Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report indicates that the construction materials sector is showing strong performance, with expectations for price increases in various categories such as waterproofing, coatings, and cement due to improving demand and economic conditions in 2026. The report emphasizes the importance of monitoring post-Spring Festival demand recovery and price adjustments [4][5] - The cement market is entering a seasonal downturn, with a notable decline in demand, particularly in the housing market. However, mid-term prospects suggest that production capacity may decrease under policies limiting overproduction, potentially leading to improved profit margins [4][9] - The glass industry is facing ongoing demand pressures, with traditional peak season orders showing limited improvement. Supply-side adjustments are expected to keep prices low in the short term [5][16] - The fiber glass sector is experiencing a demand boost driven by the AI industry, with expectations for significant growth in both volume and price [5] - The consumer building materials sector is anticipated to see a bottoming out of profits, with strong price increase demands following years of competitive pricing [5] Summary by Sections Cement - The national cement market is entering a seasonal downturn, with December 2025 production at 144 million tons, a year-on-year decline of 6.6%. Demand is expected to weaken further due to seasonal factors and the upcoming Spring Festival [9] Glass - The glass industry is under pressure, with high inventory levels among intermediaries and limited demand recovery. Recent supply-side adjustments have not alleviated the overall supply-demand imbalance, leading to expectations of continued low price fluctuations [16] Fiber Glass - The fiber glass sector is benefiting from demand related to the AI industry, with expectations for a significant increase in both volume and price as the industry evolves [5] Consumer Building Materials - The sector is expected to see a recovery in profitability, with several categories like waterproofing and coatings announcing price increases, indicating a potential turnaround in 2026 [5]

Summary of Conference Call Records Companies and Industries Involved - **Keda Manufacturing**: Plans to acquire 51.55% stake in Tefu International, enhancing net profit and aligning interests with quality shareholders [1][1] - **China Jushi**: Noted a significant price increase in ordinary electronic cloth since Q4 2025 [1][1] - **Consumer Building Materials**: Market expectations remain low, with potential for profit elasticity and demand improvement not fully priced in [1][1] - **China National Materials**: Focus on the elasticity of price and volume for substrate materials driven by CPU demand [2][2] - **Shangfeng Cement**: Stable cash cow from cement business, with new economic investment projects maturing [4][4] - **Hua Xin Building Materials**: Announced share buyback by parent company [4][4] Core Points and Arguments - **Keda Manufacturing**: The acquisition of Tefu International is expected to significantly boost the company's net profit and create a stronger alignment with shareholders [1][1] - **China Jushi**: The price of ordinary electronic cloth has surged, indicating strong demand and potential profitability in the sector [1][1] - **Consumer Building Materials**: The sector is anticipated to see a profit turning point by Q3 2025, supported by improved competition and pricing strategies [1][1] - **China National Materials**: The demand for low-CTE materials is expected to rise due to CPU advancements, indicating a shift in market dynamics [2][2] - **Shangfeng Cement**: The company is well-positioned with a stable cash flow from its cement operations and is awaiting traditional demand recovery [4][4] - **Hua Xin Building Materials**: The increase in shareholding by the parent company reflects confidence in the business's future [4][4] Other Important but Potentially Overlooked Content - **Consumer Building Materials**: The potential for profit elasticity and demand improvement is not yet reflected in market pricing, suggesting an opportunity for investors [1][1] - **Risks**: The industry faces several risks including currency fluctuations, AI demand not meeting expectations, macroeconomic downturns, and unexpected capacity expansions [6][6] - **Investment Recommendations**: Companies with strong alpha characteristics such as Sankeshu, Rabbit Baby, and Hangaogroup are recommended, along with a focus on waterproof leaders like Dongfang Yuhong and Keshun [1][1]

