其中，佳饰家披露首次公开发行股票并上市辅导工作完成报告，显示东方证券已按要求完成上市辅导工 作；云峰莫干山向港交所递交主板上市申请。两家知名企业取得的这一成果，再次点燃材料行业拥抱资 本市场的热情。 大材研究，泛家居产业老板经营内参，经理人每日读物，一线人员的生意参谋，打造有影响 力的大家居建装研究机构、专业评价与传播中心。 装饰材料行业，继续叩响资本化与产业升级的大门。2025年里，佳饰家、云峰莫干山等企业的IPO计划 均取得阶段性进展，引发行业广泛关注。 另一起备受关注的动向则是，中国家博会（广州）陆续公布2026年设备配料展的最新进展，材料板块定 位家居设计选材平台，预计数百家材料企业参展，汇聚CMF表面设计、功能升级、材质创新等成果。 一系列重要动作落地，使得这个低调的品类成功吸引更广泛群体的热切目光。 这种关注里，既有对装饰材料市场当下格局的审视，也有对行业未来成长性的预期，更包含对头部企业 突破瓶颈、打开上升空间的路径追问与成果期待。 总体来看，装饰材料产业的上市军团已初步成型。 在佳饰家、云峰莫干山之前，该板块已有约十家上市公司，例如装饰纸领域的齐峰新材、华旺科技、聚 力文化（帝龙）等；板材行业 ...

Core Viewpoint - The renovation and building materials sector experienced a significant increase of 3.24% on January 29, with Keshun Co., Ltd. leading the gains. The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1]. Group 1: Stock Performance - Keshun Co., Ltd. (300737) closed at 7.61, up 13.58%, with a trading volume of 942,800 shares and a transaction value of 700 million yuan [1]. - Dongfang Yuhong (002271) closed at 17.95, up 7.87%, with a trading volume of 951,200 shares and a transaction value of 1.684 billion yuan [1]. - Sankeshu (603737) closed at 57.88, up 7.58%, with a trading volume of 108,600 shares and a transaction value of 620 million yuan [1]. - Jianlang Hardware (002791) closed at 24.27, up 6.92%, with a trading volume of 1,227,300 shares and a transaction value of 548 million yuan [1]. - Other notable stocks include Tubaobao (002043) at 16.68, up 6.45%, and Weixing New Materials (002372) at 12.51, up 4.86% [1]. Group 2: Capital Flow - The renovation and building materials sector saw a net inflow of 141 million yuan from institutional investors, while retail investors experienced a net outflow of 54.71 million yuan [2]. - The main capital inflow was observed in Dongfang Yuhong, with a net inflow of 134 million yuan, while Keshun Co., Ltd. had a net inflow of approximately 87.29 million yuan [3]. - Other companies like Wanlishi (002785) and Weixing New Materials (002372) also saw significant net inflows of 39.40 million yuan and 37.56 million yuan, respectively [3].

午后白酒消费板块走强，有色金属延续强势，消息面上，受春节旺季需求向好等因素影响，部分茅台经 销商已到货的飞天茅台（53度、500ml）一月和二月配额已售罄。此外，伦敦金属交易所(LME)金属普 涨，多个品种价格创新高，三个月期铜涨7.05%，报14009.0美元/吨；三个月期铅涨1.56%，报2048.5美 元/吨；三个月期锡涨2.32%，报57250.0美元/吨；三个月期锌涨2.87%，报3460.5美元/吨；三个月期镍涨 3.05%，报18828.0美元/吨。 全指现金流ETF鹏华紧密跟踪中证全指自由现金流指数，中证全指自由现金流指数选取100只自由现金 流率较高的上市公司证券作为指数样本，以反映现金流创造能力较强的上市公司证券的整体表现。 中信证券指出，白酒行业即将迎来春节旺季营销活动，渠道在经销商大会后持续学习，吸收龙头企业渠 道、产品等多维度改革经验。行业或在新改革和新方向下重新聚焦市场培育和消费者教育，促进开瓶动 销并为经销商减负。综合考虑到动销已逐步平稳、2026年春节假期多一天、白酒春节消费场景等诸多因 素，判断2026年春节白酒实际动销有望维持平稳，无须过度悲观。再考虑到后续逐步复苏趋势明确 ...

