Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Viewpoints - The real estate chain is expected to experience a gradual upward trend, with the industry likely at the bottom of its cycle in 2026. The report suggests that after excessive competition, product prices are gradually recovering, and leading companies are improving operational efficiency. Stock price increases are anticipated to occur through fluctuations rather than a rapid rise [4][5] - The report highlights the importance of focusing on high-dividend stocks and companies in the export industry, as well as those related to renovation consumption. It emphasizes the potential for strategic investments in technology-driven companies and those benefiting from domestic and international market expansions [4][5] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 344.8 RMB/ton, down 2.8 RMB/ton from last week and down 55.0 RMB/ton from the same period in 2025. The average cement inventory ratio is 59.8%, up 0.4 percentage points from last week and up 3.5 percentage points from 2025 [4][14][23] - **Glass**: The average price for float glass is 1144.8 RMB/ton, up 6.0 RMB/ton from last week but down 251.2 RMB/ton from 2025. The inventory of float glass stands at 4,927 million heavy boxes, down 50,000 from last week but up 374,000 from 2025 [4][46][51] - **Fiberglass**: The effective production capacity for fiberglass is projected to reach 759.2 million tons in 2026, a year-on-year increase of 6.9%. The demand for fiberglass is expected to maintain steady growth, supported by wind power and new applications [8][4] 2. Industry Dynamics Tracking - The construction materials sector has shown a positive performance, with a weekly increase of 0.73%, outperforming the Shanghai and Shenzhen 300 index by 0.65% [4] - The report notes that the supply-side adjustments in the cement industry are expected to continue, with a focus on eliminating outdated capacity. This is projected to support profitability in the medium term [4][5] 3. Weekly Market Review and Sector Valuation Table - The report provides a detailed review of price changes, inventory levels, and production rates across various regions for cement and glass, indicating a mixed performance across different areas [4][14][23][46]

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 地产链有望震荡向上 2026 年 02 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 建筑材料 沪深300 相关研究 《继续看好地产链估值修复》 2026-01-26 《社融增速小幅回落，关注红利高股 息等方向》 2026-01-19 东吴证券研究所 1 / 19 请务必阅读正文之后的免责声明部分 ◼ 本周（2026.1.23–2026.1.30，下同）：本周建筑材料板块（SW）涨跌幅 0.73%，同期沪深 300、万得全 A 指数涨跌幅分别为 0.08%、-1.59%，超 额收益分别为 0.65%、2.32%。 ◼ 大宗建材基本面与高 ...

Core Insights - The meeting held by Sinopec's Jingwei Company focused on the "14th Five-Year Plan" and utilized a hybrid learning model to ensure participation from members across various locations [1][2] - The discussion highlighted the importance of high-quality development and technological innovation in oil and gas exploration, particularly through advanced digital techniques [1][2] Group 1: Meeting Structure and Participation - The meeting was conducted in a warm environment, with 25 party members participating through a combination of in-person and remote access via Tencent Meeting [1] - Members from different regions, including Southern Xinjiang, Northern Xinjiang, Urumqi, Dongying, and various drilling sites, engaged in the learning process despite geographical barriers [1] - The innovative "online + offline" learning approach allowed for effective knowledge sharing across a distance of 3,000 kilometers [1] Group 2: Technological Innovation and Implementation - The discussion on "new productive forces" emphasized the establishment of a "Remote Smart Drilling Center" in Northern Xinjiang, which aligns with the call for "technological self-reliance" [2] - The center is equipped with 20 functional components and seven core functions, enhancing exploration capabilities in Northwest China [2] - The party members were encouraged to transform learning outcomes into actionable plans, including forming task forces for technical innovation and ensuring safety during production [2] Group 3: Commitment to Learning and Development - The meeting concluded with a commitment from members to translate the planning spirit into practical initiatives, including a "responsibility well" activity during the Spring Festival [2] - Members signed a "Learning Commitment Book," emphasizing their dedication to continuous learning and application of the "14th Five-Year Plan" [2] - The ongoing discussions among members post-meeting reflect a strong commitment to implementing the learned principles in their work [2]

股商波动剧烈，全球资源品大周期？ 2026 2026年年11月月2626日日-2026 -2026年年11月月3030日日 基金投顾观点 本周A股价跌量升，资源属性行业领涨，债市稳定，黄金大幅上涨后剧烈波动。具体来看，市场有以下几个重要方面： | 权益方面，本周A股价跌量升，除周五波动较大外，市场整体呈窄幅震荡，沪深两市日均成交金 | | --- | | 额重回3万亿以上。全周涨幅最高的前五个行业中，资源属性行业占据四席，分别是石油石化、 煤炭、有色金属、农林牧渔，市场对实物资产重估的范围出现扩大迹象。本周国证价值上涨 | | 1.01%，国证成长下跌0.59%。恒生指数上涨2.38%，港股股表现优于A股。 | | 债市方面，本周资金面维持稳定，债市整体表现较好，国债期货走强，现券结构分化，央行呵 | | 护资金面流动性，短债波动变化不大，而超长短相对较弱。基本面来看，GDP目标达成但内需 动能仍待修复，低利率环境预计延续。情绪面来看，本周权益市场和商品市场波动较大，市场 | | 风险偏好维持高位，对债市有一定压制。机构行为来看，节前交易盘较为谨慎，配置盘有一定 | | 支撑力量。 | | 商品方面，黄金市场 ...

