Investment Rating - The industry rating is "Outperform the Market" [8] Core Viewpoints - The report emphasizes the expectation of enhanced policy support for the construction materials sector, particularly in Q4, highlighting potential investment opportunities [2][3] - The construction materials sector is anticipated to benefit from supply-side reforms and a recovery in housing demand due to declining interest rates and supportive government policies [4][6] - The report notes that the real estate market is gradually stabilizing, with a higher sensitivity to policy easing, which may lead to a recovery in the demand for construction materials [4][6] Summary by Sections Investment Highlights - The Ministry of Housing and Urban-Rural Development has initiated a national urban renewal meeting, focusing on improving housing and community quality [4] - In Beijing, from January to October, the sales area of new commercial housing was 8.159 million square meters, down 3.7% year-on-year, with residential sales down 7.3% [4] - National cement production from January to November reached 1.54 billion tons, a year-on-year decrease of 7.7% [4] Market Data - As of November 21, 2025, the average price of bulk P.O 42.5 cement was 341.6 yuan/ton, down 0.1% from the previous week and down 18.6% year-on-year [5][13] - The average price of glass (5.00mm) was 1102.9 yuan/ton, down 3.4% from the previous week and down 20.7% year-on-year [5][21] Investment Recommendations - The report suggests focusing on three main lines for investment: 1. High-quality companies benefiting from stock renovation, such as Weixing New Materials and Beixin Building Materials [6] 2. Undervalued companies with long-term alpha attributes, such as Sankeshu and Dongfang Yuhong [6] 3. Leading cyclical construction material companies showing signs of bottoming out, such as Huaxin Cement and Conch Cement [6]

来源：新浪证券-红岸工作室 11月20日，国际复材涨0.18%，成交额1.67亿元，换手率2.08%，总市值214.19亿元。 异动分析 PCB概念+华为手机+5G+风电+华为概念 1、2024年年报，在电子领域，公司联合产业链领头企业及高校，依托国家科技支撑计划等项目，攻克 了多项关键技术难题，成功开发了低气泡细纱、纤维直径可达 3.7μm 的超细纱及织物等优势产品，解 决了高端 PCB 源头关键材料长期依赖进口的问题。 主力轻度控盘，筹码分布较为分散，主力成交额1.35亿，占总成交额的13.47%。 2、公司招股说明书：公司自主研发、拥有独立知识产权的 5G 用低介电玻璃纤维已实现批量生产，并 在华为旗舰系列手机、 5G高频通信用关键透波制品等产品上得到应用。 3、2024年10月29日互动易:公司自主研发、拥有独立知识产权的5G 用低介电玻璃纤维已实现批量生 产，并在高端旗舰系列手机、5G 高频通信用关键透波制品等产品上得到应用。 4、根据公司招股说明书，公司重视玻纤核心技术的积累与创新， 通过技术引进、 合作研发与自身实践 探索，已掌握池窑设计、 节能燃烧、 玻璃配方与纤维成型、 铂金材料改性与漏板设 ...

行 华福证券 建筑材料 2025 年 11 月 20 日 业 研 究 建筑材料 开竣工数据进一步走弱，期待更强政策发力 投资要点： 行 业 定 期 报 告 根据国家统计局数据，1-10 月全国房地产开发投资 7.4 万亿元，同比 -14.7%，较前值-0.8pct；房屋新开工 4.9 亿方，同比-19.8%，较前值-0.9pct； 房屋竣工 3.5 亿方，同比-16.9%，较前值-1.6pct；1-10 月新建商品房销售面 积 7.2 亿方，同比-6.8%，较前值-1.3pct；销售金额 6.9 万亿元，同比-9.6%， 较前值-1.7pct；10 月末全国商品房待售面积 75606 万平方米，连续八个月 减少；住建部部署全国老城区老街区专项调查，2026 年 2 月前各地须完成 地市级成果审核，6 月形成全国总结报告；山东省要求 2025-2026 年度水泥 行业实施采暖季错峰生产，非采暖季鼓励企业自主开展错峰生产；深圳市 10 月二手房录得量达 5,547 套，环比下跌 4.5%，同比下跌 32.9%；重庆市 印发《进一步加强消费领域限制性举措持续扩大消费若干措施》，明确放 宽全款购房的公积金提取条件；1 ...

