10月9日，国际复材涨0.00%，成交额3.10亿元，换手率3.51%，总市值236.06亿元。 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。 来源：新浪证券-红岸工作室 区间今日近3日近5日近10日近20日主力净流入-181.60万-4234.84万-1.48亿-3.61亿-6.87亿 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额1.63亿，占总成交额的9.77%。 技术面：筹码平均交易成本为6.89元 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 ...

Investment Rating - The industry rating is "Outperform the Market" [7][56] Core Insights - The "Building Materials Industry Stabilization Work Plan (2025-2026)" was jointly released by six departments, aiming for green building materials revenue to exceed 300 billion yuan by 2026, prohibiting new cement and glass production capacity, and promoting the application of green building materials through government procurement [2][10] - The real estate market is expected to stabilize due to various supportive policies, including interest rate cuts and tax reductions, which are anticipated to enhance home buying willingness and ability [2][5] - The construction materials sector is likely to benefit from supply-side reforms and a potential turning point in the production capacity cycle, with expectations of improved demand in the real estate market [2][5] Summary by Sections Investment Highlights - The report emphasizes the importance of government policies in stabilizing the real estate market, including the promotion of "good materials supporting good houses" and local housing support policies [2][10] - The report notes that from January to August, 21,700 old residential communities were newly started or renovated, accounting for 87% of the annual plan [2][10] - The report highlights that the PPI has been in negative growth for 33 consecutive months, indicating a need for supply-side reforms, which could benefit the building materials sector [2][10] Recent High-Frequency Data - As of September 26, 2025, the average market price of bulk P.O 42.5 cement was 348.3 yuan/ton, showing a month-on-month increase of 1.0% but a year-on-year decrease of 8.0% [3][11] - The average ex-factory price of glass (5.00mm) was 1,235.7 yuan/ton, with a week-on-week increase of 5.7% and a year-on-year increase of 8.3% [3][16] Sector Review - The Shanghai Composite Index rose by 0.21%, while the Shenzhen Composite Index fell by 0.08%. The building materials index decreased by 2.11% [4][47] - Among sub-sectors, glass manufacturing saw a slight increase of 0.42%, while cement manufacturing experienced a decline of 2.77% [4][47] Investment Recommendations - The report suggests focusing on three main lines for investment: high-quality companies benefiting from stock renovation, undervalued stocks with long-term alpha attributes, and leading cyclical building materials companies showing signs of bottoming out [5][50]

Core Viewpoint - China Jushi's stock price has shown significant growth this year, with a year-to-date increase of 55.96%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - As of September 30, China Jushi's stock price reached 17.39 CNY per share, with a trading volume of 3.47 billion CNY and a market capitalization of 696.15 billion CNY [1]. - The stock has experienced a 8.28% increase over the last five trading days, a 15.32% increase over the last 20 days, and a 38.68% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, China Jushi reported a revenue of 9.11 billion CNY, representing a year-on-year growth of 17.70%, and a net profit attributable to shareholders of 1.69 billion CNY, which is a 75.51% increase compared to the previous year [2]. - The company has distributed a total of 11.25 billion CNY in dividends since its A-share listing, with 4.83 billion CNY distributed over the last three years [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for China Jushi increased to 103,100, a rise of 6.61%, while the average number of circulating shares per person decreased by 6.20% to 38,836 shares [2]. - Major institutional shareholders include Hong Kong Central Clearing Limited, which holds 404 million shares, and several ETFs that have increased their holdings [2].

9月29日，中材科技盘中上涨2.02%，截至10:44，报34.31元/股，成交4.06亿元，换手率0.71%，总市值 575.76亿元。 中材科技今年以来股价涨166.90%，近5个交易日跌5.48%，近20日跌0.38%，近60日涨49.89%。 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。 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6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1592.26万股，相比上期减少309.14万股。大摩数字经济混合A（017102）位居第四大流通 股东，持股1001.66万股，相比上期增加546.52万股。南方中证500ETF（510500）位居第五大流通股 东，持股996.06万股，相比上期增加126.97万股。交银先进制造混合A（519704）位居第六大流通股 东，持股865.38万股，为新进股东。华夏复兴混 ...

