消息面上，申万宏源指出，2026 年看好地产开工端，市场对开工端预期较低，防水、塑料管等开工端 建材估值处于相对低位，政策催化下易产生超出预期的表现。中长期看好存量翻新，居民对改善居住条 件的诉求随收入预期好转将逐步体现。建议关注中国联塑等消费建材个股。广发证券也表示，消费建材 长期需求稳定性好、行业集中度持续提升、竞争格局好的优质龙头中长期成长空间仍然很大。 智通财经APP获悉，中国联塑(02128)涨超7%，近三个交易日累涨超一成。截至发稿，涨7.13%，报5.41 港元，成交额9317.07万港元。 ...

消息面上，申万宏源指出，2026年看好地产开工端，市场对开工端预期较低，防水、塑料管等开工端建 材估值处于相对低位，政策催化下易产生超出预期的表现。中长期看好存量翻新，居民对改善居住条件 的诉求随收入预期好转将逐步体现。建议关注中国联塑等消费建材个股。广发证券也表示，消费建材长 期需求稳定性好、行业集中度持续提升、竞争格局好的优质龙头中长期成长空间仍然很大。 中国联塑(02128)涨超7%，近三个交易日累涨超一成。截至发稿，涨7.13%，报5.41港元，成交额 9317.07万港元。 ...

申万宏源证券指出，地产链下行已经五年时间，当下更应当关注积极信号。自2021年开始，房地产相关的各项数据经历了持续5年的下滑。五年间建材行业 面临的压力诸如需求下行、信用风险扩散、成本扰动、竞争加剧等已无需更多阐述。我们认为当下更应当从长期视角回顾，关注整个板块5年来的积极变 化。 5年时间足够让行业完成一轮产能出清；5年时间已足够企业完成战略转型；5年时间也足够政策方向调整；5年时间也足够市场偏好调整；建议重视这轮地产 链行情，看好消费建材核心标的。2026年看好地产开工端，市场对开工端预期较低，防水、塑料管等开工端建材估值处于相对低位，政策催化下易产生超出 预期的表现。中长期看好存量翻新，居民对改善居住条件的诉求随收入预期好转将逐步体现。后周期涂料、五金、瓷砖、板材等充分受益。 华福证券认为，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。同时，鉴于一方面利率下行有利购房意愿修复，另一方面收储及城改货币化 有助于购房能力修复，从而推动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的修复。 国泰海通证券认为，在宏观弱假设下寻找独立增长亮点或估值优势，当预期底部上修时超额就会更加明显，此所谓"天 ...

上海申银万国证券研报同样指出，建议重视这轮地产链行情，我们看好消费建材核心标的。2026年看好地产开工端，市场 对开工端预期较低，防水、塑料管等开工端建材估值处于相对低位，政策催化下易产生超出预期的表现。中长期看好存量 翻新，居民对改善居住条件的诉求随收入预期好转将逐步体现。后周期涂料、五金、瓷砖、板材等充分受益。建议关注东 方雨虹、北新建材、伟星新材、中国联塑等消费建材个股。 港股频道更多独家策划、专家专栏，免费查阅>>责任编辑：栎树 1月22日，中国联塑(2128.HK)高开高走，现涨3.96%报5.25港元，总市值162.88亿港元，最近3个交易日累计涨幅接近10%。 广发证券近日研报指出，消费建材行业龙头公司收入和利润率先修复，关注阿尔法机会。消费建材长期需求稳定性好、行 业集中度持续提升、竞争格局好的优质龙头中长期成长空间仍然很大。下游地产仍在寻底，等待销售企稳好转；核心龙头 公司经营韧性强。关注东方雨虹、中国联塑、北新建材、伟星新材等。 ...

中国联塑(2128.HK)今日高开高走，现涨3.96%报5.25港元，总市值162.88亿港元，最近3个交易日累计涨幅接近10%。广发证券近日研报指出，消费建材行业 龙头公司收入和利润率先修复，关注阿尔法机会。消费建材长期需求稳定性好、行业集中度持续提升、竞争格局好的优质龙头中长期成长空间仍然很大。下 游地产仍在寻底，等待销售企稳好转；核心龙头公司经营韧性强。关注东方雨虹、中国联塑、北新建材、伟星新材等。 上海申银万国证券研报同样指出，建议重视这轮地产链行情，我们看好消费建材核心标的。2026年看好地产开工端，市场对开工端预期较低，防水、塑料管 等开工端建材估值处于相对低位，政策催化下易产生超出预期的表现。中长期看好存量翻新，居民对改善居住条件的诉求随收入预期好转将逐步体现。后周 期涂料、五金、瓷砖、板材等充分受益。建议关注东方雨虹、北新建材、伟星新材、中国联塑等消费建材个股。(格隆汇) ...

