Group 1 - The cement sector experienced a significant increase of 3.3% on January 20, with Han Jian He Shan leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the cement sector showed notable price changes, with Han Jian He Shan rising by 10.07% to a closing price of 6.23, and other companies like Hai Luo Cement and Ta Pai Group also seeing increases of 5.74% and 4.38% respectively [1] Group 2 - The cement sector saw a net inflow of 412 million yuan from main funds, while retail investors experienced a net outflow of 298 million yuan [2] - The trading volume for Han Jian He Shan was 344,800 shares, with a total transaction value of 209 million yuan, indicating strong investor interest [1][2] - The main fund inflows for leading companies included 215 million yuan for Hai Luo Cement and 191 million yuan for Xi Zang Tian Lu, reflecting positive sentiment towards these stocks [3]

Group 1 - The cement sector increased by 1.59%, ranking 7th among concept sectors, with 34 stocks rising, including Hongbaoli hitting the daily limit, and Xinjiang Tianye, Conch Cement, and Ningbo Fuda showing significant gains of 8.12%, 5.74%, and 5.63% respectively [1] - The cement sector attracted a net inflow of 1.137 billion yuan, with 22 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflows, led by Hongbaoli with a net inflow of 338 million yuan [2] - The top stocks by net inflow ratio included Hongbaoli at 46.60%, Qingsong Jianhua at 12.77%, and China Energy Construction at 9.87% [3] Group 2 - The top gainers in the cement sector included Hongbaoli with a daily increase of 9.96%, China Energy Construction at 2.83%, and Conch Cement at 5.74% [4] - The stocks with the largest net outflows included HeTai Electric at -3.31%, Hainan Ruize at -3.17%, and Yinlong Co. at -2.76% [5] - The overall trading activity in the cement sector showed a healthy turnover rate, with Hongbaoli at 11.78% and Xinjiang Tianye at 6.89% [4][5]

Group 1 - A-shares saw 52 stocks hitting the daily limit up and 18 stocks hitting the daily limit down on January 20, indicating a volatile trading session [1] - The cement sector was notably active, with stocks like Hongbaoli and Subote reaching the daily limit up [1] - The housing rental concept strengthened, with Hefei Urban Construction achieving two limit ups in three days and I Love My Home hitting the daily limit up [1] Group 2 - The epoxy propylene sector also saw gains, with Weiyuan Co. hitting the daily limit up [1] - Continuous limit-up stocks included Jiamei Packaging with 16 limit ups in 23 days and Fenglong Co. with 15 consecutive limit ups [1] - Stocks facing consecutive limit downs included *ST Aowei with 8 days of limit downs and *ST Yanshi with 6 days of limit downs [1]

来源：中国能源网 中邮证券近日发布建材行业周报：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。 以下为研究报告摘要： 消费建材：行业目前盈利已触底，价格经历多年竞争目前已无向下空间，此次借助反内卷政策行业对提 价及盈利改善诉求强烈，25年防水、涂料、石膏板等多品类持续发布提价函，行业盈利有望触底26年可 期待龙头企业的盈利改善。关注：东方雨虹、三棵树、北新建材、兔宝宝。 上周行情回顾 过去一周（01.12–01.18）主要指数涨跌幅情况：申万建筑材料行业指数（-0.67%），上证指数 （-0.45%），深证成指（+1.14%），创业板指（+1.00%），沪深300（-0.57%）。在申万31个一级子行 业指数中，建筑材料涨跌幅排名居第18位。 风险提示： 反内卷政策落地不及预期，地产及基建需求超预期下行风险。（中邮证券 赵洋） 投资要点 水泥：年末全国市场逐步进入淡季，整体来看，全国需求仍呈 ...

