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 ...

智通财经APP获悉，财通证券发布研报称，水泥国内供需长期或企稳，核心在供给收缩，新一轮供给侧 改革政策聚焦控产能、反内卷或有望成为限制水泥供给的因素之一。增量主要靠海外，非洲在竞争格 局、盈利空间、需求潜力方面更具优势。水泥具高股息的配置逻辑，且海外贡献增量业绩、国内价格止 跌回暖的基本面逻辑。 玻纤：传统看反内卷，高端看技术迭代 玻纤性能良好广泛应用于工业各领域，包括建筑材料(占25%)、交通运输(24%)、电子电气(18%)、能源 环保(14%)、消费品(8%)等。而传统领域方向，9月初，中国玻璃纤维工业协会发布了相关文件将反内卷 正式引入玻纤行业，未来玻纤粗纱价格中枢有望稳步向上;而新领域方向，随着人工智能技术和应用的 快速发展，AI服务器需求强劲，同时AI服务器需求摒弃了传统的电子布，转向低介电(LowDk)电子布， AI服务器不断地升级对低介电子布的要求不断提升，产品的迭代也带来价格的提升和企业单位盈利的 提升。 消费建材：复价持续推进，静待困境反转 拐点渐显，竞争减缓是大势所趋，前期白热化价格竞争下小企业亏损加剧、加速出清，龙头通过主动和 被动的方式提升集中度，其经营思路从提量转为高质量发展：1) ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⿊⾊建材策略⽇报 2025-12-09 宏观⽀撑有限，盘⾯延续弱势 中央政治局会议强调继续实施更加积极的财政政策和适度宽松的货币 政策，未有超预期信号释放。近期钢⼚盈利率有所改善，预计后期钢 材产量难以⼤幅下降，基本⾯在进⼊淡季之后仍有压⼒，钢材盘⾯弱 势运⾏。铁⽔仍有季节性⾛弱预期，蒙煤进⼝仍有增加预期，铁矿、 煤焦盘⾯表现偏弱，玻纯供需过剩继续压制盘⾯价格。 中央政治局会议强调继续实施更加积极的财政政策和适度宽松的货币 政策，未有超预期信号释放。近期钢厂盈利率有所改善，预计后期钢 材产量难以大幅下降，基本面在进入淡季之后仍有压力，钢材盘面弱 势运行。铁水仍有季节性走弱预期，蒙煤进口仍有增加预期，铁矿、 煤焦盘面表现偏弱，玻纯供需过剩继续压制盘面价格。 1. 铁元素方面：铁水下降明显，下游需求下滑，钢厂进行年度检 修，但钢厂盈利率略有好转，补库需求释放仍偏慢。海外矿山发运环 比略增，澳洲发运回升，巴西发运冲高回落，非主流发运环比大幅增 加，本期到港环比减量明显。但港口库存环比继续累积，钢厂库存环 比增加，整体仍有累库压力。废钢基本面矛盾有限，现货 ...

Core Insights - Shandong's "going global" narrative has evolved from a focus on physical infrastructure to a comprehensive value chain that integrates manufacturing, services, and branding, marking a qualitative transformation in its international trade strategy [1][4][6] Group 1: Port Development and Logistics - Shandong Port has transformed from a "regional terminal" to a "world-class hub" in five years, establishing a shipping network with 357 routes covering 180 countries and over 700 ports, with container throughput expected to exceed 44 million TEUs in 2024, making it the largest port cluster globally [3] - The new shipping routes, such as the Yantai Port's direct line to Nigeria, have significantly increased cargo volumes, with non-containerized cargo exceeding 3 million tons annually [3] - Shandong Port is not only focused on cargo transport but is also exporting management and technology, creating a global supply chain service system that integrates logistics, technology, and capital [3][4] Group 2: Industry Upgrades and Value Chain - Shandong's export landscape has shifted from low-end products to high-value "solution outputs," with agricultural exports like Yantai apples achieving 560,000 tons annually through international standards and overseas warehouses [4][5] - The manufacturing sector is witnessing significant transformation, with companies like Qingdao Fulewei Machinery securing orders from 67 countries and achieving a 60% export share through cross-border e-commerce [4][5] - The inland county of Yuncheng has successfully integrated into the global value chain by establishing a supply chain company that provides one-stop services for foreign trade, resulting in a foreign trade total of 1.788 billion yuan in 2024, the highest growth rate in the city [5][6] Group 3: Ecosystem and Regional Integration - The narrative of Shandong's global expansion transcends mere growth metrics, showcasing a deep restructuring from factor-driven to ecosystem-led development, positioning the province as a global industrial leader [6] - Innovative models in inland regions demonstrate that even areas far from coastlines can effectively engage in global value chains, highlighting the ecological and comprehensive nature of Shandong's export strategy [5][6]

