建材行业 建材材料-标配（维持） 建材行业双周报（2026/02/20-2026/03/05） 行 业 双 周 地缘政治带来成本上涨，部分建材产品提价或加速 2026 年 3 月 6 日 分析师：何敏仪 S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn 资料来源：iFind，东莞证券研究所 SAC 执业证书编号： 水泥：政府工作报告提出，加强反垄断、反不正当竞争，强化公平竞争 审查刚性约束，综合运用产能调控、标准引领、价格执法、质量监管等 手段，深入整治"内卷式"竞争，营造良好市场生态。结合《建材行业 稳增长工作方案(2025—2026年)》《水泥玻璃行业产能置换实施办法 （2024年本）》，严控新增熟料产能、推进超备案产能整改、强化错峰 生产刚性执行，将成为2026年行业核心任务。2026年水泥行业供需格局 进一步改善可期。建议关注基本面理想，股息率较高的上峰水泥 （000672）、塔牌集团（002233）、华新建材（600801）。 报 申万建筑材料行业指数走势 玻璃玻纤：平板玻璃：根据iFinD数据，2026年2月国内玻璃现货价稳定 在13.2–13. ...

研究早观点 2026 年 3 月 3 日 星期二 市场走势 资料来源：常闻 国内市场主要指数 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】煤炭：行业周报（20260223-20260301）-地缘冲突有望继 续推升煤炭价格 【行业评论】汽车：2026 年度策略-短期承压不改长期趋势；趋势为王 抓住确定性 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 4,182.59 | 0.47 | | 深证成指 | | 14,465.79 | -0.20 | | 沪深 | 300 | 4,728.67 | 0.38 | | 中小板指 | | 8,847.90 | 0.14 | | 创业板指 | | 3,294.16 | -0.49 | | 科创 | 50 | 1,464.77 | -1.56 | | 资料来源：常闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 研究早观点 【今日要点】 【行业评论】煤炭：行业周报 ...

汽车 2026 年度策略 领先大市-A(维持) 汽车板块近一年市场表现 资料来源：常闻 短期承压不改长期趋势；趋势为王抓住确定性 2026 年 3 月 2 日 行业研究/行业年度策略 投资要点： 合金多行业应用持续开拓-镁合金月报 （202601） 2026.2.12 【山证汽车】多重驱动、多点爆发；镁 合 金 时 代 加 速 到 来 - 轻 量 化 专 题 2026.1.19 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 执业登记编码：S0760525120001 邮箱：jiaguochen@sxzq.com 2025 年我国汽车产销量平稳增长，2026 年虽然短期承压但不改长期向 好趋势。2025 年，我国汽车产销量为 3453.1 和 3440 万辆，分别同比+10.4% 和+9.4%。2026 年 1 月，因为新能源汽车购置税、以旧换新等政策调整，乘 用车销量，特别是新能源汽呈车现销一量定压力，但我们认为中国汽车行业 整体平稳发展的趋势没有改变。国内市场，内需政策仍然会有力支持汽车行 业发展，在北京、上海等限购地区与三四线城市，汽车消费仍有释放空间。 ...

【山证汽车】多重驱动、多点爆发；镁 合 金 时 代 加 速 到 来 - 轻 量 化 专 题 2026.1.19 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 执业登记编码：S0760525120001 汽车 2026 年度策略 领先大市-A(维持) 汽车板块近一年市场表现 资料来源：常闻 合金多行业应用持续开拓-镁合金月报 （202601） 2026.2.12 邮箱：jiaguochen@sxzq.com 短期承压不改长期趋势；趋势为王抓住确定性 2026 年 3 月 2 日 行业研究/行业年度策略 投资要点： 2025 年我国汽车产销量平稳增长，2026 年虽然短期承压但不改长期向 好趋势。2025 年，我国汽车产销量为 3453.1 和 3440 万辆，分别同比+10.4% 和+9.4%。2026 年 1 月，因为新能源汽车购置税、以旧换新等政策调整，乘 用车销量，特别是新能源汽车销量呈现一定压力，但我们认为中国汽车行业 整体平稳发展的趋势没有改变。国内市场，内需政策仍然会有力支持汽车行 业发展，在北京、上海等限购地区与三四线城市，汽车消费仍有释放空间。 ...

