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 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 海外模型大厂融资落地，算力链条迎来新动 力 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 24 日 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 行业走势 -10% -4% 2% 8% 14% 20% 26% 32% 38% 44% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 建筑材料 沪深300 相关研究 《地产链有望继续震荡向上》 2026-02-08 《建筑、建材 2025Q4 公募基金持仓 低位回升，持仓集中度有所下降》 2026-02-08 东吴证券研究所 1 / 19 请务必阅读正文之后的免责声明部分 ◼ 本周（2026.2.7–2026.2.13，下同）：本周建筑材料板块（SW）涨跌幅 2.86%，同期沪深 300、万得全 A 指数涨跌幅分别为 0.36%、1.11%，超 额收益分别为 2.50%、1.74%。 ◼ 大宗建材基本面与高频数据：（1）水泥：本周全国高标水泥市场价格为 ...

Summary of Industry Research Conference Call Industry: Cement and Glass Manufacturing Key Points on Cement Industry - The national cement market price decreased by 1% week-on-week to 347 RMB/ton [1] - Price reductions were primarily observed in regions such as Henan, Hubei, Chongqing, Gansu, and Ningxia, with a decrease of 10-30 RMB/ton [1] - As the Spring Festival approaches, downstream mixing stations and engineering projects are halting operations, leading to a significant contraction in cement market demand [1] - The average shipment rate of cement enterprises in key regions fell by approximately 8 percentage points week-on-week, continuing the downward price trend [1] Key Points on Float Glass Industry - The average price of domestic float glass was 62 RMB per heavy box, reflecting a week-on-week increase of 0.4% [4] - The domestic float glass market is experiencing a rapid decline in demand, with limited adjustment power in prices, leading to overall price stability [4] - As of last Thursday, there were 262 float glass production lines nationwide, with 208 in operation, and a daily melting capacity of 148,935 tons, which decreased by 1,200 tons compared to the previous week [5] - The industry capacity utilization rate stands at 80.80% [5] - Inventory levels in monitored provinces reached 49.49 million heavy boxes, an increase of 220,000 heavy boxes or 0.45% from the previous week [5] - The production volume in monitored provinces was 11.82 million heavy boxes, with a consumption volume of 11.60 million heavy boxes, resulting in a production-sales ratio of 98.14% [5] Key Points on Photovoltaic Glass - The mainstream order price for 2.0mm coated panels is 10.8 RMB/square meter, remaining stable week-on-week; for 3.2mm coated panels, the price is 17.8 RMB/square meter, reflecting a decrease of 0.4% [5] - There are 398 production lines for photovoltaic glass nationwide, with a daily melting capacity of 87,300 tons, remaining stable week-on-week but down 1.68% year-on-year [5] - Sample inventory days are approximately 34.18 days, a decrease of 1.20% week-on-week [5] Key Points on Fiberglass - The domestic alkali-free roving market price is generally stable with slight increases in some mainstream products and individual yarn products [6] - The supply side shows limited changes in production capacity for roving, with inventory growth slowing down [6] - The electronic yarn market has seen significant price increases, with mainstream products rising by approximately 1,000 RMB/ton, and high-end products increasing by 2,000-4,000 RMB/ton [6] Key Points on Other Materials - As of February 7, the national average price for PVC was 4,916 RMB/ton, up 0.2% week-on-week; HDPE was 7,775 RMB/ton, up 0.1%; and PPR was 8,083 RMB/ton, up 0.4% [8] - The average price for light soda ash was 1,218 RMB/ton, stable week-on-week; heavy soda ash was 1,282 RMB/ton, also stable [8] - Soda ash inventory increased by 2.4% to 158,110 tons, with an operating rate of 83.25%, down 1.1 percentage points [8] - Carbon fiber prices remained stable, with T700-12K at 105 RMB/kg and T300-12K at 85 RMB/kg [9] - Carbon fiber inventory reached 13,200 tons, an increase of 2.7% week-on-week [9]

