截至2025年5月23日收盘，中钢洛耐（688119）报收于3.78元，较上周的3.79元下跌0.26%。本周，中钢 洛耐5月20日盘中最高价报3.91元。5月23日盘中最低价报3.78元。中钢洛耐当前最新总市值42.52亿元， 在装修建材板块市值排名15/35，在两市A股市值排名3278/5148。 本周关注点 中钢洛耐科技股份有限公司全资子公司中钢集团洛阳耐火材料研究院有限公司于近日收到某项政府补助 2025年经费预算通知，预计将获得该项政府补助人民币1524.05万元，为与收益相关的政府补助。公司 自2025年1月至本公告披露日已累计收到该项政府补助人民币740.64万元。根据《企业会计准则第16号 ——政府补助》的有关规定，公司确认上述政府补助事项并划分其类型均为与收益相关的政府补助，预 计将对公司利润产生一定的积极影响。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 中钢洛耐科技股份有限公司将于2025年5月28日9:00-10:00召开2024年度暨2025年第一季度业绩说明会， 会议地点为上证路演中心，会议形式为网络 ...

Summary of Key Points Core Viewpoint - The company 中旗新材 (stock code: 001212) has experienced a decline in stock price, with a current market capitalization of 85.71 billion yuan, ranking 6th in the renovation and building materials sector and 1792nd in the A-share market. Company Announcements - The convertible bonds of 中旗新材 will be suspended from conversion starting May 21, 2025, until the equity registration date for the annual profit distribution, after which conversion will resume [1][5]. - The annual profit distribution plan includes a cash dividend of 1.0 yuan per 10 shares (tax included) and a capital reserve increase of 4 shares for every 10 shares held, with a total cash dividend distribution of approximately 12.70 million yuan (tax included) and a total increase of approximately 50.81 million shares [2][3]. - The adjusted conversion price for the convertible bonds will be 14.76 yuan per share, effective from May 29, 2025 [3][5]. - Following the equity distribution, the maximum repurchase price for shares has been adjusted to 51.382 yuan per share, effective from May 29, 2025, with a repurchase range of approximately 1,946,207 to 2,919,310 shares, representing 1.09% to 1.63% of the total post-increase share capital [3][5].

Core Viewpoint - The supply side of non-financial enterprises in the A-share market is still in a bottoming phase, with both inventory and capacity remaining weak, but there are signs of marginal recovery on the demand side [1][3][6]. Supply Side Analysis - The supply side is characterized by weak replenishment and expansion intentions, with inventory growth for Q1 2025 at -1.63% year-on-year and stock growth at -4.46%, both showing declines compared to 2024 [1][3]. - The capacity utilization rate for Q1 2025 is at 2.32, down 0.04 from 2024, marking 12 consecutive quarters of decline since mid-2022 [3]. - Expansionary capital expenditure for Q1 2025 has a year-on-year decline of 20.69%, the first negative value since 2018, indicating weak investment intentions among listed companies [3]. Industry Focus - Key industries to focus on include those with relatively tight supply and good profitability, those that have shown signs of recovery from the bottom, and those still on the left side of the turning point but entering the later stages of clearing [1][10]. - Specific industries identified for potential support to performance include metal products, broiler farming, entertainment products, and gaming, with only the entertainment products sector showing high levels of expansionary capital expenditure [1][70]. Detailed Industry Breakdown Cyclical Sector - Industries with tight supply include those with high capacity utilization and low inventory, indicating potential for profitability improvement [12]. - Industries at the bottom include construction materials, chemicals, and photovoltaic power, which are experiencing supply structure optimization [12][25]. Manufacturing Sector - Tight supply industries include cable components, photovoltaic auxiliary materials, and metal products, with low expansionary capital expenditure [26][40]. - Bottomed industries include the new energy chain and military electronics, which are likely to face hard constraints on future production capacity [26][37]. Consumer Sector - Tight supply industries include broiler farming and entertainment products, with the latter showing high expansionary capital expenditure [41][54]. - Bottomed industries include pharmaceuticals and food processing, with signs of marginal improvement in capacity utilization and profitability [41][49]. TMT Sector - Tight supply industries include gaming, with low expansionary capital expenditure, indicating hard constraints on future supply [55][69]. - Industries at the bottom include electronic components and security equipment, with potential for recovery in capacity utilization and profitability [55][63].