Core Viewpoint - The A-share market in 2026 is experiencing a slow upward trend in indices, while individual stocks show a stark contrast in performance, with retail investors often facing losses due to chasing popular stocks. Meanwhile, institutional investors are quietly accumulating shares in low-profile companies with strong fundamentals, characterized by consistent earnings growth, low valuations, and significant technological barriers [1]. Group 1: Company Highlights - Shenghong Technology is a global leader in AI server PCB production, supplying major clients like NVIDIA and Google. The company achieved a net profit of 3.245 billion yuan in 2025, a year-on-year increase of over 324%, and expects a profit range of 4.16 billion to 4.56 billion yuan for 2025, reflecting a growth of 260% to 295% [3]. - Xibu Materials is the sole domestic supplier of high-temperature niobium alloy materials for commercial aerospace, with a significant order from SpaceX. The company anticipates revenue from aerospace materials to exceed 1.5 billion yuan in 2025, with a gross margin of 45% [4]. - XianDao Intelligent is a leading provider of solid-state battery equipment, with new orders totaling 12.4 billion yuan in the first half of 2025. The company reported a net profit of 1.186 billion yuan in the first three quarters of 2025, a nearly 95% increase year-on-year [5]. - Jiangsu Bank, a city commercial bank, reported a revenue of 67.183 billion yuan and a net profit of 30.583 billion yuan in the first three quarters of 2025, with a non-performing loan ratio of only 0.84% [7]. - Chaojie Co., Ltd. transitioned from automotive fasteners to aerospace components, securing 285 million yuan in commercial aerospace orders by the end of 2025, with a 161% year-on-year growth in aerospace revenue [8]. - Xiamen Tungsten is a resource giant with a focus on tungsten, rare earths, and lithium battery materials, achieving a revenue of 46.469 billion yuan in 2025, a 31.37% increase year-on-year [9]. - Tianfu Communication is a key supplier of optical devices in the optical communication sector, expecting a net profit of 1.881 billion to 2.150 billion yuan in 2025, a growth of 40% to 60% [11]. - Weichai Power is transitioning from traditional heavy-duty engines to becoming a key player in AI data center energy supply, with a significant increase in sales of its M-series engines for data centers [12]. - Fuzheng Technology leads in nonlinear optical crystals, holding over 80% market share in high-end manufacturing applications, driven by the demand for 6G technology and laser radar [13]. - China Jushi is a dominant player in the fiberglass industry with over 40% market share, focusing on high-end products and global expansion to mitigate cyclical risks [14].

近日，力劲集团与浙江承承科技有限公司及其全资子公司安徽承承汽车科技有限公司达成重要战略合 作，一次性采购力劲18台大型智能化压铸单元，机型覆盖1600T-3500T等多规格，从2026年4月份开始分 批交付。此次批量采购标志着双方合作关系的全面深化，也将为承承科技在汽车轻量化零部件领域的大 规模、高品质生产提供坚实的技术与装备支撑。 力劲集团作为全球领先的压铸机制造商，始终以先进技术和完善解决方案，助力客户实现智能制造与产 业升级。未来，力劲将持续以高性能设备、创新技术与服务支持，赋能承承科技顺利投产与高效运营， 共同推进中国汽车轻量化与新能源产业的进步，携手铸就可持续未来。 ...