Investment Rating - The report provides a positive outlook for the fiberglass industry, indicating a recovery in prices and an upward trend in industry prosperity [4]. Core Insights - The fiberglass industry has seen a price recovery, driven by demand from emerging sectors such as wind power, thermoplastics, and electronics. The overall supply-demand balance remains stable, with major companies maintaining strong pricing strategies [4]. - The brand building materials sector is facing challenges in growth and profitability, with a notable decline in revenue and profits among sample companies. However, operational quality is improving as companies focus on cost control and brand management [5]. - The cement sector has shown significant profit improvement, with a notable increase in net profits compared to the previous year, despite a decline in revenue. This is attributed to a low base from the previous year and stable pricing in the industry [6]. - The glass industry, particularly float and photovoltaic glass, is still under pressure, with revenues and profits declining. However, there are signs of improvement in the third quarter due to price increases [8]. Summary by Sections Fiberglass - The fiberglass industry reported a total revenue of 42.798 billion, a year-on-year increase of 24.25%, and a net profit of 4.601 billion, up 95.04% [4][15]. - Major companies like China Jushi and Zhongcai Technology are highlighted as leaders in the market, with strong profit margins and operational efficiency [20][26]. - The price trend for fiberglass is on an upward trajectory, supported by stable demand from new applications [29]. Brand Building Materials - The brand building materials sector experienced a revenue decline of 6.14% year-on-year, with total revenue of 110.539 billion, marking the lowest level in five years [37]. - Net profit for the sector fell by 25% to 5.775 billion, also the lowest in five years, indicating significant pressure on profitability [37]. - The industry is undergoing a phase of capacity clearing, with expectations of market share redistribution and potential stabilization of profit margins in the future [5]. Cement - The cement sector achieved a total revenue of 181.1 billion, a decline of 8.5% year-on-year, while net profit surged by 159.1% to 9.5 billion, benefiting from a low base and stable pricing [6][55]. - Key players such as Huaxin Cement and Conch Cement are recommended for investment due to their strong performance [6]. - The outlook for the cement industry remains positive, with expectations of continued profit improvement in the coming years [6]. Glass - The float glass sector reported a revenue of 29.39 billion, down 8.99% year-on-year, with a net profit of 0.92 billion, down 51.04% [84]. - The photovoltaic glass sector faced significant challenges, with a revenue decline of 19.43% to 16.706 billion and a net loss of 0.018 billion [104]. - Despite the challenges, there are signs of recovery in the third quarter, with revenue growth driven by price increases [104].

11月19日，中材科技盘中下跌2.05%，截至09:39，报32.08元/股，成交1.06亿元，换手率0.20%，总市值 538.34亿元。 资金流向方面，主力资金净流入40.00万元，特大单买入141.22万元，占比1.33%，卖出0.00元，占比 0.00%；大单买入1393.80万元，占比13.13%，卖出1495.02万元，占比14.09%。 中材科技今年以来股价涨149.55%，近5个交易日跌0.06%，近20日跌1.14%，近60日跌2.46%。 中材科技所属申万行业为：建筑材料-玻璃玻纤-玻纤制造。所属概念板块包括：中国建材集团、 PM2.5、宁德时代概念、新能源车、融资融券等。 截至9月30日，中材科技股东户数6.30万，较上期减少2.56%；人均流通股26621股，较上期增加2.63%。 2025年1月-9月，中材科技实现营业收入217.01亿元，同比增长29.09%；归母净利润14.80亿元，同比增 长143.24%。 分红方面，中材科技A股上市后累计派现57.12亿元。近三年，累计派现24.25亿元。 机构持仓方面，截止2025年9月30日，中材科技十大流通股东中，香港中央结算有限公司位 ...

11月17日，中材科技盘中下跌2.08%，截至10:09，报33.45元/股，成交5.20亿元，换手率0.91%，总市值 561.33亿元。 资金流向方面，主力资金净流出3587.15万元，特大单买入3305.03万元，占比6.35%，卖出2570.17万 元，占比4.94%；大单买入1.28亿元，占比24.60%，卖出1.71亿元，占比32.90%。 今年以来中材科技已经4次登上龙虎榜，最近一次登上龙虎榜为8月29日，当日龙虎榜净买入-2.06亿 元；买入总计9.62亿元 ，占总成交额比20.46%；卖出总计11.68亿元 ，占总成交额比24.84%。 机构持仓方面，截止2025年9月30日，中材科技十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股8984.86万股，相比上期增加7392.60万股。南方中证500ETF（510500）位居第三大流通股 东，持股977.55万股，相比上期减少18.51万股。广发国证新能源车电池ETF（159755）位居第五大流通 股东，持股761.24万股，为新进股东。华商优势行业混合A（000390）位居第七大流通股东，持股 639.18万股，为新进股东。睿远 ...

11月14日，中材科技盘中下跌2.01%，截至13:35，报34.60元/股，成交14.97亿元，换手率2.54%，总市 值580.63亿元。 中材科技所属申万行业为：建筑材料-玻璃玻纤-玻纤制造。所属概念板块包括：中国建材集团、新能源 车、基金重仓、年度强势、宁德时代概念等。 截至9月30日，中材科技股东户数6.30万，较上期减少2.56%；人均流通股26621股，较上期增加2.63%。 2025年1月-9月，中材科技实现营业收入217.01亿元，同比增长29.09%；归母净利润14.80亿元，同比增 长143.24%。 分红方面，中材科技A股上市后累计派现57.12亿元。近三年，累计派现24.25亿元。 机构持仓方面，截止2025年9月30日，中材科技十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股8984.86万股，相比上期增加7392.60万股。南方中证500ETF（510500）位居第三大流通股 东，持股977.55万股，相比上期减少18.51万股。广发国证新能源车电池ETF（159755）位居第五大流通 股东，持股761.24万股，为新进股东。华商优势行业混合A（000390）位居第 ...