Summary of Conference Call on Building Materials Industry Industry Overview - The building materials industry is experiencing a price increase trend driven primarily by demand, particularly in the electronic fabric sector, with significant contributions from AI electronic fabric expected in 2026 [1][2] - The fiberglass industry is projected to continue its upward trajectory, with traditional electronic fabric prices having increased three times since Q4 2025, totaling approximately 0.6 yuan [1][2] Key Insights - **Fiberglass Market**: The demand for AI electronic fabric is a major driver for fiberglass price increases, with expectations of continued growth in 2026 [1][2] - **High-End Yarn Market**: The supply of high-end yarn (e.g., wind power sand, thermoplastic sand) remains stable, with a marginal decrease in effective supply of approximately 400,000 tons compared to 2025. Wind power sand demand was close to 1.2 million tons last year, maintaining high levels [5] - **Consumer Building Materials**: The consumer building materials sector has seen a significant decline in real estate demand since 2021, with the waterproof materials market size dropping from 200 billion to around 80-90 billion. The CR3 market share has increased from over 30% to over 40% due to a high exit rate of small enterprises [6] Company Recommendations - **Fiberglass Leaders**: China Jushi is recommended as the largest traditional building materials leader, with an expected profit of approximately 5 billion yuan and a market capitalization space of 120-130 billion yuan [3] - **Consumer Building Materials**: Recommended companies include: - Sanke Tree - Rabbit Baby - Henkel Group - Additional companies to watch: Yuhong, Keshun, Weixing, and Beixin Building Materials [3][6] - **Glass Industry**: Key players to focus on include: - Qibin Group - Xinyi Glass - These companies are expected to have strong profitability and may benefit from price recovery once the industry reaches a supply-demand balance [7] Challenges and Opportunities - **Glass Industry Challenges**: The glass industry is expected to face overall losses starting in the second half of 2024, with significant pressure on small enterprises leading to potential bankruptcies. Inventory levels are high, with some small companies holding over 40 days of inventory [7] - **Production Capacity**: Anticipated cold repairs of production lines in Q1 may further reduce capacity to around 140,000-145,000 tons [7] Conclusion - The building materials sector is currently navigating a complex landscape of price increases driven by demand, particularly in electronic fabrics and high-end yarns. Key companies in fiberglass and consumer building materials are positioned to benefit from these trends, while the glass industry faces significant challenges that may present both risks and opportunities for recovery in the future [1][2][3][6][7]

Core Viewpoint - The renovation and building materials sector experienced a slight decline of 0.06% on January 27, with Guoliang New Materials leading the drop [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1]. - Guoliang New Materials saw a significant decline of 6.89%, closing at 26.62, with a trading volume of 79,300 shares and a transaction value of 211 million yuan [2]. - Other notable decliners included Asia Creative Energy, down 4.43%, and Donghe New Materials, down 3.47% [2]. Group 2: Stock Performance - The top gainers in the renovation and building materials sector included Youbang Ceiling, which rose by 7.54% to close at 75.60, with a trading volume of 37,200 shares and a transaction value of 270 million yuan [1]. - Other gainers included Rabbit Baby, up 3.30%, and Lezhi Group, up 2.16% [1]. - The overall sector saw a net outflow of 52.17 million yuan from main funds, while retail investors contributed a net inflow of 93.68 million yuan [2][3]. Group 3: Fund Flow Analysis - Main funds showed a net outflow from Youbang Ceiling of 38.45 million yuan, while retail investors had a net inflow of 47.24 million yuan [3]. - Other stocks like Wanli Stone and Puhui Co. also experienced varying levels of net inflow and outflow from different investor categories [3].

