证券研究报告 | 2026年03月03日 建筑材料周报（2026 年第 9 周） 优于大市 关注节后开复工情况及涨价品种 节后首周工地开复工率农历同比略有增加，上海优化调整地产政策。据百年 建筑调研，截至 2 月 25 日(农历正月初九)，全国 10692 个工地开复工率为 8.9%，农历同比增加 1.5 个百分点；劳务上工率 15.5%，农历同比增加 3.7 个百分点；资金到位率 29%，农历同比增加 9.4 个百分点。同时，2 月 25 日， 上海市住房城乡建设管理委等五部门联合印发《关于进一步优化调整本市房 地产政策的通知》，自 2 月 26 日起施行，新政重点调减限购政策，有望刺 激市场需求，提升市场活跃度，同时公积金贷款额度的提高和房产税的减免 将进一步增强购房者的支付能力和购买意愿。 renhe@guosen.com.cn chenying4@guosen.com.cn S0980520040006 S0980518090002 重点板块数据跟踪： 1）水泥：全国水泥市场价格环比回落，跌幅-0.78%，节后需求尚未启 动，预计元宵节过后，下游需求将会陆续恢复，考虑部分区域价格已经 触底，市场全面启 ...

行 业 及 产 业 建筑材料/ 装修建材 2026 年 03 月 03 日 防水提价，看好建材春旺行情 看好 ——建材行业事件点评 本期投资提示： 研 究 报 告 证券分析师 任杰 A0230522070003 renjie@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 郝子禹 A0230524060003 haozy2@swsresearch.com 研究支持 郝子禹 A0230524060003 haozy2@swsresearch.com 联系人 郝子禹 A0230524060003 haozy2@swsresearch.com 行业点评 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 证 券 相关研究 - ⚫ 防水三强陆续提价 5%-10%。东方雨虹 3 月 1 日发函：将于 3 月 15 日起对工程端沥青 卷材和沥青涂料价格统一上涨 5%-10%；科顺股份 3 月 2 日发函，3 月 15 日起，对沥 青类卷材和沥青类涂料及高分子类卷材价格上涨 5-1 ...

防水涨价函频发，消费建材在油价传导链上 20260302 摘要 防水板块内需价格弹性突出，主要由于行业过去几年加杠杆较多，下行 阶段供给出清更快，价格战持续导致价格基数偏低，以及原材料沥青与 油价高度相关，油价波动易触发顺价行为，为 2026 年价格修复提供空 间。 建材行业经历四五年价格下行周期，利润触底，企业有强烈的利润修复 诉求，供给出清显著，玩家数量减少，构成行业形成一致涨价诉求的基 础。地产政策变化及企业预期修复，需求下滑斜率放缓，下沉市场存在 结构性机会。 多家头部防水企业集中发布提价函，主要原因是沥青成本波动，年前跌 至低位后因原油波动反弹，推动沥青基材料成本上升。各公司普遍计划 本月中旬起对沥青类材料上调价格，幅度基本在 5%–10%之间。 雨虹提价覆盖以工程端卷材与沥青相关产品为主，约占其收入的四五成。 本轮提价幅度不仅能够覆盖近期沥青上涨带来的成本抬升，还具备一定 的超额传导空间，有望提升盈利能力。 防水与涂料行业集中度提升显著，反映中大型企业及中小生产商陆续退 出，有效供给收缩明显，为行业底部修复利润、推动涨价形成基础。防 水行业前三家市占率接近翻倍，涂料行业立邦与三棵树市占率提升至 3 ...

