Investment Rating - The report maintains a "Buy" rating for key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puyang Huicheng, San Ke Shu, and Beixin Building Materials, while recommending "Hold" for Weixing New Materials [9]. Core Insights - The construction materials sector experienced a decline of 1.25% from December 29 to December 31, 2025, with cement down 1.54%, glass manufacturing down 3.53%, and fiberglass down 1.19% [12]. - The recent policy change regarding the personal sales tax on housing is expected to impact the market positively, with potential for further supportive measures [1]. - The cement industry is currently facing weak demand, with prices fluctuating around the breakeven point, and a focus on improving cash flow rather than just sales volume [2][17]. - The glass market is experiencing a supply-demand imbalance, but self-regulation in the photovoltaic glass sector may alleviate some pressure [3][7]. - Consumer building materials are benefiting from favorable second-hand housing transactions and consumption stimulus policies, with a long-term potential for market share growth [1][8]. Summary by Sections Cement Industry Tracking - As of December 31, 2025, the national cement price index was 352.65 CNY/ton, with a slight decrease of 0.06% from the previous week [17]. - The cement output for the week was 2.847 million tons, down 1.04% week-on-week, indicating a continued contraction in demand as temperatures drop and the Spring Festival approaches [2][17]. - The utilization rate of cement clinker production lines was 38.43%, showing a slight increase, while the cement inventory ratio decreased to 59.1% [17]. Glass Industry Tracking - The average price of float glass was 1121.29 CNY/ton as of December 31, 2025, reflecting a 1.65% decline from the previous week [3]. - Inventory levels for float glass increased year-on-year, indicating ongoing supply challenges despite some production line shutdowns [3][7]. Fiberglass Industry Tracking - The fiberglass market is currently stable, with no significant price changes reported, although demand remains weak [7]. - The electronic fiberglass segment continues to see strong demand for high-end products, while traditional fiberglass demand is expected to decline [7]. Consumer Building Materials - The consumer building materials sector is showing signs of weak recovery, with stable prices for key raw materials like asphalt and acrylic but fluctuations in aluminum and natural gas prices [8]. - The report highlights the potential for growth in companies like San Ke Shu and Beixin Building Materials due to favorable market conditions [1][8].

12月29日，九鼎新材（维权）盘中下跌6.02%，截至09:35，报11.70元/股，成交5.86亿元，换手率 8.11%，总市值76.24亿元。 资金流向方面，主力资金净流出4004.36万元，特大单买入5865.92万元，占比10.02%，卖出9160.86万 元，占比15.65%；大单买入8321.62万元，占比14.21%，卖出9031.06万元，占比15.42%。 九鼎新材今年以来股价涨126.04%，近5个交易日涨37.65%，近20日涨45.52%，近60日涨50.39%。 今年以来九鼎新材已经6次登上龙虎榜，最近一次登上龙虎榜为12月26日。 九鼎新材所属申万行业为：建筑材料-玻璃玻纤-玻纤制造。所属概念板块包括：航天军工、轨道交通、 新材料、昨日连板、商业航天（航天航空）等。 截至12月10日，九鼎新材股东户数4.05万，较上期增加4.66%；人均流通股14869股，较上期减少 4.45%。2025年1月-9月，九鼎新材实现营业收入12.23亿元，同比增长36.29%；归母净利润7552.96万 元，同比增长180.03%。 分红方面，九鼎新材A股上市后累计派现5232.60万元。近三年，累 ...

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].

12月26日，中材科技盘中下跌2.10%，截至10:00，报38.74元/股，成交6.25亿元，换手率0.95%，总市值 650.11亿元。 资金流向方面，主力资金净流出4376.64万元，特大单买入5322.88万元，占比8.52%，卖出6057.81万 元，占比9.70%；大单买入1.44亿元，占比23.02%，卖出1.80亿元，占比28.85%。 中材科技今年以来股价涨201.36%，近5个交易日涨17.25%，近20日涨19.20%，近60日涨10.21%。 今年以来中材科技已经5次登上龙虎榜，最近一次登上龙虎榜为12月24日。 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：PCB概念、中国建材集 团、陶瓷概念、年度强势、航天军工等。 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 ...

12月24日，中国巨石盘中上涨2.02%，截至14:25，报16.65元/股，成交10.34亿元，换手率1.57%，总市 值666.52亿元。 分红方面，中国巨石A股上市后累计派现112.55亿元。近三年，累计派现48.28亿元。 机构持仓方面，截止2025年9月30日，中国巨石十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股3.71亿股，相比上期减少3324.68万股。华泰柏瑞沪深300ETF（510300）位居第五大流通 股东，持股4094.50万股，相比上期减少192.38万股。易方达沪深300ETF（510310）位居第六大流通股 东，持股2956.00万股，相比上期减少94.76万股。华夏沪深300ETF（510330）位居第八大流通股东，持 股2205.91万股，相比上期减少31.16万股。嘉实沪深300ETF（159919）位居第九大流通股东，持股 1901.87万股，为新进股东。兴全趋势投资混合(LOF)（163402）退出十大流通股东之列。 责任编辑：小浪快报 资料显示，中国巨石股份有限公司位于浙江省桐乡市凤凰湖大道318号，成立日期1999年4月16日，上市 日期1999年4 ...

