随着工业和信息化等部门密集发布有色金属、石化化工、建材等重点行业的稳增长工作方案，一场以"数字化转型+绿色化突 围"为核心的产业变革正加速落地。此轮稳增长方案的本质是，将政策红利精准注入"新质生产力"的毛细血管。本微信公众号特 推出"观策论市"报道，聚焦政策锚点，结合相关产业形势，剖析未来的结构性机会。 编者按： 近日，工业和信息化部等部门联合印发了《建材行业稳增长工作方案（2025—2026年）》（下称《方案》），对建材行业发展 提出了新要求。 具体来看，《方案》聚焦建材行业高质量发展，提出"推动绿色建材、先进无机非金属材料发展，并严禁新增水泥、平板玻璃产 能"。 胡鹏介绍，《方案》并未对产能退出做强制性要求，预计玻璃行业出清仍以市场化为主。目前，河北、湖北等地正推动区域内 玻璃企业降低能耗，要求企业的燃料系统从传统的煤炭、石油焦转向煤制气和天然气。若后期这些工作取得积极进展，部分小 产线和落后产能有望出清，玻璃行业平均成本或小幅抬升。不过，预计行业产能出清较为有限，明年浮法玻璃在产日熔量或在 16万吨附近波动。 对纯碱而言，魏朝明表示，纯碱期货标准交割品重碱主要应用于浮法玻璃和光伏玻璃，两者产能规模受政策 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 六部门印发《建材行业稳增长工作方案（2025-2026年）》，注重供需两端协同发力 2025年9月24日，工信部等六部门联合印发《建材行业稳增长工作方案（2025-2026年）》。相较于2023年 8月22日工信部等八部门印发《建材行业稳增长工作方案（2023-2024年）》，主要有以下不同：1）出台 背景不同：上次稳增长方案发布于疫情后经济复苏初期；本次稳增长方案出台背景则是"建材行业市场需 求不振，结构性问题突出"。2）总体要求不同：本次稳增长方案注重"以质量效益为中心，强化科技创新 和产业创新深度融合，注重供需两端协同发力，以严禁新增产能和开展风险预警控总量，以传统建筑材料 升级和先进无机非金属材料发展优供给，以数字化、 ...

Investment Rating - The report maintains a "Buy" rating for the non-metallic building materials sector and an "Overweight" rating for the construction and engineering sector [5]. Core Insights - The Ministry of Industry and Information Technology and five other departments issued the "Building Materials Industry Steady Growth Work Plan (2025-2026)", focusing on quality and efficiency while prohibiting new capacity [2][3]. - The new plan emphasizes the need for coordinated efforts on both supply and demand sides, aiming to enhance profitability levels effectively [3]. - The plan sets a specific target for 2026, aiming for green building material revenue to exceed 300 billion yuan [2]. Summary by Sections Policy Background - The new plan is introduced against a backdrop of weak market demand and prominent structural issues in the building materials industry, contrasting with the previous plan which was released during the early recovery phase post-pandemic [2]. Overall Requirements - The current plan focuses on quality and efficiency, integrating technological and industrial innovation, and emphasizes strict control over new capacity while promoting traditional material upgrades and advanced inorganic non-metallic materials [2][3]. Main Goals - Unlike the previous plan, which set specific growth targets for industrial added value, the current plan does not set total industry targets but emphasizes improving profitability and achieving specific revenue goals for green materials [2]. Key Measures - The new plan prioritizes strengthening industry management and promoting the survival of the fittest, with a focus on strict capacity control in cement and glass production [2][3]. - It outlines specific development directions for advanced materials, including advanced glass, artificial crystals, and high-performance fibers, while promoting pilot platform construction and application verification [3]. Investment Recommendations - The report suggests focusing on companies in the new materials sector such as China Jushi, Guoen Co., Puyang Huicheng, Keda Manufacturing, Hongrun Construction, and Jiemai Technology, as well as companies in the infrastructure and real estate chain like China State Construction, Oriental Yuhong, and Anhui Conch Cement [4].

Core Viewpoint - The Ministry of Industry and Information Technology of China has issued a work plan for the building materials industry aimed at restoring growth and improving profitability from 2025 to 2026, with a target for green building materials revenue to exceed 300 billion yuan by 2026 [1][2] Group 1: Key Tasks - Strengthening industry management by prohibiting new cement clinker and flat glass production capacity, requiring capacity replacement plans for new projects, and enhancing the management of existing capacities [1] - Enhancing technological innovation in the industry by promoting advanced inorganic non-metallic materials and improving supply capabilities in sectors like advanced ceramics and superhard materials [1] - Expanding effective investment through digital and green transformations, and developing industry standards for safety glass and insulation materials [2] Group 2: Demand and Cooperation - Expanding consumer demand by promoting green building materials in rural areas and supporting the establishment of cooperation mechanisms between upstream and downstream enterprises in the non-metallic materials sector [2] - Deepening open cooperation with countries along the Belt and Road Initiative to promote building materials products, technologies, and standards internationally [2]