Core Viewpoint - The 2026 Henan Provincial Two Sessions emphasize "technological innovation" as a key driver for future development, focusing on building a robust technological support system and integrating education with technology and talent development [1][2]. Group 1: Technological Support System - The core task for 2026 is to strengthen the technological support system, promoting the deep integration of technological and industrial innovation, and constructing a modern industrial system with Henan's unique advantages [2][3]. - The "list of challenges" mechanism will be further implemented to encourage open collaboration among government, industry, academia, and research institutions, aiming to publish over 100 challenge lists to drive breakthroughs in key technologies [3][4]. Group 2: Industry and Innovation Integration - The role of enterprises as innovation leaders will be reinforced, with support for leading companies to form innovation alliances and the establishment of a provincial-level innovation platform whitelist to enhance industry support [4][5]. - A collaborative engine for innovation within industrial chains is proposed, particularly in key sectors like new energy vehicles and aerospace, to ensure that innovation resources are effectively utilized [7][8]. Group 3: Talent Development - Higher education institutions are encouraged to align their programs with the needs of the light industry sector, enhancing the quality of talent development to support high-quality growth in the industry [12][14]. - The establishment of collaborative innovation ecosystems is essential, with a focus on breaking down barriers between universities and industries to facilitate deeper integration of education and technology [19][20].

Group 1 - The State Council's plan aims to optimize service supply and cultivate new growth points in service consumption to enhance quality of life and support high-quality economic development [1] - Key areas of focus include promoting the integration of transportation services and tourism, expanding inbound consumption, and optimizing performance management in the entertainment sector [1][2] - The plan emphasizes the importance of financial and fiscal support, establishing credit systems in sectors like elderly care and tourism, and developing relevant standards for service consumption [1] Group 2 - The National Science and Technology Work Conference highlighted the need to strengthen basic research and enhance the capacity for independent research and development [3][4] - The conference emphasized the integration of technological innovation with industrial innovation and the importance of international cooperation to improve the overall effectiveness of the national innovation system [3] Group 3 - The National Taxation Work Conference outlined a focus on high-quality tax practices, emphasizing the need for legal compliance, digital transformation, and strict tax management [5][6] - Key goals include creating a comprehensive tax revenue governance system and addressing issues related to tax compliance and management in key sectors [5] Group 4 - The Ministry of Civil Affairs and the Ministry of Finance released guidelines to improve the temporary assistance system, focusing on providing quick aid for urgent needs and supporting vulnerable families [7][8] - The guidelines aim to enhance the efficiency and accessibility of temporary assistance, particularly for families facing sudden financial burdens [7] Group 5 - The Ministry of Natural Resources and other departments introduced measures to lower costs and optimize resource use to support the reform and development of elderly care services [9][10] - Key initiatives include allowing flexible land use for elderly care facilities and promoting innovative resource combinations to enhance service delivery [9] Group 6 - The Ministry of Commerce announced plans to deepen "Belt and Road" cooperation and optimize foreign investment policies to enhance market access and support foreign enterprises [11][12] - The focus is on expanding cooperation in emerging sectors such as green minerals, clean energy, and digital economy [11][12] Group 7 - The State-owned Assets Supervision and Administration Commission outlined the direction for the next round of state-owned enterprise reforms, focusing on optimizing the layout and structure of state-owned economies [14][15] - Emphasis is placed on promoting technological innovation and enhancing the management and supervision of state-owned assets [14] Group 8 - The Ministry of Human Resources and Social Security outlined key tasks in employment, social security, talent development, and labor relations to enhance social welfare [17] - Initiatives include expanding employment opportunities, reforming social security systems, and protecting the rights of new employment forms [17]

Core Viewpoint - The "14th Five-Year Plan" period is crucial for China to achieve socialist modernization and for Heilongjiang to revitalize its economy, with a focus on implementing the "12 key tasks" to lay a solid foundation for building a modern strong province [1] Group 1: Industrial and Economic Development - The plan emphasizes the need to promote industrial revitalization, strengthen the foundation of the real economy, and build a more competitive modern industrial system [2] - It aims to enhance economic circulation efficiency and fully integrate into the national unified market to boost high-quality revitalization and development [10] - The plan includes reforms in the economic sector to maintain a socialist market economy and continuously stimulate high-quality revitalization and development [11] Group 2: Technological and Agricultural Advancement - There is a strong focus on promoting educational and technological revitalization, leading new productive forces through technological innovation to support national self-reliance in high-level technology [3] - Agricultural revitalization is also a priority, aiming to create livable and workable rural areas and accelerate agricultural modernization [4] Group 3: Regional and Ecological Coordination - The plan seeks to promote regional revitalization by optimizing economic spatial layout and resource allocation to facilitate coordinated regional development [5] - It emphasizes ecological revitalization to strengthen the ecological security barrier in northern China and promote a comprehensive green transformation of economic and social development [6] Group 4: Cultural and Social Improvement - Cultural revitalization is highlighted, with efforts to develop distinctive cultural tourism and prosper cultural industries [7] - The plan aims to enhance people's livelihoods by increasing efforts to guarantee and improve living standards, fulfilling the public's aspirations for a better life [8] Group 5: Talent and Security Enhancement - There is a focus on talent revitalization, aiming to cultivate a high-quality human resources team and promote high-quality population development [9] - The plan includes enhancing security capabilities to safeguard the northern border of the country, ensuring high-level security for high-quality revitalization and development [13] Group 6: Open Economy - The plan promotes high-level opening up to the outside world, aiming to establish a new high ground for China's northern openness and continuously expand the space for high-quality revitalization and development [12]