Group 1 - A regulatory draft is set to reshape the public fund industry by linking fund managers' compensation to long-term performance, addressing the issue of fund managers profiting while investors lose money [1] - The draft specifies that if active equity fund managers underperform their benchmarks by over 10 percentage points for three years and incur losses, their performance pay will be reduced by at least 30% [1] - Over 1,400 active equity products have underperformed their benchmarks by more than 10 percentage points, affecting nearly 1,000 fund managers, including well-known figures [1] Group 2 - The issuance of FOF funds has surged by 300% this week, reaching a two-year weekly high, driven by market volatility and the advancement of personal pension systems [1] - A total of 38 new funds were launched this week, with equity funds making up 47.37% of the total [1] Group 3 - The China Trust Industry Association plans to establish guidelines for family trust businesses by February 2025, focusing on risk management and compliance [3] - The draft will require trust companies to create a distinct assessment and incentive mechanism for family trust businesses, separate from asset management trusts [3] Group 4 - Antero Resources is reportedly close to acquiring HG Energy for several billion dollars, which would expand its natural gas reserves [4] - The deal is expected to be announced soon, although negotiations are still ongoing and terms may change [4] Group 5 - Wuliangye is reportedly adjusting its pricing strategy, with a new invoice price set at 900 yuan per bottle, although distributors have not yet received stock [5] - The company is facing challenges in inventory management and market distribution [5] Group 6 - Wanda Commercial Management is seeking bondholders' approval to amend terms of a $400 million bond due in 2026, extending the maturity to 2028 due to a slowing real estate market [6] - The proposed changes include lowering the minimum total equity requirement for Wanda Hong Kong [6] Group 7 - Ankai Bus reported a 57.71% year-on-year increase in cumulative sales for the first 11 months, with November sales reaching 517 units [10] - The company is experiencing significant growth in its sales performance [10] Group 8 - Cambridge Technology plans to invest 400 million yuan in a fund focused on optical devices and chips, targeting early-stage and growth-stage companies [11] - This investment will enhance the company's presence in the high-tech sector [11] Group 9 - Tunnel Corporation has won a bid for a highway project in Henan with a total investment of 6.49 billion yuan, using a BOT model for construction and operation [12] - The project will span 50.32 kilometers and has a cooperation period of 33.25 years [12] Group 10 - Macro Construction has secured a 230 million yuan project for the installation and decoration of urban rail transit stations [13] - This project represents 3.88% of the company's expected revenue for 2024 [13] Group 11 - ST Weihe has been shortlisted for a 652 million yuan smart agriculture EPC project, which is expected to account for 26.27% of its 2024 revenue [14] - The project is currently in the public announcement period [14] Group 12 - Yao Pi Glass plans to invest 690 million yuan in building four automotive glass production lines to meet the demand for high-end electric vehicles [17] - This investment reflects the company's strategy to expand its production capacity in the automotive sector [17] Group 13 - Zhongzai Resources has won a bid for a 205 million yuan green recycling project for Midea, focusing on compliant recycling and dismantling of appliances [18] - This project will enhance the company's service offerings in the recycling sector [18] Group 14 - The market saw a significant increase in trading volume, with the total turnover exceeding 2 trillion yuan, indicating strong investor interest [19] - The ChiNext index rose over 2%, reflecting positive market sentiment [19]

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].