Core Viewpoint - The "Work Plan for Stabilizing Growth in the Building Materials Industry (2025-2026)" aims to enhance profitability, technological innovation, and the scale of green building materials, with a target of exceeding 300 billion yuan in revenue from green building materials by 2026 [1][8]. Group 1: Key Tasks - Strengthening industry management by prohibiting new cement clinker and flat glass production capacity, requiring capacity replacement plans for new and renovated projects, and promoting unified actual and registered capacity [2][10]. - Enhancing technological innovation in the industry by expanding advanced inorganic non-metallic materials, accelerating the development of advanced ceramics and superhard materials, and cultivating key resource industries such as graphite and fluorite [2][12]. - Expanding effective investment through digital and green transformation, promoting the establishment of "zero" factories in the cement and flat glass industries, and revising national standards for safety glass and insulation materials [2][14][20]. Group 2: Consumption Demand Expansion - Continuously promoting green building materials in rural areas and implementing government procurement policies to support green materials, thereby enhancing building quality [2][23]. - Encouraging local governments to create directories of green building materials that suit local consumption habits and establishing experience centers for green materials [2][23]. Group 3: Open Cooperation - Strengthening international cooperation with countries along the Belt and Road Initiative, promoting the export of building materials, technologies, and standards [3][26]. - Enhancing overseas project contracting services by leveraging green and low-carbon technology advantages in cement and flat glass [3][26].

Core Viewpoint - The company, Yishitong (688733), held a performance briefing on August 28, 2025, to discuss its half-year results and future prospects, with participation from various investment firms and analysts [1][2]. Financial Performance - For the first half of 2025, the company's main revenue reached 272 million yuan, a year-on-year increase of 13.52%. However, the net profit attributable to shareholders was -17.48 million yuan, a decline of 399.99% [16]. - In Q2 2025, the company reported a single-quarter revenue of 152 million yuan, up 20.82% year-on-year, but the net profit was -680,500 yuan, down 102.87% [16]. Research and Development - The company's R&D expenses as a percentage of revenue increased year-on-year, primarily due to the previous year's significant share-based payment reduction. The R&D investment slightly grew as the company intensified its focus on projects like high-purity quartz sand and solid oxide fuel cells [2][3]. Product Performance - The shipment volume of the lithium battery coating material, barium stone, continued to grow in the first half of 2025, with a notable increase in Q2. The company is optimistic about achieving its annual shipment target for barium stone [2][3]. - The price of barium stone products decreased compared to the same period last year, but prices for major clients have stabilized [3]. Project Development - The company is transitioning its solid oxide fuel cell (SOFC) products from pilot testing to industrialization, with the first demonstration project expected to be operational by the end of 2025 [4]. - The high-purity quartz sand project has completed technical indicators and performance optimization, and is currently validating downstream products [6]. Market Trends - The company’s barium stone products are positioned to benefit from the industry's shift towards quality and safety, particularly in the lithium battery sector [12]. - The company is exploring applications of barium stone in solid-state batteries, with ongoing research in collaboration with domestic clients [13]. Production Capacity - The production capacity utilization rate for barium stone is currently above 70% [10]. - The Chongqing base's thermal conductive spherical aluminum project has been delayed to September 2025 due to process optimization and administrative approvals [11]. Investment Outlook - Recent institutional ratings indicate a bullish outlook, with two firms issuing "buy" ratings and a target price of 29.6 yuan [17]. - The stock has seen a net inflow of 116 million yuan in financing over the past three months, indicating increased investor interest [19].

Group 1 - Silicon nitride (Si3N4) is a covalent compound composed of silicon and nitrogen, exhibiting superior properties such as high-temperature resistance (flexural strength over 350 MPa at 1200°C), acid and alkali corrosion resistance, and self-lubrication, making it widely applicable in aerospace, defense, and machinery sectors [2][10][14] - The market size for silicon nitride powder in China reached 170 million yuan in 2021, with projections to grow to 370 million yuan by 2028, reflecting a compound annual growth rate (CAGR) of 10.40% from 2022 to 2028 [2][10][14] - Domestic high-quality silicon nitride raw materials are scarce, leading to a reliance on imports, primarily from suppliers like Ube Industries and Toshiba [2][16] Group 2 - The chemical new materials sector on the North Exchange experienced a weekly increase of 2.82%, with notable performance in the rubber and plastic products industry, which rose by 8.05% [3][22][23] - The North Exchange 50 index closed at 1441.72 points, reflecting a weekly increase of 1.56%, while the Shanghai and Shenzhen 300 index rose by 1.23% [21][24] - Key stocks in the chemical new materials sector that performed well include Huami New Materials (+33.97%), Guangxin Technology (+23.63%), and Litong Technology (+14.81%) [3][26][29] Group 3 - Huami New Materials reported a revenue of 202.93 million yuan for the first half of 2025, marking a year-on-year increase of 6.49%, while its net profit attributable to shareholders decreased by 18.57% [4][51] - The company continues to focus on special rubber and plastic products, increasing its R&D investment and adding 10 new patents during the period [4][52] - The Kaide Quartz multi-channel quartz tube project was included in the list of new technologies and products in Beijing, indicating recognition of innovation [4][52]