Investment Rating - The report maintains a "Buy" rating for the construction and building materials sectors, with specific recommendations for several companies [9]. Core Insights - The report emphasizes a balanced allocation between traditional cyclical sectors and emerging growth industries, particularly in the context of improving real estate transaction data and liquidity in the market [12][19]. - The construction materials sector has shown resilience, with price increases observed in waterproofing materials, aluminum formwork, and engineering pipe materials since Q3 2025, indicating a strengthening self-repair capability within the sector [12][14]. - The report highlights the ongoing demand for high-end materials in commercial aerospace, including high-temperature fiber materials and perovskite materials in solar wing energy systems [12]. Summary by Sections Industry Overview - The construction materials sector has been leading the market, driven by improved real estate transaction data and expectations of a spring rally in cyclical sectors [12]. - The report notes that from January to December 2025, the new construction area in real estate decreased by 20.4% year-on-year, but there are signs of recovery in major cities [12][19]. Key Companies and Developments - Zhejiang Weixing New Materials announced plans to acquire an 88.26% stake in Beijing Songtian Cheng for approximately 111 million yuan, aiming to enhance its product chain in municipal pipeline systems [3]. - The report recommends several companies for investment, including Yaxiang Integration, Zhongcai International, China Chemical, Qibin Group, and others, with target prices and expected earnings per share provided [9][38]. Market Dynamics - The report indicates that the cement price remained stable at 353 yuan per ton, with a significant drop in the average shipment rate to 29.5% due to seasonal factors [29]. - The glass market has shown stability, with the average price of float glass holding steady at 61 yuan per weight box, despite a year-on-year decline of 18.5% [2][29]. Emerging Trends - The report identifies a potential recovery in investment in Q1 2026, supported by government policies aimed at stimulating the economy, which may benefit cyclical sectors [17]. - The demand for electronic fabrics and cleanroom materials is expected to remain high, driven by advancements in AI and increased PCB investments [13][27]. Recommendations - The report suggests focusing on waterproofing and engineering pipe materials as key opportunities in the construction sector, with a positive outlook for these segments due to expected price increases and improved market conditions [20][21].

据蒲祖林介绍，年初财政政策前置发力和货币政策宽松给市场带来了增量流动性。此外，2026年居民定 期存款到期量为近5年最高水平，且一季度到期规模占比超60%，预计银行定期存款利率将降至 1%~1.5%，叠加股市赚钱效应较好，部分居民存款或选择配置收益率更高的保险、银行理财和基金等产 品，给股市注入源源不断的增量资金。 2026年年初，A股及股指市场在经历一轮上涨后，转入震荡调整格局。分析人士表示，前期基于政策与 流动性的乐观预期在很大程度上已被市场定价，后续运行方向需看经济修复强度和企业盈利改善情况。 不过，蒲祖林表示，股市很大程度上会放大盈利预期的波动，2025年股市上涨既有盈利改善的带动，也 有流动性和风险偏好提升的催化，这表现为市场对科技行业的乐观预期而提前定价高估值，但对传统行 业的预期相对温和。随着"反内卷"的推进，2025年四季度以来，部分顺周期行业龙头公司已展开一轮盈 利复苏的预期行情，如近期航空公司、化工、建材等细分行业表现亮眼，但盈利的改善或许在2026年下 半年才有所体现。 "开年股指强势上行，月中随着政策给市场投机情绪降温，股指震荡调整。1月14日，沪深北三家交易所 宣布自1月19日起提高 ...

Key Insights - The report highlights the continued rise in cobalt prices, driven by lower-than-expected export progress from the Democratic Republic of Congo, with Q1 2026 cobalt prices closely linked to export rates [3] - Lithium prices are expected to rise due to new supply-side policies, with short-term fluctuations anticipated after the end of current disruptions [3] - The molybdenum market is stable, with steady bidding from major steel mills and slight inventory reductions in downstream stainless steel [3] - The construction materials sector shows significant earnings and valuation elasticity, particularly in consumer building materials, with many companies expected to improve profitability in 2026 due to raw material benefits and structural adjustments [3] - The media sector is experiencing rapid advancements in domestic AI models, with recommendations to focus on specific companies around the Chinese New Year [3] - In retail, the industry is shifting from "adjusting inputs" to "delivering results," with improvements in same-store sales and customer traffic expected to enhance profit margins [3] - The jewelry market is seeing high gold prices, which may impact consumer sentiment, but the traditional peak sales season in Q1 is expected to drive strong terminal sales [3] - The tourism sector is focusing on winter sports themes, with a longer Chinese New Year holiday in 2026, creating opportunities for mid- to long-term travel destinations [3]

