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 ...

Group 1 - The renovation and building materials sector experienced a decline, closing at 18,006.30 points with a drop of 1.22% [1] - Notable declines in individual stocks include Songlin Technology, which closed at 38.69 CNY per share, down 9.86%, leading the sector's losses [1] - Filinger closed at 29.60 CNY per share, down 6.15%, and Shangpin Home closed at 14.85 CNY per share, down 6.07%, ranking second and third in losses respectively [1] Group 2 - ST Nachuan led the gains in the sector, closing at 2.84 CNY per share with an increase of 7.17% [1] - Youbang Ceiling closed at 70.30 CNY per share, up 4.33%, and Haolaike closed at 16.52 CNY per share, up 3.64%, ranking second and third in gains respectively [1] Group 3 - Dongwu Securities indicated that with the implementation of housing and urban renewal policies, the market dynamics are expected to improve significantly [1] - The rapid development of smart home appliances is anticipated by 2026, driven by advancements in model and computing power matching [1]

Core Viewpoint - Nanjing Julong New Materials Technology Co., Ltd. is expanding its operations by establishing a wholly-owned subsidiary in Huizhou with a registered capital of 30 million yuan and an investment of 110 million yuan to build a production line for modified plastics with an annual capacity of 60,000 tons, aiming to enhance its market presence in South China [2][3][4]. Group 1: Company Expansion - The new subsidiary, Huizhou Julong, will focus on manufacturing bio-based materials, high-performance fibers, engineering plastics, and 3D printing materials, with a construction period of approximately three years [3][4]. - The establishment of the 60,000-ton modified plastics production line will significantly enhance the company's ability to meet customer demands in South China, addressing current inefficiencies in market response [4][6]. - By the end of 2024, the company's total designed capacity for high-performance modified plastics will reach 220,000 tons per year, including existing projects in Chuzhou and other planned expansions [4][5]. Group 2: Market Positioning - The establishment of Huizhou Julong is intended to strengthen the company's competitive position against major players in South China, such as Kingfa Technology and Yinhai Technology, particularly in the fields of materials for new energy vehicles and robotics [6]. - The company is also collaborating with other firms to enhance its capabilities in the robotics sector, indicating a strategic move to diversify its product offerings and market reach [6]. Group 3: Industry Trends - The modified plastics market is experiencing growth driven by the rapid development of downstream industries such as new energy vehicles and smart home appliances, leading to increased demand for high-performance materials [7]. - Other companies in the modified plastics sector are also expected to report positive performance in 2025, although there are concerns about potential challenges in 2026 due to rising raw material costs and trade tensions [7].

Group 1 - The renovation and building materials sector experienced growth, closing at 17,261.91 points with an increase of 1.75% [1] - Several stocks in the renovation and building materials sector saw price increases, with Aibang Ceiling (002718) leading at 61.08 CNY per share, up 9.99% [1] - Meike Home (600337) closed at 3.12 CNY per share, with a rise of 9.86%, ranking second in the sector [1] - Kaier New Materials (300234) closed at 6.23 CNY per share, increasing by 7.79%, ranking third in the sector [1] Group 2 - Jiangshan Oupai (603208) led the decline in the sector, closing at 15.22 CNY per share with a drop of 3.85% [1] - Xilinmen closed at 21.10 CNY per share, down 2.27%, ranking second in the decline [1] - Songlin Technology (603992) closed at 42.04 CNY per share, decreasing by 2.12%, ranking third in the decline [1] Group 3 - Dongwu Securities indicated that the improvement in the market structure will become more evident due to the effects of good housing and urban renewal policies on both supply and demand [1] - The application of AI is expected to accelerate the development of smart home appliances by 2026, driven by the matching of models and computing power [1]

Core Viewpoint - The 29th China (Sichuan) New Year Shopping Festival will take place from January 30 to February 11 at the Chengdu Century City International Exhibition Center, featuring a simultaneous "Smart Home Appliances Exhibition" in Chongqing [1] Group 1: Event Overview - The New Year Shopping Festival is a key event of the second "Tianfu Boutique" Spring Consumption Month, promoting a dual-city collaboration model between Chengdu and Chongqing [1] - The Smart Home Appliances Exhibition will serve as a core highlight, creating an integrated platform for "display + experience + sales + promotion" to help brands reach targeted customers quickly [1] Group 2: Exhibition Details - The exhibition will cover a full range of smart home appliances, including large and small smart appliances (e.g., robotic vacuum cleaners, health monitoring devices, air purifiers), and whole-home smart systems (e.g., smart home control systems, security devices) [1] - The event will also feature four major supporting activities: a new product launch ceremony, a "Smart Living Day" theme event, exclusive New Year discounts for brands, and the selection of "Consumer Favorite Smart Home Appliances" [1]

