重磅研报 持股过节 今日概览 证券研究报告 | 朝闻国盛 gszqdatemark 2026 02 09 年 月 日 | 【宏观】高频半月观—数据进入"假期模式"——20260208 | | --- | | 【金融工程】持股过节——20260208 | | 【金融工程】择时雷达六面图：本周资金面和宏观基本面弱化—— | | 20260207 | | 【固定收益】持债过节——20260208 | | 【固定收益】资金更为宽松，政府债融资将回落——流动性和机构行为 | | 跟踪——20260207 | | 【建筑材料】竣工端建材将迎来长周期拐点——20260208 | | 【电力设备】钙钛矿：迎来 GW 级量产——20260206 | 【钢铁】方大特钢（600507.SH）-成本优势明显，增长潜力突出—— 20260208 朝闻国盛 研究视点 【煤炭】印度扩产炼钢提振焦煤需求，拟加码美国进口优化供应格局— —20260208 【房地产】C-REITs 周报——双轨并行，商业不动产 REITs 密集上报—— 20260207 【计算机】新国都（300130.SZ）-年报业绩符合预期，软硬出海+港股 上市加速全球化布 ...

Core Insights - The report highlights a significant rebound in the US stock market, with the S&P 500 index rising 0.54% and the ISM manufacturing PMI increasing to 52.6, indicating a return to expansion in the manufacturing sector [4][5] - The report discusses the performance of the Hong Kong stock market, noting declines in major indices and specific sectors such as gold and cement, driven by international market trends and local supply-demand dynamics [2][3] Company Overview - The report focuses on Aixin Yuan Zhi (600.HK), a supplier of AI inference SoCs, established in 2019, with core products aimed at smart security, smart home, and smart automotive applications [7] - As of September 30, 2025, the company has shipped over 157 million visual terminal computing SoCs and is actively expanding into smart automotive SoCs and edge AI SoCs [7][8] Financial Performance - For 2024, the company expects total revenue of 470 million yuan, a 105% year-on-year increase, primarily driven by chip shipment growth and the acquisition of Huatu [9] - The company anticipates a total revenue of 270 million yuan for the first three quarters of 2025, reflecting a 6% year-on-year increase, with a strategic adjustment impacting growth rates [9] Industry Status and Outlook - The report forecasts a 21% CAGR for China's edge AI inference chip market over the next five years, with the market size expected to reach 286.2 billion yuan by 2025 [10] - The competitive landscape indicates that Aixin Yuan Zhi holds a 6.8% market share in global visual edge AI inference chips, ranking fifth, while holding a 12.2% share in China's edge AI inference chips, ranking third [10] Advantages and Opportunities - The company has validated its technological capabilities with proprietary NPU and AI-ISP technologies, with approximately 80% of its workforce in R&D [11] - The smart automotive SoC and edge AI SoC markets are experiencing rapid growth, presenting optimistic future market potential [11] IPO Information - The IPO is scheduled from January 30 to February 5, 2026, with trading expected to commence on February 10, 2026 [13] - The report indicates that cornerstone investors have subscribed to 5.12 million shares, amounting to approximately 1.44 billion HKD, which represents 49% of the global offering [14][15]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The real estate market in first-tier cities has shown strong performance, particularly in second-hand housing transactions, indicating a potential recovery in the sector [1][2] - Government debt issuance has significantly increased, with a total of 863.35 billion yuan in January 2026, reflecting a 204.3% month-on-month increase and a 54.8% year-on-year increase, which may alleviate fiscal pressure and accelerate municipal projects [1] - The glass manufacturing sector is approaching a supply-demand balance due to accelerated cold repairs, while photovoltaic glass companies are reducing production to ease supply tensions [1][3] - The cement industry is experiencing a demand bottoming process, with increased off-peak production efforts and a focus on regional demand recovery, particularly in areas like Tibet and Xinjiang [1][2] - The demand for fiberglass remains robust, driven by growth in wind energy and high-end applications, indicating structural investment opportunities [1][6] Summary by Sections Cement Industry Tracking - As of January 30, 2026, the national cement price index is 342.94 yuan/ton, down 0.69% week-on-week, with a total cement output of 2.278 million tons, a decrease of 4.27% [2][18] - The capacity utilization rate for cement clinker kilns is 45.19%, up 2.77 percentage points from the previous week, indicating a slight recovery in production [2][18] - The market is currently undergoing structural adjustments, with infrastructure remaining the main support but showing weak growth [2][18] Glass Industry Tracking - As of January 29, 2026, the average price of float glass is 1144.80 yuan/ton, reflecting a week-on-week increase of 0.53% [3][31] - Inventory levels have decreased, with a total of 49.27 million weight boxes, down 500,000 from the previous week [3][31] - Demand is expected to slow down as many small processing plants will shut down for the holiday, leading to a quieter market [3][31] Fiberglass Industry Tracking - The price of non-alkali roving remains stable, with demand primarily driven by essential purchases, while supply remains unchanged [6] - The average price of electronic yarn is stable, with expectations of price increases in high-end products due to ongoing demand [6] Carbon Fiber Industry Tracking - The carbon fiber price remains stable, with a weekly production of 2,369 tons and an operating rate of 76.28% [7] - The industry continues to face profitability challenges, with an average production cost of 113,300 yuan/ton and a negative gross margin [7] Consumer Building Materials - The consumer building materials sector is benefiting from the recovery in second-hand housing and renovation demand, with significant potential for market share growth [1][6]

