国产半导体有望加快发展，2月26日，科技主线上扬，科创综指ETF国泰（589630）涨超1.1%。 （文章来源：每日经济新闻） 东吴证券指出，科技方面，AI硬件投资方兴未艾，"十五五"期间科技自立自强是重中之重，国产半导体 有望加快发展，尤其是先进制程。受益于计算、存储、面板价格的上涨，半导体资本开支预期持续升 温。同时，受益于rubin ultra逐渐放量，三代电子布产能紧张可能加剧。AI端侧应用上，随着模型和算 力的匹配，26年智能家电有望快速发展。此外，海外模型大厂融资成功，算力需求有望落地。 科创综指ETF国泰（589630）跟踪的是科创综指（000680），单日涨跌幅限制达20%，该指数由科创板 上市的符合条件的证券组成，旨在反映科创板整体表现。其成分股覆盖了大部分科创板市值，行业分布 较为均衡，重点涵盖信息技术、生物医药和高端装备等领域，体现了较强的创新性和成长性。 ...

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 ◼ 风险提示：地产信用风险失控、政策定力超预期。 东吴证券研究所 2 / 19 请务必阅读正文之后的免责声明部分 ◼ 1、玻纤：（1）2025 年以来较强内需支撑下新增产能逐步消化，供给冲 击最大的阶段已经过去。行业盈利仍处历史低位，资本开支持续放缓， 中期新增产能有限。我们 ...

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 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1]. Core Views - The real estate chain is expected to see a valuation recovery in 2026, with a potential rebound driven by policy expectations and market dynamics. Key stocks to watch include high-dividend companies and those in the export sector [2]. - The technology sector is highlighted as a priority, with domestic semiconductor development expected to accelerate, benefiting cleanroom engineering and related companies [2]. - Consumer performance remains subdued, but cost-cutting measures are showing positive effects, indicating that the clearing phase in the real estate chain is nearing completion [2]. - The report emphasizes the importance of global trade stability and the potential for fiscal expansion in major economies, which could positively impact sectors like AI and innovative pharmaceuticals [2]. Summary by Sections 1. Construction Materials Fundamentals and High-Frequency Data - Cement prices remain stable at 347.7 CNY/ton, unchanged from the previous week but down 52.2 CNY/ton year-on-year. The average cement inventory ratio is 59.4%, up 0.5 percentage points week-on-week [6][15]. - The average daily cement shipment rate is 29.5%, down 10.4 percentage points from the previous week but up 16.1 percentage points year-on-year [23][25]. - Glass prices are slightly up at 1138.8 CNY/ton, but down 257.2 CNY/ton compared to the same period last year. Inventory levels are at 4,977 million weight boxes, down 9,000 from last week but up 1,188,000 from last year [49][46]. 2. Industry Dynamics Tracking - The report notes that the cement industry is undergoing supply-side adjustments, with a focus on eliminating outdated capacity. This is expected to improve the utilization rate of clinker capacity [10]. - The glass industry is facing a supply contraction, which may provide price elasticity in 2026. However, the current demand is weak, and inventory levels remain high [10]. - The fiberglass sector is projected to see stable growth in demand, particularly in wind power and new applications, despite a general decline in profitability [10]. 3. Weekly Market Review and Sector Valuation - The construction materials sector saw a weekly increase of 9.23%, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [6]. - The report suggests that the valuation of leading companies in the sector is at historical lows, indicating potential for recovery as industry policies take effect [10].

Investment Rating - Maintain "Overweight" rating for the construction materials industry [1] Core Insights - The construction materials sector has shown a slight decline in performance, with the sector index down by 0.67% compared to the Shanghai and Shenzhen 300 index, which decreased by 0.57% [3] - The report highlights the importance of focusing on high-dividend stocks and sectors such as home decoration and technology, as well as the potential for recovery in the real estate chain [3] Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 347.7 yuan/ton, down by 4.8 yuan/ton from last week and down by 56.2 yuan/ton from the same period in 2025. The average cement inventory ratio is 58.9%, down by 1.4 percentage points from last week but up by 1.4 percentage points from 2025 [9][10][16] - **Glass**: The average price for float glass is 1138.3 yuan/ton, an increase of 16.3 yuan/ton from last week but a decrease of 246.1 yuan/ton from 2025. The inventory of float glass stands at 4,986 million weight boxes, down by 209 million from last week but up by 1,071 million from 2025 [41][46] - **Fiberglass**: The market for fiberglass remains stable, with no significant price changes reported. The mainstream transaction price for 2400tex alkali-free winding direct yarn is between 3250-3700 yuan/ton [3][4] 2. Industry Dynamics Tracking - The report indicates that the cement industry is undergoing supply-side adjustments, with a focus on eliminating outdated capacity. The effective capacity for fiberglass is expected to reach 759.2 million tons in 2026, a year-on-year increase of 6.9% [4][9] - The report emphasizes the potential for recovery in the real estate sector, with companies like Arrow Home, Sanhe Tree, and Op Lighting being highlighted for their strategic positioning [3][4] 3. Weekly Market Review and Sector Valuation - The construction materials sector has shown a mixed performance, with some companies demonstrating resilience in their earnings despite overall market challenges. The report suggests that the sector's valuation is at historical lows, indicating potential for recovery [3][4] - Recommendations include focusing on companies with strong dividend commitments and those positioned to benefit from technological advancements and market recovery [3][4]