1 | | 素，已对公司防水产品价格进行了调整。 | | --- | --- | | | 3. 2025 年建筑涂料、工业涂料产品需求及价格变化趋势？ | | | 答：2025 年建筑涂料需求结构转型，存量房翻新重涂需求对 | | | 冲新房市场萎缩，其中功能性高端产品价格较为坚挺；工业涂料 | | | 总体稳健增长，也是整个涂料行业增长的重点，其中新能源、高 | | | 端装备领域需求旺盛，国产替代空间大，因此高技术壁垒的功能 | | | 性产品价格稳定，而低端防护领域价格竞争激烈。 | | | 4.请介绍公司国际化业务情况 | | | 答：目前公司已初步进入坦桑尼亚、乌兹别克斯坦和泰国市 | | | 场，计划通过由点到面的扩张方式，深入布局东南亚、中亚、非 | | | 洲、欧洲和地中海等关键区域。围绕"一体两翼"业务，公司也 | | | 将持续关注并寻求国际化整合机会。 | | | 5.请介绍公司未来的分红计划 | | | 答：公司注重与投资者共享发展成果，上市以来累计进行现 | | | 金分红 95.09 亿元，其中 2024 年现金分红比率提升至 40.07%。 | | | 未来，公司将努力创造更好业 ...

证券研究报告 建筑材料 行业定期报告 hyzqdatemark 2026 年 03 月 02 日 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 邓力 SAC：S1350525070006 dengli@jzsec.com 赵梦妮 SAC：S1350525050005 zhaomengni@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 板块表现： 继续重视电子布、地产链、地下管网 投资评级： 看好（维持） ——建筑材料行业周报（26/02/23-26/03/01） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 电子布维持景气上行，Q 布短期或迎催化。1）当下传统电子布正在经 历的是此轮景气周期的拐点，之于科技而言或是"类存储时刻"，之 于周期而言则或是"类供给侧改革时刻"。上游织布机紧缺叠加下游 需求景气背景下，我们判断电子布价格有望新高，传统电子布、 Low-CTE、二代布均有看点 ...

证券研究报告：建筑材料|行业周报 发布时间：2026-03-02 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 6571.81 | | 52 | 周最高 | 6706.6 | | 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 《电子布涨价超预期，看好 26 年涨价 持续性》 - 2026.02.09 建材行业报告 （2026.02.23-2026.03.01） 电子布延续高景气，看好龙头中国巨石 投资要点 行业投资评级 电子布自 25 年 10 月已经历 4 轮涨价，2 月初涨价幅度达 0.5-0.6 元/米，涨价节奏及幅度均超预期。一方面，AI 相关的 low-CTE、一 代布二代布等产品需求旺盛高景气，供给短期难以满足，产品价格有 望持续提升。另一方面，由于行业产能转向 AI 特种玻纤，传统电子 布产能紧缺、叠加织布机紧缺等因素，预计传统电子布仍将延续超预 期涨价态势。建议关注：中国巨石。 水泥： ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the electronic cloth sector has experienced four rounds of price increases since October 2025, with a price increase of 0.5-0.6 yuan/meter in early February 2026, driven by strong demand from AI-related products and a supply shortage [3] - The cement industry is gradually recovering post-Spring Festival, with demand showing signs of improvement, particularly in the civil market, while the overall capacity is expected to decline under production restriction policies, leading to increased profit elasticity [3] - The glass industry is facing continuous demand pressure due to real estate impacts, with short-term price fluctuations expected to remain low due to high inventory levels among intermediaries [4] - The fiberglass sector is anticipated to see explosive growth driven by AI demand, with a clear upgrade in product structure and a trend of simultaneous volume and price increases [4] - The consumer building materials sector is expected to see profit improvements as prices stabilize after years of competition, with major companies expected to issue price increases in 2026 [4] Summary by Sections Cement - National demand is gradually recovering post-Spring Festival, with a notable decline in cement production of 1.44 billion tons in December 2025, down 6.6% year-on-year [8] Glass - The glass market is under pressure with traditional peak season orders showing limited improvement, and supply-side adjustments are expected to keep prices low in the short term [15] Fiberglass - The demand for electronic yarn is strong, driven by the AI industry, with expectations for simultaneous increases in volume and price due to product upgrades [4] Consumer Building Materials - The sector's profitability has reached a bottom, with strong calls for price increases expected to lead to profit improvements for leading companies in 2026 [4]