近期A股整体呈现震荡上行格局，市场成交维持高位，赚钱效应明显修复。与此同时，主要宽基指数涨 跌互现，市场风格分化进一步加剧。代表大盘蓝筹的上证50和沪深300指数表现较弱，而中证500和中证 1000等中小盘指数则大幅领涨。逆周期调节政策落地后，春季行情将如何演绎？市场结构性分化会否延 续？请看本周机构研判。 中信证券： 市场信心持续恢复中消费链的增配时点就是当下 近期宽基ETF的赎回规模继续放大，在此背景下，不同行业和个股的承接力相差较大。从结构上来看， 主动型机构超配的板块和个股在宽基ETF赎回潮中反而超额收益更明显。往后看，市场信心处于持续恢 复过程中，只要估值处于相对低位、具备增长逻辑且非宽基权重股的行业，预计都将出现修复。其中消 费链的增配时点就是当下到3月前后，地产链亦可能在此阶段发生明显修复。 此外，在"资源+传统制造定价权重估"的基本思路下，围绕化工、有色、新能源、电力设备构建的基础 组合，仍然是优先配置方向。在此基础上，投资者可逢低增配非银（证券、保险），同时通过部分内需 品种（如免税、航空、建材等）或高景气品种（半导体设备、材料等）增强收益。 兴业证券： 2月是主要指数全年胜率最高的月份之 ...

Group 1 - The equity market experienced a volatile upward trend from January 19 to 23, 2026, with the Wande All A closing at 6893.11, up 1.81% from January 16, and the China Convertible Bond Index rising 2.92 during the same period [1][9] - The market has entered a narrow fluctuation range since January 13, with a net outflow of 265.9 billion yuan from stock ETFs from January 19 to 22, indicating a "slow bull" market sentiment [1][16] - The implied volatility has returned to a low level, suggesting a nurturing environment for a rebound, with the market attempting to break out of the fluctuation state [1][21] Group 2 - The strategy suggests maintaining a "slow bull" mindset, as the market attempts to break out of the narrow fluctuation range and return to an upward trend [2] - Historical analysis of 64 cases of upward breakouts from narrow fluctuation ranges since 2005 shows that such breakouts typically lead to a sustained upward trend [2][42] - The analysis of 48 instances of volume peaks since 2005 indicates that while upward trends continue after volume peaks, the pace of increase slows down, often leading to prolonged periods of fluctuation before resuming upward trends [2][45] Group 3 - In the convertible bond market, the valuation indicators are showing a decline in their timing significance, with the absolute price median and valuation center remaining at historically high levels [3][29] - The valuation center for convertible bonds at various price points remains high, with the 80 yuan parity corresponding to a valuation center of 54.44%, and the 100 yuan parity at 41.12% [3][29] - The market for convertible bonds is seeing renewed inflows, particularly in the context of strong underlying stocks, with a significant reduction in the number of convertible bonds priced below 130 yuan [3][61]

2026 年 01 月 25 日 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 A 股估值及行业中观景气跟踪周报 ——行业比较周跟踪（20260117-20260123） 本期投资提示： 证 券 研 证券分析师 林丽梅 A0230513090001 linlm@swsresearch.com 刘雅婧 A0230521080001 liuyj@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 冯彧 A0230525080001 fengyu@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 冯彧 A0230525080001 fengyu@swsresearch.com 策 略 研 究 行 业 比 较 究 报 告 相关研究 - 一、A 股本周估值（截至 2026 年 1 月 23 日） ⚫ 1）指数及板块估值比较： ✓ 中证全指（剔除 ST） PE 为 ...

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 汪友若）近期A股整体呈现震荡上行格局，市场成交维持高位，赚钱效应明 显修复。与此同时，主要宽基指数涨跌互现，市场风格分化进一步加剧。代表大盘蓝筹的上证50和沪深 300指数表现较弱，而中证500和中证1000等中小盘指数则大幅领涨。逆周期调节政策落地后，春季行情 将如何演绎？市场结构性分化会否延续？请看本周机构研判。 中信证券：市场信心持续恢复中 消费链的增配时点就是当下 近期宽基ETF的赎回规模继续放大，在此背景下，不同行业和个股的承接力相差较大。从结构上来看， 主动型机构超配的板块和个股在宽基ETF赎回潮中反而超额收益更明显。往后看，市场信心处于持续恢 复过程中，只要估值处于相对低位、具备增长逻辑且非宽基权重股的行业，预计都将出现修复。其中消 费链的增配时点就是当下到3月前后，地产链亦可能在此阶段发生明显修复。 此外，在"资源+传统制造定价权重估"的基本思路下，围绕化工、有色、新能源、电力设备构建的基础 组合，仍然是优先配置方向。在此基础上，投资者可逢低增配非银（证券、保险），同时通过部分内需 品种（如免税、航空、建材等）或高景气品种（半导体设备、材 ...