2025年全国财政支出超28万亿元，民生等重点领域支出得到较好保障。 2025年全国规模以上文化企业营收比上年增长7.4%。 美国总统称，很多美军舰船正驶向伊朗。伊朗总统称，美国必须停止挑衅。 美国参议院因两党就移民执法分歧严重，未能通过拨款法案，美联邦政府或陷入部分"停摆"。 今日摘要 中共中央政治局召开会议，审议《中央政治局常委会听取和研究全国人大常委会、国务院、全国政协、 最高人民法院、最高人民检察院党组工作汇报和中央书记处工作报告的综合情况报告》。中共中央总书 记习近平主持会议。 系列报道【新思想引领新征程·非凡"十四五"】今天播出：我国机器人产业实现跨越式发展。 李强出席中英企业家委员会会议闭幕式。 内容速览 中共中央政治局召开会议 中共中央总书记习近平主持会议 中共中央政治局1月30日召开会议，审议《中央政治局常委会听取和研究全国人大常委会、国务院、全 国政协、最高人民法院、最高人民检察院党组工作汇报和中央书记处工作报告的综合情况报告》。中共 中央总书记习近平主持会议。 【新思想引领新征程·非凡"十四五"】我国机器人产业实现跨越式发展 习近平总书记高度重视机器人产业发展，强调"要时不我待推进科技自 ...

文/ 浙商证券首席经济学家 李超 ，浙商证券宏观研究部 储雯 20 26年全球主要经济体经济周期出现分化，AI投资是驱动美国经济增长 动力之一，同时美联储降息波折反复，欧元区经济在财政分化与政策托底 下实现温和复苏，日本经济由宽财政托底，货币政策逐渐正常化。我国方 面，伴随《 中共中央关于制定国民经济和社会发展第十五个五年规划的 建议 》（ 以下简 称《建议 》 ）发布，未来五年我国政策路线进一步明 朗化，大幅提高科技自立自强水平是重中之重。 2024年9月27日，中共中央政治局会议提出超常规逆周期调节，带来了2025年积极的财政和货币环境。在政策路线方面， 2024年9月， 我国以举国体制攻 关科技，财政政策大量向供给端与科技领域倾斜，需求端政策相对缺位，但产业端科技领域突破依然较少。 2025以来，我国在人工智能（AI）等多个新 质生产力领域接连取得技术突破，并在全球广获认可，产业优势在中美博弈中占得主动，中美两国国力对比不同往日，国内市场重振对政策路线的信心。 在外需预期方面， 2024年9月， 特朗普 有很大可能在选举中胜出 ， 他当时声称要 对我国加征高额关税， 导致 我国对出口预期 谨慎 。进入 ...

Group 1 - The core viewpoint of the articles emphasizes the commitment of the Industrial and Commercial Bank of China (ICBC) to accelerate the construction of a financial powerhouse and actively develop direct financing through bonds, aligning with the directives from the 20th Central Committee of the Communist Party of China [1][2] Group 2 - By 2025, ICBC plans to underwrite over 3,200 bonds with a total underwriting scale exceeding 2.2 trillion yuan, including over 860 billion yuan in credit bonds for nearly 400 clients, marking a year-on-year growth of nearly 20% [1] - ICBC is actively supporting the construction of a "Technology Board" in the bond market and expanding financing channels for technology innovation enterprises, with plans to underwrite 130 technology innovation bonds totaling over 114 billion yuan by 2025 [1] - The bank has successfully led the underwriting of significant technology innovation bonds, including the largest single company technology bond and the first green technology innovation bond, contributing to the development of a strong technology nation [1] Group 3 - In terms of high-level opening up, ICBC leverages its global service network and cross-border financial services to meet diverse financing needs and promote the internationalization of the renminbi, underwriting 46 panda bonds for 28 high-quality overseas issuers with a total scale of 25.5 billion yuan by 2025 [2] - The bank has taken the lead in underwriting the first panda bond for a U.S. client, the first panda bond for an African development institution, and the largest sovereign panda bond, showcasing its role as a key underwriter and investor in the interbank bond market [2] - ICBC is committed to implementing the spirit of the 20th Central Committee and fulfilling its role as a major state-owned bank, aligning its operations with national strategic deployments and the needs of the real economy to contribute to high-quality economic and social development [2]