[Table_Page] 深度分析|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 12 月投资端降幅扩大，2026 年有望开门红 [Table_Summary] 核心观点： [Table_Grade] 行业评级 持有 前次评级 持有 报告日期 2026-01-27 识别风险，发现价值 请务必阅读末页的免责声明 1 / 25 972918116公共联系人2026-01-27 16:41:57 ⚫ 12 月地产/基建投资降幅环比扩大，2026 年有望开门红。12 月固定资 产投资当月同比-15.1%，前值-12.0%；其中制造业/地产/狭义基建/广 义基建投资单月同比分别为-10.5%/-35.8%/-12.2%/-15.9%，增速环比 分别-6.1/-5.5/-2.5/-4.0pct，可能和"推动投资止跌回稳"政策方向既定 的情况下，地方政府会更倾向于把投资节奏集中于 2026 年初有关。 2025 年 1-12 月房地产开发投资/新开工面积/销售面积/竣工面积分别同 比-17.2%/-20.4%/-8.7%/-18.1%，12 月地产相关指标继续低位徘徊， 2026 开年之后二手房成交回暖 ...

Core Viewpoint - The A-share market continues to experience fluctuations, with a notable divergence in popular sectors under the "cooling" expectations, leading to a pullback in cyclical and dividend sectors [1] Group 1: Market Performance - As of January 26, the CSI Dividend Index has a 40-day return difference of -8.89% compared to the Wind All A Index, indicating significant underperformance [1] - The latest dividend yield of the CSI Dividend Index is 5.06%, while the yield of the 10-year government bond is 1.82%, highlighting the relative value of high dividend configurations [1][14] Group 2: Banking Sector Insights - Eight banks, including China Merchants Bank and Shanghai Pudong Development Bank, reported 2025 performance forecasts, with seven showing growth in both operating income and net profit attributable to shareholders, indicating a stable industry development [1] - China Merchants Bank achieved an operating income of 337.5 billion yuan, remaining stable year-on-year, and a net profit of 150.2 billion yuan, reflecting a 1.2% increase [1] Group 3: Investment Strategies - Long-term funds, represented by insurance capital, are increasingly investing in high-dividend assets, particularly in the banking and public utility sectors, due to the scarcity of high-yield assets in a low-interest-rate environment [2][21] - The CSI Dividend ETF (515080) tracks high-dividend stocks, reflecting the overall performance of the A-share market's high-dividend stocks [2][6] Group 4: Future Outlook - The insurance capital's stake acquisitions reached a near 10-year high in 2025, driven by the low-interest-rate environment and the need for stable high-dividend assets [2][21] - The regulatory framework is encouraging long-term capital to enter the market, which may provide stability and mitigate concerns over interest rate differentials [22]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1]. Core Views - The real estate chain is expected to see a valuation recovery in 2026, with a potential rebound driven by policy expectations and market dynamics. Key stocks to watch include high-dividend companies and those in the export sector [2]. - The technology sector is highlighted as a priority, with domestic semiconductor development expected to accelerate, benefiting cleanroom engineering and related companies [2]. - Consumer performance remains subdued, but cost-cutting measures are showing positive effects, indicating that the clearing phase in the real estate chain is nearing completion [2]. - The report emphasizes the importance of global trade stability and the potential for fiscal expansion in major economies, which could positively impact sectors like AI and innovative pharmaceuticals [2]. Summary by Sections 1. Construction Materials Fundamentals and High-Frequency Data - Cement prices remain stable at 347.7 CNY/ton, unchanged from the previous week but down 52.2 CNY/ton year-on-year. The average cement inventory ratio is 59.4%, up 0.5 percentage points week-on-week [6][15]. - The average daily cement shipment rate is 29.5%, down 10.4 percentage points from the previous week but up 16.1 percentage points year-on-year [23][25]. - Glass prices are slightly up at 1138.8 CNY/ton, but down 257.2 CNY/ton compared to the same period last year. Inventory levels are at 4,977 million weight boxes, down 9,000 from last week but up 1,188,000 from last year [49][46]. 2. Industry Dynamics Tracking - The report notes that the cement industry is undergoing supply-side adjustments, with a focus on eliminating outdated capacity. This is expected to improve the utilization rate of clinker capacity [10]. - The glass industry is facing a supply contraction, which may provide price elasticity in 2026. However, the current demand is weak, and inventory levels remain high [10]. - The fiberglass sector is projected to see stable growth in demand, particularly in wind power and new applications, despite a general decline in profitability [10]. 3. Weekly Market Review and Sector Valuation - The construction materials sector saw a weekly increase of 9.23%, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [6]. - The report suggests that the valuation of leading companies in the sector is at historical lows, indicating potential for recovery as industry policies take effect [10].