Summary of Key Points from the Conference Call Industry Overview - The conference discusses trends in the smart home appliance industry, particularly focusing on the CES 2026 event where the number of Chinese companies participating significantly decreased from 1,100 in 2024 to 837 in 2026, indicating a shift in the overseas ecosystem [2][1]. - Major listed companies continue to participate due to strong cash flow and overseas market shares, showcasing a variety of products [1][2]. Core Insights and Arguments - **Product Diversification**: Companies like Ecovacs and XGIMI are accelerating their expansion into multiple product categories, such as companion robots and AI glasses, leveraging their technological advantages to find new growth avenues [1][3][4]. - **Market Dynamics**: The robotic vacuum cleaner market has seen nearly a decade of iteration, with a focus on embodied functionalities. The lawn mower robot segment is converging on RTK and laser radar navigation technologies, with anti-dumping measures potentially reshaping market dynamics [1][6][7]. - **Regional Focus**: The lawn mower robot market is primarily targeting Europe, while the U.S. market presents more complex challenges due to varied yard environments, leading to increased attention from companies to enhance their product offerings in the U.S. [8][1]. Emerging Trends - **New Product Categories**: AI glasses and 3D printing are in the early stages of market penetration, with no unified technical solutions yet. The demand is being stimulated by innovative designs, necessitating continuous tracking of potential mainstream technologies and capable companies [11][1]. - **Competitive Landscape**: The overseas robotic vacuum market remains stable, with iRobot's market share declining. Leading companies maintain their shares through differentiated strategies. The competition in the floor washing machine market is intensifying, with companies like Roborock increasing their presence [18][3]. Company-Specific Developments - **Ecovacs**: Focused on expanding its overseas presence with products like the rolling washing machine and pool cleaning robots, while also addressing domestic sales uncertainties due to subsidy policies [15][12]. - **Roborock**: Showcased a wheeled robotic vacuum at CES 2026, emphasizing its commitment to quality in a single product category. The company plans to maintain a limited number of washing machine models overseas while optimizing its cleaning solutions [13][16]. - **Ninebot**: Launched a significant number of lawn mower robots at CES 2026, incorporating advanced technologies like RTK and laser radar to meet diverse consumer needs [21][1]. - **XGIMI**: Introduced a high-end projector and several AI glasses, leveraging its existing market channels for rapid product promotion [23][1]. Additional Insights - **Market Evolution**: The lawn mower robot industry is transitioning from a single product focus to a multi-SKU cost control and channel management competition phase, similar to the early stages of the robotic vacuum cleaner market [10][9]. - **Investment Recommendations**: Large domestic appliance companies like Midea and Haier are recommended for their stability and diversified strategies. Companies with clear overseas trends, such as Ninebot and Roborock, are also favored. In emerging categories, 3D printing is highlighted as a promising direction [25][26].

Core Viewpoint - The article highlights the emergence of high-efficiency, quiet, and smart washing and drying machines in the mid-to-high-end market (priced above 6000 yuan), catering to environmentally conscious families seeking quality living [1][5]. Product Summaries - **Panasonic XQG100-VA198**: Priced at 11086 yuan, it features a 10 kg washing and 8 kg drying capacity, a high cleaning ratio of 1.11, and operates at a noise level below 62 dB. It incorporates smart dispensing and centrifugal water washing technology for efficient resource use [1][5]. - **Gree XQG100-DWD1401Fa1**: Available for 6249 yuan, it includes a DD direct drive motor for stable operation and longevity. The AI smart dispensing adjusts detergent based on load, promoting water conservation [2][6]. - **LG WD-QH451B7H**: Priced at 7699 yuan, it offers various user-friendly features, including a 14-minute quick wash and a steam mode for baby clothes. It consumes only 0.89 kWh per hour, making it energy-efficient [2][6]. - **Samsung WD10N64GR2X/SC**: At 7299 yuan, it boasts a 10 kg washing and 8 kg drying capacity, with a cleaning ratio of 1.03 and a low noise level of 56 dB. It provides a wide temperature range for washing [4][7]. - **Casarte C1 HDU85G3**: Although discontinued, it remains valuable at 7999 yuan, featuring a heat pump drying technology suitable for delicate fabrics and a self-cleaning system [4][7]. Market Overview - All five washing machines are positioned in the market above 6000 yuan, showcasing features like first-class energy efficiency, large capacity, low noise, and refined washing capabilities. They cater to diverse consumer needs, from performance and smart control to energy conservation and health care [5][6].

