智通财经APP获悉，中信证券发布研报称，建材行业作为与房地产高度关联的领域，自2021年起面临收 入、利润的下行压力，行业也迎来了出清和竞争格局的优化。当前，中信证券预计需求下行幅度收窄， 二阶导转正，配合"反内卷"政策导向，部分细分行业迎来涨价及经营利润的提升，超出市场预期，行业 配置价值已经显现。 配置节奏上，中信证券认为需求压力越小、既有竞争格局越好的板块，越先迎来配置机会。推荐次序为 玻纤、水泥、消费建材。市值弹性上，中信证券认为出清产能越多，后续弹性越高。消费建材行业虽然 尚未迎来利润拐点，但是底部确立，考虑到龙头企业的长期成长性和行业出清情况，中信证券认为今年 下半年后或将迎来趋势性投资机会和相较玻纤、水泥更好的市值弹性。 中信证券主要观点如下： 2025年建材需求的判断：需求下滑，但二阶导转正。 基建端，随着化债工作的深入推进，地方政府债务压力得到有效缓解。一方面，有息负债增速明显放 缓，2024年全国城投有息负债41.2亿元，同比增速由双位数大幅下降至2.8%。另一方面，城投平台融资 成本显著下行，2025年1-2月新发城投债平均票面利率2.5%，同比下降0.6pct。待城投平台通过化债资金 ...

Core Viewpoint - The building materials industry, closely linked to real estate, has faced revenue and profit pressures since 2021, but is now showing signs of demand stabilization and potential profit recovery due to policy shifts and market dynamics [1][5]. Group 1: Demand Outlook - The demand for building materials is expected to decline in 2025, but the rate of decline is narrowing, with a positive second derivative indicating potential recovery [2][4]. - Infrastructure investment is anticipated to improve due to reduced local government debt pressures and a more favorable financing environment, with a notable decrease in the growth rate of municipal financing debt [2]. - The real estate sector is experiencing significant declines in new construction and completion areas, but overall sales are expected to turn positive, indicating a potential shift in demand for building materials [3]. Group 2: Industry Dynamics - The "anti-involution" policy introduced by the government aims to curb excessive competition in the building materials sector, which has seen profit margins reach historical lows [6]. - The competitive landscape is crucial for recovery; larger firms with better market positions can influence pricing more effectively, while smaller firms may struggle [6][9]. - Companies like Beixin Building Materials, with over 60% market share, have demonstrated resilience during demand downturns, maintaining profitability in their gypsum board business [7]. Group 3: Price Recovery and Elasticity - The price recovery in the fiberglass sector is leading the way, with price increases initiated in early 2025 due to better demand and competitive conditions [8]. - The cement industry, while facing weaker demand than fiberglass, has a favorable competitive structure, with significant price increases observed in early 2025 [9]. - The consumer building materials sector, although lagging behind in demand recovery, shows potential for higher market value elasticity as the industry undergoes consolidation [9]. Group 4: Investment Strategy - The building materials industry presents structural investment opportunities under the "anti-involution" policy, with profits at a bottom and companies collaborating on price increases [12].

作为中国资本市场的重要机构投资者，社保基金以其稳健的投资风格和长期持股策略备受市场关注。截 至2024年一季度末，社保基金在A股市场的持股动向逐渐浮出水面，其长期持股的业绩表现和行业分布 成为市场关注的焦点。 根据最新数据，社保基金在2024年一季度末共现身154家公司的前十大流通股东名单，其中53只股票已 连续持有超过8个季度。这些长期持有的股票不仅体现了社保基金对优质资产的坚定信心，也反映了其 对市场长期趋势的深刻理解。在53只连续持有超过两年的股票中，华侨城A、华鲁恒升（600426）等11 只股票更是被社保基金连续持仓超过5年，显示出社保基金对这些公司长期发展潜力的认可。 从行业分布来看，社保基金长期持有的股票主要集中在基础化工、有色金属和电子等行业。其中，基础 化工行业有8只股票被社保基金连续持有，包括华鲁恒升、扬农化工、杭氧股份（002430）等；有色金 属行业也有8只股票被社保基金长期持有，如南山铝业（600219）、宝钛股份（600456）、赤峰黄金 等。这些行业的股票不仅具有较高的成长性，也在经济周期中表现出较强的稳定性。 在业绩表现方面，社保基金长期持有的股票中，2024年净利润同比增长的 ...

