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].

↓↓↓ 编辑石展溥责编宁可坚校审宋华 公告显示，2025年10月28日，塔牌集团相关股东提交《简式权益变动报告书》，10月30日公司据此披露称，EMERGING ASIA EQUITY FUND、APG ASIA EX JAPAN FUND(以下简称"APG FUND")、FIDELITY EXJAP、HERMES CHINA EQUITY FUND、WOO HAY TONG ASIA EX JAPAN FUND作为一 致行动人通过集中竞价交易持有公司6270.92万股，占总股本5.26%。 后经自查发现，基金管理人HIML对APG FUND持有的公司股票不拥有表决权，故一致行动人认定不准确，持股比例应更正为4.95%。公司已于11月29日 发布《关于信息披露义务人对 <简式权益变动报告书> 的更正公告》及补充公告对此进行说明。 广东证监局在警示函中指出，相关主体在简式权益变动报告书中错误披露APG FUND与其他信息披露义务人属于一致行动人，违反《上市公司收购管理办 法(2025年修正)》第三条第三款规定，依据《证券法》第一百七十条第二款及《上市公司收购管理办法(2025年修正)》第七十六条，决定对其采取出 ...

广东 塔牌集团 股份有限公司（证券简称： 塔牌集团 ，证券代码：002233）12月13日公告称，公司股东 EMERGING ASIA EQUITY FUND等多只基金及其管理人Hermes Investment Management Limited（以下 简称"HIML"）于12月12日收到 中国证券监督管理委员会广东监管局 出具的警示函及 深圳证券交易所 下发的监管函。上述监管措施因相关股东此前在简式权益变动报告书中对一致行动人认定不准确，导致 持股比例披露错误，从原披露的5.26%更正为4.95%。 公告显示，2025年10月28日，相关股东提交《简式权益变动报告书》，10月30日公司据此披露称， EMERGING ASIA EQUITY FUND、APG ASIA EX JAPAN FUND（以下简称"APG FUND"）、 FIDELITY EXJAP、HERMES CHINA EQUITY FUND、WOO HAY TONG ASIA EX JAPAN FUND作为 一致行动人通过集中竞价交易持有公司6270.92万股，占总股本5.26%。后经自查发现，基金管理人 HIML对APG FUND持有的 ...

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]

证券日报网讯 12月12日，宁夏建材在互动平台回答投资者提问时表示，截至2025年12月10日公司股东 户数28，967户。 （文章来源：证券日报） ...

证券日报网讯12月12日晚间，海螺水泥（600585）发布公告称，公司不存在为控股股东、实际控制人以 及关联方提供担保的情形；本公司不存在逾期担保事项。 ...

上峰水泥12月12日大宗交易平台出现一笔成交，成交量29.38万股，成交金额324.36万元，大宗交易成交 价为11.04元。该笔交易的买卖双方均为机构专用席位。 证券时报·数据宝统计显示，上峰水泥今日收盘价为11.04元，下跌1.34%，日换手率为2.33%，成交额为 2.51亿元，全天主力资金净流入997.19万元，近5日该股累计上涨0.82%，近5日资金合计净流出2195.89 万元。 两融数据显示，该股最新融资余额为2.11亿元，近5日减少1388.59万元，降幅为6.17%。 据天眼查APP显示，甘肃上峰水泥股份有限公司成立于1997年03月06日，注册资本96939.545万人民 币。（数据宝） 12月12日上峰水泥大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营业 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 部 | | | 29.38 | 324.36 | 11.04 | 0.00 | 机构专用 | 机构专用 | （文章来源：证券时报网） 上峰水泥1 ...

格隆汇12月12日丨天山股份(000877.SZ)公布，公司为最大程度发挥现有产能价值，结合生产线实际情 况，公司所属子公司拟将下属7条水泥熟料生产线的产能指标以公开挂牌方式进行转让（简称"本次交 易"），拟挂牌的产能指标合计17,850t/d，折合535.5万吨，转让金额合计约29,752.65万元。 ...

经产权交易所确认，甘肃祁连山水泥集团有限公司（简称"祁连山水泥"）的子公司作为唯一意向受让方 报名参与并根据挂牌条件缴纳了保证金，成为本次挂牌的受让方，其拟以挂牌底价受让上述产能指标。 格隆汇12月12日丨天山股份(000877.SZ)公布，公司为最大程度发挥现有产能指标价值，结合生产线实 际情况，公司所属子公司2条水泥熟料生产线的产能指标以公开挂牌方式转让（简称"本次交易"），产 能指标合计4,500t/d，折合135万吨，公开挂牌转让金额合计8,040万元。 ...

截至发稿，上峰水泥市值为107亿元。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 （记者 贾运可） 每经AI快讯，上峰水泥（SZ 000672，收盘价：11.04元）12月12日晚间发布公告称，因达到法定退休年 龄，解硕荣先生申请辞去公司第十一届董事会董事、副董事长及董事会战略与投资委员会和董事会薪酬 与考核委员会委员职务，不再担任公司任何职务。解硕荣先生辞职后，不再担任公司任何职务。 2025年1至6月份，上峰水泥的营业收入构成为：水泥和熟料占比95.59%，其他业务占比4.41%。 ...