and commercial partnerships for the 2026 season of the Jiangsu Super League (苏超), driven by the success and popularity of the inaugural 2025 season [1][2] - The 2025 season saw a remarkable attendance of over 2.43 million spectators, with an average of 28,000 attendees per match, setting a record for provincial leagues [2] - The number of sponsors increased from 6 during the preparation phase to 41 at the provincial level, with some city-level sponsors reaching into the dozens, indicating a substantial growth in commercial interest [2] Group 2 - The 2026 season will feature a multi-tiered sponsorship structure, including official strategic partners such as Guoyuan V3, Heineken, Adidas, and others, alongside various official sponsors and suppliers [1][3] - Upgrades for sponsor rights include enhanced advertising exposure through LED screens in stadiums and live broadcasts, and a significant reduction in competitive industry categories from 26 to 9, allowing for greater collaboration opportunities [3] - The league is also focusing on small and micro enterprises by opening 32 official sponsorship slots, providing equal rights and benefits to selected businesses, which will be chosen through a structured application process [3]