证券研究报告：建筑材料|行业周报 行业相对指数表现 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2024-12 2025-03 2025-05 2025-08 2025-10 2025-12 建筑材料 沪深300 发布时间：2025-12-29 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 5449.43 | | 52 周最高 | 5449.43 | | 52 周最低 | 4167.51 | 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 《关注内需低位品种，有望迎来估值与 业绩双重修复》 - 2025.12.22 建材行业报告 （2025.12.22-2025.12.26） 地产政策托底需求，关注反内卷落地情况 投资要点 12 月 24 日，北京市住房城乡建设委、市发展改革委、人民银行 北京市分行、北京住房公积金管理中心等 4 部门联合印发《关于进一 步优化调整本市房地产相关政策的通知》，放宽非 ...

丰饶的生境，得益于一系列扎实的生态环境保护措施。2025年，溧阳坚定不移深入打好污染防治攻坚 战，推动生态环境质量迈上新台阶。截至11月底，全市PM2.5浓度降至26.9微克/立方米，较去年同期改 善6.3%。持续攻坚太湖综合治理，国省考断面水质优于Ⅲ类的比率连续7年保持100%。 溧阳以天目湖"生态岛"试验区建设为抓手，实施长荡湖水生生物栖息地保护与恢复等多项生态项目，建 成长荡湖湿地公园鸟类观测站和天目湖生物多样性观测站，持续织密生物多样性保护网络。 同时，将生态优势加速转化为绿色发展动能，积极推动钢铁、水泥等重点行业全流程超低排放改造。探 索生态价值实现路径，构建以水生态容量为重点的生态产品交易体系。 溧阳一号公路 江苏省溧阳市始终坚定不移践行"两山"理念，厚植生态本底。目前，溧阳市共记录生物物种3114种，不 乏绶带鸟、银缕梅、桃花水母等珍稀濒危物种。 溧阳将继续执生态之笔，精心描绘"两山"转化新画卷，以高品质生态环境支撑高质量发展，奋力谱写美 丽中国建设的溧阳新篇章。 ...

Group 1 - The core viewpoint of the article highlights that Western Cement (02233) has initiated a significant acquisition of South African cement producer AfriSam, reflecting a trend of Chinese industrial groups expanding into the African market amid slowing domestic demand [1] - Western Cement's stock price increased by over 7% in early trading, settling at 3.01 HKD with a trading volume of 48.237 million HKD [1] - The Botswana Competition and Consumer Authority has invited stakeholders to submit their opinions regarding the proposed merger, with a feedback period expected to conclude within ten days [1] Group 2 - The financial terms of the acquisition have not been disclosed, and the acquiring entity will be West International New Building Materials, a subsidiary of Western Cement [1] - AfriSam is a major cement producer in South Africa, and its shareholders include influential financial institutions such as the Public Investment Corporation, Nedbank, Standard Bank, FirstRand, and Absa, which have been seeking exit strategies for their holdings [1]

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Viewpoints - The real estate chain is gradually clarifying its bottom, with expectations for a performance turning point in 2026 after clearing burdens from 2025 [3][4] - The building materials sector has shown a weekly increase of 4.56%, outperforming the CSI 300 and Wind All A indices by 2.61% and 1.78%, respectively [3] - The report highlights the stability in cement prices, with the national average price at 354.0 RMB/ton, unchanged from the previous week but down 62.2 RMB/ton year-on-year [3][10] - Glass prices have decreased, with the average price for float glass at 1140.1 RMB/ton, down 11.3 RMB/ton from the previous week and down 260.7 RMB/ton year-on-year [41][46] - The fiberglass market is expected to see stable growth in demand, particularly in wind power and thermoplastics, with effective capacity projected to reach 759.2 million tons in 2026, a year-on-year increase of 6.9% [4][6] Summary by Sections 1. Cement Market Overview - The national cement market price remains stable at 354.0 RMB/ton, with regional variations noted [10][11] - The average cement inventory ratio is 61.8%, reflecting a slight decrease from the previous week [18][20] - The report anticipates a rebound in cement prices if physical demand stabilizes, particularly in provinces with significant infrastructure projects [4][9] 2. Glass Market Overview - The float glass market is experiencing a slight decline in prices, with an average price of 1140.1 RMB/ton [41] - Inventory levels have increased, with a total of 5533 million weight boxes reported, indicating a need for inventory reduction [46] - The report suggests that the glass industry may face challenges in the short term due to high inventory levels and weak demand [4][41] 3. Fiberglass Market Overview - The fiberglass industry is expected to see a gradual recovery, with demand driven by new applications and stable growth in traditional sectors [4] - Effective capacity for fiberglass is projected to increase, supporting a positive outlook for leading companies in the sector [4][6] - The report recommends companies such as China Jushi and suggests attention to other players like Zhongcai Technology and Honghe Technology [4]