Summary of Key Points from the Conference Call Industry Overview - The real estate development investment in 2025 is projected to decrease, with a notable shift where cash inflow exceeds outflow for the first time, indicating market stabilization and reduced credit risk [1][2] - New construction area is expected to drop to 580 million square meters, while completion area is around 600 million square meters, suggesting the market is digesting historical inventory and entering a phase of reduced volume and price increases [1][4] - The outlook for 2026 indicates a policy shift towards high-quality development, moving away from excessive contraction in the real estate sector [1][5] Key Financial Metrics - In 2025, the real estate market's investment growth is projected at CNY 8.2 trillion, with sales growth at CNY 8.3 trillion, indicating that sales revenue surpasses investment, which is a positive sign for cash flow [2] - Fixed asset investment growth is expected to decline by 3.8% in 2025, with narrow infrastructure investment decreasing by 2.2%, reflecting weak performance in fixed asset and infrastructure investments [1][8] Market Dynamics - Current urban rental yields range from 1.5% to 2.2%, which, when adjusted for inflation, could reach approximately 3.5%, indicating a stable price expectation as inflation rises [1][6] - The period from late March to early April 2026 is anticipated to be a critical turning point for the real estate sector, transitioning from a rotational increase to a proactive increase [1][7] Sector-Specific Insights - The construction materials sector is performing relatively well despite the overall economic downturn, with cement production and sales down by 6.9% [3][13] - Companies like Oriental Yuhong, Henkel Group, and Sankeshu are highlighted for their growth potential, while Beixin Materials and Rabbit Baby are attractive due to low valuations and dividend returns [3][13] - The fiberglass industry is expected to maintain high demand until the fourth quarter of 2026, driven by increased penetration of specialty electronic fabrics [3][14] Challenges and Risks - The construction and manufacturing sectors are facing significant challenges, with real estate down 37% and manufacturing down 11% year-on-year in December, indicating a softening economic foundation [3][12] - Despite fiscal spending remaining positive, the allocation towards traditional infrastructure has decreased, leading to a marginalization of traditional construction projects [3][11] Investment Opportunities - The building materials sector presents several investment opportunities, particularly in consumer building materials, which are expected to provide stable returns [3][17] - Companies like China National Building Material and Xinyi Glass are recommended for their strong market positions and potential for growth in the fiberglass and electronic glass sectors [3][17][18] Conclusion - The real estate and construction sectors are undergoing significant changes, with a focus on high-quality development and stabilization of market dynamics. Investors are advised to remain cautious while exploring opportunities in resilient segments of the building materials industry.

Group 1 - The A-share market has experienced a strong start in 2026, driven by a combination of market trend continuation, spring market catalysts, and a recovery in overseas markets [1][2] - Recent market fluctuations are attributed to the implementation of counter-cyclical adjustment policies and profit-taking in popular sectors, indicating a healthy adjustment that does not alter the overall upward trend [1][3] - The spring market typically lasts around 57 days, and historical data suggests that A-shares tend to strengthen during this period, supported by liquidity and valuation drivers [2][7] Group 2 - Investment strategies should focus on five main lines for 2026: the artificial intelligence industry chain, high-dividend assets, anti-involution sectors, domestic demand expansion, and resource sectors, all of which have performance support and policy backing [1][7][8] - The AI industry is transitioning, with investment opportunities expected to shift from hardware to application sectors, emphasizing the importance of commercial viability [7] - High-dividend assets remain a stable investment choice, with long-term funds continuing to increase their positions in dividend-paying stocks, which are characterized by stable returns and low volatility [7][8] Group 3 - The anti-involution sectors, including coal, steel, photovoltaic, and lithium battery industries, are expected to see performance improvements due to high state-owned enterprise ratios and market consolidation [7][8] - The expansion of domestic demand should focus on new consumption areas such as health, sports, and travel-related industries, which are poised to benefit from recovering consumer scenarios and policy support [7][8] - Resource sectors, particularly precious metals and strategic minor metals, are anticipated to experience valuation recovery in 2026, presenting potential investment opportunities [8]

香港联交所最新资料显示，1月14日，Invesco Asset Management Limited增持海螺水泥（00914）190.75 万股，每股作价23.0824港元，总金额约为4402.97万港元。增持后最新持股数目为9274.6万股，最新持 股比例为7.13%。 香港联交所最新资料显示，1月14日，Invesco Asset Management Limited增持海螺水泥（00914）190.75 万股，每股作价23.0824港元，总金额约为4402.97万港元。增持后最新持股数目为9274.6万股，最新持 股比例为7.13%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | | | 原因 | 股份數目 | | (請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) * | | | | | | | 份自分比 | | | | | | | 1961 | | CS20260119E00160 | Invesco Asset Management (101(L) 1.907,500(L) | | HKD 23.0824 | 92.746.000(L) | 7.13(L)14/01/2026 | | | Limited | | | | | 格隆汇1月20日丨根据联交所最新权益披露资料显示，2026年1月14日，海螺水泥(00914.HK)获Invesco Asset Management Limited在场内以每股均价23.0824港 元增持190.75万股，涉资约4403万港元。 增持后，Invesco Asset Management Limi ...

