从成本与盈利角度，煤炭、纯碱、天然气等建材核心原材料价格中枢回落，有效降低企业生产端成本，增厚企业利润空间，叠加行业供给侧改革持续推进， 错峰生产、产能调控等政策落地，中小落后产能逐步出清，行业集中度不断提升，龙头企业凭借规模、品牌、渠道优势抢占市场份额，盈利修复的确定性显 著增强，而经历长期调整后，建材板块估值处于历史相对低位，安全边际充足，吸引场内资金持续回流，建材ETF(159745)更是获得资金净申购，规模与成 交量同步放大。 近期A股市场顺周期板块持续活跃，建材板块表现尤为突出，建材ETF(159745)盘中强势拉升，涨幅突破2%，成为场内资金重点关注的品种，这一轮上涨并 非偶然，而是多重利好因素共振下的必然结果，既离不开宏观政策的持续发力，也得益于行业基本面的逐步改善，同时叠加资金低位布局的共识，共同推动 建材板块走出强势行情。 从政策层面来看，房地产领域"稳预期、稳销售、稳竣工"的组合政策不断落地，多地优化限购限贷政策，加大保交楼推进力度，城中村改造、保障房建设 等"三大工程"全面铺开，直接带动防水、涂料、管材、瓷砖等消费建材需求回升，为板块提供了最强劲的基本面支撑；与此同时，基建投资持续托底经 ...

官网显示，亚士创能起源于1998年，是一家集涂料、成品板、保温、防水、砂浆、家居新材料研发、制 造、服务于一体的高新技术企业。 亚士创能此前披露的业绩预告显示，该公司预计2025年度实现归属于母公司所有者的净亏损约8.3亿元 至12.5亿元；预计2025年度实现归属于母公司所有者的扣除非经常性损益后的净亏损约8.6亿元至12.9亿 元。 对于业绩预亏的主要原因，亚士创能在公告中表示，报告期内，受房地产和建筑行业持续疲软和订单大 幅下滑影响，公司营业收入下滑，毛利率下降。此外，公司按照《企业会计准则》，基于谨慎性原则， 对出现减值迹象的固定资产、在建工程、应收账款等资产计提减值准备，对前期确认的递延所得税资产 予以冲回。 智通财经记者 计思敏 公告显示，杭州市上城区人民法院将于2026年3月16日10时至3月17日10时（延时除外），在淘宝网司法 拍卖网络平台公开拍卖上述股份，拍卖标的将分三笔进行，其中两笔各400万股、一笔450万股，三笔股 份起拍价分别为1923.6万元、1923.6万元、2164.05万元，保证金对应为384.72万元、384.72万元、432.81 万元，加价幅度均为5万元。截至公告披露 ...

Group 1 - The Beijing Mentougou District Market Supervision Administration has released the product quality supervision and inspection results for the year 2025, aiming to uphold market order and protect consumer rights [1] - A total of 15 batches of products including finished oil, liquefied petroleum gas, coal, paint, and adhesives were inspected, with all results meeting quality standards [1] - In addition, 105 groups of various products such as children's products, electric bicycles, student supplies, gas appliances, and food-related products were tested, resulting in 95 groups passing and 10 groups failing the quality inspection [1]

Investment Highlights - The construction sector faced pressure in 2025, with the building materials sector showing signs of bottom recovery, as the building materials sector increased by 22.1%, outperforming the construction decoration sector which only rose by 6.7% [2][15][22]. Construction Sector Analysis - The construction sector is under significant fundamental pressure, with a focus on three main investment directions: overseas expansion through the "Belt and Road" initiative, resource value reassessment, and state-owned enterprise reform [3][5]. - The domestic traditional infrastructure investment growth rate is slowing, and real estate construction continues to weaken, limiting the improvement space for the sector [3][5]. - Companies with business transformation capabilities and those positioned in high-growth niche markets performed well, while engineering consulting firms faced pressure due to local government financial constraints [3][5]. Building Materials Sector Analysis - The building materials sector is experiencing structural differentiation, with some segments expected to reach a turning point, particularly consumer building materials [4][5]. - Despite weak real estate data, the marginal negative impact on the building materials sector has significantly decreased, with supply-side improvements expected to precede demand-side recovery [4][5]. - The cement industry is recovering from price bottoming, while the glass industry remains under pressure, and the fiberglass sector is seeing significant improvements due to structural demand [4][5][41][46]. Investment Recommendations - In the construction sector, focus on leading infrastructure companies benefiting from overseas projects and major engineering, such as China Communications Construction Company, China State Construction Engineering, and China Railway Construction Corporation [5]. - In the building materials sector, attention should be given to leading consumer building material companies like Sangke Tree, Oriental Yuhong, and Beixin Building Materials, as well as cyclical building material leaders like Huaxin Cement and China National Building Material [5]. Belt and Road Initiative - The "Belt and Road" initiative has created significant opportunities for the construction sector, with a notable increase in overseas orders and contracts signed in 2025, amounting to $257.98 billion, a 10.8% increase year-on-year [77][79]. - The demand for infrastructure in countries participating in the initiative is expected to grow rapidly, providing a substantial project pool for construction companies [77][79]. Resource Value Reassessment - The expectation of rising prices for non-ferrous metals is anticipated to benefit state-owned construction companies that have acquired valuable mineral resources through past projects [3][5]. State-Owned Enterprise Reform - Policies promoting the securitization of state-owned assets and mergers and acquisitions are expected to create value reassessment opportunities for state-owned construction companies with quality assets [3][5].

