建材行业中哪些细分领域表现突出？ 强 Call 建材顺周期：涨价与推演 20260122 摘要 建材板块近期受多重因素推动涨价，包括旺季施工预期、新开工面积降 幅收窄、一线城市房价环比降幅收窄以及北京等地地产政策的刺激，市 场对进一步放松限购政策抱有期待。 防水材料和玻纤在建材行业中表现突出，中国巨石在玻纤领域表现强劲， 东方雨虹作为防水材料龙头企业收入实现正增长，建筑铝模板租金价格 出现企稳和提升迹象。 预计 2026 年下半年或 2027 年新开工面积和房屋销售价格企稳，建议 重视新开工端相关板块，竣工端和基建相关项目也具备良好发展前景。 2027 年地方化债完成前，专项债增量资金可能仍用于化解存量债务， 对项目增长贡献有限，需关注今年地方两会确定的时间和目标。 防水产品提价主要基于成本推动，旨在春节后开工时保持较高价格起点， 虽淡季提价对基本面影响有限，但市场反应较大，多次涨价预计会发生。 消费类建材板块的信用减值风险可控，单项集体减值准备充分，万科等 企业的债务展期方案逐步改善，供应链欠款规模对建材行业影响有限。 玻纤行业下游需求稳定增长，普通电子布供需达到新的平衡，特种电子 布预计存在供给缺口并提价 ...

Core Insights - The report emphasizes the importance of "debt conversion strategies" for convertible bond issuers, particularly those with strong intentions to convert bonds into equity to alleviate financial pressures [4][18][25] - The success rate of these strategies is influenced by the timing of market conditions, the issuer's intent, and their ability to execute the conversion [4][29][30] - The report identifies three phases of participation in convertible bond strategies: pre-launch, during the launch, and post-launch, each with distinct characteristics and risk profiles [4][35][36] Section Summaries What is Debt Conversion Strategy? - Debt conversion refers to the proactive measures taken by issuers of convertible bonds to encourage conversion into equity, particularly for bonds priced below the strong redemption line [4][18] - The average remaining maturity of convertible bonds that have been redeemed through strong redemption since 2018 is 3.13 years, indicating an aging market [18][25] How to Play Debt Conversion Strategy? - The report outlines that the success of debt conversion strategies can be quantified as a product of the timing of conversion, the issuer's intent, and their capability to execute [29][30] - It suggests that investors should consider participating in the pre-launch and launch phases of convertible bonds to maximize potential returns [38] Characteristics of Convertible Bond Delisting - The report notes that a significant majority (87.80%) of convertible bonds that have been delisted since 2018 did so through conversion to equity, with strong redemption being the primary method [10][11] - It highlights that the reliance on redemption proposals has increased in recent years due to the aging of the convertible bond market [10][14] Industry Analysis - The report indicates that certain industries, such as banking and food and beverage, have not proposed redemption adjustments, reflecting their financial stability and lower pressure to convert [14][15] - It also discusses the varying success rates of debt conversion strategies across different sectors, emphasizing the need for tailored approaches based on industry characteristics [14][32]