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 海外模型大厂融资落地，算力链条迎来新动 力 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 24 日 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 行业走势 -10% -4% 2% 8% 14% 20% 26% 32% 38% 44% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 建筑材料 沪深300 相关研究 《地产链有望继续震荡向上》 2026-02-08 《建筑、建材 2025Q4 公募基金持仓 低位回升，持仓集中度有所下降》 2026-02-08 东吴证券研究所 1 / 19 请务必阅读正文之后的免责声明部分 ◼ 本周（2026.2.7–2026.2.13，下同）：本周建筑材料板块（SW）涨跌幅 2.86%，同期沪深 300、万得全 A 指数涨跌幅分别为 0.36%、1.11%，超 额收益分别为 2.50%、1.74%。 ◼ 大宗建材基本面与高频数据：（1）水泥：本周全国高标水泥市场价格为 ...

Group 1 - The overall market showed weakness, with the ChiNext Index dropping over 1.01% [1] - The Shanghai Composite Index fell by 0.74%, while the Shenzhen Component Index decreased by 0.75% [1] - The decline in the computing hardware sector expanded, with significant drops in sectors such as fiberglass, CPO, non-ferrous metals, and oil & gas [1] Group 2 - More than 2,700 stocks declined across the Shanghai, Shenzhen, and Beijing markets [1]

Core Viewpoint - A price surge in the electronic fabric sector, driven by AI demand and supply constraints, is expected to continue into 2026, with significant impacts on the glass fiber industry and related companies [1]. Group 1: Price Trends and Market Dynamics - The electronic fabric market has experienced four rounds of price increases since October 2025, with February 2026 seeing an unexpected rise, indicating a long-term growth cycle rather than a short-term rebound [1]. - Major companies in the glass fiber sector, such as Chongqing International Composite Materials Co., have announced significant price hikes for electronic fabrics, reflecting a tightening supply-demand balance [1]. - The demand for electronic fabrics is being driven by the rapid growth in AI and high-speed communication sectors, leading to increased market demand and improved sales performance for companies [1]. Group 2: Company Performance and Projections - Honghe Technology expects a net profit of 193 million to 226 million yuan for 2025, a year-on-year increase of 745% to 889%, attributed to the large-scale production of high-performance electronic-grade glass fiber [2]. - International Composite Materials anticipates a net profit of 260 million to 350 million yuan for 2025, marking a significant turnaround due to rising glass fiber product prices [2]. - Companies are increasingly focusing on high-end electronic fabric production, with several A-share listed companies reporting advancements in this area [2]. Group 3: Technological Advancements and Market Positioning - China National Materials Technology has completed certifications for its special fiber fabric products and is investing in projects to enhance production capacity, aiming to strengthen its market position in the special fiber sector [3]. - China Jushi, a major player in the electronic fabric market, is developing low dielectric and low thermal expansion products, which are crucial for applications in automotive electronics and consumer electronics [3]. - The electronic fabric sector is expected to become a core competitive arena, with high barriers to entry and long customer certification cycles, making it essential for companies to secure positions in the high-end market [3].

Group 1: Institutional Trading Insights - On the day, 41 stocks were listed on the institutional trading leaderboard, with 25 experiencing net buying and 16 facing net selling [1] - The top three stocks with the highest net buying by institutions were Yingweike (3.2 billion), Baichuan Co. (226 million), and Jingchen Co. (187 million) [1] Group 2: AI and Computing Power Sector - Zhizhu AI announced a price increase of at least 30% for its GLM Coding Plan due to strong market demand and increased user engagement [2] - The release of the new flagship model GLM-5 by Zhizhu AI achieved state-of-the-art performance in coding and agent capabilities, closely rivaling Claude Opus 4.5 in real programming scenarios [3] - Longjiang Securities reported that major companies invested a total of 4.5 billion during the Spring Festival to compete for AI market entry, indicating a sustained high demand for computing power [3] - North American CSP manufacturers are projected to increase capital expenditures by 65% in 2025 and 71% in 2026, reflecting strong AI demand and tight computing power supply [3] Group 3: Glass Fiber Industry - China Jushi, the world's leading glass fiber manufacturer, announced an expansion in electronic cloth production capacity [4] - The supply chain for weaving machines is experiencing delays, particularly with imports from Japan's Toyota, which may extend the shortage period for the industry [4] - A projected supply gap of 6.1% in 2026 and 10.6% in 2027 for weaving machines indicates a tightening market, with potential price increases for electronic cloth due to supply constraints [5]

