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 建筑业 PMI 回升符合季节性规律，值得关注 2026 年 01 月 05 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 东吴证券研究所 1 / 20 请务必阅读正文之后的免责声明部分 ◼ 本周（2025.12.27–2026.1.2，下同）：本周建筑材料板块（SW）涨跌幅- 1.59%，同期沪深 300、万得全 A 指数涨跌幅分别为-0.59%、-0.33%，超 额收益分别为-1.00%、-1.26%。 ◼ 大宗建材基本面与高频数据：（1）水泥：本周全国高标水泥市场价格为 352.8 元/吨，较上周-1.2 元/吨，较 2024 年同期-53.8 元/吨。较上周价格 持平的地区：长三角地区、泛京津冀地区、华北地区、东北地区、华东 地区、西北地区；较上周价格上涨的地区：两广地区（+5.0 元/吨）、中 南地区（+ ...

12月28日财政部会议召开，明确2026年继续安排资金支持消费品以旧换新，调整优化补贴范围和标准。 复盘2025年3000亿国补资金，该行预计汽车补贴1100亿，家电800亿，家装厨卫700亿，两轮车100亿， 3C数码300亿，根据洛图科技估算2026年国补资金可能维持在2500-3000亿，家电六大基础品类继续补 贴，3C产品新增AI眼镜，产品以一级能效为主。 外销：看好科技出海+出口链+AI端侧应用方向 国内标杆企业在3C消费/消费机器人/便携储能/3D打印等领域凭借供应链优势、工程师红利、科技创 新，正在全球范围内建立世界级的品牌影响力，该行看好科技出海、工具出口链、AI端侧应用硬件创 新产业机会。2026年充电宝新国标切换、欧洲阳台光储爆发、北美降息推动地产及库存周期反转，AI 端侧应用在眼镜/耳机/ 3D打印等方向持续带动硬件创新浪潮。 投资建议 1)价值龙头，白电重点推荐美的集团/海尔智家，关注格力电器/奥克斯电气/海信家电/TCL智家;黑电重 点推荐TCL电子/海信视像;2)困境反转，投影重点推荐极米科技，关注国内投影供给侧出清+车载减亏 +出海扬帆放量机会，两轮车重点推荐九号公司，重视公司电 ...

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Viewpoints - The real estate chain is gradually clarifying its bottom, with expectations for a performance turning point in 2026 after clearing burdens from 2025 [3][4] - The building materials sector has shown a weekly increase of 4.56%, outperforming the CSI 300 and Wind All A indices by 2.61% and 1.78%, respectively [3] - The report highlights the stability in cement prices, with the national average price at 354.0 RMB/ton, unchanged from the previous week but down 62.2 RMB/ton year-on-year [3][10] - Glass prices have decreased, with the average price for float glass at 1140.1 RMB/ton, down 11.3 RMB/ton from the previous week and down 260.7 RMB/ton year-on-year [41][46] - The fiberglass market is expected to see stable growth in demand, particularly in wind power and thermoplastics, with effective capacity projected to reach 759.2 million tons in 2026, a year-on-year increase of 6.9% [4][6] Summary by Sections 1. Cement Market Overview - The national cement market price remains stable at 354.0 RMB/ton, with regional variations noted [10][11] - The average cement inventory ratio is 61.8%, reflecting a slight decrease from the previous week [18][20] - The report anticipates a rebound in cement prices if physical demand stabilizes, particularly in provinces with significant infrastructure projects [4][9] 2. Glass Market Overview - The float glass market is experiencing a slight decline in prices, with an average price of 1140.1 RMB/ton [41] - Inventory levels have increased, with a total of 5533 million weight boxes reported, indicating a need for inventory reduction [46] - The report suggests that the glass industry may face challenges in the short term due to high inventory levels and weak demand [4][41] 3. Fiberglass Market Overview - The fiberglass industry is expected to see a gradual recovery, with demand driven by new applications and stable growth in traditional sectors [4] - Effective capacity for fiberglass is projected to increase, supporting a positive outlook for leading companies in the sector [4][6] - The report recommends companies such as China Jushi and suggests attention to other players like Zhongcai Technology and Honghe Technology [4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月18日，Meta发布集成全彩单目显示屏的智能眼镜；10月22日，三星透露AI眼镜等多元产品布局；12 月9日，谷歌官宣Android XR生态战略并发布有线XR眼镜Project Aura……一场围绕下一代流量入口的角 逐全面打响。 行业爆发的窗口期，恰恰是技术突破者的黄金期。当下游头部终端厂商加速XR产品迭代，对高性能硅 基OLED微显示屏的需求呈几何级增长时，长期深耕该领域的视涯科技，成为打破海外垄断、承接市场 在这场竞赛中，显示技术是公认的核心关卡。深耕硅基OLED微显示领域的视涯科技，凭借12英寸产线 实现对国际巨头的弯道超车，成长为行业独角兽。与此同时，视涯科技科创板IPO申请将于12月24日上 会审核，公司正以技术突围之势，抢抓XR（AR/VR/MR）行业爆发前夜的机遇。 视涯科技招股说明书显示，在公司设立之初，其管理层即前瞻性地捕捉到XR设备是下一代通用计算平 台，是基于空间计算的AI端侧设备的最佳载体，而硅基OLED微显示屏将成为XR设备的核心硬件。因 此，公司以硅基OLED微显示屏为核心并对光学系统方案和XR整体解 ...