Core Insights - Bian Ximing, a prominent figure in the futures market, has made significant profits from gold trading, earning approximately $1.5 billion (around 10.8 billion RMB) during a bullish trend in gold prices [1][7] - Following his success in gold, Bian has shifted his focus to the copper market, which is experiencing structural shortages due to the growth of the new energy sector and infrastructure updates [8][10] Company Overview - Bian Ximing, aged 61, is the founder and chairman of multiple companies, including Zhongcai Group and Zhongcai Futures, and holds a 65.32% stake in Zhongcai Group [5] - The company operates in various sectors, including chemical building materials, finance, and futures trading [5] Market Trends - The copper market is expected to face a supply-demand gap of 8 million tons by 2030, driven by the explosive growth in new energy industries such as electric vehicles and solar power [8] - Bian's investment strategy in copper began in early 2024, with significant positions taken before the imposition of tariffs by the Trump administration [10] Investment Strategy - Bian utilized a combination of futures contracts and structured products to maximize leverage during the gold market surge [7] - His approach to copper trading has been characterized by a unique understanding of market dynamics, with a focus on macroeconomic indicators and geopolitical factors influencing copper prices [11]

Group 1 - The 2025 China (Shandong) International Pump, Valve and Pipeline Industry Expo is scheduled for September 26-28, 2025, at the Yantai Bay International Convention and Exhibition Center, with an expected exhibition area of 38,000 square meters and participation from over 400 brands from 18 countries and regions [2][6] - The expo aims to showcase a full range of products including pumps, valves, pipelines, and instruments, attracting dealers, agents, engineering units, and investors from various sectors such as chemicals, petroleum, metallurgy, electricity, and construction [6][10] - The Chinese valve market is projected to grow from $15.2 billion in 2023 to $16.1 billion in 2024 and $17.1 billion in 2025, with growth rates of 5.92% and 6.21% respectively, indicating a strong upward trend in the industry [4] Group 2 - The valve manufacturing industry in China is experiencing significant growth, with over 6,000 valve companies and more than 200,000 pump and valve manufacturing enterprises nationwide, employing over 1 million people in trade activities [4][5] - Yantai is a key hub for the petrochemical and chemical new materials industry, with major industrial parks and projects driving demand for chemical equipment, sealing devices, and related products [5][6] - The expo will feature participation from leading industry players such as Sinopec, PetroChina, and various other prominent companies, enhancing networking and collaboration opportunities within the sector [8][10] Group 3 - The event will be supported by extensive media coverage from over 100 domestic and international media outlets, enhancing brand visibility and promoting the expo [8][10] - The exhibition will also coincide with several other industry expos, including the China (Shandong) International Chemical New Materials and New Technology Expo, creating a comprehensive platform for industry stakeholders [11] - The next expo is already planned for April 17-19, 2026, in Jinan, with an expected area of 60,000 square meters and participation from over 800 exhibitors and 80,000 visitors [12]

Core Insights - The Greek National Bank's report highlights the increasing severity of international trade conditions due to U.S. tariff measures, which pose risks not only to bilateral trade but also to the overall export structure and macroeconomic impact of Greece [1][2] Export Structure and Market Dynamics - Greece's export structure is characterized by high uncertainty, with approximately 60% of exports traditionally directed towards Western Europe and the Balkans, which have shown poor economic performance over the past year and a half [1] - Eastern Europe and the Middle East have provided stable support for Greek exports, accounting for about 75% of export growth [1] - The U.S. market, while not a traditional major market for Greece, is projected to increase its share of Greek exports from 4.5% in 2019 to 5.3% by 2024, contributing 7% to export growth during the same period [1] Impact of U.S. Tariffs - The U.S. government's recent tariff measures are expected to alter the positive outlook for Greek exports, as the U.S. absorbs about 20% of EU exports, indirectly affecting Greece's main trading partners like Germany and Italy [2] - The concentration of Greek exports to the U.S. is primarily in the food sector, with significant exports of high-value products such as olives and olive oil, which have reached €1 billion over the past six years [3] - Tariffs will likely harm Greece's price competitiveness in the North American market, forcing exporters to reduce profit margins, cut export volumes, or seek more expensive alternative markets [3] Economic Challenges - Key issues facing the Greek economy include insufficient investment, low productivity, weak international competitiveness, and a high current account deficit, exacerbated by past debt crises and fiscal austerity [4] - The structural weaknesses of the Greek economy are expected to be magnified by U.S. tariffs, complicating the recovery process [4] - The Greek government aims to avoid escalating trade tensions with the U.S. and seeks to align with EU positions, potentially requesting tariff exemptions for certain non-U.S. produced agricultural products [4]