Industry Overview - The construction materials sector is expected to benefit from domestic demand policies aimed at stabilizing the economy, with a focus on post-completion projects and renovation of second-hand homes [1] - As of April 30, the overall PB (Price to Book) for the construction materials sector is at 1.0x, indicating a historical low valuation, while the PE (Price to Earnings) for various segments shows significant differences [1] - In Q1 2025, the transaction volume of second-hand homes in 20 major cities reached 521,300 units, a year-on-year increase of 26.88%, indicating a resilient real estate market [1] Cement Sector - The cement market is experiencing a weak recovery in demand, with a projected year-on-year decline of 1.4% in Q1 2025 production, but municipal infrastructure is providing some support [2] - Central government policies promoting production optimization and price maintenance have improved the profitability of cement companies, with gross and net profit margins expected to rise in 2024 [2] - The overall average price of cement is anticipated to continue its upward trend in 2025, leading to a potential recovery in industry profits [2] Glass Sector - Demand for glass remains resilient, primarily driven by the progress in housing completion projects, although prices are under pressure due to overall weak demand [3] - Seasonal demand is expected to strengthen in the second half of the year, with fewer production lines expected to resume operations, leading to a more stable industry environment [3] - The recommendation for investment focuses on companies like Qibin Group, which are expected to see a reversal in profitability and valuation [3] Consumer Building Materials - Retail business is becoming a key growth driver, with leading companies accelerating their retail development in response to the renovation cycle of second-hand and existing homes [4] - The competitive landscape is shifting, with leading companies increasing their market share, particularly in the waterproofing materials sector [4] - The consumer building materials sector is currently undervalued, with a low allocation in public fund holdings, suggesting potential for growth [4] Glass Fiber Sector - The glass fiber industry is seeing a recovery in prices due to improved demand from wind energy and consumer electronics, with the average price reaching 3,812.5 yuan/ton as of April 18, 2025 [5] - Inventory levels have decreased, indicating a tightening supply-demand balance, which is favorable for long-term industry growth [5] - Leading companies in the glass fiber sector are expected to benefit from valuation and profit recovery opportunities [5]

证券研究报告 | 行业周报 gszqdatemark 2025 05 18 年 月 日 建筑材料 预计需求延续旺季不旺，淡季不淡 2025 年 5 月 12 日至 5 月 16 日建筑材料板块（SW）下跌 0.49%，其中 水泥（SW）下跌 0.96%，玻璃制造（SW）下跌 0.88%，玻纤制造（SW） 上涨 2.01%，装修建材（SW）下跌 0.92%，本周建材板块相对沪深 300 超额收益-0.45%。本期建筑材料板块（SW）资金净流入额为 0.76 亿元。 【周数据总结和观点】 根据 wind 统计，2025 年 4 月地方政府债总发行量 6932.91 亿元，发行金 额同比 2024 年 4 月增长 101.6%，截至目前，2025 年一般债发行规模 0.65 万亿元，同比-0.04 万亿元，专项债发行规模 3.18 万亿元，同比+1.71 万亿元。化债下加码政府财政压力有望减轻，企业资产负债表也存在修复 的空间，市政工程类项目有望加快推进，市政管网及减隔震实物工作量有 望加快落地，关注龙泉股份、青龙管业、中国联塑、震安科技。玻璃需求 季节性环比改善，但供需仍有矛盾：2025 年后玻璃需求持续下滑，3 ...

