证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 建筑材料 上海地产政策松绑，期待更多政策落地 2026 年 2 月 24 日至 2 月 27 日建筑材料板块（SW）上涨 0.68%，其中 水泥（SW）上涨 1.07%，玻璃制造（SW）上涨 2.44%，玻纤制造（SW） 下跌 2.16%，装修建材（SW）上涨 2.39%，本期建材板块相对沪深 300 超额收益+0.62%。本期建筑材料板块（SW）资金净流入额为-11.78 亿元。 【周数据总结和观点】 本周上海五部门联合发布《关于进一步优化调整本市房地产政策的通知》 新政主要从限购松绑、公积金提额、房产税调整三方面发力：非沪籍居民 外环内购房社保年限由 3 年缩短至 1 年，连续缴纳满 3 年及以上可在外 环内增购 1 套；持居住证满 5 年可全市购 1 套；外环外购房不限套数。 首套公积金贷款最高额度从 160 万元提至 240 万元，多子女家庭叠加政 策后可达 324 万元；沪籍成年子女家庭唯一住房暂免房产税。根据 wind 统计，2026 年 1 月地方政府债总发行量 8633.5 亿元，发行金额环比 2025 年 ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 建筑材料 上海地产政策松绑，期待更多政策落地 2026 年 2 月 24 日至 2 月 27 日建筑材料板块（SW）上涨 0.68%，其中 水泥（SW）上涨 1.07%，玻璃制造（SW）上涨 2.44%，玻纤制造（SW） 下跌 2.16%，装修建材（SW）上涨 2.39%，本期建材板块相对沪深 300 超额收益+0.62%。本期建筑材料板块（SW）资金净流入额为-11.78 亿元。 【周数据总结和观点】 本周上海五部门联合发布《关于进一步优化调整本市房地产政策的通知》 新政主要从限购松绑、公积金提额、房产税调整三方面发力：非沪籍居民 外环内购房社保年限由 3 年缩短至 1 年，连续缴纳满 3 年及以上可在外 环内增购 1 套；持居住证满 5 年可全市购 1 套；外环外购房不限套数。 首套公积金贷款最高额度从 160 万元提至 240 万元，多子女家庭叠加政 策后可达 324 万元；沪籍成年子女家庭唯一住房暂免房产税。根据 wind 统计，2026 年 1 月地方政府债总发行量 8633.5 亿元，发行金额环比 2025 年 ...

北京商报讯2月26日，装修建材板块小幅下跌，以18668.49点收盘，跌幅为0.85%。受板块影响，装修建 材板块个股出现不同程度下跌。顶固集创以32.59元/股收盘，跌幅为8.46%，领跌装修建材股。科顺股 份以7.71元/股收盘，跌幅为5.86%，跌幅位列装修建材股第二。尚品宅配以14.08元/股收盘，跌幅为 3.89%，跌幅位列装修建材股第三。除此之外，悦心健康以5.80元/股收盘，涨幅为10.06%，领涨装修建 材股。雅博股份以2.48元/股收盘，涨幅为6.44%，涨幅位列装修建材股第二。*ST松发以104.85元/股收 盘，涨幅为5.00%，涨幅位列装修建材股第三。 中国银河在研报中表示，中长期来看，存量房翻新、旧改以及城市更新将成为消费建材需求托底主力。 近年消费建材龙头企业加速调整销售策略，零售业务规模不断扩大，随着城市发展向存量提质增效转 型，龙头企业市占率有望不断提升。 （文章来源：北京商报） ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [11]. Core Insights - The report highlights a focus on domestic paint manufacturers, particularly SanKeShu, which is projected to achieve a profit of 760-960 million RMB in 2025, representing a year-on-year growth of 129%-189%, significantly outperforming Nippon Paint China [3]. - Nippon Paint China's revenue for FY2025 is estimated at 470.7 billion JPY (approximately 21 billion RMB), reflecting a year-on-year decline of 5.8%, primarily due to a sluggish real estate market [5]. - The report anticipates that SanKeShu will experience rapid growth in the consumer segment (C-end) driven by initiatives like Beautiful Countryside and Artistic Paint, while the business segment (B-end) is expected to remain stable [3]. Summary by Sections Financial Performance - Nippon Paint China's adjusted operating profit for FY2025 is projected at 69.2 billion JPY (approximately 3.09 billion RMB), with an operating profit margin of 14.7%, an increase of 3.1 percentage points year-on-year, attributed to cost optimization and expense control [5]. - In Q4 2025, Nippon Paint China's revenue was 100.1 billion JPY (approximately 4.47 billion RMB), showing a year-on-year decline of 18.0% and a quarter-on-quarter decline of 20.0% [5]. - The revenue breakdown for 2025 shows a decline in architectural decoration coatings by 15.9%, while automotive and industrial coatings saw slight growth [5]. Growth Projections - For 2026, Nippon Paint aims for an overall revenue growth of 8.2%, with specific targets of high single-digit growth for TUC and low single-digit growth for TUB [5]. - The report emphasizes three core strategies: enhancing brand premium and channel coverage for TUC, deepening collaborations with quality real estate and state-owned enterprises for TUB, and upgrading technical capabilities in automotive coatings [5]. Valuation Metrics - The report provides a valuation table for listed companies, indicating that SanKeShu's stock price is 54.30 RMB per share, with projected earnings per share of 1.17 RMB for 2025, resulting in a price-to-earnings ratio of 47 [6].