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]

东吴证券近日发布建筑材料行业跟踪周报：本周全国高标水泥市场价格为354.7元/吨，较上周+4.5元/ 吨，较2024年同期-70.3元/吨。较上周价格持平的地区：泛京津冀地区、两广地区、华北地区、东北地 区、西北地区；较上周价格上涨的地区：长三角地区（+10.0元/吨）、长江流域地区（+10.7元/吨）、 华东地区（+5.7元/吨）、中南地区（+6.7元/吨）、西南地区（+11.0元/吨）；无较上周价格下跌的地 区。 以下为研究报告摘要： 投资要点 本周（2025.11.29–2025.12.5，下同）：本周建筑材料板块（SW）涨跌幅1.55%，同期沪深300、万得全 A指数涨跌幅分别为1.28%、0.72%，超额收益分别为0.27%、0.82%。 1、玻纤：（1）普通品类短期复价节奏需关注下游库存去化情况和终端需求支撑。（2）风电、热塑短 切等供给格局相对较好的中高端品类同时复价，体现龙头企业提升盈利的意愿，龙头企业凭借产品结构 优势享受超额利润，叠加10月初7628电子布提价0.3元也已落地，中高端占比相对较高和普通电子布体 量大的龙头企业业绩增厚有望更为显著（巨石、中材科技、国际复材等）。（3）我们认为 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1]. Core Insights - The construction materials sector has shown a weekly increase of 1.55%, outperforming the CSI 300 and Wind All A indices, which increased by 1.28% and 0.72%, respectively, resulting in excess returns of 0.27% and 0.82% [4]. - Cement prices have increased to 354.7 CNY/ton, up by 4.5 CNY/ton from the previous week, but down by 70.3 CNY/ton compared to the same period last year [4][14]. - The average cement inventory level is at 66.4%, a decrease of 1.7 percentage points from the previous week, while the average cement shipment rate is 44.6%, down by 0.8 percentage points week-on-week [21]. - The report highlights that infrastructure construction is expected to be a key driver for economic stability in the short term, with recommendations to focus on companies in the infrastructure supply chain and home improvement sectors [4]. Summary by Sections 1. Bulk Construction Materials Fundamentals and High-Frequency Data - **Cement**: The national average cement price is 354.7 CNY/ton, with significant regional price increases noted in the Yangtze River Delta and Southwest regions [4][14]. The average shipment rate has decreased to 44.6% [21]. - **Glass**: The average price of float glass is reported at 1163.9 CNY/ton, reflecting a weekly increase of 16.0 CNY/ton but a year-on-year decrease of 254.7 CNY/ton [48]. The inventory level for float glass is 5675 million weight boxes, down by 83 million from the previous week [50]. - **Fiberglass**: The market remains stable with no significant price changes, and the focus is on the demand recovery in the downstream sectors [4]. 2. Industry Dynamics Tracking - The report notes that the construction materials sector is experiencing a recovery in demand, particularly in the southern regions, while northern regions face challenges due to seasonal weather impacts [4]. 3. Weekly Market Review and Sector Valuation Table - The construction materials sector has shown resilience with a positive performance compared to broader market indices, indicating potential investment opportunities [4]. 4. Recommendations - The report suggests focusing on companies involved in infrastructure, home improvement, and export-oriented sectors, including Conch Cement, Oriental Yuhong, and China Communications Construction [4].