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Puhua Co., China Jushi, Beixin Building Materials, and Yuhua Co. [8] Core Insights - The construction materials sector is experiencing a mixed demand environment, with seasonal demand not significantly boosting activity, leading to a decline in stock performance [1][13] - The report highlights a significant increase in local government bond issuance, which is expected to alleviate fiscal pressure and potentially accelerate municipal engineering projects [2] - The glass market is facing a supply-demand imbalance, with a marginal improvement in demand observed since March 2025, but overall demand is expected to decline post-2025 [2][35] - The cement industry is in a bottoming phase, with companies increasing production cuts to stabilize prices, while the fiber glass market shows signs of recovery due to rising demand in the wind power sector [2][3][18] Summary by Sections Cement Industry Tracking - As of May 16, 2025, the national cement price index is 374.69 CNY/ton, down 0.5% week-on-week, while cement output increased by 7.48% to 3.5835 million tons [3][18] - The cement market is characterized by strong infrastructure demand but weak residential construction demand, leading to a "price for volume" strategy [18] Glass Industry Tracking - The average price of float glass is 1306.73 CNY/ton, down 0.82% from the previous week, with inventory levels rising [35] - The market sentiment is pessimistic, with weak demand and declining prices affecting sales [35] Fiber Glass Industry Tracking - The fiber glass market is stabilizing after a price war, with demand from the wind power sector expected to increase significantly in 2025 [2][6] - The report recommends focusing on companies like China Jushi and Zhongcai Technology due to their growth potential [2] Other Construction Materials - The report emphasizes the importance of consumer building materials benefiting from favorable second-hand housing transactions and consumption stimulus policies [2] - Key stocks recommended include Beixin Building Materials and Weixing New Materials, with a focus on companies with strong growth potential [2][8]

Report Summary 1. Reported Industry Investment Rating - No information provided about the industry investment rating. 2. Core View of the Report - No clear - cut core view is presented in the provided content. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Luoyang Energy - Saving, belonging to the decoration and building materials industry. The reception time was May 15, 2025, and the listed company's reception staff included Financial Director Yao Yonghua and Deputy General Manager and Board Secretary Cui Zirao [16]. 3.2. Detailed Research Institutions - The reception object was investors who participated online in the 2025 Shandong - jurisdiction listed companies' online collective reception day for investors, and the reception object type was "other" [19]. 3.3. Research Institutions' Proportion - No information about research institutions' proportion is provided. 3.4. Main Content Data - **Automation Production**: Automation production involves comprehensively promoting the equipment upgrade and automation transformation of ceramic fiber production lines, focusing on processes like palletizing and packaging to reduce labor intensity, cut staff, and increase efficiency [23]. - **Product Promotion**: The SuBang casting material and hot micro - crystal products have achieved initial market penetration through technological breakthroughs in niche areas, with ongoing market promotion and plans to expand application scenarios [23]. - **MX Product**: It is a refractory fiber product with excellent temperature - resistance, environmental - friendliness, and high cost - effectiveness, solving multiple pain points of refractory fiber products used in industrial kilns with a long - term use temperature in the 1250 - 1320°C range [25]. - **Sales Region**: The company firmly believes that China is the most important market, and there are no restrictions on domestic product sales [25]. - **EBITDA**: Regarding the question about last year's EBITDA, investors are advised to follow the company's subsequent announcements [26]. - **Rapidstar Product**: It is a high - efficiency diffusion furnace heating system currently in the market promotion and trial - use stage [26]. - **Information Release**: The company will gradually increase the frequency of releasing business dynamic information to facilitate investors' access to company information [26]. - **Customer Information**: The company cannot disclose whether it supplies automotive substrates to Tesla due to customer information confidentiality [27].