上述人士还提到，在高度离散的市场格局下，市场需求还有很大的发展空间。公司在依托海外市场的持续深耕、新产品线的快速孵化以及精 益化管理能力的强化，将在行业调整周期中把握结构性机遇。 特别针对公司的海外布局，上述人士详细分析指出，2024年公司海外业务收入占比突破13%，海外市场持续发力。从单季度数据来看，海外 收入占比呈持续上升态势，单四季度的海外收入占比远超全年平均水平。 在海外收入增长的进程中，葡萄牙子公司业绩出现了约20%的下滑，这也是公司主动对葡萄牙公司业务进行战略性调整；自营渠道的海外板 块延续了2024年前三季度的良好增长态势，增长率接近 20%。 【环球网财经综合报道】3月30日，上市公司坚朗五金（002791.SZ）发布了《投资者关系活动记录表》，披露公司与长江证券、申万宏源、 平安调研证券举办了线上交流，公司董事会秘书殷建忠、财务总监邹志敏等管理层人士出席，并解答投资机构代表提问。 公开数据显示，2024年公司累计实现归母净利润约8998万、同比下降72%，营业收入66.38亿、同比下降 14.9%，第四季度降幅低于前三季 度；毛利率相对稳定，同比略有下降。对此，公司管理层人士表示，面对市场变 ...

广东坚朗五金制品股份有限公司 董事会审计委员会对会计师事务所 2024 年度履行监督职责 情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 治理准则》《国有企业、上市公司选聘会计师事务所管理办法》和广东坚朗 五金制品股份有限公司（以下简称"公司"）的《公司章程》《董事会审计 委员会工作细则》等规定和要求，公司董事会审计委员会本着勤勉尽责的原 则，恪尽职守，认真履职，对会计师事务所 2024 年度履行监督职责，现将具 体情况报告如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 中兴华会计师事务所（特殊普通合伙）（以下简称"中兴华事务所"） 成立于 1993 年成立（由中兴华富华会计师事务所有限责任公司转制为特殊普 通合伙企业），注册地址为北京市丰台区丽泽路 20 号院 1 号楼南楼 20 层，首 席合伙人为李尊农。截至 2024 年 12 月 31 日，中兴华事务所合伙人数量 199 人、注册会计师人数 1052 人、签署过证券服务业务审计报告的注册会计师 人数 522 人。 2023 年度，中兴华事务所业务总收入为 185,828.77 万元，审计业务收 入 ...

Financial Performance - The company's basic earnings per share decreased by 73.27% from 1.01 yuan in 2023 to 0.27 yuan in 2024 [1] - Operating revenue fell by 14.92% from 7.802 billion yuan in 2023 to 6.638 billion yuan in 2024 [1] - Net profit dropped by 72.22% from 324 million yuan in 2023 to 9 million yuan in 2024 [1] - The return on equity decreased significantly by 74.05%, from 6.55% in 2023 to 1.70% in 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 69.8552 million shares, accounting for 42.51% of the circulating shares, with a decrease of 4.8335 million shares compared to the previous period [1] - Bai Baokun remains the largest shareholder with 30.071 million shares, representing 18.30% of the total share capital [2] - The National Social Security Fund's 103 portfolio reduced its holdings by 500,000 shares [2] Dividend Distribution - The company announced a dividend distribution plan of 2 yuan per share (including tax) [3]

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 低估值的消费细分龙头具有较高胜率 2025 年 03 月 17 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 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -24% -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 2024/3/18 2024/7/16 2024/11/13 2025/3/13 建筑材料 沪深300 相关研究 《政策刺激力度符合预期》 2025-03-10 《建筑业 PMI 低位大幅反弹》 2025-03-03 东吴证券研究所 1 / 22 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.3.10–2025.3.14，下同）：本周建筑材料板块（SW）涨跌幅 1.18%，同期沪深 300、万得全 A ...