北京商报讯（记者 翟枫瑞）2月25日，装修建材板块增长，以18828.69点收盘，涨幅为2.12%。在板块 带动下，多只装修建材股股价实现增长。科顺股份以8.19元/股收盘，涨幅为14.23%，领涨装修建材 股。美克家居以2.85元/股收盘，涨幅为10.04%，涨幅位列装修建材股第二。东方雨虹以18.75元/股收 盘，涨幅为9.08%，涨幅位列装修建材股第三。除此之外，悦心健康以5.27元/股收盘，跌幅为7.22%， 领跌装修建材股。森鹰窗业以36.43元/股收盘，跌幅为3.24%，跌幅位列装修建材股第二。好莱客以 15.06元/股收盘，跌幅为2.59%，跌幅位列装修建材股第三。 华福证券在研报中表示，在反内卷加速供给侧改革预期下，建材产能周期有望迎来拐点。预期来看，利 率下行有利购房意愿修复，收储及城改有助购房能力修复，购房意愿及能力边际修复预期预计推动房地 产市场基本面企稳概率增加，亦有望推动地产后周期需求修复。 ...

Core Viewpoint - The renovation and building materials sector experienced growth, closing at 18,438.61 points with a rise of 2.02%, driven by several stocks in the sector showing significant price increases [1] Group 1: Stock Performance - Top performer in the renovation and building materials sector was Dinggu Jichuang, closing at 34.39 CNY per share with a gain of 19.99% [1] - Yangzi New Materials followed with a closing price of 4.57 CNY per share, also up by 19.99% [1] - Qinglong Pipeline Industries closed at 13.70 CNY per share, marking a rise of 10.04% [1] - On the downside, Yabo Co. led the declines with a closing price of 2.24 CNY per share, down by 5.08% [1] - ST Songfa closed at 95.10 CNY per share, down by 5.00% [1] - Wanli Stone closed at 44.85 CNY per share, with a decline of 4.78% [1] Group 2: Market Insights - Dongwu Securities reported that the transaction volume of second-hand homes has slightly exceeded expectations since the beginning of the year, indicating signs of stabilization [1] - Pilot programs for stock housing storage in cities like Shanghai are beneficial for the medium to long-term stabilization of the real estate market [1] - The performance of the real estate chain in the first half of 2026 is expected to remain relatively flat, although improvements in gross margin, expense ratio, and profit margin are anticipated for most companies [1] - After excessive competition leading to industry-wide losses for many products in the first half of 2025, industry consolidation is expected, with prices gradually recovering, potentially exceeding reasonable profit margins [1]

Group 1 - The core viewpoint is that in a macro environment characterized by low interest rates and asset scarcity, high dividend strategies have become a "ballast" for institutional fund allocation, with the building materials sector being a stable choice due to its high dividend and safety margin attributes [1] - The building materials sector's high dividend characteristic is not merely a reflection of profit fluctuations but is a result of improved industry competition and cash flow realization, with leading companies in the cement industry maintaining dividend yields between 3.5% and 5.0%, significantly higher than the ten-year government bond yield [2][4] - By 2025, the building materials sector is projected to rank 8th in dividend yield among Shenwan's primary industries, surpassing traditional high-dividend sectors such as utilities and steel, with renovation materials and cement yielding close to 4% [2][3] Group 2 - The building materials sector has undergone three years of deep adjustment, resulting in a "cash cow" characteristic, with capital expenditure peaking and free cash flow becoming abundant, as major cement companies' fixed asset spending is expected to decline by over 40% compared to the 2021 peak [3][4] - The "anti-involution" policy has led to effective production scheduling and capacity replacement mechanisms, which have suppressed vicious price wars, allowing leading companies to maintain a high dividend payout ratio of 30% to 50% despite a decline in profit margins [4] - The renovation materials segment also shows high dividend potential, with leading companies like Weixing New Materials and Beixin Building Materials maintaining stable dividend rates above 40%, indicating a positive cycle of profit growth and dividend increases [4] Group 3 - The current valuation of the building materials sector is low, with the CSI All Share Building Materials Index's price-to-book ratio at only 1.15%, indicating that the market has overly reflected pessimistic expectations, with some leading cement companies' price-to-book ratios falling below 0.8 [6] - The current valuation levels are lower than during the financial deleveraging period in 2018 and the real estate crisis in 2022, providing a solid safety margin that can offer considerable capital gains even if profits are under short-term pressure [6] - The building materials ETF (159745) tracks the CSI All Share Building Materials Index, covering leading companies across the entire industry chain, providing an efficient tool for investors to allocate to the building materials sector [6][8] Group 4 - Investors looking to capitalize on the cyclical recovery in the building materials sector can consider the building materials ETF (159745) for both short-term trading and long-term allocation to undervalued, high-dividend sectors, especially in a market environment where funds are shifting towards cyclical stocks [9]