Group 1: General Information - The research object is Wanli Stone, belonging to the decoration and building materials industry, and the reception time was May 15, 2025 [17] - The listed company's reception staff included the company's chairman Hu Jingpei, the deputy general manager and financial controller Zhu Zhuxiang, the company's board secretary Yin Yilun, and the independent director Chen Zeyi [17] Group 2: Research Institutions - The research institutions included investors' online questions and others [20] Group 3: Main Content - Wanli Stone participated in the "2024 Annual Report Performance Briefing and Online Collective Reception Day for Investors in Xiamen Listed Companies" to communicate with investors [24] - According to the "Cooperation Framework Agreement" signed between Wanli Stone Hong Kong and Hafu Mining in August 2024, Hafu Mining will inject relevant uranium assets into the listed company after fulfilling necessary procedures, and the acquisition in Namibia is still in the due - diligence stage [24] - The salt lake lithium extraction business of Wanli New Energy is advancing steadily; the natural uranium acquisition projects in Kazakhstan and Namibia by Wanli Stone Hong Kong are progressing normally; and Wanli Stone Mining Resources Recycling Company has signed a strategic cooperation agreement with China National Uranium Corporation (Namibia) Mining Co., Ltd. for the extraction experiment of low - grade natural uranium tailings [24]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][64]. Core Views - The company is undergoing a transformation from its traditional waterproof materials business to the display panel and semiconductor testing equipment sectors, which are expected to provide significant growth opportunities [2][13]. - The acquisition of Suzhou Jiazhi Technology is anticipated to enhance the company's performance, with a commitment to achieve a cumulative net profit of no less than 240 million yuan from 2025 to 2027 [1][51]. - The report highlights the potential for a turnaround in the company's main business after reaching a low point, alongside the expected growth in the newly acquired testing equipment business [64]. Summary by Sections Company Overview - The company has historically focused on waterproof materials but is now shifting towards the display panel and semiconductor testing equipment markets, with a diversified shareholding structure [2][13][16]. - The company has faced challenges in its waterproof business since 2021, with a projected loss of 540 million yuan in 2024 [2][18]. Jiazhi Technology - Jiazhi Technology, established in 2017, is positioned in the second tier of the panel testing equipment market and has begun sales in semiconductor testing equipment [3][32]. - The market for panel testing equipment is expected to recover gradually, with a projected demand of 9.6 billion yuan in 2024 [39][40]. Financial Projections - The company's revenue from waterproof materials is projected to reach 2.4 billion yuan in 2025, with a growth rate of 4% [63]. - Jiazhi Technology's revenue is expected to grow significantly, reaching 511 million yuan by 2027, with a compound annual growth rate of 34% [64][51]. Market Dynamics - The report notes that the display panel testing equipment market is currently dominated by two leading companies, with Jiazhi holding approximately 6% market share [47]. - The semiconductor testing equipment segment is still in the early stages, with limited volume production expected in the short term but significant long-term potential [50].

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 服务消费再贷款落地 2025 年 05 月 12 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 周观点：（1）央行落实此前刺激政策，创设 5000 亿服务消费和养老再 贷款，激励引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费 重点领域和养老产业的金融支持。4 月 CPI 相对平稳，PPI 下行压力加 大，但 4 月房企拿地情况有所好转，整体而言，地产链复苏的方向不变。 在以旧换新补贴和服务消费刺激政策的推动下，我们期待 25 年 Q3 家 装产业链也会迎来明显加速。地产链出清已近尾声，供给格局大幅改善， 25 年需求平稳且企业增长预期较低，板块具备较高的胜率。首选低估值 的消费龙头和扩张型公司，例如北新建材、三棵树、兔宝宝、奥普科技、 欧普照明、伟星新材、欧派家居、箭牌家居等。其次，如果外部需求快 速回落，中西部基建很有可能成为救急的方向，关注华新水泥、四川路 桥、海螺水泥、中国交建、坚朗五金、东方雨虹等。最后，在 25 年流 动性充裕的背景下，科技属性强的公司仍有较高关注度，例如上海港湾、 鸿路钢构、 ...