来源：中国能源网 上周行情回顾 过去一周（12.01–12.07）主要指数涨跌幅情况：申万建筑材料行业指数（+1.55%），上证指数 （+0.37%），深证成指（+1.26%），创业板指（+1.86%），沪深300（+1.28%）。在申万31个一级子 行业指数中，建筑材料涨跌幅排名居第9位。 风险提示： 水泥：11月北方逐步进入采暖季，错峰生产政策将推动供给收缩，价格有望迎来阶段性上涨，同时短期 由于部分项目抢工，需求阶段性提升。整体来看，基建端整体受到天气干扰、需求释放节奏等因素影 响，其对需求并未完全显现，房建端，需求端仍然处于弱复苏态势。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。短期来看，需求传统旺季订单改善力度一 般仍承压，中间商库存相对较高。目前行业供需矛盾仍存，下游终端需求改善有限。供给端，考虑到目 前浮法玻璃行业中大部分企业已能达到环保要求，我们判断反内卷政策不会产生一刀切式产能出清，但 仍会提升环保要求及成本，加速行业的冷修进度。后续持续关注政策变化的 ...

2025-12-08 产业服务总部 黑色产业服务中心 公司资质 长江期货股份有限公司交易咨 询 业务 资 格 ：鄂 证 监期 货 字 [2014]1 号 黑色金属团队 研究员 供需矛盾向上传导 产能出清仍需时间 自 2022 年新开工面积出现断崖式下降后，每年降幅均在 20%以上，因 此无论是将数据后置两年还是三年，地产竣工端的需求是逐年转差的。玻璃 行业整体供需错配的矛盾，已经从下游地产端传导至中游贸易加工环节，其 表现即是 2025 年有相当数量的中游厂商出现资金链条紧张、经营范围收缩和 常备库存减少的情况。那么在需求持续走弱的背景下，2026 年玻璃行业的矛 盾将会进一步恶化，并加快从中游贸易加工环节向上游原片生产供应端的传 导，从而推动产能出清。因此 2026 年的产线冷修压力将会更大，考虑到玻璃 产线冷修高成本的特点，预计明年还是以关停 600 吨/日左右的小产线为主。 但是，经过我们测算，当下日熔仍处于高位水平，这里大胆预测日熔可能要 降到 13 万吨以下，才能匹配需求的减量，否则价格很难有趋势性的上涨动力。 综上，2026 年同样是考验产业链上下游企业如何持续经营、消化库存、稳定 利润的一年，在 ...

发布时间：2025-12-08 行业投资评级 证券研究报告：建筑材料|行业周报 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 5252.51 | | 52 周最高 | 5417.39 | | 52 周最低 | 4167.51 | 行业相对指数表现 -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 2024-12 2025-02 2025-05 2025-07 2025-09 2025-12 建筑材料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 近期研究报告 《"反内卷"下拐点渐显，关注出海及 转型机遇》 - 2025.11.26 建材行业报告 （2025.12.01-2025.12.07） 需求逐步进入淡季，期待地产及化债政策落地 投资要点 12 月 2 日，国家发展改革委主任郑栅洁在《党建》杂志发布《深 入学习贯彻党的二十届四中全会精神，以高质量发展新成效谱写中国 式现代化新篇章》署名文章。文章中提到要提高防范化 ...

黑色建材日报 2025-12-08 黑色建材组 陈张滢 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 郎志杰 从业资格号：F3030112 交易咨询号：Z0023202 0755-23375125 langzj@wkqh.cn 万林新 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 赵 航 从业资格号：F03133652 0755-23375155 zhao3@wkqh.cn 【行情资讯】 螺纹钢主力合约下午收盘价为 3157 元/吨, 较上一交易日跌 18 元/吨（-0.56%）。当日注册仓单 44141 吨, 环比减少 0 吨。主力合约持仓量为 147.4541 万手，环比增加 62636 手。现货市场方面, 螺纹钢天津汇总 价格为 3200 元/吨, 环比减少 10/吨; 上海汇总价格为 3290 元/吨, 环比减少 10 元/吨。 热轧板卷主力合 约收盘价为 3320 元/吨, 较上一交易日跌 12 元/吨（-0.36%）。 当日注册仓单 113732 吨, 环比减少 0 吨。 主力合约持 ...