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The Ministry of Industry and Information Technology and five other departments have jointly issued the "Building Materials Industry Steady Growth Work Plan (2025-2026)", which aims to stabilize growth and promote transformation. Key goals include achieving over 300 billion yuan in revenue from green building materials by 2026 and establishing "zero external electricity, zero carbon emissions" demonstration factories [3][4] - The report recommends several companies in the consumer building materials sector, including Sankeshu (channel penetration and retail expansion), Dongfang Yuhong (waterproof leader with optimized operational structure), Weixing New Materials (high-quality operations with a high retail business ratio), and Jianlang Hardware. Beneficiary stocks include Beixin Building Materials (gypsum board leader with diversified expansion into coatings and waterproof sectors) [3][4] - The cement sector is expected to benefit from the "Energy Saving and Carbon Reduction Special Action Plan" issued by the National Development and Reform Commission, which aims to control cement clinker capacity at around 1.8 billion tons by the end of 2025 [3][4] Summary by Sections Market Overview - The building materials index fell by 2.11% in the week from September 22 to September 26, 2025, underperforming the CSI 300 index by 3.18 percentage points. Over the past three months, the CSI 300 index rose by 13.80%, while the building materials index increased by 10.96%, underperforming by 2.84 percentage points [4][11] - The average PE ratio for the building materials sector is 28.92 times, ranking it 15th from the bottom among all A-share industries, while the PB ratio is 1.32 times, ranking it 8th from the bottom [17][21] Cement Sector - As of September 26, 2025, the average price of P.O42.5 bulk cement nationwide was 287.55 yuan/ton, an increase of 3.06% month-on-month. The clinker inventory ratio reached 70.17%, up by 5.06 percentage points [22][23] - Regional price trends show increases in various areas, with the highest increase in the southwest region at 7.67% [22][23] Glass Sector - The spot price of float glass as of September 26, 2025, was 1283.80 yuan/ton, up by 6.19% from the previous period. The inventory of float glass decreased by 2.60%, with a total of 53.29 million weight boxes [73][75] - The price of photovoltaic glass remained stable at 125.00 yuan/weight box [77] Fiberglass Sector - The market price for non-alkali 2400tex direct yarn ranges from 3400 to 4000 yuan/ton, with variations depending on the region and specific product type [6][4] Consumer Building Materials - As of September 26, 2025, the price of crude oil was 72.09 USD/barrel, showing a week-on-week increase of 7.76%. The price of asphalt remained stable at 4570 yuan/ton [6][4]

建筑材料 建材行业稳增长工作方案发布，关注水泥、玻璃供给侧变化 2025 年 9 月 22 日至 9 月 26 日建筑材料板块（SW）下跌 1.17%，其中 水泥（SW）下跌 0.95%，玻璃制造（SW）上涨 1.31%，玻纤制造（SW） 下跌 2.18%，装修建材（SW）下跌 1.32%，本周建材板块相对沪深 300 超额收益-1.78%。本期建筑材料板块（SW）资金净流入额为-18.93 亿元。 证券研究报告 | 行业周报 gszqdatemark 2025 09 27 年 月 日 分析师 沈猛 执业证书编号：S0680522050001 邮箱：shenmeng@gszq.com 分析师 陈冠宇 执业证书编号：S0680522120005 邮箱：chenguanyu@gszq.com 分析师 张润 执业证书编号：S0680524110002 邮箱：zhangrun@gszq.com 相关研究 1、《建筑材料：上海地产政策继续优化，仍需更多地产 政策 》 2025-09-21 2、《建筑材料：债务限额提前下发，继续加强化债 》 2025-09-14 3、《建筑材料：深圳出台地产政策，玻纤行业"反内卷"》 2 ...

分红方面，中国巨石A股上市后累计派现105.74亿元。近三年，累计派现41.47亿元。 机构持仓方面，截止2025年6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4.04亿股，相比上期增加125.12万股。华泰柏瑞沪深300ETF（510300）位居第五大流通股 东，持股4286.88万股，相比上期增加351.06万股。易方达沪深300ETF（510310）位居第六大流通股 东，持股3050.76万股，相比上期增加296.38万股。华夏沪深300ETF（510330）位居第九大流通股东， 持股2237.07万股，为新进股东。兴全趋势投资混合(LOF)（163402）位居第十大流通股东，持股 2028.27万股，为新进股东。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 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月22日，公司主营业务涉及公司主要从事玻璃纤维及制 ...