港股晨报 2026 年 1 月 23 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：科技股分化与消费韧性的博弈，金 价逻辑重构 昨日，港股三大指数涨跌互现，其中，恒生指数涨 0.17%，国企指数跌 0.09%， 恒生科技指数涨 0.28%。大市成交金额 2,348.60 亿元，主板总卖空金额 353.83 亿元，占可卖空股票总成交额比率为 17.01%。南向资金北水方面，港股通交易 净流入 139.30 亿港元。港股通 10 大成交活跃股中，北水净买入最多的是盈富 基金 2800.HK、恒生中国企业 2828.HK、阿里巴巴 9988.HK；净卖出最多的是中 国移动 941.HK、腾讯 700.HK、华虹半导体 1347.HK。 板块方面，建材水泥板块显著上扬，其中，中国建材 3323.HK 涨 6.83%，海螺 水泥 914.HK 涨 5.38%，华润建材科技 1313.HK 涨 4.97%，华新水泥 6655.HK 涨 4.18%。根据国家统计局数据，2025 年全国累计水泥产量 16.93 亿吨，同比下 降 6.9%，降幅与 1-11 月持平，较去年同期收窄 2.6 个百分点，产量为 ...

Investment Rating - The report maintains an "Increase" rating for the construction materials sector [4] Core Views - The construction materials sector saw a 1.89% increase from January 5 to January 9, 2026, with cement up 1.62%, glass manufacturing up 3.10%, fiberglass manufacturing up 0.75%, and renovation materials up 2.57% [13] - The People's Bank of China emphasized promoting high-quality economic development and reasonable price recovery as key monetary policy considerations [13] - Local government bond issuance decreased significantly in December 2025, indicating potential easing of fiscal pressure and opportunities for municipal engineering projects [13] - The supply-demand imbalance in float glass is expected to ease due to self-regulated production cuts by photovoltaic glass manufacturers [13] - The cement industry is experiencing a demand bottoming process, with increased efforts in staggered production halts [13] Summary by Sections Cement Industry Tracking - As of January 9, 2026, the national cement price index was 349.52 CNY/ton, down 0.58% week-on-week, with cement output at 2.7175 million tons, down 4.55% [2] - The capacity utilization rate for cement clinker kilns was 43.53%, up 5.1 percentage points from the previous week [2] - The overall recovery in cement demand is contingent on the rollout of funding for major infrastructure projects and stabilization in the real estate market [2] Glass Industry Tracking - As of January 8, 2026, the average price of float glass was 1121.92 CNY/ton, with a slight increase of 0.06% week-on-week [3] - The inventory of raw glass in 13 provinces was 51.95 million weight boxes, down 183 thousand from the previous week [3] - The market is expected to see price fluctuations due to changes in supply-side dynamics [3] Fiberglass Industry Tracking - The market for non-alkali fiberglass remained stable, with no significant changes in supply or demand [6] - The average price of electronic yarn G75 increased by 1.79% week-on-week, indicating a positive trend in high-end product demand [6] Consumer Building Materials - The demand for consumer building materials continues to show signs of weak recovery, with fluctuations in upstream raw material prices [7] - The price of carbon fiber remained stable, with production costs slightly decreasing, although many companies are still operating at a loss [7] Key Stocks - Recommended stocks include: - Yao Pi Glass (Buy) with projected EPS growth from 0.12 CNY in 2024 to 0.27 CNY in 2027 [8] - Yinlong Co. (Buy) with projected EPS growth from 0.28 CNY in 2024 to 0.75 CNY in 2027 [8] - Puhua Co. (Buy) with projected EPS growth from 0.12 CNY in 2024 to 0.51 CNY in 2027 [8] - San Ke Tree (Buy) with projected EPS growth from 0.45 CNY in 2024 to 2.20 CNY in 2027 [8] - Beixin Building Materials (Buy) with projected EPS growth from 2.14 CNY in 2024 to 2.34 CNY in 2027 [8]

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puxin Co., Sanjike Tree, and Beixin Building Materials [9]. Core Insights - The construction materials sector saw a 3.64% increase from December 22 to December 26, 2025, with notable gains in glass fiber manufacturing (10.06%) and glass manufacturing (5.04%) [1][13]. - The report emphasizes the importance of demand stabilization and the implementation of anti-involution policies, particularly in the context of housing policy adjustments in Beijing [1]. - The report highlights the ongoing challenges in the cement market, with a focus on the need for macroeconomic improvements, especially in the housing sector, to stimulate demand [2][18]. Summary by Sections Cement Industry Tracking - As of December 26, 2025, the national cement price index was 352.28 CNY/ton, a decrease of 0.26% from the previous week [2][18]. - The cement output for the week was 2.877 million tons, down 2.73% week-on-week, indicating a continued contraction in demand as temperatures drop and the Spring Festival approaches [2][18]. - The capacity utilization rate for cement clinker kilns was 37.42%, reflecting a decrease of 0.23 percentage points from the previous week [2][18]. Glass Industry Tracking - The average price of float glass as of December 25, 2025, was 1140.08 CNY/ton, with a weekly decline of 0.98% [3]. - Inventory levels for glass products increased, with a total of 55.33 million heavy boxes reported, up 38,000 boxes from the previous week [3]. Glass Fiber Industry Tracking - The market for non-alkali glass fiber remained stable, with average prices holding steady [7]. - Demand for glass fiber products has shown signs of weakness, with reduced purchasing intentions from downstream buyers [7]. Consumer Building Materials - The consumer building materials sector is experiencing a weak recovery, with prices for upstream materials like aluminum alloy and acrylic remaining stable [7]. - The report suggests that consumer building materials will benefit from favorable second-hand housing transactions and consumption stimulus policies [1]. Carbon Fiber Industry Tracking - The carbon fiber market price remained stable, with a weekly production of 2,392 tons and an operating rate of 79.47% [8]. - The industry continues to face challenges with profitability, as the average production cost was reported at 105,900 CNY/ton, leading to negative margins for many companies [8].

