Group 1: Market Trends and Logic - Domestic demand is becoming the core focus, with policies emphasizing the expansion of domestic demand strategy, indicating a shift in market attention[2] - The glass industry is experiencing accelerated cold repairs, with supply clearing out, but individual stock performance will depend on differentiated deep processing capabilities[3] - The cement industry is expected to benefit from policy execution and governance improvements, with overseas expansion providing growth opportunities[24] Group 2: Investment Recommendations - Focus on companies with independent growth or valuation advantages in the consumption building materials sector, such as Rain虹, Han高, and San棵树[18] - China National Building Material is recommended due to its strong market position and potential for overseas growth, with expected profits of 2-3 billion RMB in 2025[12] - Recommendations for companies with high dividend yields include Tu宝, Wei星, and Bei新, which are expected to benefit from changing market styles[9] Group 3: Industry Performance and Forecasts - The cement sector is projected to see a recovery in profitability, with Huaxin Cement expected to contribute over 10 billion RMB in profits in 2026[12] - The glass market is facing price adjustments, with the average price of float glass at 1151.40 RMB/ton, down 13.65 RMB/ton from the previous week[35] - The construction materials industry is expected to stabilize, with a focus on companies that can deliver performance and customer validation[8]

当下周期板块的亮点和预期有哪些？20251221 摘要 上。若考虑到明年的销量增长、价格提升及单吨净利增加，假设 2026 年销量 增至 330~340 万吨（增速 4%~5%），单吨净利 900~1,000 元，则仅粗纱 部分贡献的业绩为 30~34 亿元。 在电子布方面，今年普通电子布呈现高景气 度，PCB 产品涨价带动电子布涨价。三季度公司普通电子布吨净利约 0.6 元/米， 目前报价接近 4 元/米，全行业单吨盈利可达 0.9 元/米。今年公司后部销量接 近 10 亿米，明年预计增长 4%~5%。假设明年销售 10.5 亿米，每单位盈利 1 元或 1.1 元，则电子部贡献业绩接近 11 亿元。因此，总体来看，中国巨石在 2026 年的业绩合计下限 40 亿，上限 45 亿，可稳住目前 600 亿左右的市值， 并预期达到 800 亿市值。 此外，高端特种电子布研发稳步推进，一代已进入验 证期，其它类型也在推进中。预计 26 年第 1 季度验证期初步结果将出，高端 特种电子布推出后对估值有进一步提振作用。因此，从基本面和估值角度，中 国巨石具备较强逻辑，是我们年度策略中的重点推荐标的。 玻纤粗纱方面，中高 ...

Investment Rating - The report highlights a positive outlook for the construction and building materials sector, particularly focusing on high dividend stocks like Sichuan Road and Bridge, which has a projected dividend yield of approximately 5.6% by the end of 2025 [2] Core Insights - The report emphasizes the increasing interest from insurance capital in high dividend stocks within the construction and building materials sector, as evidenced by the significant share purchases in companies like Sichuan Road and Bridge [2] - It suggests that the AI new materials industry is experiencing rapid changes, with a recommendation to adopt a "steady response" strategy due to the high frequency of market fluctuations [3] - The report advocates for overseas expansion, particularly in African markets, as lower interest rates are easing external debt pressures and creating opportunities for investment [4] Summary by Sections Weekly Discussion - China Post Insurance has acquired a 5% stake in Sichuan Road and Bridge, investing a total of 3.9 billion [2] - Other companies targeted by China Post Insurance include Eastern Airlines Logistics and Green Power Environmental Protection, indicating a broader trend of insurance capital entering the high dividend segment of the construction sector [2] Industry Trends - The AI new materials sector is seeing increased participation from domestic and international manufacturers, with a focus on stability amidst rapid changes [3] - Companies like Zhongcai Technology and Copper Crown Copper Foil are highlighted as leaders in the AI materials space, with strong technology and cost advantages [3] Market Performance - The report notes a decline in cement prices, with the national average price at 354 RMB per ton, down 67 RMB year-on-year [5] - Glass prices have also decreased, with the average price for float glass at 1151.40 RMB per ton, reflecting a 1.17% drop [5] Important Developments - Significant investments and project wins were reported, including a 4.32 billion RMB project win by Shenghui Integration in Thailand [6] - Sichuan Road and Bridge's share acquisition by China Post Insurance is expected to attract more attention to high dividend stocks in the construction sector [6]