Core Viewpoint - China Jushi's stock price has shown significant growth this year, with a notable increase in revenue and net profit, indicating strong financial performance and investor interest [1][2]. Group 1: Stock Performance - As of September 22, China Jushi's stock price increased by 2.05%, reaching 15.95 CNY per share, with a trading volume of 9.22 billion CNY and a market capitalization of 638.50 billion CNY [1]. - Year-to-date, China Jushi's stock price has risen by 43.05%, with a 3.84% increase over the last five trading days, 17.45% over the last 20 days, and 39.91% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, China Jushi reported a revenue of 9.11 billion CNY, representing a year-on-year growth of 17.70%, and a net profit attributable to shareholders of 1.69 billion CNY, which is a 75.51% increase compared to the previous year [2]. - Since its A-share listing, China Jushi has distributed a total of 10.57 billion CNY in dividends, with 4.15 billion CNY distributed over the last three years [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for China Jushi reached 103,100, an increase of 6.61% from the previous period, while the average circulating shares per person decreased by 6.20% to 38,836 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 404 million shares, an increase of 1.25 million shares from the previous period [2].

Investment Rating - The investment rating for the construction materials sector is maintained as "Accumulate" [3] Core Viewpoints - The construction materials sector experienced a slight increase of 0.05% from September 15 to September 19, 2025, with cement and glass manufacturing sectors declining by 1.08% and 1.64% respectively, while fiberglass manufacturing and renovation materials increased by 0.60% and 1.19% respectively [1][12] - The Shanghai real estate policy continues to optimize, with further adjustments needed to stimulate the market [2] - The demand for cement is still in a bottoming process, with supply-side improvements expected due to increased production control measures [2][16] - The glass market is facing supply-demand contradictions, but self-discipline in production among photovoltaic glass manufacturers may alleviate some pressure [2][6] - The fiberglass market shows signs of recovery, with prices stabilizing after a price war and increasing demand from the wind power sector [2][7] Summary by Sections Cement Industry Tracking - As of September 19, 2025, the national cement price index is 338.4 CNY/ton, a decrease of 0.23% from the previous week, while the cement output increased by 3.2% to 2.744 million tons [3][16] - The utilization rate of cement clinker production capacity is at 53.06%, down 2.63 percentage points from the previous week [16] - The overall cement market is in a weak recovery phase, with demand from the construction sector still limited due to tight funding in real estate [16] Glass Industry Tracking - The average price of float glass is 1207.95 CNY/ton, with a weekly increase of 0.91% [6] - Inventory levels are decreasing, but the market remains under pressure due to high stock levels among intermediaries [6] Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with demand recovering slowly [7] - The market for electronic yarn shows varied performance, with some high-end products experiencing tight supply [7] Consumer Building Materials - The consumer building materials sector is benefiting from favorable second-hand housing transactions and consumption stimulus policies [2] - Key stocks recommended include Beixin Building Materials and Weixing New Materials, with a focus on companies with growth potential [2][9] Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs at 107,000 CNY/ton and a negative gross margin [8]

Core Viewpoint - The company, Chongqing International Composite Materials Co., Ltd., has made significant advancements in the development and production of key materials for the electronics industry, particularly in the fields of 5G and high-end PCB manufacturing, addressing long-standing import dependencies [2][3]. Company Overview - Chongqing International Composite Materials Co., Ltd. was established on August 27, 1991, and is located in the Dadu River Industrial Park, 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 glass fiber and related products [7]. Financial Performance - For the first half of 2025, the company achieved a revenue of 4.153 billion yuan, representing a year-on-year growth of 19.40%. The net profit attributable to the parent company was 231 million yuan, showing a substantial increase of 341.55% [8]. Market Activity - On September 18, the stock price of the company increased by 0.73%, with a trading volume of 1.082 billion yuan and a turnover rate of 11.11%. The total market capitalization reached 25.906 billion yuan [1]. Technological Advancements - The company has successfully developed low-bubble fine yarn and ultra-fine yarn with a fiber diameter of 3.7μm, which are critical for high-end PCB materials. This development is part of a broader strategy to innovate and accumulate core glass fiber technologies [2][3]. Product Applications - The company has independently developed low-dielectric glass fiber for 5G applications, which has entered mass production and is being utilized in Huawei's flagship smartphones and key communication products [2][3][5]. Shareholder Information - As of August 29, the number of shareholders for the company reached 89,500, an increase of 1.27% from the previous period. The average number of circulating shares per person decreased by 1.25% to 15,685 shares [8].