Group 1 - The Ministry of Ecology and Environment has issued the "2024-2025 National Carbon Emission Trading Market Quota Allocation Plan" for the steel, cement, and aluminum smelting industries, which is based on the mature experience of the power generation sector [1] - The quota allocation framework continues to focus on free allocation based on carbon emission intensity, linking the quota amount to actual production without setting an absolute cap on total carbon emissions [1] - The plan requires newly included enterprises to complete their first quota compliance within the year, with local governments responsible for ensuring timely compliance to maintain the integrity and effectiveness of the carbon trading market [1] Group 2 - Tianfeng Securities reports that over 85% of clinker lines in northern provinces are currently in a shutdown state due to peak production adjustments, with plans for shutdowns in December varying by region [2] - The report indicates that the cement sector is experiencing strong bottom-line profit support, with head enterprises expected to address excess production capacity by 2025, having already replaced 52.5 million tons of capacity while exiting 83.59 million tons [2] - The actual effects of excess production governance are anticipated to become evident in 2026, as policies are designed to provide a window for excess production enterprises to adjust [2] Group 3 - Related Hong Kong stocks in the cement sector include Huaxin Cement (06655), China National Building Material (03323), Conch Cement (00914), China Resources Cement Technology (01313), Shanshui Cement (00691), Western Cement (02233), Jinyu Group (02009), and Asia Cement (China) (00743) [3]

Group 1 - The Ministry of Ecology and Environment has issued the "2024-2025 National Carbon Emission Trading Market Quota Allocation Plan" for the steel, cement, and aluminum smelting industries, which is based on the successful experience of the power generation sector [1] - The quota allocation framework continues to focus on free allocation based on carbon emission intensity, linking the quota amount to actual production without setting an absolute cap on total carbon emissions [1] - The plan aims to encourage advanced practices and penalize laggards, with local governments tasked to ensure timely compliance by enterprises to maintain the integrity and effectiveness of the carbon trading market [1] Group 2 - Tianfeng Securities reports that most northern provinces have begun staggered production during the heating season, with over 85% of clinker lines currently offline, and various provinces announcing December shutdown plans [2] - The cement sector is expected to see strong bottom-line profit support in the short term, with some enterprises starting to address excess production capacity, having replaced 52.5 million tons and exited 83.59 million tons of capacity as of November [2] - The policy environment in 2025 is designed to provide a window for enterprises with excess production to adjust their capacity, with the effects of actual production governance expected to become evident in 2026 [2] Group 3 - Related Hong Kong stocks in the cement sector include Huaxin Cement, China National Building Material, Conch Cement, China Resources Cement Technology, Shanshui Cement, Western Cement, Jinyu Group, and Asia Cement (China) [3]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華新水泥股份有限公司 I. 法定/註冊股本變動 本月底法定/註冊股本總額： RMB 2,078,995,649 呈交日期: 2025年12月1日 第 1 頁 共 10 頁 v 1.1.1 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06655 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 734,720,000 | RMB | | 1 | RMB | | 734,720,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 734, ...

香港交易及结算所有限公司及香港联合交易所有限公司对本公告的内容概不负责，对其准确性或 完整性亦不发表任何声明，并明确表示，概不对因本公告全部或任何部份内容而产生或因倚赖该 等内容而引致的任何损失承担任何责任。 華新建材集團股份有限公司 HUAXIN BUILDING MATERIALS GROUP CO., LTD.* 1 本公司於聯交所進行買賣H股之中文證券簡稱將由「華新水泥」變更為「華新建材」及 英文證券簡稱將由「HUAXIN CEMENT」變更為「HX BLDG MAT」，自2025年12月4日上午9 時正起生效。H股股份代號維持不變，仍為「06655」。 ( 前稱華新水泥股份有限公司 HUAXIN CEMENT CO., LTD.* ) （於中華人民共和國注册成立的股份有限公司） （股份代號：6655） 變更公司名稱及證券簡稱 茲提述華新建材集團股份有限公司（前稱華新水泥股份有限公司，「本公司」）日期為 2025年10月3日、2025年10月30日的公告（「該等公告」），以及日期為2025年10月3日 的通函（「該通函」），內容有關（其中包括）本公司擬變更公司名稱及證券簡稱。除 另有所指外，本公告所用 ...