Core Viewpoint - The company, Beixin Building Materials, is actively engaging in smart manufacturing and cost management strategies while maintaining stable pricing for its products amidst market fluctuations [2][3]. Group 1: Company Developments - The company is enhancing operational efficiency through smart manufacturing initiatives, which include the construction of intelligent factories and the promotion of e-commerce sales channels [2]. - Beixin Building Materials has implemented a "one cent cost-saving plan" to further reduce costs and improve efficiency in its waterproof and coating product lines [2]. Group 2: Market Position and Pricing Strategy - The company has recently increased the price of gypsum boards and is monitoring the market for potential price adjustments in waterproof materials and coatings, although current prices remain stable [2]. - Beixin Building Materials holds a leading position in the gypsum board market and has a cost advantage in waterproof materials compared to competitors [2]. Group 3: Shareholder Information - As of January 20, 2026, the total number of shareholders for the company is approximately 64,000 [2]. Group 4: Capital Flow Insights - On January 28, 2026, there was a net inflow of 47.76 million yuan from major funds, indicating a significant accumulation trend [3].

Core Viewpoint - The company is focusing on cost reduction and efficiency improvement in its waterproof and coating product lines through enhanced management practices and supply chain optimization [2] Group 1: Company Strategy - The company has a diverse range of waterproof and coating products, which exhibit cost differences across various regions [2] - The company is implementing "three precision management" to streamline operations and improve efficiency [2] - The company has established a supply chain center to support its operational strategies [2] Group 2: Cost Management Initiatives - The company is deepening its "one cent cost-saving plan" aimed at further reducing costs and enhancing efficiency in its waterproof and coating products [2]

Market Performance - The renovation and building materials sector increased by 0.28% compared to the previous trading day, with Donghe New Materials leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Stock Performance - Donghe New Materials (code: 920792) closed at 13.94, with a rise of 4.34% and a trading volume of 43,800 shares, amounting to a transaction value of 60.49 million yuan [1] - Other notable performers included: - Weixing New Materials (code: 002372) at 11.93, up 3.20% with a transaction value of 379 million yuan [1] - Sankeshu (code: 603737) at 53.80, up 3.10% with a transaction value of 293 million yuan [1] - Youbang Dading (code: 002718) at 77.83, up 2.95% with a transaction value of 299 million yuan [1] Capital Flow - The renovation and building materials sector experienced a net outflow of 25.93 million yuan from institutional investors, while retail investors saw a net outflow of 4.01 million yuan [2] - Conversely, speculative funds recorded a net inflow of 29.94 million yuan [2] Individual Stock Capital Flow - Qinglong Pipe Industry (code: 002457) had a net outflow of 53.33 million yuan from institutional investors, while North New Materials (code: 000786) saw a net inflow of 47.76 million yuan [3] - Puhua Shares (code: 002225) recorded a net inflow of 41.79 million yuan from institutional investors, while Youbang Dading (code: 002718) had a net inflow of 39.14 million yuan [3]

Summary of Waterproof Industry Conference Call Industry Overview - The waterproof industry reached a price peak between 2019 and 2020, followed by a gradual decline, with current factory prices down approximately 5%-10% from the 2019 high [1][5] - A rebound attempt was made in mid-2025, but the actual effect was minimal, with only a few products seeing slight price increases [1][5] Key Companies and Price Changes - Companies like Keshun and Sankeshu recently issued price increase notices for two major categories of commonly sold commodities, which account for about 30%-40% of the entire waterproof industry [1][3] - The price increase is considered more of a trial than a definitive change, with expectations of limited sales volume until early March 2027 due to seasonal factors [3] Market Dynamics - The market share of leading companies has increased, with the top 10-20 companies now holding about 60% of the market, up from 50% [1][8] - Cash flow has tightened in the industry due to a downturn in real estate, leading to stricter credit terms for distributors [4][10] Product Categories and Pricing Strategies - The waterproof industry is divided into three main product categories: waterproof membranes, waterproof coatings, and auxiliary materials [2] - Recent price increases have primarily affected high polymer materials in waterproof membranes and traditional asphalt-based coatings [2] - High-end waterproof products like high polymer membranes and polyurethane coatings are easier to price up due to their stronger profitability compared to ordinary commodities like asphalt membranes and cement-based coatings [11][13] Sales and Distribution - The sales process typically involves manufacturers setting a transfer price for sales companies, which then mark up the price before selling to distributors or retail channels [9] - Distributors face significant financial pressure, leading to tighter credit policies for downstream clients [20] Future Outlook - A potential price increase for specific products is anticipated in March 2027, but mainstream products may face challenges in raising prices [11] - Growth opportunities include expanding business models, diversifying customer bases, and developing high-end products, while risks are primarily related to cash flow management [24] Repair Market Growth - The repair market share has significantly increased from 10%-20% in 2019-2020 to the current 30%-40% [4][22] Conclusion - The waterproof industry is currently navigating a challenging landscape with fluctuating prices, tightening cash flows, and evolving market dynamics. Companies are adapting by focusing on high-end products and diversifying their offerings to maintain competitiveness and profitability [19][21]

