东吴证券指出，水泥行业供给侧主动调节的力度和持续性有望维持，产能置换加速落后/僵尸产能 退出，中期熟料产能利用率有望提升。判断2026年在龙头引领下供给自律共识强化，行业错峰力度不断 增强，提供盈利底部支撑，但需求不稳的背景下，行业供需需要频繁再平衡，制约行业盈利弹性。若实 物需求企稳改善，水泥旺季价格弹性可观。认为2026年行业盈利环比2025年下半年有望呈现震荡中改善 的态势，部分基建重点项目需求增量较大的省份景气有望明显领先全国整体水平。反内卷政策引导行业 有序竞争和落后低效产能退出，行业中长期盈利基础有望巩固。 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征 ...

投资人应当充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投资人进行长期投资、平均投资成本的一种简单易行的投 资方式。但是定期定额投资并不能规避基金投资所固有的风险，不能保证投资人获得收益，也不是替代储蓄的等效理财方式。 2月25日，上海午后发布"沪七条"楼市新政，主要包括：1）非沪籍家庭购买外环内住房所需社保年限由3年降至1年；2）非沪籍家庭外环内可增购1 套；3）居住证满5年可购买1套；4）首套公积金贷款额度从160万升至240万；5）公积金"认房不认贷"。 新政利好上海外环内楼市，预计房价或于年内有望逐步企稳。本次新政能够降低购房成本及门槛、增加购房套数，进一步释放外环内购买力；同时 2025Q4以来上海挂牌量稳步下降，二手房成交延续高位，今年春节期间新房成交量较2025年春节同期明显增长。在此背景下，新政有望进一步改善外环 内的供需关系。 市场观点认为上海楼市新政力度基本符合预期，一定程度上可以释放刚需购房需求、降低购房资金门槛，且上海政策可能是未来系列政策的开端。楼 市热度回升有望为建材、地产等板块带来催化，且或有部分资金博弈两会的政策预期。建材板块在反内卷浪潮下，供需格局有望 ...

半导体设备ETF（159516）今日开盘下杀后一路上扬，午后再度加速，收涨4.56%。消息面上，传存储 大客户订单即将落地。本轮半导体设备的叙事不同于以往的周期复苏或国产替代，而是实打实的受益于 全球AI驱动的高景气，有兴趣的投资者可持续关注半导体设备ETF（159516）。 上海午后出台"沪七条"楼市新政，主要包括：1）非沪籍家庭购买外环内住房所需社保年限由3年降至1 年；2）非沪籍家庭外环内可增购1套；3）居住证满5年可购买1套；4）首套公积金贷款额度从160万升 至240万；5）公积金"认房不认贷"。市场观点认为，上海楼市新政力度基本符合预期，一定程度上可以 释放刚需购房需求、降低购房资金门槛。预计楼市热度回升有望为建材、地产等板块带来催化，且或有 部分资金博弈两会的政策预期。建材板块在反内卷浪潮下，供需格局有望持续优化；目前拔估值进行 时，或有望重演2025年化工行情，投资者或可关注当前市场上最大的建材ETF（159745）。 今日A股高开高走，上证指数收涨0.72%报4147.23点，深证成指涨1.29%，创业板指涨1.41%，北证50涨 0.77%，科创50涨0.54%，中证A500涨0.96%。 ...

2月25日，建材ETF（159745）大涨超4%，资金抢筹，盘中净流入超1.1亿份，"反内卷"政策有望引 导行业中长期盈利改善。 建材ETF（159745）跟踪的是建筑材料指数（931009），该指数主要反映建筑材料行业的市场表 现，其成分股涵盖水泥、玻璃、新型建材等相关领域的上市公司证券，以全面表征建筑材料行业的整体 走势。 根据Wind数据，建材ETF（159745）盘中净流入1.15亿份，资金抢筹布局。 （责任编辑：董萍萍 ） 东吴证券指出，水泥行业供给侧主动调节的力度和持续性有望维持。产能置换加速落后/僵尸产能 退出，中期熟料产能利用率有望提升。判断2026年在龙头引领下供给自律共识强化，行业错峰力度不断 增强，提供盈利底部支撑，但需求不稳的背景下，行业供需需要频繁再平衡，制约行业盈利弹性。若实 物需求企稳改善，水泥旺季价格弹性可观。2026年行业盈利环比2025年下半年有望呈现震荡中改善的态 势，部分基建重点项目需求增量较大的省份景气有望明显领先全国整体水平。"反内卷"政策引导行业有 序竞争和落后低效产能退出，行业中长期盈利基础有望巩固。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对 ...

根据wind数据，建材ETF（159745）盘中净流入1.86亿份，资金抢筹布局。 细分行业中，水泥协同控产、超产治理、碳交易等有望提升旺季涨价韧性；消费建材存量翻新需求支 撑，功能性、消费属性愈发凸显，防水、石膏板已经提价，涨价逻辑逐步演绎中；玻璃"反内卷"供需有 望改善。 建材ETF（159745）跟踪的是建筑材料指数（931009），该指数主要反映建筑材料行业的市场表现，其 成分股涵盖水泥、玻璃、新型建材等相关领域的上市公司证券，以全面表征建筑材料行业的整体走势。 （文章来源：每日经济新闻） 消息面，上海市住房城乡建设管理委等五部门联合印发《关于进一步优化调整本市房地产政策的通 知》，自2026年2月26日起施行。进一步调减住房限购政策服务宜居安居，促进职住平衡，聚焦满足居 民合理住房需求，《通知》明确进一步调减住房限购政策。 相关机构表示，供给侧，近几年建材行业集中度逐步提升，水泥行业出清1.6亿吨产能，玻璃日熔量自 21年高点下降2.7万吨，防水行业、涂料、瓷砖等消费建材也有较大幅度产能出清。反内卷浪潮下，行 业供需格局有望迎来进一步优化。 需求侧，二手房占房产销售比重由2021年的45%增加至20 ...

