海螺水泥公告，公司及下属子公司拟利用暂时闲置自有资金购买结构性存款单日最高余额不超过300亿 元，购买银行理财产品、收益凭证产品、资产管理计划单日最高余额不超过200亿元。实际购买时将结 合不同产品底层资产的安全性及收益性分类择优购买。 ...

一、市场表现 二、重要新闻 1、巴基斯坦国家银行（巴央行）1月19日公布的数据显示，该国经常账户在2025年12月录得2.44亿美元赤字，此前公布的11月数据为9800万美元盈余。 赤字出现的原因为当月进口额大幅上升。2025年12月，该国商品和服务出口总额为36.9亿美元，环比上月增长近20%；同期进口总额为70.4亿美元，环比增 长近24%。 2、据巴基斯坦联合通讯社1月20日报道，巴全国粮食保障和研究部部长侯赛因表示，19日召开的巴基斯坦-中国农业投资会议共邀请了116家中国公司和 165家巴基斯坦公司参加，会议期间中巴两国企业共签署了79份谅解备忘录，总价值达45亿美元。 3、据当地媒体《今日巴基斯坦》1月20日报道，巴基斯坦电信管理局（PTA）公布的数据称，截至2025年12月底，该国手机用户总数突破2亿，由11月 的1.97亿增长至2.01亿。3G及4G用户由11月的1.48亿增加到12月的1.51亿。电信密度，即每100人的移动连接数量，也由11月的79%小幅上升到12月的80%。 4、据巴基斯坦媒体《国民报》1月22日报道，根据巴基斯坦经济事务司发布的关于外国经济援助的报告，巴基斯坦在2025 ...

Industrial Sector - In January, daily average pig iron production and float glass operating rates remained stable, while asphalt and some chemical products saw a decline in operating rates[4] - The apparent demand for major steel products decreased, while cement clinker capacity utilization increased[4] - The operating rate for automotive semi-steel tires increased, while full-steel tire operating rates declined[20] Real Estate - New home sales in 30 major cities decreased by 38.5% year-on-year as of January 23, with a similar decline of 38.6% for the month of January[21] - The second-hand housing listing price index fell by 0.93% week-on-week, a decrease of 0.46 percentage points from the previous value[25] Domestic Demand - Retail sales of passenger cars from January 1 to 18 dropped by 28% year-on-year, with a slight expected increase of 0.3% for the entire month due to the Spring Festival timing[29] - Major home appliance retail sales fell by 34.5% year-on-year as of January 16, a decline of 3.3 percentage points from the previous value[33] - The volume of postal express deliveries decreased by 5.4% year-on-year as of January 18, a drop of 3.2 percentage points from the previous value[32] External Demand - Port cargo throughput increased by 3.4% year-on-year as of January 18, an improvement of 1.7 percentage points from the previous value[35] - Container throughput at ports rose by 7.6% year-on-year, also showing an increase from previous values[35] Price Trends - The Nanhua Industrial Index rose by 1.1%, while the Nanhua Black Raw Materials Index fell by 0.9% and the Nanhua Nonferrous Metals Index increased by 3.0%[36] - The agricultural product wholesale price index rose by 1.7% week-on-week[40]

证券研究报告：建筑材料|行业周报 发布时间：2026-01-26 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 6032.51 | | 52 | 周最高 | 6032.51 | | 52 | 周最低 | 4167.51 | 行业相对指数表现 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 近期研究报告 《年末需求进入淡季，关注供给改善品 种》 - 2026.01.19 建材行业报告 （2026.01.19-2026.01.25） 防水发布涨价函，关注内需弹性品种 投资要点 本周受防水涨价及风格切换因素影响，建材板块表现较好，尤其 内需涨价逻辑相关标的涨幅居前。展望 26 年，我们认为消费建材弹 性明显，防水、涂料、石膏板等行业均有持续涨价预期，目前行业需 求处于淡季，我们判断在竞争格局改善及反内卷大环境下，行业将持 续延续涨价逻辑，建议关注：东方雨虹、科顺股份、三棵树、兔宝宝、 北新建材。 水泥：年末全国市场逐步进入淡季，整体来看，全国需求仍呈现 下滑态势，房建 ...

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 - The report maintains an "Overweight" rating for the construction materials industry [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 [2]. - The report highlights several sectors for investment focus, including high-dividend stocks, export-oriented industries, and home improvement consumption [2]. - The technology sector is emphasized, particularly in domestic semiconductor development and AI applications, which are projected to grow rapidly [2]. - The report indicates that the performance of the real estate chain remains subdued, but cost-cutting measures are showing positive effects [2]. - The global trade environment is expected to stabilize, with fiscal expansion in major economies supporting 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 [6][15]. - The average cement inventory ratio is 59.4%, up 0.5 percentage points from last week and up 3.1 percentage points from the same period last year [23]. - The average cement shipment rate is 29.5%, down 10.4 percentage points from last week but up 16.1 percentage points year-on-year [23]. 2. Industry Dynamics Tracking - The report notes that the cement industry is undergoing supply-side adjustments, with a focus on eliminating outdated capacity [10]. - The glass market is experiencing price stability, with average prices for float glass at 1138.8 CNY/ton, reflecting a slight increase from the previous week but a significant decrease from last year [46]. - The fiberglass sector is expected to see stable demand growth, particularly in wind power and new applications, with effective capacity projected to increase by 6.9% in 2026 [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 [6]. - The report suggests that the valuation of leading companies in the construction materials sector is at historical lows, indicating potential for recovery as industry policies take effect [10]. - Recommendations include companies like China National Building Material and Conch Cement, which are expected to benefit from improved industry dynamics and overseas market expansion [10].