Group 1 - The A-share market has shown strong performance at the beginning of 2026, driven by a combination of market trends, seasonal factors, and recovery in overseas markets [1][2] - Recent market fluctuations are attributed to the implementation of counter-cyclical adjustment policies and profit-taking in popular sectors, which are considered healthy adjustments that do not alter the overall upward trend [1][2] - The macroeconomic environment is expected to support five key investment themes for the year: the artificial intelligence industry chain, high-dividend assets, anti-involution sectors, domestic demand expansion, and resource sectors [1][5] Group 2 - The spring market rally is historically supported by liquidity and valuation drivers, typically lasting around 57 days, with the current phase still in its early stages [2] - Positive performance in overseas markets, particularly in Japan and South Korea, has significantly boosted investor sentiment in the A-share market [2] - Recent adjustments in the A-share market, including changes in financing margin ratios, are aimed at curbing excessive leverage and maintaining a stable upward trend [2][3] Group 3 - Investment strategies must adapt to changing market conditions, emphasizing the importance of position management and avoiding excessive leverage [3][4] - Investors are encouraged to develop independent judgment capabilities to avoid speculative traps and focus on fundamental research [3][4] - The market is transitioning from a speculative phase to one driven by fundamentals, with a focus on true technological growth and value [3][4] Group 4 - Four strategic recommendations for the pre-Spring Festival period include maintaining moderate positions, adopting a barbell strategy for asset allocation, focusing on specific technology sectors, and enhancing individual stock fundamental research [4] - The artificial intelligence industry chain is expected to shift towards application opportunities in 2026, with a focus on sectors like media and computing [5] - High-dividend assets remain a stable investment choice, with sectors such as white goods, banking, and utilities providing low volatility and steady returns [5] Group 5 - The anti-involution sector is entering a phase driven by fundamentals, with industries like coal, steel, and lithium batteries expected to see improved performance due to industry consolidation [5] - The expansion of domestic demand should focus on new consumption areas such as health, sports, and travel, which are expected to benefit from policy support [5] - Resource sectors, particularly strategic and industrial metals, are anticipated to experience valuation recovery in 2026, presenting potential investment opportunities [5][6]

Group 1 - The A-share market has experienced a strong start in 2026, driven by a combination of market trend continuation, spring market catalysts, and a recovery in overseas markets [1][2] - Recent market fluctuations are attributed to the implementation of counter-cyclical adjustment policies and profit-taking in popular sectors, which are seen as a healthy adjustment that does not alter the overall upward trend [1][3] - The spring market typically lasts around 57 days, and historical data suggests that A-shares tend to perform well during this period, particularly in the technology growth sector [2][6] Group 2 - The current market environment necessitates an adjustment in investment logic, transitioning from a valuation recovery phase in 2025 to a profit-driven phase in 2026 [4] - Investors are advised to manage their positions carefully, avoiding excessive leverage and maintaining flexibility to respond to potential market volatility [4][5] - A focus on fundamental analysis is crucial, as the market is shifting from speculation to value, with regulatory measures aimed at guiding funds towards genuine technology and growth opportunities [4][6] Group 3 - Five key investment themes for 2026 have been identified: the artificial intelligence industry chain, high-dividend assets, anti-involution sectors, domestic demand expansion, and resource sectors [6][7] - The AI application sector is expected to present significant investment opportunities as it transitions from hardware to application, with a focus on media, computing, and internet sectors [6] - High-dividend assets remain a stable investment choice, with sectors like white goods, banking, and utilities expected to provide steady returns [6][7] Group 4 - The anti-involution sector is entering a phase driven by fundamentals, with industries like coal, steel, and solar energy expected to see performance improvements due to favorable market conditions [6][7] - The expansion of domestic demand should focus on new consumption areas such as health, sports, and travel, which are anticipated to benefit from recovering consumer spending [6][7] - Resource sectors, particularly strategic and industrial metals, are expected to experience valuation recovery, presenting potential investment highlights [7]