石膏板会涨价吗？20260127 2025 年整体平均单价下降了约 7%。尽管北新、可耐福等主要玩家曾尝试调价， 但最终未能成功落实涨价。北新在 2025 年进行了两次调价行动，但并未真正 执行，而是保持了原有价格水平。可耐福在与顶洛合并后，也采取了多元化产 品策略，并调整了其原有高端产品的价格定位。 预计 2026 年行业新增 1.5 至 2 亿平方米产能，圣戈班广东新增 6,500 万平方米产能。目前无新的投资计划，重点是现有产能释放和满负荷生 产。 家装领域高端系列产品价格通常在 8 元以上，各品牌纷纷推出高端系列 以提升品牌形象，通过终端拉动及新媒体引流，在高端领域取得了成功。 摘要 2025 年石膏板行业整体平均单价下降约 7%，主要由于房地产和公装市 场需求急剧减少，尽管北新、可耐福等尝试调价但未能成功，市场竞争 激烈。 红星美凯龙在家装市场维持高端产品较高价格，通过促销组合进行折让； 中低端项目市场进一步进行价格竞争；乡镇低端市场采取攻击性降价策 略，降幅约 2 至 3 毛钱。 预计 2026 年家装高端产品维持现有价格，中低端产品可能调整；项目 及乡镇市场继续降价，但因成本压力，大幅降价空间有 ...

[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 ...

Market Overview - The renovation and building materials sector experienced a decline of 0.31% on January 26, with the leading stock, Leizhi Group, falling significantly [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Notable gainers in the renovation and building materials sector included: - ST Nachuan (code: 300198) with a closing price of 2.84, up 7.17% on a trading volume of 552,100 shares and a turnover of 155 million yuan [1] - Youbang Ceiling (code: 002718) closed at 70.30, up 4.33% with a trading volume of 33,900 shares and a turnover of 232 million yuan [1] - Luyang Energy (code: 002088) closed at 13.25, up 2.95% with a trading volume of 308,700 shares and a turnover of 417 million yuan [1] - Conversely, the following stocks faced declines: - Leizhi Group (code: 002398) closed at 6.03, down 5.93% with a trading volume of 690,800 shares and a turnover of 42.5 million yuan [2] - Xiong Plastic Technology (code: 300599) closed at 10.47, down 5.42% with a trading volume of 148,800 shares and a turnover of 158 million yuan [2] - Fashilong (code: 605318) closed at 64.70, down 4.03% with a trading volume of 36,300 shares and a turnover of 241 million yuan [2] Capital Flow - The renovation and building materials sector saw a net inflow of 85.9682 million yuan from institutional investors, while retail investors experienced a net inflow of 51.2124 million yuan [2] - However, speculative funds recorded a net outflow of 137 million yuan [2] Individual Stock Capital Flow - North New Materials (code: 000786) had a net inflow of 63.6954 million yuan from institutional investors, while it faced a net outflow of 73.5338 million yuan from speculative funds [3] - Zhonggang Haonai (code: 611889) saw a net inflow of 42.3469 million yuan from institutional investors, with a minor net outflow from speculative funds [3] - Youbang Ceiling (code: 002718) had a net inflow of 27.7561 million yuan from institutional investors, but a significant net outflow of 46.3950 million yuan from retail investors [3]

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].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1]. Core Views - The construction materials sector has shown good performance recently, driven by price increases in waterproof materials and a shift in market style. There is a strong expectation for continued price increases in consumer building materials such as waterproofing, coatings, and gypsum boards in 2026, despite the current off-season demand [3][4]. - The cement market is entering a seasonal downturn, with national demand showing a downward trend. However, the cement industry's capacity is expected to decline under policies limiting overproduction, which will enhance profit elasticity [3][4]. - The glass industry is facing sustained demand pressure due to the real estate sector, with traditional peak season orders showing limited improvement. Supply-side adjustments are ongoing, but overall supply-demand pressures remain [4][14]. - The fiber glass sector is experiencing a mixed demand environment, with AI-driven demand in specific segments showing potential for growth [4]. Summary by Sections Cement - The national cement market is entering a seasonal downturn, with demand expected to decrease significantly as the New Year approaches. December 2025 cement production was 144 million tons, down 6.6% year-on-year [8]. - The civil market shows relatively rigid demand, while the construction market remains weak. Future price trends are expected to be stable but weak [8]. Glass - The glass industry is under pressure, with traditional peak season demand not showing significant improvement. High inventory levels among intermediaries are a concern. Recent supply-side adjustments have occurred, but overall supply-demand pressures persist [14]. Fiber Glass - The fiber glass sector is seeing a mixed demand landscape, with AI-related products experiencing growth. The industry is expected to see a trend of increasing volume and price due to this demand [4]. Consumer Building Materials - The profitability of the consumer building materials sector has reached a bottom, with strong calls for price increases due to competitive pressures. Major categories like waterproofing and coatings are expected to see continued price hikes in 2026 [4]. Market Performance - The construction materials sector index increased by 9.23% over the past week, outperforming other major indices [5].