临近春节，在湖北仙桃市彭场镇的非织造布产业园内，工程师和产业工人们仍在忙着做实验、抓生产。 非织造布是直接通过纤维粘合形成的织物，常用于口罩、手术衣等医疗卫生用品。在仙桃，这块布正在 加速"跨界"升级。仙桃聚集了2000多家相关企业，已开发建筑、汽车、航空航天等32个大类130多种非 织造布新品。 新年伊始，李雪莲和同事们正加紧开发一款新产品，"这是一种可降解膜，用于核电站工作人员的防辐 射防护衣，目前正在中试阶段。" 新赛道上，"一块布"正焕发蓬勃生机。本报记者 范昊天 [ 责编：袁晴 ] 一块布，能提升汽车性能，也能让楼宇"呼吸"。 走进湖北拓盈新材料有限公司5G全连接工厂，建筑"可呼吸"防水透气膜生产线正高效运转。"每天有四 五十吨产品从这里下线，出口到欧美日韩，目前订单已经排到了7月份。"公司研发经理李雪莲说。 而在一年多前，这款产品在湖北市场还是空白。"当时，一家欧洲企业在寻找一种新型建筑材料，耐高 温兼防水，具有低透湿性、高阻隔性。技术门槛不低，不少同行打了退堂鼓，但我们接了单。"李雪莲 回忆。 "揭洋榜"的底气，源自赋能创新的科研机制。李雪莲介绍，在湖北省科技厅的支持下，拓盈新材料联合 多家非织 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 12.64 CNY per share as of February 13, 2026 [2]. Core Insights - The company is transitioning from a traditional steel wheel manufacturer to a new materials platform based on the Avatar niobium micro-alloy, aiming to create multiple growth curves across various industries [6][7][12]. - The global demand for wheels is expected to rise, with an estimated 530 million wheels needed by 2025, driven by trends in lightweighting and cost reduction [6][37]. - The Avatar niobium micro-alloy demonstrates significant advantages over traditional materials in terms of tensile strength, yield strength, fatigue strength, Vickers hardness, density, and cost, making it suitable for both passenger and commercial vehicles [8][48]. Summary by Sections 1. Transition and Transformation - The company has evolved through three stages: initial growth in steel wheels, a transformative phase starting in 2012 with the Avatar project, and a current focus on the Avatar low-carbon wheel business [16]. - The company has successfully completed the transition to Avatar low-carbon wheels, with production and customer expansion leading to a return to growth in its core business [24][25]. 2. Market Demand and Trends - The global wheel demand is projected to increase steadily, with lightweighting and cost reduction being major trends influencing the market [37][41]. - The Avatar niobium micro-alloy is positioned to meet the growing demand for lightweight and cost-effective solutions in the automotive sector, particularly in the context of electric vehicles [51][54]. 3. New Materials Platform - The company is building a new materials platform based on the Avatar niobium micro-alloy, which has applications across various industries, including electric two-wheelers, intelligent robotics, commercial aerospace, and low-altitude flying vehicles [12][27]. - The company has established a comprehensive system integrating talent, materials, processes, equipment, and patents to create a strong competitive advantage [8][13]. 4. Financial Projections - Revenue forecasts for the company are as follows: 33.58 billion CNY in 2024, 44.38 billion CNY in 2025, 66.14 billion CNY in 2026, and 88.96 billion CNY in 2027, with corresponding net profits of 0.23 billion CNY, 0.97 billion CNY, 4.56 billion CNY, and 9.24 billion CNY [2][6]. - The earnings per share (EPS) are projected to increase significantly, reaching 0.93 CNY by 2027, with a corresponding price-to-earnings (PE) ratio decreasing from 543 in 2024 to 14 by 2027 [2].

经济观察网 近期锡南科技（301170）（301170）资金关注度提升，2月11日主力资金净流入96.94万元， 2月12日进一步净流入238.97万元，连续两个交易日呈现资金流入态势。股价方面，2月12日报收30.55 元，微涨0.16%，近5日累计涨幅0.93%，短期呈现震荡趋势，区间振幅1.72%。交易活跃度方面，2月12 日换手率3.58%，成交额3681.07万元，市场参与意愿一般。业务层面，公司作为汽车轻量化领域铝合金 零部件供应商，近期在新能源汽车及氢燃料电池项目上有所布局，包括与博世、盖瑞特等企业的合作， 或受相关概念板块活跃催化。 业绩经营情况 2025年三季报数据显示，公司前三季度主营收入8.41亿元，同比增长5.12%；归母净利润8003.79万元， 同比增长3.39%。其中第三季度单季度扣非净利润2627.87万元，同比大幅上升43.27%，显示盈利能力改 善。负债率保持低位（9.34%），毛利率19.02%，财务结构稳健。 机构观点 机构观点整合显示，该股市场关注度一般，舆情偏中性，东方财富（300059）网综合评价得分66.50 分，近期消息面平淡，主力资金虽有介入迹象但整体机构调 ...

Core Viewpoint - Haomei New Materials (002988.SZ) faces scrutiny from the stock exchange regarding its recent financial performance, specifically the increase in revenue without a corresponding increase in profit, alongside multiple changes in previously funded projects [1] Financial Performance - For the first three quarters of 2025, the company's operating revenue increased by 15.40% year-on-year to 5.582 billion yuan, while the net profit attributable to shareholders decreased by 16.68% to 143 million yuan, indicating a clear increase in revenue without profit growth [1] - The decline in profit is primarily attributed to a decrease in gross margin, driven by rising prices of primary raw materials (aluminum ingots) and a lag in product price adjustments [1] - R&D expenses reached 180 million yuan in the first three quarters of 2025, reflecting a year-on-year increase of over 20% [1] Strategic Adjustments - The company emphasizes that the short-term profit pressure is reasonable, as the revenue from automotive lightweight business has increased to 27.58% of total revenue, with plans to optimize profit structure by increasing the proportion of high-value-added products [1] - Regulatory concerns focus on the continuity of the company's funded projects, with previous projects being altered after initial investments, raising questions about the prudence of the decision to expand production capacity for automotive lightweight aluminum materials and components [1] Market Positioning - The company claims that previous project changes were strategic adjustments based on market conditions, with the new project targeting the lightweight segment of the new energy vehicle market, supported by 5.661 billion yuan in designated projects [1] - Regulatory authorities require additional explanations regarding the prudence of benefit assessments, particularly in light of the overall gross margin of only 10.65% during the reporting period [1]