Core Viewpoint - The building materials industry is experiencing a turning point in both market sentiment and valuation, with signs of demand recovery driven by stabilization in the real estate sector [1] Demand Analysis - Real estate new starts are expected to stabilize and recover, with a significant decline observed: new starts down 70% compared to 2021, completions down 40%, and new home sales down 50% [1] - An article published at the beginning of the year emphasized the need to "improve and stabilize expectations for the real estate market" [1] Valuation Insights - The current valuation levels for the cement and glass sectors are at a low point, indicating potential for upward movement [1] - The cement sector is actively implementing strict production regulations based on designed capacity, reducing actual clinker capacity from 2.1 billion tons to 1.6 billion tons, which is expected to improve industry capacity utilization [1] Profitability Outlook - Although there is still a mismatch between supply and demand, higher capacity utilization is likely to facilitate off-peak production, leading to a continuous increase in net profit per ton for the industry [1] - This trend is anticipated to drive sustained profit growth within the industry [1] ETF and Index Information - The building materials ETF (159745) tracks the construction materials index (931009), which reflects the market performance of the building materials industry [1] - The index includes listed companies in sectors such as cement, glass, and ceramics, capturing the overall trend of the building materials industry [1] - The index exhibits strong cyclical characteristics and is closely linked to real estate and infrastructure investment, serving as an important reference for observing the industry's market conditions [1]

Group 1 - The traditional building materials sector is expected to bottom out and recover due to a combination of factors such as the slowdown in new real estate demand and the gradual release of stock update demand, with significant benefits for consumer building materials [1] - In the cement industry, demand is notably affected by the decline in real estate investment, but strict capacity replacement, production restrictions, carbon emission policies, and anti-competition measures are expected to accelerate capacity reduction on the supply side [1] - The ongoing urban renewal and renovation of old residential areas are expected to support demand, improving supply and demand expectations, which may provide good support for prices [1] Group 2 - The fiberglass industry is benefiting from the explosive demand for computing power, with strong demand for specialty fabrics such as electronic fiberglass cloth, leading to supply tightness and an overall increase in industry price levels [1] - The overall demand structure in the industry is changing, with significant growth potential in renovation of existing homes, urban renewal, and infrastructure-related demand [1] - The building materials ETF (159745) tracks the construction materials index (931009), which mainly includes listed companies in the cement, glass, and ceramics sectors, with constituent companies being industry leaders and possessing strong market competitiveness [1]

Group 1 - The cement industry has passed its darkest hour, with profits solidly bottoming out and showing significant recovery [1] - On the demand side, expectations for real estate policies are strengthening, and the new housing market is gradually stabilizing, with urbanization development offering ample room for transformation [1] - Annual demand for stock updates is approximately 700 million square meters, providing a solid foundation [1] Group 2 - Structural opportunities in infrastructure, such as major projects like the Western Development strategy, will lead to regional market demand prosperity [1] - On the supply side, expectations for anti-involution are continuously strengthening, with policies promoting the unification of actual and registered production capacity, expected to reduce capacity by over 40 million tons [1] - By 2026, under the anti-involution strategy, supply-side control is anticipated [1] Group 3 - The overall cash flow of the industry is favorable, indicating conditions for long-term stable dividends, with upstream coal prices expected to remain low and fluctuate [1] - It is projected that by 2026, the industry's profits will achieve overall recovery, and dividend yields are expected to increase under the trend of enhancing shareholder returns [1] - The Building Materials ETF (159745) tracks the construction materials index (931009), which mainly covers companies engaged in the manufacturing and sales of cement, glass, ceramics, and other building materials [1]

Group 1 - The building materials sector has seen significant capital inflow, with the building materials ETF (159745) experiencing over 1 billion yuan in net inflows in the last 10 trading days, currently reaching a scale of over 2.3 billion yuan, ranking first among its peers [1] - Shanghai has initiated the purchase of second-hand houses for the purpose of securing rental housing, alongside various policies such as home purchase subsidies, relaxed housing fund regulations, and monetary compensation for urban renovation, which enhance expectations for demand recovery in the post-real estate cycle [1] - Although prices for cement and glass have faced short-term pressure, inventory levels are decreasing, supply-side adjustments are accelerating, and following a period of negative growth in the Producer Price Index (PPI), expectations for a recovery in the production capacity cycle are rising, indicating ample room for valuation recovery as the sector is currently at historical lows [1]

Group 1 - The construction materials industry is currently significantly underweighted from an allocation perspective, with expectations of demand recovery driven by stabilization in the real estate sector [1] - The cement and glass sectors are currently at low valuation levels, indicating potential for investment opportunities [1] - The cement sector is expected to see a rapid supply clearance due to internal competition and dual carbon constraints, with actual clinker production capacity being reduced from 2.1 billion tons to 1.6 billion tons, leading to an increase in industry capacity utilization [1] Group 2 - The industry is actively implementing strict production regulations based on designed capacity, which is expected to enhance the industry's profit margins [1] - Despite ongoing supply-demand mismatches, higher capacity utilization is likely to facilitate off-peak production, resulting in a continuous improvement in net profit per ton for the industry [1] - The construction materials ETF (159745) tracks the building materials index (931009), which includes publicly listed companies in the cement, glass, and ceramics sectors, reflecting the overall performance of these companies [1]