Group 1 - On February 2, Keshun Co., Ltd. experienced a decline of 6.46% in stock price, with a trading volume of 294 million yuan. The margin trading data indicated a financing purchase amount of 29.66 million yuan and a net financing purchase of 12.23 million yuan for the day [1] - As of February 2, the total margin trading balance for Keshun Co., Ltd. was 239 million yuan, with the financing balance accounting for 3.23% of the circulating market value, indicating a high level compared to the past year [1] - The company’s main business includes the research, production, and sales of new building waterproof materials, with revenue composition as follows: waterproof membranes 51.11%, waterproof coatings 27.10%, waterproof engineering construction 17.31%, and others 4.49% [1] Group 2 - As of December 10, the number of shareholders for Keshun Co., Ltd. was 29,100, a decrease of 1.38% from the previous period, while the average circulating shares per person increased by 1.40% to 30,450 shares [2] - For the period from January to September 2025, Keshun Co., Ltd. reported an operating income of 4.703 billion yuan, a year-on-year decrease of 8.43%, and a net profit attributable to shareholders of 20.09 million yuan, down 84.08% year-on-year [2] Group 3 - Keshun Co., Ltd. has distributed a total of 692 million yuan in dividends since its A-share listing, with 536 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the sixth largest shareholder with 21.58 million shares, a new entry, while other institutional holdings showed changes in share quantities among the top ten shareholders [3]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The cyclical sector performed well recently, with price increase expectations rising. The construction materials sector is expected to see significant valuation elasticity in 2026, with waterproofing, coatings, and cement entering a phase of improved prosperity. Various categories such as gypsum boards, pipes, and glass are anticipated to reach price turning points in 2026, supported by expectations of recovery in real estate and the economy. Short-term demand is currently weak, with a focus on post-Spring Festival demand and price increases [4][5] - Cement demand is entering a seasonal downturn, with overall demand still declining. The housing market remains weak, while infrastructure demand shows significant regional differentiation driven by policy. The civil market exhibits relatively rigid demand. In the medium term, cement production capacity is expected to decline under policies limiting overproduction, leading to a significant increase in capacity utilization and profit elasticity [4][5] - The glass industry is experiencing sustained demand pressure due to real estate impacts, with traditional peak season orders showing limited improvement. Supply-side adjustments, including cold repairs of production lines, have occurred, but overall supply-demand pressures remain, leading to expectations of price stability at low levels [5][16] Summary by Sections Cement - National cement demand is gradually entering a seasonal downturn, with a 6.6% year-on-year decline in December 2025 production, totaling 144 million tons. The housing market remains weak, and infrastructure demand is regionally differentiated, with civil market demand being relatively rigid [9] Glass - The glass industry is under pressure, with traditional peak season orders showing limited improvement and high inventory levels among intermediaries. Despite recent cold repairs of production lines, supply-demand pressures persist, leading to expectations of continued low price fluctuations [5][16] Fiberglass - The fiberglass sector is seeing weak demand as manufacturers focus on cash flow. However, the electronic yarn segment is experiencing growth driven by AI industry demand, with expectations for a significant increase in both volume and price [5] Consumer Building Materials - The industry has reached a profitability bottom, with no further downward price space. The sector is strongly advocating for price increases, with waterproofing, coatings, and gypsum boards issuing price increase notices. Profitability improvements are expected for leading companies in 2026 [5]

Market Overview - The renovation and building materials sector experienced a decline of 4.35% on February 2, with Gu Di Technology leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers included: - Huali Co., Ltd. (603038) with a closing price of 17.80, up 3.61% [1] - Yangzi New Materials (002652) at 4.01, up 1.78% [1] - Significant decliners included: - Gu Di Technology (002694) at 3.33, down 10.00% [2] - Fangda Group (000055) at 3.84, down 9.65% [2] - Luyang Energy-Saving (002088) at 12.25, down 7.76% [2] Trading Volume and Value - Huali Co., Ltd. had a trading volume of 151,500 shares and a transaction value of 274 million yuan [1] - Gu Di Technology recorded a trading volume of 93,800 shares with a transaction value of 31.23 million yuan [2] Capital Flow - The renovation and building materials sector saw a net outflow of 380 million yuan from institutional investors, while retail investors had a net inflow of 310 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Gu Di Technology had a net inflow of 3.05 million yuan from institutional investors but a net outflow of 3.73 million yuan from speculative funds [3] - Huali Co., Ltd. experienced a net inflow of 3.01 million yuan from institutional investors, while retail investors had a net outflow of 13.28 million yuan [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 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 ...