Investment Rating - The report maintains a "Buy" rating for the construction and building materials sector, with specific recommendations for several companies [9][12]. Core Insights - The report highlights the recent price increases in electronic fabrics, indicating a positive trend in both emerging technologies and traditional cyclical investments. The price of 7628 electronic fabric increased by over 0.5 yuan/meter, exceeding market expectations, which reflects a broader trend of high-end electronic fabric demand trickling down to standard electronic fabrics [1][12]. - The report emphasizes the importance of effective investment in stabilizing economic growth, as reiterated in the recent State Council meeting, which is expected to boost construction activity in Q1 2026 [1][14]. - The report suggests a balanced investment approach between emerging industries and traditional cyclical sectors, recommending companies such as Yaxiang Integration, Jinggong Steel Structure, and China Construction International [1][12]. Summary by Sections Industry Overview - The report notes that the price of ordinary electronic yarn and fabric has increased significantly, with G75 electronic yarn prices rising by 10.5% and 7628 electronic fabric prices by 11.9% week-on-week [2][19]. - The domestic cement price decreased by 0.9% week-on-week, with a notable drop in the cement shipment rate [2][26]. Key Companies and Dynamics - China National Building Material has issued a profit warning, expecting a loss of approximately 2.3 billion to 4 billion yuan for 2025, a significant shift from a profit of 2.387 billion yuan in 2024 [3]. - The report recommends several companies for investment, including Yaxiang Integration (603929 CH), China Construction International (3311 HK), and Sichuan Road and Bridge (600039 CH), all rated as "Buy" with target prices set above current market levels [9][37]. Market Trends - The report indicates that the construction materials sector is experiencing a cyclical recovery, with price increases in various segments such as waterproofing and engineering materials, driven by government policies aimed at boosting infrastructure investment [1][15]. - The report also highlights the ongoing demand for high-end materials in commercial aerospace, including high-temperature fiber materials and perovskite materials for solar wings [1][12].

Investment Rating - The report maintains a "Buy" rating for several key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puyang Co., San Ke Tree, and Bei Xin Materials [7]. Core Insights - The construction materials sector saw a 4.91% increase from February 2 to February 6, 2026, outperforming the Shanghai and Shenzhen 300 index by 4.10% [12]. - The report highlights the positive impact of government policies aimed at stabilizing prices and boosting macroeconomic governance, which may lead to improved demand in municipal engineering projects [1][12]. - The cement industry is experiencing a demand bottoming out, with a focus on supply-side improvements and regional demand increases driven by large infrastructure projects [1][17]. - The glass fiber market shows structural opportunities, particularly in high-end demand segments, while the overall glass market is under pressure from inventory levels [1][34]. Summary by Sections Cement Industry Tracking - As of February 6, 2026, the national cement price index was 340.08 CNY/ton, down 0.83% week-on-week, with a significant drop in cement output and utilization rates [17]. - The report anticipates a continued decline in cement demand leading up to the Lunar New Year, with a strategy of "stabilizing prices and reducing volume" being adopted by many companies [17][30]. Glass Industry Tracking - The average price of float glass as of February 5, 2026, was 1154.49 CNY/ton, reflecting a 0.85% increase week-on-week, but overall inventory levels remain high [34]. - The report notes that downstream demand is cooling due to the upcoming holiday, although some support from export orders is noted [34]. Glass Fiber Industry Tracking - The report indicates a slight increase in the price of non-alkali glass fiber, driven by rising costs, while high-end electronic yarn prices have seen significant increases [5][34]. - The overall production capacity in the glass fiber sector remains stable, with a slight increase in inventory levels noted [5][34]. Consumer Building Materials - The consumer building materials segment is experiencing a weak recovery, with fluctuations in raw material prices impacting overall demand [6]. - The report emphasizes the potential for long-term market share growth in this segment, particularly in response to policies stimulating consumption [1][6].

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 地产链有望震荡向上 2026 年 02 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 建筑材料 沪深300 相关研究 《继续看好地产链估值修复》 2026-01-26 《社融增速小幅回落，关注红利高股 息等方向》 2026-01-19 东吴证券研究所 1 / 19 ◼ 风险提示：地产信用风险失控、政策定力超预期。 东吴证券研究所 2 / 19 请务必阅读正文之后的免责声明部分 ◼ 1、玻纤：（1）2025 年以来较强内需支撑下新增产能逐步消化，供给冲 击最大的阶段已经过去。行业盈利仍处历史低位，资本开支持续放缓， 中期新增产能有限。我们 ...