Investment Rating - The report suggests a positive outlook for the electronic inflation chain and oil chain sectors, indicating potential price increases and strong demand in various materials [1][2][3]. Core Insights - The electronic inflation chain is expected to see price increases in early March due to strong downstream demand from AI materials and new product launches, with a successful price transmission anticipated [1]. - The oil chain is impacted by rising oil prices, leading to cost increases for products like asphalt, with companies adjusting prices accordingly [2]. - Companies like Keda, Huaxin, and Leshushi are highlighted for their expansion into international markets, particularly in Africa and South America, indicating a strategic focus on local manufacturing and job creation [3]. Summary by Sections Electronic Inflation Chain - Strong demand for AI materials is driving price increases in electronic fabrics and copper foil, with expectations for smooth price transmission in March [1]. - The report emphasizes the ongoing trend of AI displacing traditional production capacities in various sectors, including storage and electronic fabrics [1]. Oil Chain - The report notes that the cost of asphalt has risen from 3,000 RMB/t to 3,350 RMB/t, prompting companies to increase prices by 5%-10% for related products [2]. - The report highlights the potential for coal chemical alternatives to gain traction as oil prices rise, suggesting increased capital expenditure in this area [2]. International Expansion - Keda's establishment of a glass factory in Ghana is noted as a significant development, with expectations for local job creation and reduced costs for construction and automotive needs [3]. - Leshushi's inclusion in the Hang Seng Composite Index is also highlighted, indicating its growing market presence and liquidity [3]. Market Performance - The report provides insights into the performance of various materials, with cement prices averaging 339 RMB/ton, down 52 RMB/ton year-on-year, and glass prices showing a slight increase [4][15]. - The overall building materials index has shown a positive performance, with specific sectors like glass manufacturing and fiberglass seeing notable gains [18].

Group 1 - The report emphasizes the strengthening of supply logic in the building materials industry due to carbon neutrality policies, with a continued price increase for copper-clad laminates (CCL) and adjustments in real estate policies in Shanghai [2][14][20] - The implementation of differentiated electricity pricing policies across provinces is expected to promote technological advancements and energy-saving measures in high-energy-consuming industries, aiding in the elimination of outdated production capacity [14][15] - The report highlights a significant price increase of over 30% for CCL and adhesive films by Resonac, driven by the ongoing shortage and rising costs of key raw materials [18][19] Group 2 - The building materials industry is experiencing a recovery in demand, particularly in the consumer building materials sector, which is expected to see stable long-term demand and improved profitability for leading companies [29][32] - The national cement market price has decreased by 0.8% week-on-week, but there is potential for price increases as demand recovers [29][33] - The report notes a slight increase in float glass prices, while the trading of photovoltaic glass remains sluggish, indicating a mixed outlook for the glass segment [29][34] Group 3 - The report suggests that the building materials sector is at a historical valuation low, with potential for significant recovery in profitability as supply-side improvements support the market [29][30] - Key companies in the consumer building materials sector, such as Three Trees, Rabbit Baby, and Oriental Yuhong, are highlighted for their resilience and growth potential amid a challenging market environment [29][32] - The report indicates that the glass fiber and carbon-based composite materials sector is expected to see price increases in electronic yarns and fabrics, driven by stable demand and competitive dynamics [29][34]

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 建筑材料 上海地产政策松绑，期待更多政策落地 2026 年 2 月 24 日至 2 月 27 日建筑材料板块（SW）上涨 0.68%，其中 水泥（SW）上涨 1.07%，玻璃制造（SW）上涨 2.44%，玻纤制造（SW） 下跌 2.16%，装修建材（SW）上涨 2.39%，本期建材板块相对沪深 300 超额收益+0.62%。本期建筑材料板块（SW）资金净流入额为-11.78 亿元。 【周数据总结和观点】 本周上海五部门联合发布《关于进一步优化调整本市房地产政策的通知》 新政主要从限购松绑、公积金提额、房产税调整三方面发力：非沪籍居民 外环内购房社保年限由 3 年缩短至 1 年，连续缴纳满 3 年及以上可在外 环内增购 1 套；持居住证满 5 年可全市购 1 套；外环外购房不限套数。 首套公积金贷款最高额度从 160 万元提至 240 万元，多子女家庭叠加政 策后可达 324 万元；沪籍成年子女家庭唯一住房暂免房产税。根据 wind 统计，2026 年 1 月地方政府债总发行量 8633.5 亿元，发行金额环比 2025 年 ...