Group 1: Cement Industry - The cement production in China for Q1-Q3 2025 decreased by 5% year-on-year, with a narrowing decline, and the annual production is expected to be around 1.73 billion tons, which is a 30% drop from the peak in 2014 [15][32] - The SW cement manufacturing industry revenue for Q1-Q3 2025 was 252.1 billion yuan, a year-on-year decrease of 9%, with a sales net profit margin of 3.3%, an increase of 1.0 percentage points compared to the full year of 2024 [32][33] - The future support for domestic cement prices mainly depends on the optimization process on the supply side, with a focus on completing the target of limiting overproduction by the end of the year [35][45] Group 2: Glass Industry - The flat glass production in China for Q1-Q3 2025 was 730 million weight cases, a year-on-year decrease of 5%, with prices continuing to decline [57] - The SW glass manufacturing industry achieved a total revenue of 34.4 billion yuan in Q1-Q3 2025, a year-on-year decrease of 11%, with a sales net profit margin of 0.6% [74] - The overall profitability of the glass manufacturing industry is under pressure, with major companies like Xinyi Glass and Qibin Group experiencing significant declines in net profit margins [74][78] Group 3: Fiberglass Industry - The fiberglass manufacturing industry saw a significant recovery in profitability in Q1-Q3 2025, with revenue reaching 49.2 billion yuan, a year-on-year increase of 24%, and a sales net profit margin of 10.8%, up 4.3 percentage points from 2024 [83][84] - The demand for high-performance electronic fabrics is expected to continue growing due to advancements in AI and high-frequency communication technologies [84][89] - Companies like Zhongcai Technology and Honghe Technology are recommended for their focus on high-end products and significant growth in revenue and profit margins [89][94] Group 4: Consumer Building Materials - The transaction volume of commercial housing and second-hand housing prices in China continued to decline, but the rate of decline has narrowed [2] - The sales of waterproof materials and coatings have shown significant improvement compared to 2024, with companies like Sankeshu and Hanhai Group recommended for investment [2][4]

11月12日，中材科技盘中下跌4.98%，截至09:35，报31.26元/股，成交1.37亿元，换手率0.26%，总市值 524.58亿元。 资金流向方面，主力资金净流出78.66万元，特大单买入0.00元，占比0.00%，卖出659.33万元，占比 4.80%；大单买入1529.03万元，占比11.13%，卖出948.36万元，占比6.90%。 中材科技今年以来股价涨143.17%，近5个交易日涨0.51%，近20日涨2.16%，近60日涨14.55%。 今年以来中材科技已经4次登上龙虎榜，最近一次登上龙虎榜为8月29日，当日龙虎榜净买入-2.06亿 元；买入总计9.62亿元 ，占总成交额比20.46%；卖出总计11.68亿元 ，占总成交额比24.84%。 资料显示，中材科技股份有限公司位于北京市海淀区东升科技园北街6号院7号楼12层，成立日期2001年 12月28日，上市日期2006年11月20日，公司主营业务涉及大力发展风电叶片、玻璃纤维及制品、锂电池 隔膜三大主导产业,同时从事高压复合气瓶、膜材料及其他复合材料制品的研发、制造及销售。主营业 务收入构成为：风电叶片39.01%，玻璃纤维及制品28.05 ...

Investment Rating - The industry rating is "Outperform the Market" [6][64]. Core Viewpoints - The report highlights that multiple provinces are encouraging mergers and restructuring in the cement industry, accelerating supply-side reforms. Key measures include prohibiting new cement clinker capacity in certain areas and promoting industry consolidation to enhance concentration [2][11]. - The report anticipates a turning point in the building materials capacity cycle due to accelerating supply-side reforms and a favorable interest rate environment, which is expected to restore home-buying willingness and capability, thereby stabilizing the real estate market [4][11]. - The report notes that the sales area of commercial housing has been declining for over three years, indicating that the industry is entering a bottoming phase, with increasing sensitivity to policy easing [11]. Summary by Sections Investment Recommendations - The report suggests focusing on three main investment lines: 1. High-quality blue-chip stocks benefiting from stock renovation, such as Weixing New Materials, Beixin Building Materials, and Tubao [4]. 2. Undervalued stocks benefiting from credit risk alleviation in the B-end, such as Sankeshu, Dongfang Yuhong, and Jianlang Hardware [4]. 3. Leading cyclical building materials companies with bottoming fundamentals, such as Huaxin Cement, Conch Cement, China Jushi, and Qibin Group [4]. Weekly High-Frequency Data - As of November 7, 2025, the national average price of bulk P.O 42.5 cement is 343.4 CNY/ton, showing a 0.2% increase from the previous week but an 18.0% decrease year-on-year [3][12]. - The national average price of glass (5.00mm) is 1157.1 CNY/ton, reflecting a 0.9% decrease from the previous week and a 15.9% decrease year-on-year [3][21]. Sector Review - The Shanghai Composite Index rose by 1.08%, and the Shenzhen Composite Index increased by 0.39%. The building materials sector (Shenwan) index rose by 0.8% [3][49]. - Among sub-sectors, cement products increased by 4.88%, glass manufacturing by 4.27%, and other building materials by 2.42% [3][49].