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Viewpoints - The recent National People's Congress emphasized policies to stabilize the real estate market, which is expected to boost confidence in the construction materials sector. Key measures include reducing restrictive policies, promoting the renovation of urban villages and old houses, and expanding the use of existing land and commercial properties [3][4] - The construction materials index increased by 1.18% in the week from March 10 to March 14, 2025, but underperformed the CSI 300 index, which rose by 1.59% [11][19] - Over the past three months, the CSI 300 index has increased by 1.87%, while the construction materials index has decreased by 4.91%, indicating a 6.78% underperformance [11][14] Summary by Sections Market Overview - The construction materials index rose by 1.18% this week, lagging behind the CSI 300 index by 0.40 percentage points [11] - The average PE ratio for the construction materials sector is 27.32 times, and the PB ratio is 1.15 times, ranking it among the lowest in the A-share market [21][25] Cement Sector - As of March 15, 2025, the average price of P.O42.5 bulk cement was 354.52 RMB/ton, reflecting a 1.33% increase from the previous period. The clinker inventory ratio decreased by 2.21 percentage points to 42.45% [25][27] - Regional price variations were noted, with the highest increase in North China at 7.94% and a decrease in East China by 0.79% [25][30] Glass Sector - The price of float glass decreased to 1324.00 RMB/ton, down by 2.14%, while the futures price also fell by 3.27% to 1154 RMB/ton [67][68] - The national inventory of float glass increased by 1.49%, reaching 62.6 million weight boxes [69][70] Fiberglass Sector - The market for non-alkali fiberglass continues to show stable pricing, with electronic fiberglass prices remaining steady after recent increases [19][67] Consumer Building Materials - The prices of key raw materials in the consumer building materials sector have shown slight fluctuations, with acrylic prices rising by 5.26% this week [4][5]

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Views - The real estate beta factor is more positive, suggesting a proactive layout in retail building materials [5] - Attention is drawn to the cement industry's bottom improvement, with price increases stabilizing profits during the off-season, indicating emerging bottom signals [7] - It is recommended to focus on high-dividend stocks for their allocation value [8] - The strategy for 2025 indicates a profit bottom and an impending supply-demand turning point [11] Market Performance - The report includes a section on market performance for the period from February 17 to February 21, 2025 [14] Price Changes - Cement prices showed fluctuations during the specified period, with detailed analysis provided [17] - The float glass and photovoltaic glass market experienced specific changes, particularly in the North China market, where prices were on a downward trend due to weak demand [26] - The domestic alkali-free roving yarn market saw a slight price increase, with the average price rising by 0.80% week-on-week and 22.11% year-on-year [33] Key Company Tracking and Industry News - Significant company announcements include shareholding changes and stock repurchase activities from various companies such as China Jushi and Wan Nian Qing [46][48] - Industry news highlights include the release of optimization policies for public housing funds and the impact of recent policy measures on the real estate market [50]

[Table_Title] 建材行业周报 政策稳中求进、水泥持续复价，继续关 注建材春季躁动及数字化转型机会 2025 年 03 月 09 日 [Table_Author] 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：姚旭东 证书编号：S1160525010001 [Table_PicQuote] 相对指数表现 -21.64% -13.20% -4.75% 3.69% 12.13% 20.58% 3/7 5/7 7/7 9/7 11/7 1/7 3/7 建筑材料 沪深300 [Table_Summary] 【投资要点】 【配置建议】 【风险提示】 需求不及预期，毛利率不及预期，回款不及预期。 挖掘价值 投资成长 强于大市（维持） [Table_Report] 相关研究 《立邦 2024 年 TUC 业务逆势增长， 指引乐观，2025 行业或迎向上拐点》 2025.03.03 《实物量和二手销售景气修复，水泥 玻纤龙头竞合策略改善，重视建材春 季躁动》 2025.03.02 《复工实物量温和回升、华东水泥开 ...