证券研究报告：建筑材料|行业周报 发布时间：2026-01-26 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 6032.51 | | 52 | 周最高 | 6032.51 | | 52 | 周最低 | 4167.51 | 行业相对指数表现 防水发布涨价函，关注内需弹性品种 投资要点 本周受防水涨价及风格切换因素影响，建材板块表现较好，尤其 内需涨价逻辑相关标的涨幅居前。展望 26 年，我们认为消费建材弹 性明显，防水、涂料、石膏板等行业均有持续涨价预期，目前行业需 求处于淡季，我们判断在竞争格局改善及反内卷大环境下，行业将持 续延续涨价逻辑，建议关注：东方雨虹、科顺股份、三棵树、兔宝宝、 北新建材。 水泥：年末全国市场逐步进入淡季，整体来看，全国需求仍呈现 下滑态势，房建市场持续疲弱，基建需求在政策驱动下呈现区域分化 明显，民用市场相对需求刚性。从中期维度来看，水泥行业产能有望 在限制超产政策下产能持续下降，产能利用率从而大幅提升带来利润 弹性。关注：海螺水泥、华新建材。 玻璃：行业需求端在地产影响下 25 年呈现需求持续下行态势。 ...

涨价品种梳理 20260123 摘要 建材板块正经历价格修复，自 2024 年起电子布已开始涨价，消费建材 如防水材料、石膏板、涂料等在 2025 年陆续提价，但玻璃和水泥价格 确定性较弱。施工旺季的到来将验证涨价的持续性。 消费建材中，防水材料和涂料已启动价格调整，防水龙头企业多次发布 涨价函，涂料龙头企业也针对特定品类调价。石膏板虽多次尝试提价， 但效果不一，预计今年市场主要矛盾从需求转向供给，提价效果将更明 显。 防水材料行业面临利润率低、竞争激烈的挑战，企业通过发布联合涨价 函应对困境。自去年 6 月以来，各公司产品价格未再环比下降，龙头企 业利润诉求趋于一致，有望进一步落实并提升利润率。 消费建材板块经历多年市场出清，目前估值仍处于历史低位，投资价值 凸显。建议关注涂料龙头三棵树、防水龙头东方雨虹、科顺股份、北新 建材以及家居产业链上游公司如兔宝宝等。 玻纤是最早具备提价基础的建材品种之一，逻辑类似于存储器和 CPU 领 域，AI 需求挤占传统供给，织布机改造用于 AI 生产导致传统电子布供应 减少，推动价格上涨，这一逻辑将持续发挥作用。 Q&A 为什么建材板块近期表现强劲，其背后的原因是什么？ 建 ...

建材还能买什么？20260123 摘要 建材行业受地产波动影响大，防水、涂料、玻璃等细分领域竞争加剧， 头部企业扩张激进，面临账期压力。市场集中度提升，前三家防水企业 占据 60%-70%市场份额。 涂料行业 TOB 业务承压，但 TOC 业务表现亮眼，如三棵树通过战略转 型实现逆势增长。玻纤行业成本结构刚性，需求确定性高，龙头企业如 中国巨石全球份额提升。 玻璃行业连续化生产特性导致需求低迷时现金流亏损，引发产能出清， 日熔量达 15 万吨，企业生存压力大。水泥行业或通过熟料产能去化实 现供给侧调整，有望提升产能利用率。 中游化工板块受益于国内资本开支增加、海外产能退出及双碳政策，周 期向上趋势明确，虽前期涨幅较大，但估值仍合理，核心资产如玻纤值 得关注。 出海业务成为建材行业重要增长点，如华新海外利润占比超 50%，受益 于新兴市场需求及竞争优势。品牌建材如瓷砖等资产也具备较高性价比。 Q&A 近期建材行业的整体观点是什么？ 此外，还应关注出海方向，如华星等坚定出海企业，以及品牌建材如瓷砖等资 产。这些方向具备相对确定性和较高性价比。 玻纤行业的研究框架和特点是什么？ 玻纤行业虽然不属于传统的建材范畴，但 ...

没有一个春天不会到来，迎接建材新周期的起点 20260125 摘要 2026 年初二手房成交量显著高于 2025 年同期，表明市场需求回升， 但前期增值税和购房资格政策影响未立即显现，市场存在预期差，为后 续发展埋下伏笔。 北京核心区房价和二手房成交量在政策力度较小的情况下依然回升，预 示行业自然见底概率增加，未来上海和深圳若跟进政策，市场预期有望 持续回暖。 水泥需求中房地产占比降至 18.9%，玻璃工业用占比升至 41.3%，传 统建材对地产需求脱敏，行业韧性增强。地产下行周期已历时 5 年，接 近触底时间窗口。 新开工降幅超历史水平，建材资本开支连续下滑，供给端收缩，新开工 链条上的水泥、防水、管道等细分领域盈利见底概率增加。 防水行业供给端出清剧烈，企业退出数量多，规模以上企业营业收入显 著下降，全行业盈利压力大，龙头企业盈亏平衡，行业或面临亏损甚至 现金流紧张。 Q&A 近期建材板块表现强劲的原因是什么？ 建材板块近期的强劲表现并非偶然，主要原因包括以下几点： 防水卷材是供给端出清最剧烈的建材细分领域，在资本开支负增长背景 下，防水行业资本开支和供给收缩幅度最大、企业退出率最高，胜率最 高。 看好建 ...