Core Insights - The smart home appliance industry in Laoshan District is actively implementing the "10+1" innovative industrial system of Qingdao and the "7+4+1" modernization industrial system, focusing on smart service appliances and wearable smart devices, with a revenue of 32.5 billion yuan and a growth rate of 20.62% from January to November 2025 [1][2]. Group 1: Industry Development - The smart home appliance industry in Laoshan District has 27 registered companies, achieving a revenue of 32.5 billion yuan in 2025, reflecting a growth rate of 20.62% [1]. - Major companies like Haier, Hisense, and GoerTek are leading innovations in the industry, with Haier developing the UHome OS and Hisense launching RGB-Mini LED technology [2]. Group 2: Technological Innovation - The National High-end Intelligent Home Appliance Innovation Center has established nine open laboratories and four public service platforms, successfully passing the Ministry of Industry and Information Technology's acceptance [3]. - The National Virtual Reality Innovation Center has developed six major platforms for common technology research and testing, receiving dual qualifications from CMA and CNAS [3]. Group 3: Project Attraction and Construction - The district is focusing on precise project attraction through industry chain and business-to-business approaches, with 25 key projects registered and operational [4]. - A full lifecycle tracking service mechanism for projects has been established to enhance project management and address challenges [4]. Group 4: Ecosystem Optimization - The district is promoting collaboration between government, enterprises, and financial institutions to connect quality projects with capital and resources [5]. - A specialized working group has been formed to coordinate progress and tasks, fostering collaboration among departments and leading enterprises [5]. Group 5: Policy Empowerment - Laoshan District plans to strengthen policy support for the smart home appliance industry, focusing on core technology research, innovation, and talent development [6]. - The district aims to simplify application processes and improve the efficiency of policy implementation to ensure benefits reach market entities [6]. Group 6: Future Directions - The district will focus on technological breakthroughs in smart interaction and green energy, promoting the integration of smart appliances with smart homes and communities [7]. - Key projects will receive lifecycle tracking services to expedite construction and operational efficiency, ensuring high-quality outcomes by the end of the year [7].

Core Insights - The article emphasizes the increasing importance of air purifiers in homes and offices due to rising health awareness and the need to combat indoor air pollution, particularly formaldehyde [1][45] - It provides a comprehensive guide for selecting effective air purifiers, focusing on key performance indicators and the latest national standards [1][42] Group 1: Air Quality Issues - The report highlights that the formaldehyde exceedance rate in newly renovated homes in China remains high, posing significant health risks, especially to vulnerable groups like pregnant women and children [1][45] - The World Health Organization classifies formaldehyde as a Class 1 carcinogen, linking long-term exposure to serious health issues [1][45] Group 2: Key Selection Criteria - Consumers are advised to focus on four critical indicators when selecting air purifiers: dual CADR values (Clean Air Delivery Rate), dual CCM values (Cumulative Clean Mass), noise levels, and safety certifications [2][46][47] - For spaces around 86 square meters, a formaldehyde CADR value above 500 m³/h is recommended [2][46] Group 3: Top Air Purifier Brands - The article ranks the top ten air purifier brands for 2025 based on authoritative testing data, market share, and user reviews, providing a detailed comparison of their performance [4][48] - STEVOOR A8L is highlighted as a leading model due to its innovative four-stage formaldehyde decomposition technology and high performance metrics [5][49][50] - Other notable brands include Philips, Blueair, Honeywell, Xiaomi, Huawei, Midea, Haier, LEXY, and ECOVACS, each with unique technologies and advantages [10][12][19][22][28][62][71][79] Group 4: Product Features and Advantages - STEVOOR A8L features a formaldehyde CADR of 632 m³/h and a particle CADR of 757 m³/h, with a maximum CCM rating of F4, making it suitable for large spaces [6][50] - Philips air purifiers are recognized for their smart sensing technology and high build quality, with CADR values typically ranging from 400 to 550 m³/h [10][53] - Blueair is noted for its high CADR values and effective filtration technology, suitable for rapid purification in large areas [12][55] - Honeywell utilizes aerospace technology for durability and effective air purification, with CADR values between 500 and 620 m³/h [16][60] - Xiaomi offers high cost-performance ratios and seamless integration with smart home ecosystems [19][62] - ECOVACS introduces a mobile air purification robot, enhancing dynamic air quality management [37][80]

Core Viewpoint - The construction materials sector experienced a decline of 1.41% during the week of December 6-12, 2025, underperforming against the Shanghai Composite and Wind All A indices, which saw changes of -0.08% and +0.26% respectively, resulting in excess returns of -1.33% and -1.67% [1] Group 1: Cement Market - The national average price for high-standard cement was 354.8 yuan/ton, reflecting a slight increase of 0.2 yuan/ton from the previous week but a significant decrease of 69.2 yuan/ton compared to the same period in 2024 [2] - The average cement inventory level among sample enterprises was 64.8%, down 1.6 percentage points from the previous week but up 0.9 percentage points year-on-year [2] - The average cement shipment rate was 43.9%, a decrease of 0.7 percentage points from the previous week and down 0.9 percentage points compared to 2024 [2] Group 2: Glass Market - The average price for float white glass was 1165.1 yuan/ton, up 1.2 yuan/ton from the previous week but down 247.0 yuan/ton year-on-year [2] - The inventory of float glass among sample enterprises was 5.542 million heavy boxes, a decrease of 133,000 heavy boxes from the previous week but an increase of 1.254 million heavy boxes compared to 2024 [2] - The domestic market for non-alkali roving yarn remained stable, with mainstream transaction prices for 2400tex non-alkali yarn ranging from 3250 to 3700 yuan/ton, unchanged from the previous week [2] Group 3: Industry Outlook - The cement industry is expected to see a gradual improvement in profitability due to proactive supply-side adjustments, with a projected increase in clinker capacity utilization [6] - The glass industry is facing a supply contraction, which may provide price elasticity in 2026, although current conditions are characterized by widespread losses among producers [7] - The fiberglass sector anticipates stable growth in demand driven by wind power and new applications, with a projected increase in effective capacity for 2026 [4][5]