Core Viewpoint - Western Cement (02233) is in the process of acquiring South African cement producer AfriSam, highlighting the trend of Chinese industrial groups expanding into the African market amid slowing domestic demand [1] Group 1: Company Developments - Western Cement's stock rose over 7% in early trading, currently up 5.59% at HKD 3.01, with a trading volume of HKD 48.237 million [1] - The acquisition will be conducted through Western Cement's subsidiary, West International New Building Materials [1] Group 2: Market Context - The Botswana Competition and Consumer Authority has invited stakeholders to submit their opinions on the proposed merger, with a feedback period expected to conclude within ten days [1] - AfriSam is a major cement producer in South Africa, not publicly listed, with significant shareholding from influential domestic financial institutions [1] - Major investors, including the Public Investment Corporation and several banks, are seeking exit strategies for their holdings after years of restructuring [1]

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puxin Co., Sanjike Tree, and Beixin Building Materials [9]. Core Insights - The construction materials sector saw a 3.64% increase from December 22 to December 26, 2025, with notable gains in glass fiber manufacturing (10.06%) and glass manufacturing (5.04%) [1][13]. - The report emphasizes the importance of demand stabilization and the implementation of anti-involution policies, particularly in the context of housing policy adjustments in Beijing [1]. - The report highlights the ongoing challenges in the cement market, with a focus on the need for macroeconomic improvements, especially in the housing sector, to stimulate demand [2][18]. Summary by Sections Cement Industry Tracking - As of December 26, 2025, the national cement price index was 352.28 CNY/ton, a decrease of 0.26% from the previous week [2][18]. - The cement output for the week was 2.877 million tons, down 2.73% week-on-week, indicating a continued contraction in demand as temperatures drop and the Spring Festival approaches [2][18]. - The capacity utilization rate for cement clinker kilns was 37.42%, reflecting a decrease of 0.23 percentage points from the previous week [2][18]. Glass Industry Tracking - The average price of float glass as of December 25, 2025, was 1140.08 CNY/ton, with a weekly decline of 0.98% [3]. - Inventory levels for glass products increased, with a total of 55.33 million heavy boxes reported, up 38,000 boxes from the previous week [3]. Glass Fiber Industry Tracking - The market for non-alkali glass fiber remained stable, with average prices holding steady [7]. - Demand for glass fiber products has shown signs of weakness, with reduced purchasing intentions from downstream buyers [7]. Consumer Building Materials - The consumer building materials sector is experiencing a weak recovery, with prices for upstream materials like aluminum alloy and acrylic remaining stable [7]. - The report suggests that consumer building materials will benefit from favorable second-hand housing transactions and consumption stimulus policies [1]. Carbon Fiber Industry Tracking - The carbon fiber market price remained stable, with a weekly production of 2,392 tons and an operating rate of 79.47% [8]. - The industry continues to face challenges with profitability, as the average production cost was reported at 105,900 CNY/ton, leading to negative margins for many companies [8].

项目聚焦水泥企业碳排放监测核心环节，系统梳理现有实践经验，开展关键技术研发与应用推广，着力 构建科学规范、可复制、可推广的碳排放监测标准体系。 人民财讯12月27日电，近日，国家市场监管总局联合国家发展改革委下达2025年国家碳排放标准化试点 项目。由海螺集团承担、芜湖市标准化研究院等单位参与的碳排放领域的国家标准化试点——"安徽芜 湖水泥熟料生产行业企业碳排放标准化试点"成功获批。 ...