Group 1 - The core point of the news is that Keshun Co., Ltd. experienced a stock decline of 5.62%, with a current share price of 6.72 yuan, a trading volume of 10.18 million yuan, a turnover rate of 0.17%, and a total market capitalization of 7.459 billion yuan [1] - Keshun Co., Ltd. is located in Shunde District, Foshan City, Guangdong Province, and was established on October 10, 1996. The company was listed on January 25, 2018, and its main business involves the research, production, and sales of new building waterproof materials, as well as providing waterproof engineering construction services [1] - The revenue composition of Keshun Co., Ltd. includes waterproof membranes at 51.11%, waterproof coatings at 27.10%, waterproof engineering construction at 17.31%, other products at 2.61%, and seismic isolation products at 1.88% [1] Group 2 - Among the top ten circulating shareholders of Keshun Co., Ltd., a fund under the Fortune Fund ranks first. The Fortune Research Select Flexible Allocation Mixed A (000880) increased its holdings by 226,900 shares in the third quarter, holding a total of 17.6863 million shares, which accounts for 1.99% of the circulating shares. The estimated floating loss today is approximately 7.0745 million yuan [2] - The Fortune Research Select Flexible Allocation Mixed A (000880) was established on December 12, 2014, with a latest scale of 515 million yuan. Year-to-date returns are 11.2%, ranking 1207 out of 9000 in its category; the one-year return is 24.31%, ranking 4913 out of 8193; and since inception, the return is 219.6% [2]

麻了，太多亏损公告了，列不过来，随便挑了一些 周一围观白银LOF跌停 新希望：预计2025年净利润为-15亿元至-18亿元 科沃斯：预计2025年净利润为17亿元至18亿元，同比增加110.90%至123.30% 科华生物：预计2025年全年亏损7.40亿至5.80亿 卫宁健康：2025年预计亏损3.2至3.9亿元 科顺股份：预计2025年净利润亏损3.8亿元–5.7亿元 蓝帆医疗：预计2025年全年亏损8.5亿至6.5亿 闻泰科技：2025年预计亏损为-135亿元至-90亿元 风语筑：控股股东拟减持不超过3%股份 奥锐特：董事拟减持不超过0.98%股份 航天宏图：预计2025年年末净资产为负，公司股票可能被实施退市风险警示 爱得科技：北交所新股【申购】 易思维：沪深新股【申购】 华夏中核清洁能源REIT(508050)：【上市】 | 转债代码 | 转债名称 | 类型 | 日期 | 公告 | | --- | --- | --- | --- | --- | | 111014 | 李子转债 | 不下修 | 2026-01-31 | 公告 | | 113610 | 灵康转债 | 不下修 | 2026-01-31 | ...

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].

Investment Rating - The report highlights a positive investment outlook for Keda Manufacturing and recommends Shengfeng Cement as a key stock for February [2][12]. Core Insights - Keda Manufacturing's acquisition of the remaining 51.55% stake in Tefu International is viewed positively, with projected revenues of 8.187 billion yuan and net profits of 1.474 billion yuan by 2025 [2]. - Shengfeng Cement is favored due to its resilient business model, low production costs, and significant investments in new economic projects exceeding 1.9 billion yuan [2]. - The report emphasizes the potential for price increases in traditional electronic fabrics and related materials, driven by AI demand and copper price fluctuations [3][15]. - The trend towards space photovoltaic energy is highlighted, with a focus on UTG and TCO glass as essential materials for future energy solutions [4][14]. Summary by Sections Weekly Discussion - Keda Manufacturing's stock resumption is positively received, and the acquisition strengthens its strategic partnerships [2]. - Shengfeng Cement is recommended for its stable core business and cash flow from new investments [2]. Market Performance - The construction materials index showed a mixed performance, with glass manufacturing and fiberglass sectors performing well, while cement manufacturing faced slight declines [19][21]. Price Changes in Construction Materials - National average cement price decreased to 345 yuan/ton, with a slight increase in sales rates [16]. - Float glass prices increased to 1,144.80 yuan/ton, reflecting a 0.53% rise, while inventory levels decreased slightly [16][39]. Important Changes - Several companies released performance forecasts, and Keda Manufacturing announced a capital increase plan for the acquisition of Tefu International [6].