建材电话会：聚焦涨价链条，挖掘宝藏个股 20260128 摘要 AI 电子布需求激增是玻纤涨价的主要驱动力，预计 2026 年玻纤行业将 持续上行，电子布将贡献显著业绩弹性。传统电子布自 2025 年四季度 已提价三次，累计约 0.6 元，且因 AI 电子布需求旺盛和新增产能受限， 供需格局紧张，涨价趋势预计持续。 粗纱市场供给端新增有效供给边际减少，高端粗纱（如风电砂、热塑 砂）需求稳定且警惕度较高。风电砂需求维持高位，热塑砂受益于新能 源车渗透率提升和家电刺激政策小幅增长，高端粗纱市场竞争格局稳固， 头部企业长协价格有小幅提升趋势。 消费建材领域地产需求大幅下滑，但供给出清更为显著。防水材料市场 规模大幅下降，但中小企业出清比例高，CR3 市占率提升。防水涂料、 石膏板等自去年下半年起陆续提价，龙头企业逐步显露盈利拐点并向下 游传导成本压力。 玻璃行业自 2024 年下半年起整体亏损，中小企业生存压力大，库存压 力较大。预计一季度大量生产线冷修将进一步收缩产能。龙头企业如旗 滨集团和信义玻璃具备较强盈利能力，有望在行业供需平衡后迎来价格 触底回升的机会。 Q&A 近期建筑建材板块的涨价趋势如何？是否意味着 ...

Core Viewpoint - Cathay Pacific Haitong has initiated coverage on Jiantao Laminated Board (01888) with a "Buy" rating, highlighting its position as a leading company in the copper-clad laminate industry and optimistic about the price trends and performance growth from product upgrades [1] Group 1: Company Overview - Jiantao Laminated Board is recognized as a leader in the copper-clad laminate industry, with an integrated layout of upstream materials creating a differentiated barrier [1] - The company is expected to achieve net profits of HKD 23.49 billion, 31.23 billion, and 38.15 billion for the years 2025, 2026, and 2027 respectively, with a target price set at HKD 20 based on PE valuation [1] Group 2: Product Development and Market Position - The company is advancing in high-end product development, with its first low-dielectric electronic yarn furnace announced to be in production, leading the domestic market in technical progress [1] - The company has a production capacity of 200,000 tons for traditional electronic yarn, corresponding to an estimated 7-8 million meters per year, with current price trends for traditional electronic cloth on an upward cycle [1][2] Group 3: Industry Trends and Demand - The copper-clad laminate industry is expected to see a new round of price increases in the second half of 2025, driven by improved demand from AI and limited expansion of mid-range production capacity [2] - The overall demand for copper-clad laminates is anticipated to grow positively, with major companies focusing on high-end products, indicating a favorable supply-demand balance for traditional mid-range copper-clad laminates [2]