证券研究报告：建筑材料|行业周报 发布时间：2026-01-26 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 6032.51 | | 52 | 周最高 | 6032.51 | | 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 《年末需求进入淡季，关注供给改善品 种》 - 2026.01.19 建材行业报告 （2026.01.19-2026.01.25） 防水发布涨价函，关注内需弹性品种 投资要点 本周受防水涨价及风格切换因素影响，建材板块表现较好，尤其 内需涨价逻辑相关标的涨幅居前。展望 26 年，我们认为消费建材弹 性明显，防水、涂料、石膏板等行业均有持续涨价预期，目前行业需 求处于淡季，我们判断在竞争格局改善及反内卷大环境下，行业将持 续延续涨价逻辑，建议关注：东方雨虹、科顺股份、三棵树、兔宝宝、 北新建材。 水泥：年末全国市场逐步进入淡季，整体来看，全国需求仍呈现 下滑态势，房建 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1]. Core Views - The real estate chain is expected to see a valuation recovery in 2026, with a potential rebound driven by policy expectations and market dynamics [2]. - The report highlights several sectors for investment focus, including high-dividend stocks, export-oriented industries, and home improvement consumption [2]. - The technology sector is emphasized, particularly in domestic semiconductor development and AI applications, which are projected to grow rapidly [2]. - The report indicates that the performance of the real estate chain remains subdued, but cost-cutting measures are showing positive effects [2]. - The global trade environment is expected to stabilize, with fiscal expansion in major economies supporting sectors like AI and innovative pharmaceuticals [2]. Summary by Sections 1. Construction Materials Fundamentals and High-Frequency Data - Cement prices remain stable at 347.7 CNY/ton, unchanged from the previous week but down 52.2 CNY/ton year-on-year [6][15]. - The average cement inventory ratio is 59.4%, up 0.5 percentage points from last week and up 3.1 percentage points from the same period last year [23]. - The average cement shipment rate is 29.5%, down 10.4 percentage points from last week but up 16.1 percentage points year-on-year [23]. 2. Industry Dynamics Tracking - The report notes that the cement industry is undergoing supply-side adjustments, with a focus on eliminating outdated capacity [10]. - The glass market is experiencing price stability, with average prices for float glass at 1138.8 CNY/ton, reflecting a slight increase from the previous week but a significant decrease from last year [46]. - The fiberglass sector is expected to see stable demand growth, particularly in wind power and new applications, with effective capacity projected to increase by 6.9% in 2026 [10]. 3. Weekly Market Review and Sector Valuation - The construction materials sector saw a weekly increase of 9.23%, outperforming the Shanghai and Shenzhen 300 index [6]. - The report suggests that the valuation of leading companies in the construction materials sector is at historical lows, indicating potential for recovery as industry policies take effect [10]. - Recommendations include companies like China National Building Material and Conch Cement, which are expected to benefit from improved industry dynamics and overseas market expansion [10].