重庆国际复合材料股份有限公司 证券代码：301526 证券简称：国际复材 4.公司股东云南云熹最近已完成减持，请说明一下本次减 持的背景？ 云南云熹作为公司持股 5%以上的股东，其减持行为严格 遵守相关法律法规和交易所相关规定，其减持原因主要是出于 自身资金需求，本次减持方式为集中竞价交易，减持价格区间 和减持均价均根据市场价格及交易方式确定，不存在不得减持 的情形（详情见公司于 12 月 8 日披露的《关于持股 5%以上股 投资者关系活动记录表 编号：2025-012 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 □现场参观 □业绩说明会 □路演活动 □其他 (请文字说明其他活动内容) 参与单位名称及 人员姓名 中泰证券股份有限公司：聂磊 长江证券股份有限公司：董超 山西证券股份有限公司：田发祥 国海证券股份有限公司：傅麒丞 国金证券股份有限公司：赵铭 中金证券股份有限公司：刘嘉忱 广发证券股份有限公司：谢璐 时间 2025 年 12 月 16 日-18 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书：黄敦霞 财务部、运营管理部、董事会办公室相关人员 投 ...

每经AI快讯，中国巨石（SH 600176，收盘价：15.16元）12月18日晚间发布公告称，截至本公告日，振 石控股集团有限公司累计质押股数约为3.75亿股，占其所持股份比例为54.57%。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 2025年1至6月份，中国巨石的营业收入构成为：玻纤纱及制品占比97.41%，其他业务占比1.63%，风电 占比0.96%。 每日经济新闻 截至发稿，中国巨石市值为607亿元。 每经头条（nbdtoutiao）——海南封关政策红利全解析：零关税、低个税、投资准入放宽、跨境资金自 由、创业扶持…… （记者 张明双） ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook compared to the broader market [3][54]. Core Insights - The central economic meeting has set a positive tone, emphasizing the need to focus on the real estate chain's bottom rebound opportunities. The macroeconomic stance remains growth-oriented, with policies expected to be flexible and proactive, benefiting real estate and infrastructure demand [20][11]. - The construction materials sector has experienced a decline of 2.01% last week, underperforming the CSI 300 index by 1.9 percentage points. Year-to-date, the sector has risen by 11.5%, lagging behind the CSI 300 index by approximately 5.0 percentage points [11][10]. - Cement prices have shown a month-on-month increase, while the shipment rate has decreased. As of December 12, the national cement shipment rate was 44%, with a price of 360 RMB per ton, reflecting a slight increase [17][24]. - The report highlights three main investment themes: 1. Expanding into emerging industries such as AI and robotics, recommending companies like Zhizhi New Materials and Quartz Shares [20]. 2. Long-term value recovery in consumer building materials, with recommendations for companies like Sankeshu and Dongfang Yuhong [20]. 3. Capitalizing on potential price elasticity due to supply-demand mismatches in bulk building materials, particularly for high-dividend stocks and companies actively expanding overseas, recommending firms like Huaxin Cement and Conch Cement [20]. Summary by Sections Weekly Perspective - The report discusses the positive tone set by the central economic meeting and the focus on real estate chain recovery opportunities [20][11]. - It notes a decline in the construction materials sector's performance relative to the CSI 300 index, with specific declines in sub-sectors such as cement and decoration materials [11][10]. High-Frequency Data - Cement prices have increased month-on-month, while shipment rates have decreased. The average price for cement is reported at 360 RMB per ton, with a shipment rate of 44% [17][24]. - The report indicates that the price of float glass has also risen, with an average price of 1,165 RMB per ton and a decrease in inventory levels [30][31]. - The price of fiberglass remains stable, with the average price for non-alkali fiberglass yarn at 3,475 RMB per ton [34]. Cost Side - The report highlights that most raw material prices are at low levels, which is expected to positively impact corporate profitability. Key raw materials such as coal and soda ash have seen significant price declines [48][50].