Investment Rating - The report maintains a positive outlook on the price increase chain, particularly for traditional electronic fabrics, indicating a bullish sentiment for the sector [1][13]. Core Insights - The report highlights a significant price increase in 7628 electronic fabrics, rising from 4.15 CNY/m to 4.75 CNY/m since late September 2025, driven by supply constraints due to AI demand and copper price fluctuations [1][13]. - The waterproof coating sector is also experiencing price hikes, with a 5-10% increase announced by Keshun for certain products starting February 2026, reflecting a trend of consolidation and structural demand in non-real estate sectors [2][14]. - The report emphasizes the potential of UTG and TCO glass in the space photovoltaic sector, with SpaceX and Tesla aiming for an annual solar manufacturing capacity of 100GW within three years [3][15]. - In the AI-PCB upstream materials segment, there is a positive outlook for substrate materials driven by CPU shortages and price increases, with a notable 30% price hike planned by a leading Japanese company [4][16]. Summary by Sections Weekly Discussion - The report anticipates the continuation of the price increase chain through Q1 2026, particularly for traditional electronic fabrics, with a notable price increase observed since Q4 2025 [1][13]. - The electronic fabric market is transitioning to a supply-demand gap pricing model, with low inventory levels and bullish expectations for future prices [1][13]. Price Changes in Construction Materials - The report notes that the national average price for cement remains stable at 348 CNY/ton, with a significant drop in average shipment rates to 29.5% [5][17]. - The average price for float glass is reported at 1138.82 CNY/ton, with a slight increase observed, while the inventory levels are decreasing [5][17]. Market Performance - The construction materials index showed a strong performance with an 8.82% increase, outperforming the Shanghai Composite Index [20][23]. - Specific sectors such as glass manufacturing and fiberglass also reported significant gains, indicating robust market conditions [20][23]. Important Developments - The waterproof coating sector is seeing price increases, with Keshun announcing a price hike for certain products [6][14]. - The report highlights the ongoing expansion in solar energy production capabilities by major companies, indicating a shift towards renewable energy solutions [6][15].

智通财经APP获悉，兴业证券发布研究报告称，其曾强调，此次降温影响的更多是行情的节奏、结构而 非整体趋势，支撑春季行情向上的核心逻辑并未发生任何变化，本轮春季行情仍在半途。本周来看，虽 然行情节奏趋缓，但向上趋势仍在延续，并且结构上赚钱效应正在朝着更广的范围扩散。 兴业证券主要观点如下： 一、流动性充裕的环境下，后续还有哪些催化值得期待？ 当前年报预告业绩超预期的个股主要集中在存储、电池储能、电网设备、化工、创新药等方向。我们将 个股净利润预告中位数/快报净利润超出披露前一致预期10%以上定义为"业绩超预期"，当前来看主要集 流动性充裕是支撑本轮春季行情向上的核心驱动力，背后来源于险资"开门红"支撑新增保费入市、居民 存款集中到期与人民币升值吸引的境外资金回流。 一方面，根据渠道数据，今年险资"开门红"表现亮眼，支撑大量新增保费入市。根据险企观察公众号披 露的渠道数据，截至1月中旬，头部公司个险保费增速普遍超30%，多家公司个险期交保费已突破百亿 关口，银保渠道甚至出现翻倍增长。新增保费30%需要入市的硬性配置需求，为市场带来大量增量资 金。 另一方面，根据居民定期存款到期期限推算，今年上半年将是居民存款集中 ...

Group 1 - The report highlights the significant growth potential in the space photovoltaic sector, driven by the increasing demand for UTG glass, which is essential for flexible solar wings in low-orbit satellites. SpaceX and Tesla plan to build a total of 200GW photovoltaic capacity in the U.S. over the next three years, indicating a robust market outlook for UTG glass [13][14][15]. - Intel's announcement of mass production of semiconductor glass substrates marks a major breakthrough in the semiconductor packaging field, enhancing the stability and reliability of AI processors. This development is expected to accelerate the adoption of glass substrates across the industry [16][17][18]. - The supply-demand tension in PCB materials, particularly CCL, has led to a price increase of over 30% starting March 2026, driven by rising raw material costs and supply chain constraints. This trend is expected to impact the profitability of companies in the CCL supply chain [19][20][21]. Group 2 - The construction materials industry is showing signs of stabilization, with a focus on leading companies that exhibit strong operational resilience. The demand for consumer building materials is expected to recover, supported by the renovation of existing properties and the resilience of leading firms [32][33]. - The cement market remains stable, with prices holding steady. The industry's valuation is at historical lows, presenting potential investment opportunities in leading companies such as Huaxin Cement and Conch Cement [34]. - The glass market is characterized by stable prices for float glass and strong demand for photovoltaic glass. Leading glass companies are expected to maintain their profitability due to their competitive advantages and low valuations [37].