南财智讯2月12日电，山东玻纤公告，公司股票在2026年2月11日、2026年2月12日连续2个交易日收盘价 格涨幅偏离值累计达20%以上，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动 情形。经公司自查并通过向控股股东、实际控制人书面发函查证，截至本公告披露日，公司经营情况正 常，内外部经营环境未发生重大变化，不存在应披露而未披露的重大事项；公司于2026年1月15日披露 2025年年度业绩预亏公告，预计2025年度实现归属于上市公司股东的净利润为-1474万元至-983万元， 扣除非经常性损益后的净利润为-3314万元至-2209万元；公司未发现对公司股票交易价格产生影响的媒 体报道或市场传闻，前期披露信息无需更正或补充；公司董事、高级管理人员、控股股东及实际控制人 在股价异动期间不存在买卖公司股票的情况。 ...

Market Overview - The Shanghai Composite Index experienced narrow fluctuations, while the ChiNext Index rose over 1% [1] - The computing power industry chain saw collective strength, with companies like UCloud and Capital Online hitting the daily limit of 20% [1] - The non-ferrous sector continued its upward trend, with companies such as Xianglu Tungsten and Zhangyuan Tungsten also reaching the daily limit [1] - In contrast, the film and television stocks continued to adjust, with Hengdian Film and Television, Jinyi Media, and Bona Film all hitting the daily limit down [1] - Over 3,200 stocks in the Shanghai and Shenzhen markets declined, with a total transaction volume of 2.16 trillion yuan [1] Daily Highlights Cloud Computing Data Centers - The cloud computing data center concept surged today, with companies like Dazhi Technology achieving four consecutive daily limits [4] - On February 12, Zhipu AI announced a price increase of at least 30% for its GLM Coding Plan due to strong market demand [4] - Zhipu AI released its new flagship model GLM-5, which has shown superior performance in real programming scenarios [4] - The State-owned Assets Supervision and Administration Commission emphasized the need for central enterprises to enhance investment in computing power [4] Liquid Cooling - The liquid cooling concept saw significant gains, with companies like Chuanrun and Yingweike hitting the daily limit [6] - On February 11, US liquid cooling leader Vertiv's stock rose over 24% following strong earnings guidance [6] - The penetration rate of liquid cooling in AI data centers is expected to rise from 14% in 2024 to 40% by 2026, with a global market size of approximately $15 billion [7] Glass Fiber - The glass fiber sector continued to rise, with companies like Honghe Technology and Shandong Glass Fiber achieving consecutive daily limits [8] - The supply of weaving machines is constrained due to long delivery times from major suppliers, which may extend the shortage period in the industry [10] - The expected supply gap for weaving machines could reach 6.1% in 2026 and 10.6% in 2027, potentially leading to price increases in electronic fabrics [10] Stock Performance - Dazhi Technology's latest price is 13.86 yuan, with a 10% increase and a market cap of 20.49 billion yuan [5] - Chuanrun's stock price is 18.12 yuan, also up by 10.02%, with a market cap of 7 billion yuan [7] - Honghe Technology's stock price is 73.27 yuan, reflecting a 10% increase, with a market cap of 64.46 billion yuan [9]

Macroeconomic Insights - January non-farm employment data exceeded expectations with an increase of 130,000 jobs, significantly higher than the anticipated 65,000[2] - The unemployment rate unexpectedly dropped to 4.3%, despite a rise in labor participation rate[2] - The Federal Reserve may pause interest rate cuts until June, with market expectations for a rate cut probability of less than 6% in March[3] Inflation and Economic Trends - The U.S. economy is transitioning from a "K-shaped" recovery to a "re-inflation" phase, with high-net-worth individuals stabilizing the economy through refinancing[6] - Inflation expectations are self-reinforcing, with actual mortgage rates at a three-year low, contributing to a recovery in the housing sector[8] - The housing affordability index remains above 100, indicating that median-income households can still afford homes despite high prices[21] Industry-Specific Developments - The traditional electronic fabric market is experiencing accelerated price increases due to supply shortages, with prices rising by 0.5-0.6 RMB/m[43] - The AI electronic fabric sector is expected to see significant growth in 2026, driven by demand from AI chips and consumer electronics[46] - The coal industry is projected to benefit from a resurgence in coal power in the U.S., with companies like Peabody Energy and China Shenhua expected to gain[51]