Investment Rating - The report maintains an "Accumulate" rating for the building materials industry [1] Core Views - The building materials sector is expected to attract attention during the current volatile period, with a focus on high-yield assets and companies such as Rabbit Baby, Shangfeng Cement, and Op Lighting [4][5] - The report highlights the importance of domestic demand chains and anticipates a rebound in the fiberglass and electronic fabric markets in 2026 [3] Summary by Sections 1. Bulk Building Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 354.8 CNY/ton, up by 0.2 CNY/ton week-on-week, but down by 69.2 CNY/ton year-on-year. The average cement inventory ratio is 64.8%, down by 1.6 percentage points week-on-week, and the average daily shipment rate is 43.9%, down by 0.7 percentage points week-on-week [4][18][20] - **Glass**: The average price for float glass is 1165.1 CNY/ton, up by 1.2 CNY/ton week-on-week, but down by 247.0 CNY/ton year-on-year. The inventory of float glass stands at 5542 million heavy boxes, down by 133 million heavy boxes week-on-week [4][42][45] - **Fiberglass**: The market price for domestic alkali-free roving remains stable, with mainstream transaction prices around 3250-3700 CNY/ton. The effective production capacity for fiberglass is expected to reach 759.2 million tons in 2026, a year-on-year increase of 6.9% [4][8] 2. Industry Dynamics Tracking - The report notes that the cement industry is undergoing supply-side adjustments, with a focus on eliminating outdated capacity. The expected net capacity reduction is 40.49 million tons, equivalent to 6.8% of the national clinker design capacity by the end of 2024 [4][8] - The glass industry is experiencing an increase in the loss rate, prompting the closure of older production lines. The report anticipates a rebound in glass prices in the first half of 2026 due to supply contraction [4][8] 3. Weekly Market Review and Sector Valuation - The building materials sector saw a decline of 1.41% this week, underperforming the CSI 300 index, which fell by 0.08% [4] - The report emphasizes the need for strategic attention on companies with strong fundamentals and growth potential, particularly in the context of ongoing economic adjustments and international trade dynamics [4][5]

消费、投资共同发力扩内需，消费升级推动建材高品质转型 消费端，中央经济工作会议提到，2026年要"深入实施提振消费专项行动，清理消费领域不合理限制措 施"，与十五五规划建议稿中提到的"清理汽车、住房等消费不合理"相呼应，预计26年各地区居民住房 限购政策将逐步放开，家装市场回暖预期增强，有望带动消费建材需求恢复。投资端，中央经济工作会 议提到"推动投资止跌回稳，优化实施'两重'项目"，与十五五规划建议稿对"扩大有效投资"的描述相契 合，水泥等传统建材需求与基建投资高度相关，"两重"项目建设将是缓解地产新开工疲软的主要对冲力 量，预计明年"两重"项目将托底传统建材市场需求。与此同时，近年我国居民消费水平不断提高，中央 经济工作会议提到"高质量推进城市更新"及"有序推动'好房子'建设"，在地产进入存量时代背景下，城 市更新及高品质建设成为建材市场重要抓手，一方面，随着明年城市更新工作的推进与落地，城市基础 设施建设及城市综合管廊建设等相关的建材产品需求有望加速释放；另一方面，消费升级趋势下，具备 品牌属性及品质优势的龙头企业有望受益。 深化推进"反内卷"，传统建材供需格局预期向好 中央经济工作会议提到"制定全国统 ...