Core Viewpoint - Huawei is projected to lead the Chinese smartphone market in 2025 with a shipment of 46.7 million units, despite a slight decrease of 1.9% from 2024, primarily due to the decline of competitor Vivo [3][5]. Group 1: Huawei's Performance - Huawei's flagship Mate series and budget nova series are performing well, both equipped with self-developed Kirin semiconductors [6]. - The company has managed to recover from a decline in sales caused by U.S. sanctions that limited semiconductor procurement, leading to a drop in product performance since 2019 [1][6]. - The latest model, Mate 80, launched in November 2025, features enhanced performance and AI capabilities while being priced lower than its predecessor, aiming to increase the user base of the HarmonyOS [6]. Group 2: Competitor Analysis - Apple ranks second with a shipment of 46.2 million units, showing a growth of 4%, bolstered by strong sales of the iPhone 17 series launched in September 2025 [6]. - Vivo, which held the top position in 2024, saw a significant decline of 6.6%, resulting in a shipment of 46.1 million units in 2025 [3][5]. - Xiaomi and OPPO follow with shipments of 43.8 million and 43.4 million units, respectively, with Xiaomi experiencing a growth of 4.3% and OPPO a modest increase of 2.1% [5]. Group 3: Market Overview - The overall smartphone shipment in China for 2025 is projected to be 284.6 million units, a decrease of 0.6% year-on-year, marking the first decline in two years [6]. - Government incentives for trade-ins have had a positive impact, but some regions have exhausted their subsidy quotas, leading to a slowdown in demand [6]. - IDC forecasts a further decline in shipments to 278 million units in 2026, continuing the downward trend [6].

Group 1: Commercial Aerospace Industry - The commercial aerospace sector is experiencing adjustments, but the long-term investment logic remains unchanged, with significant opportunities expected in the satellite industry driven by policy and industrial advancements [1][2] - The satellite industry is supported by strong government policies and ongoing industrialization, with expectations for more specific supportive policies to be introduced in the near future [2] - The demand for satellite manufacturing and launching is anticipated to surge due to the scarcity of low-orbit satellite frequency resources and advancements in reusable rocket technology [2] Group 2: AI Application Investment Opportunities - The AI application sector is witnessing significant growth, with the market expected to expand from a trillion-level scale to a multi-trillion level in the coming years, driven by its integration across various industries [3][5] - Investment opportunities in AI applications are characterized by a competitive landscape with major players categorized into three tiers: platform giants, vertical leaders, and innovative application companies [3] - Intelligent driving is highlighted as a promising direction for AI applications, with clear paths explored in scenarios like autonomous buses and unmanned taxis, showcasing substantial social benefits and commercial potential [3][5]

Group 1 - The core viewpoint of the article is that Shengjian Technology has secured funding for its "Domestic Semiconductor Process Auxiliary Equipment and Key Components Project (Phase I)" through its own funds and other financing methods, with production set to commence in March 2025 [1] Group 2 - The company has confirmed that the project will officially start production in March 2025 [1]

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]

Core Viewpoint - The semiconductor and integrated circuit industry in Guangdong Province is projected to reach a total output value of 360 billion yuan in 2024, with significant contributions from design, manufacturing, packaging, and materials sectors [3]. Guangdong Semiconductor and Integrated Circuit Industry Overview - The total output value of Guangdong's semiconductor and integrated circuit industry is expected to reach 360 billion yuan in 2024, with the design sector contributing 210.9 billion yuan, manufacturing 9.2 billion yuan, packaging and testing 79.5 billion yuan, and equipment and materials 60.8 billion yuan [3]. - The overall revenue growth rate for the integrated circuit industry in Guangdong is projected at 23.92% [4]. Shenzhen Semiconductor Industry Insights - Shenzhen's integrated circuit industry accounts for 79% of Guangdong's total output, with an expected revenue of 283.96 billion yuan in 2024, reflecting a growth of 32.9% from 2023 [8]. - Shenzhen hosts 727 integrated circuit companies, including 456 design firms, 8 manufacturing companies, 82 packaging and testing firms, 133 equipment and parts companies, and 48 materials companies [8]. Revenue and Growth Trends in Shenzhen's Industry Chain - The revenue for Shenzhen's integrated circuit industry is projected to grow from 1,608.93 billion yuan in 2022 to 2,839.6 billion yuan in 2024, with a compound annual growth rate of 32.9% [9]. - The design sector is expected to grow significantly, with revenues increasing from 1,101.90 billion yuan in 2022 to 1,914.1 billion yuan in 2024, marking a growth rate of 33.2% [9]. Key Projects in Shenzhen's Semiconductor Sector - Major semiconductor projects in Shenzhen include the construction of a 12-inch integrated circuit production line by SMIC with a total investment of 2.35 billion USD, and a 12-inch production line project by Runpeng Semiconductor with an investment of 22 billion yuan [14][13]. Domestic Wafer Foundry Growth Trends - By 2030, mainland China is expected to surpass Taiwan in wafer foundry capacity, achieving a 30% global market share, driven by the establishment of 4-5 new wafer fabs annually [14]. Comparison of Domestic IDM Companies - The top 12 domestic IDM companies include notable players such as Weitai Technology, Times Electric, and Huazhong Microelectronics, with varying revenue projections for 2024 [22]. Global Semiconductor Equipment Market - The global semiconductor equipment market is projected to exceed 110 billion USD in 2024, with a year-on-year growth of approximately 10% [24]. Domestic Semiconductor Material Companies - Leading domestic semiconductor material companies include Shanghai XinYang, Jiangsu Yake Technology, and Shenzhen Rongda, focusing on products like photoresists and electronic chemicals [35]. Advanced Packaging Industry Landscape - The top five domestic advanced packaging companies include Changdian Technology and Huatian Technology, with significant revenue contributions and a comprehensive strength index for 2024 [40][42].