【华泰建筑建材】细分行业周度经营数据跟踪260130 水泥：上周全国水泥市场价格环比回落0.8%。 价格回落地区主要是内蒙古、山东、广东和青海地区，幅度10-40元/吨。 元月底，南方地区气温回升，部分工程项目仍在赶工，水泥需求略有恢复，国内重点地区水泥企业出货率环比提 升3个百分点。 浮法玻璃：上周国内浮法玻璃均价62元/重箱，环比+0.9%。 【华泰建筑建材】细分行业周度经营数据跟踪260130 水泥：上周全国水泥市场价格环比回落0.8%。 浮法玻璃：上周国内浮法玻璃均价62元/重箱，环比+0.9%。 截至上周四，全国浮法玻璃生产线共计262条，在产210条，日熔量共计150135吨，较上一周增加600吨，行业产能 利用率81.94%。 周内产线点火1条，改产1条，暂无停产线。 截至1月29日，重点监测省份生产企业库存总量4927万重量箱，环比减少50万重量箱，降幅1.00%，库存天数26.71 天，环比减少0.27天。 上周重点监测省份产量1183.18万重量箱，消费量1233.18万重量箱，产销104.23%。 光伏玻璃：2.0mm镀膜玻璃主流订单价格10.8元/平方米，环比持平；3.2mm镀膜主流订 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The real estate market in first-tier cities has shown strong performance, particularly in second-hand housing transactions, indicating a potential recovery in the sector [1][2] - Government debt issuance has significantly increased, with a total of 863.35 billion yuan in January 2026, reflecting a 204.3% month-on-month increase and a 54.8% year-on-year increase, which may alleviate fiscal pressure and accelerate municipal projects [1] - The glass manufacturing sector is approaching a supply-demand balance due to accelerated cold repairs, while photovoltaic glass companies are reducing production to ease supply tensions [1][3] - The cement industry is experiencing a demand bottoming process, with increased off-peak production efforts and a focus on regional demand recovery, particularly in areas like Tibet and Xinjiang [1][2] - The demand for fiberglass remains robust, driven by growth in wind energy and high-end applications, indicating structural investment opportunities [1][6] Summary by Sections Cement Industry Tracking - As of January 30, 2026, the national cement price index is 342.94 yuan/ton, down 0.69% week-on-week, with a total cement output of 2.278 million tons, a decrease of 4.27% [2][18] - The capacity utilization rate for cement clinker kilns is 45.19%, up 2.77 percentage points from the previous week, indicating a slight recovery in production [2][18] - The market is currently undergoing structural adjustments, with infrastructure remaining the main support but showing weak growth [2][18] Glass Industry Tracking - As of January 29, 2026, the average price of float glass is 1144.80 yuan/ton, reflecting a week-on-week increase of 0.53% [3][31] - Inventory levels have decreased, with a total of 49.27 million weight boxes, down 500,000 from the previous week [3][31] - Demand is expected to slow down as many small processing plants will shut down for the holiday, leading to a quieter market [3][31] Fiberglass Industry Tracking - The price of non-alkali roving remains stable, with demand primarily driven by essential purchases, while supply remains unchanged [6] - The average price of electronic yarn is stable, with expectations of price increases in high-end products due to ongoing demand [6] Carbon Fiber Industry Tracking - The carbon fiber price remains stable, with a weekly production of 2,369 tons and an operating rate of 76.28% [7] - The industry continues to face profitability challenges, with an average production cost of 113,300 yuan/ton and a negative gross margin [7] Consumer Building Materials - The consumer building materials sector is benefiting from the recovery in second-hand housing and renovation demand, with significant potential for market share growth [1][6]

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [1]. Core Views - The real estate chain is expected to see a valuation recovery in 2026, with a potential rebound driven by policy expectations and market dynamics. Key stocks to watch include high-dividend companies and those in the export sector [2]. - The technology sector is highlighted as a priority, with domestic semiconductor development expected to accelerate, benefiting cleanroom engineering and related companies [2]. - Consumer performance remains subdued, but cost-cutting measures are showing positive effects, indicating that the clearing phase in the real estate chain is nearing completion [2]. - The report emphasizes the importance of global trade stability and the potential for fiscal expansion in major economies, which could positively impact sectors like AI and innovative pharmaceuticals [2]. Summary by Sections 1. Construction Materials Fundamentals and High-Frequency Data - Cement prices remain stable at 347.7 CNY/ton, unchanged from the previous week but down 52.2 CNY/ton year-on-year. The average cement inventory ratio is 59.4%, up 0.5 percentage points week-on-week [6][15]. - The average daily cement shipment rate is 29.5%, down 10.4 percentage points from the previous week but up 16.1 percentage points year-on-year [23][25]. - Glass prices are slightly up at 1138.8 CNY/ton, but down 257.2 CNY/ton compared to the same period last year. Inventory levels are at 4,977 million weight boxes, down 9,000 from last week but up 1,188,000 from last year [49][46]. 2. Industry Dynamics Tracking - The report notes that the cement industry is undergoing supply-side adjustments, with a focus on eliminating outdated capacity. This is expected to improve the utilization rate of clinker capacity [10]. - The glass industry is facing a supply contraction, which may provide price elasticity in 2026. However, the current demand is weak, and inventory levels remain high [10]. - The fiberglass sector is projected to see stable growth in demand, particularly in wind power and new applications, despite a general decline in profitability [10]. 3. Weekly Market Review and Sector Valuation - The construction materials sector saw a weekly increase of 9.23%, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [6]. - The report suggests that the valuation of leading companies in the sector is at historical lows, indicating potential for recovery as industry policies take effect [10].