Core Insights - The report emphasizes the importance of identifying investment opportunities in the building materials sector as it transitions from a period of intense competition to one focused on value extraction and growth [1]. Group 1: Investment Opportunities in the Building Materials Sector - Four key investment themes are highlighted: traditional building material leaders emerging from the bottom of the cycle, overseas capacity expansion, high-demand new materials, and policy support for industry consolidation [5]. - Traditional building material leaders are expected to recover first, with a focus on alpha opportunities as the sector stabilizes [14]. - The overseas expansion of building material capacity is driven by high demand in foreign markets, particularly in Africa, where Chinese companies are increasingly investing [20][22]. Group 2: Consumer Building Materials - The consumer building materials sector is stabilizing, with a narrowing decline in real estate indicators expected in 2026, leading to a potential rebound in demand [15]. - Strong alpha leaders in the sector are anticipated to achieve positive revenue growth first, with companies like Sanke Tree and Dongfang Yuhong highlighted as key players [15][16]. - Profit margins are expected to improve in 2026 due to price stabilization, structural optimization, and enhanced operational efficiency [15]. Group 3: Glass Fiber Industry - The glass fiber market is projected to maintain a tight supply-demand balance, with demand expected to grow by 5.8% in 2025 and 4.6% in 2026 [5][25]. - The report notes that the profitability of traditional glass fiber products is on an upward trajectory, with leading companies benefiting from differentiated product advantages [5][28]. Group 4: Cement Industry - The domestic cement market is facing a decline in demand, with expectations of a 7% drop in 2025 and a 6% drop in 2026, while overseas markets remain robust [5][31]. - The report suggests that supply-side policies will play a crucial role in stabilizing the market, with potential profitability improvements anticipated in 2026 [5][36]. Group 5: Glass Industry - The glass industry is expected to see supply optimization as a key theme in 2026, with a slight decline in demand for float glass anticipated [5][40]. - The photovoltaic glass segment is projected to experience a balanced supply-demand situation, with potential profitability improvements if production resumes [5][45].

Core Views - The building materials sector slightly underperformed the overall A-share market in 2025, with a return of 19.62% compared to a -4.85% excess return relative to the Wind All A Index [2][10] - The macro outlook suggests that total policies are expected to strengthen, with physical demand support likely to increase, as emphasized in the December Politburo meeting [2][15][20] - The glass fiber industry is anticipated to see a resonance between traditional and emerging fields, with demand growth expected to remain stable despite a potential slowdown [2][23][45] 2025 Market Review - The building materials sector's performance can be segmented into several phases, with notable periods of underperformance and outperformance against the A-share market [10][12] - The glass fiber sub-sector showed significant excess returns driven by high demand in wind power and thermoplastics [10][12] - The cement sub-sector experienced a boost due to improved domestic demand expectations and effective supply-side discipline [10][12] Macro Outlook - Fixed asset investment in China saw a year-on-year decline of 1.7% from January to October 2025, with infrastructure and real estate investments dropping by 0.1% and 14.7%, respectively [15][19] - The Politburo's focus on expanding domestic demand and optimizing supply is expected to lead to a moderate increase in total policies [15][20] - The anticipated fiscal spending for 2026 is projected to reach 41.62 trillion yuan, a 2.1% increase year-on-year, with a focus on effective investment [20][21] Glass Fiber Industry - The supply shock in the glass fiber industry is gradually being digested, with new capacity expected to be limited in the medium term [23][39] - The effective production capacity for glass fiber is projected to reach 759.2 million tons for roving and 107.7 million tons for electronic fabrics in 2026, representing year-on-year increases of 6.9% and 7.3%, respectively [23][40] - Demand for glass fiber is expected to remain stable, supported by wind power and thermoplastics, despite potential declines in growth rates [45][46] Cement Industry - The cement industry is expected to maintain self-discipline in supply, with a focus on eliminating outdated capacity, which will support profitability [3][20] - The exit of 10,952 million tons of outdated capacity is projected, which will enhance the utilization rate of clinker capacity [3][20] - The profitability of the cement sector is expected to improve in 2026, particularly in regions with significant infrastructure projects [3][20] Glass Industry - The glass industry is experiencing accelerated supply clearance, which is expected to provide price elasticity in 2026 [2][3] - The current state of losses in the industry is likely to drive the closure of high-cost production lines, leading to a potential rebound in prices in the first half of 2026 [2][3] - Long-term policies aimed at curbing disorderly competition are expected to stabilize industry profitability and enhance the competitive advantage of leading companies [2][3]