Core Insights - The focus of AI development is shifting towards terminal applications, with companies like Li Auto, Alibaba, and ByteDance launching AI glasses, indicating a competitive landscape for the next generation of interactive devices [1][2] - The AI end-side market is expected to grow significantly, with predictions that by 2027, over 70% of new intelligent terminals and applications will be widely adopted in key sectors [2] - The integration of AI models with hardware is seen as a crucial path for commercialization, as hardware provides a clear monetization channel for AI capabilities [3][4] Group 1: Industry Dynamics - Major tech companies are accelerating their investments in AI end-side applications, with notable collaborations such as OpenAI partnering with Foxconn for next-gen AI infrastructure [2] - The AI end-side market is projected to be one of the fastest-growing tech sectors globally, with a potential market size increase from hundreds of billions to trillions [2] - AI glasses are viewed as revolutionary devices that can capture over 80% of human sensory input, marking a significant shift in human-computer interaction [2] Group 2: Supply Chain and Innovation - The AI hardware sector is heavily reliant on the mature supply chain of consumer electronics, with companies like Alibaba forming alliances to create an ecosystem for AI glasses [6][7] - There is a growing demand for components such as sensors and processors, leading to increased orders for companies involved in the AI supply chain [6][7] - New technologies like bone conduction and optical waveguides are emerging as opportunities within the AI hardware space, with companies actively developing innovative products [7] Group 3: Challenges and Considerations - The AI end-side industry faces challenges such as matching market demand, overcoming manufacturing bottlenecks, and building user trust [8] - The quest for a "killer application" remains a pressing question, with the need for improved ecosystem support and further advancements in AI technology [8] - Ethical considerations, data security, and privacy protection are critical issues that need to be addressed for the long-term development of the AI industry [8]

Market Overview - The A-share market opened lower and continued to decline, with the Shanghai Composite Index down 0.42%, the Shenzhen Component Index down 0.68%, and the ChiNext Index down 0.69% [1] - The trading volume in the Shanghai and Shenzhen markets was approximately 1.6 trillion yuan, showing a decrease compared to the previous trading day [1] - More than 3,700 stocks declined, indicating a bearish sentiment in the market [1] Sector Performance - Sectors such as cross-strait integration, pharmaceutical commerce, and consumer electronics showed resilience and performed well against the market trend [1] - Conversely, sectors like lithium batteries and GPUs experienced significant declines [1] Market Outlook - Although there is no major adjustment risk currently, the upward momentum is weakening, and structural rotation is accelerating, suggesting a range-bound market in the near future [1] - The recommended investment direction remains "technology + anti-involution," with potential buying opportunities during pullbacks [1] - A "dumbbell" structure focusing on technology growth and cyclical dividend sectors that support stable growth and anti-involution is suggested as a favorable investment strategy [1] AI Developments - DeepSeek released version 3.2 of its model, achieving performance comparable to GPT-5 in reasoning capabilities, and slightly below Gemini-3.0-Pro, with strong reasoning, mathematical, and coding abilities [1] - The new version includes enhanced tool usage capabilities and maintains API pricing, providing a robust foundation for agent development and opportunities for ordinary AI players [1] ByteDance Innovations - ByteDance's Doubao team launched a technical preview of the Doubao mobile assistant, integrating the Doubao large model into the operating system, enhancing user interaction and experience [2] - The mobile assistant aims to leverage the capabilities of the Doubao model and partnerships with mobile manufacturers to create extensive application scenarios and commercial pathways [2] Investment Opportunities - Investors interested in AI applications in mobile devices and glasses can consider the Consumer Electronics ETF (561310) [2] - For those focused on automotive applications, the A-share Intelligent Automotive ETF (159889) and the Hong Kong Automotive ETF (520720) are recommended [2] - Investors in the robotics sector may look into the Robotics Industry ETF (159551) [2]

Core Viewpoint - The renovation and building materials sector experienced a slight increase, closing at 15,983.6 points with a growth rate of 0.6% [2] Group 1: Stock Performance - Yong'an Forestry led the sector with a closing price of 10.21 CNY per share, marking a rise of 10.02% [2] - Leizhi Group closed at 5.66 CNY per share, with a growth of 4.24%, ranking second in the sector [2] - Sophia closed at 14.17 CNY per share, achieving a growth of 4.19%, ranking third [2] - Haolaike led the declines with a closing price of 13.83 CNY per share, down by 10.02% [2] - Huaci Co. closed at 20.2 CNY per share, with a decline of 9.98%, ranking second in losses [2] - Wanli Stone closed at 34.72 CNY per share, down by 6.01%, ranking third in losses [2] Group 2: Market Outlook - 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 [2] - 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 [2]