Core Viewpoint - The company has recently undergone a change in control, with new management planning to integrate AI technology to drive digital transformation and has made performance commitments for the next three years [1][2]. Group 1: Control Change - On February 6, 2026, the company's controlling shareholder changed to Mingsheng Intelligent, with Shi Qiming as the new actual controller, and the share transfer procedures have been completed [2]. Group 2: Performance Goals - The new controller, Shi Qiming, has attached performance commitments for 2026-2028, requiring annual revenue from existing businesses to be no less than 400 million yuan and net profit to be no less than 10 million yuan, providing support for mid-term performance [3]. Group 3: Stock Performance - The company announced on January 14, 2026, that if the stock price continues to rise, it may apply for a trading suspension from the Shenzhen Stock Exchange, indicating potential short-term volatility risks. Recent data shows institutional funds have net sold 41.3544 million yuan on February 9, 2026, reflecting market divergence [4]. Group 4: Recent Performance - The company expects a net profit attributable to shareholders of 10 million to 14 million yuan in 2025, indicating a turnaround from losses, primarily due to improved cost control. The formal annual report will need to be monitored for further details [5]. Group 5: Industry Policy and Environment - The renovation and building materials sector benefits from optimized real estate policies, but the company still faces structural revenue pressures, necessitating observation of the progress of new business implementations [6].

Core Viewpoint - North New Building Materials experienced a stock price decline of 2.02% on February 12, with a current price of 28.20 CNY per share and a total market capitalization of 48.003 billion CNY [1] Group 1: Stock Performance - Year-to-date, North New Building Materials' stock price has increased by 12.94%, but it has decreased by 3.69% over the last five trading days [1] - The stock has shown a 10.24% increase over the last 20 days and a 16.29% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, North New Building Materials reported a revenue of 19.905 billion CNY, a year-on-year decrease of 2.25% [2] - The net profit attributable to shareholders for the same period was 2.586 billion CNY, reflecting a year-on-year decrease of 17.77% [2] Group 3: Shareholder Information - As of February 10, the number of shareholders for North New Building Materials was 57,000, a decrease of 3.39% from the previous period [2] - The average number of circulating shares per shareholder increased by 3.51% to 29,640 shares [2] Group 4: Dividend and Institutional Holdings - Since its A-share listing, North New Building Materials has distributed a total of 9.562 billion CNY in dividends, with 3.979 billion CNY distributed over the last three years [3] - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 160 million shares, a decrease of 17.069 million shares from the previous period [3]

Core Viewpoint - The renovation and building materials sector experienced a slight decline, closing at 18513.73 points with a drop of 0.2%, influenced by varying performances among individual stocks in the sector [1] Group 1: Stock Performance - *ST Yazhen led the decline in the renovation and building materials sector, closing at 42.46 yuan per share with a drop of 4.97% [1] - Jianlang Hardware followed with a closing price of 25.02 yuan per share, down 3.55%, ranking second in the sector's decline [1] - Dongfang Yuhong closed at 17.70 yuan per share, down 3.17%, ranking third in the sector's decline [1] - In contrast, Dinggu Jichuang led the gains, closing at 25.72 yuan per share with an increase of 20.02% [1] - Yabo Co. closed at 2.16 yuan per share, up 10.20%, ranking second in the sector's gains [1] - *ST Songfa closed at 89.67 yuan per share, up 5.00%, ranking third in the sector's gains [1] Group 2: Market Outlook - Huafu Securities' report indicates that the Central Economic Work Conference emphasized stabilizing the real estate market, implementing city-specific policies to control increments, reduce inventory, and improve supply [1] - The report also highlights the encouragement of acquiring existing residential properties for affordable housing and the reform of the housing provident fund system to promote the construction of "good houses" [1] - With the acceleration of supply-side reform expectations, the building materials capacity cycle is anticipated to reach a turning point [1]