2、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。 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计加工、 浸润剂关 键原料与表面处理等玻纤生产全流程工艺技术。 公司坚持差异化、 高端化的产品竞争策略， 紧跟市场 需求， 在异形玻纤、 风电叶片高模玻纤、 聚氨酯风电叶片专用纱及织物、 无硼无氟环保型 ECT 玻 纤、 汽车轻量化零部件用热塑性玻纤、 5G 高频通信低介电低损耗玻纤、 耐化学腐蚀玻纤、 特高压电 力绝缘制品用玻纤等产品细分领域具有很强的竞争优势。 来源：新浪证券-红岸工作室 12月22日，国际复材涨3.58 ...

12月22日，宏和科技盘中上涨2.10%，截至09:38，报33.06元/股，成交5165.19万元，换手率0.18%，总 市值290.84亿元。 资金流向方面，主力资金净流出427.49万元，大单买入319.04万元，占比6.18%，卖出746.54万元，占比 14.45%。 宏和科技今年以来股价涨295.93%，近5个交易日跌1.31%，近20日涨13.92%，近60日跌15.03%。 宏和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：电子布、覆铜板、5G、 PCB概念、年度强势等。 截至9月30日，宏和科技股东户数5.24万，较上期增加130.29%；人均流通股16778股，较上期减少 56.58%。2025年1月-9月，宏和科技实现营业收入8.52亿元，同比增长37.76%；归母净利润1.39亿元，同 比增长1696.45%。 分红方面，宏和科技A股上市后累计派现3.36亿元。近三年，累计派现2647.54万元。 机构持仓方面，截止2025年9月30日，宏和科技十大流通股东中，信澳业绩驱动混合A（016370）位居 第五大流通股东，持股846.69万股，为新进股东。信澳优势行业混 ...

12月19日，宏和科技盘中上涨2.08%，截至10:14，报33.36元/股，成交2.11亿元，换手率0.73%，总市值 293.48亿元。 分红方面，宏和科技A股上市后累计派现3.36亿元。近三年，累计派现2647.54万元。 资金流向方面，主力资金净流出477.35万元，特大单买入1174.90万元，占比5.56%，卖出1141.49万元， 占比5.40%；大单买入3613.48万元，占比17.10%，卖出4124.25万元，占比19.51%。 机构持仓方面，截止2025年9月30日，宏和科技十大流通股东中，信澳业绩驱动混合A（016370）位居 第五大流通股东，持股846.69万股，为新进股东。信澳优势行业混合A（024473）位居第六大流通股 东，持股397.28万股，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367.87 万股，相比上期增加9.71万股。香港中央结算有限公司位居第八大流通股东，持股306.29万股，相比上 期增加60.56万股。华商致远回报混合A（024459）位居第九大流通股东，持股173.23万股，为新进股 东。信澳景气优选混合A（013721）位居第 ...

12月19日，再升科技盘中上涨2.08%，截至09:53，报9.80元/股，成交9.23亿元，换手率9.33%，总市值 100.96亿元。 再升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：商业航天（航天航 空）、大飞机、年度强势、中芯国际概念、核污染防治等。 截至10月31日，再升科技股东户数5.72万，较上期减少0.63%；人均流通股18006股，较上期增加 0.63%。2025年1月-9月，再升科技实现营业收入9.85亿元，同比减少10.11%；归母净利润8125.43万元， 同比减少10.59%。 分红方面，再升科技A股上市后累计派现7.05亿元。近三年，累计派现1.69亿元。 机构持仓方面，截止2025年9月30日，再升科技十大流通股东中，富国沪深300指数增强A/B（100038） 退出十大流通股东之列。 责任编辑：小浪快报 资金流向方面，主力资金净流出1112.21万元，特大单买入5843.86万元，占比6.33%，卖出7943.40万 元，占比8.61%；大单买入2.04亿元，占比22.08%，卖出1.94亿元，占比21.01%。 再升科技今年以来股价涨194.29%，近 ...

Core Viewpoint - The company, Chongqing International Composite Materials Co., Ltd., has shown significant growth in revenue and profit, driven by its advancements in 5G-related low dielectric glass fiber technology and its applications in high-end products like Huawei smartphones [2][8]. Company Overview - Chongqing International Composite Materials Co., Ltd. was established on August 27, 1991, and is located in the Jiankiao Industrial Park B area of Dadukou District, Chongqing. The company was listed on December 26, 2023, and its main business involves the research, production, and sales of glass fiber and its products, with 97.51% of revenue coming from this segment [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 6.413 billion yuan, representing a year-on-year growth of 19.01%. The net profit attributable to the parent company was 273 million yuan, showing a remarkable increase of 273.53% compared to the previous year [8]. Market Position and Technology - The company has developed independent intellectual property for 5G low dielectric glass fiber, which has entered mass production and is being utilized in Huawei's flagship smartphones and key communication products [2][3]. - The company emphasizes the accumulation and innovation of core glass fiber technologies, mastering the entire production process from pool kiln design to fiber formation and surface treatment [3]. Shareholder Information - As of November 20, the number of shareholders for the company was 75,100, a decrease of 4.24% from the previous period. The average circulating shares per person increased by 4.42% to 18,696 shares [8]. - The company has distributed a total of 113 million yuan in dividends since its A-share listing [9]. Investment and Market Trends - The stock has seen a net inflow of 128 million yuan today, with a total market capitalization of 25.642 billion yuan. The stock's turnover rate was 12.15% [1]. - The average trading cost of the stock is 7.11 yuan, with recent price movements indicating a potential resistance level at 6.91 yuan [6].