Group 1 - Ningbo Fuda has agreed to dissolve its investee company, Zhejiang Shangfeng Kehuan Building Materials Co., Ltd., through a shareholders' resolution, with the process expected to be completed by 2026 [2][4] - The dissolution does not involve related transactions and does not constitute a major asset restructuring as defined by regulations, thus no shareholder meeting approval is required [2][5] - The company will recognize an impairment loss on its long-term equity investment in the investee, estimated to impact the net profit attributable to shareholders by approximately RMB 27.25 million to RMB 28.89 million for 2025 [2][9] Group 2 - The investee company was established in December 2020 to jointly build a 4500T/D cement clinker production line, but the project was halted due to industry overcapacity and regulatory changes [3][4] - The Ministry of Industry and Information Technology's new regulations have made it impossible for the project to be completed as planned, leading to the decision to dissolve the investee [4][7] - The investee currently has no substantial production operations, prompting the decision to proceed with the dissolution [4][7] Group 3 - The company will follow legal procedures for the dissolution, including shareholder meetings, liquidation, and tax and business deregistration, expected to be completed in the first quarter of 2026 [8] - The company has previously recognized an impairment of RMB 19.95 million on the long-term equity investment due to declining market conditions [4][9] - The investment's recoverable amount is estimated between RMB 12 million to RMB 16 million, with additional impairment provisions expected [9]

阿尔及利亚与乍得还将在液化石油气、矿业和水泥产业等领域深化合作。在矿业方面，双方将围绕 地质勘查、技术交流和人才培养加强协作；在水泥产业方面，阿尔及利亚表示将通过技术支持、能力建 设及阶段性解决方案，协助乍得缓解当前水泥产能不足问题，以满足基础设施和住房项目建设需求。 （原标题：阿尔及利亚推进对乍得在能源、矿业及水泥领域的合作） 阿尔及利亚《Algerie360》网站12月19日报道，阿尔及利亚与乍得近日在阿尔及尔签署一份会议纪 要，正式推进两国在油气、矿业及相关工业领域的合作。该文件由阿尔及利亚国务部长、能源与矿业部 长与乍得石油、矿业和地质部长签署，签署仪式在阿能源与矿业部举行，双方多名高级官员出席。 双方一致同意加强油气领域监管和法律框架合作，通过经验交流和技术支持，协助乍得完善油气行 业治理体系。合作内容涵盖油气勘探与开发、提升石油产能、炼化及石化产业发展、天然气综合利用以 及减少火炬气排放等。双方还就阿尔及利亚国家石油公司 Sonatrach参与乍得重点能源项目的可能性进 行了探讨。 ...

Core Insights - The total carbon emissions of the top 100 listed companies in China for 2024 are projected to be 5.134 billion tons, a decrease of 2.7 million tons compared to 2023, indicating a potential peak in emissions [1][6][11] - The disclosure rate of carbon emissions among these companies has increased from 43% in 2021 to an expected 80% by 2025, reflecting a growing awareness and commitment to carbon reduction [1][5][23] Group 1: Carbon Emissions Overview - The carbon emissions of the top 100 listed companies in 2024 are 5.134 billion tons, which is a 0.52% decrease from 5.161 billion tons in 2023 [6][11] - The top ten companies account for approximately 38% of the total emissions, highlighting the concentration of emissions among a few major players [2][6] - The threshold for inclusion in the carbon emissions ranking has decreased to 10.3128 million tons in 2024, down from 11.5329 million tons in 2023, indicating a reduction in emissions intensity among leading high-carbon companies [6][11] Group 2: Industry Emission Trends - The power industry remains the largest contributor to carbon emissions, accounting for approximately 2.29 billion tons in 2024, maintaining a significant share of the total emissions [15] - The cement industry follows with emissions of about 770 million tons, continuing a downward trend for four consecutive years [15] - The steel industry has seen a notable decrease in emissions, returning to levels close to those of 2022, with emissions around 580 million tons [15][18] Group 3: Carbon Efficiency Metrics - The average carbon efficiency of the top 100 companies in 2024 is 0.399 million yuan per ton, remaining stable compared to 0.40 million yuan per ton in 2023 [20][21] - The carbon efficiency has improved by 10.83% from 2021 to 2024, indicating a positive trend in decoupling economic output from carbon emissions [20] - Seven industries have shown improvements in carbon efficiency, with the chemical industry achieving the most significant increase, reaching 0.39 million yuan per ton, the highest in three years [20][21] Group 4: Disclosure and Transparency - In 2024, 80 companies disclosed their carbon emissions data, an increase from 65 in 2023, achieving the highest disclosure rate in four years [23] - The disclosure rate for the power industry is 77.42%, while the cement industry leads with 85.71%, consistently above the average [26] - A-share companies have seen a significant rise in disclosure rates, from 16.67% in 2021 to 70.97% in 2024, indicating improved transparency in carbon reporting [26][27]