光大期货金融期货日报 光大期货金融期货日报（2026 年 2 月 12 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日市场全天窄幅震荡，三大指数涨跌互现。个股跌多涨少，沪深京三市近 | | | | 3000 股飘绿，今日成交 2.12 万亿。截止收盘沪指涨 0.13%，深成指涨 0.02%， | | | | 创业板指跌 0.37%。近期各部位密集出台经济调控政策，对指数形成基本面 | | | | 支撑。近日，发改委召开国新办发布会，表示：（1）研究设立国家级并购基 | | | | 金 加强政府投资、基金布局规划；（2）综合整治"内卷式"竞争，将进一步 | | | | 规范地方经济促进行为；（3）正在谋划推进一批"十五五"时期高技术产业 | | | | 标志性引领性重大工程等内容。上周，央行将下调各类结构性货币政策工具 | | | 股指 | 利率 25BP。结构性货币政策工具以定向支持社会特定融资需求为主，科技 | 震荡 | | | 创新、普惠养老、碳减排等近期股市热点题材均涵盖其中。本次降息体现了 | | | | 央行在保持总量稳定的基础上，对于特定 ...

Group 1: Market Performance - The computing power leasing concept has seen significant gains, with Dawi Technology (600589) achieving four consecutive trading limits and Meili Cloud recording two trading limits in three days [1][2] - As of February 12, the Shenzhen Component Index rose by over 0.5% and the ChiNext Index increased by over 1% [1][2] Group 2: Company Announcements - UCloud announced a price increase for its products and services effective March 1, 2026, due to significant and structural increases in core hardware procurement costs amid global supply chain disruptions [4][13] - The Ministry of Industry and Information Technology issued a notice on February 6, 2026, regarding the construction of national computing power interconnection nodes, aimed at improving the efficiency and service level of public computing resources [4][13] Group 3: Industry Trends - Major domestic internet companies are increasing efforts to attract users to AI applications, which is expected to significantly boost the number of active users in AI applications [5][14] - The demand for AI applications is driving growth in the domestic computing power industry chain, presenting key development opportunities [5][14] Group 4: Supply Chain Dynamics - Recent reports indicate that the surge in demand for AI chips has led to a tightening supply of T-type glass fiber cloth, with major supplier Nitto Denko planning to triple its production capacity by 2028 [7][17] - Nitto Denko anticipates raising prices by up to 25% due to the supply-demand gap, which may impact the prices of end products like smartphones and laptops [7][17] Group 5: Company Clarifications - Jili Rigging issued a statement addressing false media claims regarding its status as a leader in commercial aerospace, clarifying that its primary products are general lifting rigging products and that it has not signed significant contracts in the aerospace sector [9][20][21] - The company reported minimal revenue from commercial aerospace orders, with amounts being less than 0.50% of its total revenue for 2025 [9][21]

Summary of Conference Call on Glass Fiber Industry Industry Overview - The glass fiber industry is experiencing a tight supply-demand situation, particularly in the electronic fabric market, with upstream manufacturers like Shenmai potentially shutting down some production capacities by 2026 due to shortages in LCD production capacity [1][3] - The price of AI electronic fabrics continues to rise, leading traditional production lines to shift towards AI production, exacerbating shortages of traditional electronic fabrics [1][5] Key Insights and Arguments - The electronic fabric market is expected to see significant price increases, similar to the situation in Q4 2025 for storage chips, with potential price hikes of nearly 10% anticipated in Q1 [1][3] - Major players like China Jushi, which is the global leader in traditional electronic fabrics, have a production capacity exceeding 1.1 billion meters and are projected to reach profit peaks similar to the last boom cycle [1][6] - China Jushi's profit per meter is estimated at around 5 yuan, with expected sales of 1.2 billion meters this year, potentially contributing 6 billion yuan in profits from traditional electronic fabrics alone [2][7] Future Projections - The glass fiber industry is expected to maintain high prosperity in 2026, with both AI and traditional electronic fabrics continuing to rise in price, driven by strong demand in high-end sectors like wind power and thermoplastics [1][6] - China Jushi's target market value has been revised upwards to 150 billion yuan, reflecting its strong profit potential [2][8] - International Composite Materials is also expected to see an increase in its market value, revised to a range of 56 to 66 billion yuan, due to increased supply of new products and price increases [4][8] Other Important Insights - The main bottleneck in the glass fiber industry lies in weaving machines, with Toyota's limited production capacity affecting delivery capabilities [5] - Companies like Zhongtai Technology and Honghe Technology are expected to perform well, while others like Chaohai and Shandong Boxian may see slower growth due to their lack of involvement in high-elasticity electronic fabric businesses [9]