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 construction materials industry is experiencing a sustainable growth momentum due to unprecedented debt resolution actions, which are expected to improve market expectations and drive investment recovery in infrastructure and real estate sectors [1] Fiscal Perspective - The current debt resolution measures, including debt swaps and the expansion of special bonds, have systematically alleviated liquidity constraints for local governments, improving fiscal space for infrastructure investments [1] - Special bonds issued by local governments have been increasing annually since 2017, with projections for 2024 and 2025 to exceed 7 trillion yuan, and the total issuance in 2025 expected to surpass 10 trillion yuan for the first time in history [1][4] Infrastructure Investment - The issuance of special bonds is expected to lead to a significant increase in construction activity in transportation, municipal, and water conservancy sectors, with a projected surge in physical work volume in the first half of 2025 [4][6] - Despite a decline in infrastructure investment growth, the sector still holds a significant share of fixed asset investment, indicating its critical role in the overall economy [4] Policy Transition - The policy environment is shifting from "debt replacement" to "investment stimulation," which is likely to further enhance demand for construction materials [5] Demand Dynamics - The demand structure for construction materials is changing, with traditional materials benefiting from infrastructure support and renovation materials gaining from the demand for upgrading existing properties [6] - The dual drivers of infrastructure and real estate are expected to provide a solid foundation for the construction materials sector during this debt resolution cycle [6] Profitability and Market Outlook - The profitability of the cement industry is recovering, with expectations of improved margins due to supply-side adjustments and a favorable demand outlook from real estate policies [8] - The construction materials sector is characterized by high cash flow and potential for stable dividends, with forecasts indicating overall profit recovery by 2026 [8] Investment Opportunities - The construction materials ETF (159745) tracks the performance of the construction materials index, providing investors with a tool to efficiently allocate resources in the sector [8][11] - The sector is viewed as a core cyclical investment opportunity, especially in the context of a market shift towards undervalued, high-dividend stocks [11]

Group 1: Cement Industry - The cement industry is expected to see a phase of supply improvement starting in the second half of 2024, with profitability gradually recovering by 2026 [1][2] - The average cement price in 2025 is projected to be 372.8 yuan/ton, a decrease of 12.6 yuan/ton year-on-year, with a cumulative production decline of 7.2% [2] - A total of 16 million tons/year of capacity has been removed through capacity replacement, which may lead to asset impairment for several companies [2] Group 2: Glass Industry - The flat glass industry is experiencing a significant decline, with the average price in 2025 expected to be 1323.3 yuan/ton, down 383.4 yuan/ton year-on-year [3] - Daily melting capacity has dropped below 150,000 tons, a decrease of 27,000 tons/day from previous highs, indicating an acceleration in the cold repair cycle [3] - The profitability of photovoltaic glass is under pressure, with a projected average price of 21 yuan/square meter in 2025, down 3 yuan/square meter from 2024 [3] Group 3: Fiberglass and Electronic Fabrics - The average price of fiberglass yarn in 2025 is expected to be 3866 yuan/ton, an increase of 174 yuan/ton year-on-year, indicating stable market conditions [4] - The average price of ordinary electronic fabric is projected to be 9012 yuan/ton in 2025, up 539 yuan/ton year-on-year, reflecting improving market conditions [4] - Demand for special electronic fabrics is accelerating, contributing positively to the performance of companies in this segment [4] Group 4: Consumer Building Materials - Companies like Three Trees and Hanhai Group are maintaining strong revenue and profit performance through effective channel development and brand advantages [5] - Companies in the gypsum board and retail pipeline sectors are expected to maintain strong operational quality, with potential for significant performance improvement in 2026 [5] - Several consumer building material companies are anticipated to release credit risks in 2025, allowing for a more favorable performance outlook in 2026 [5]

Core Viewpoint - Shandong Kunbang Import and Export Trade Co., Ltd. has been established with a registered capital of 5 million RMB, fully owned by Linyi Zhongru New Materials Co., Ltd. [1] Group 1: Company Information - The legal representative of Shandong Kunbang Import and Export Trade Co., Ltd. is Kan Shiming [1] - The company is registered with a capital of 5 million RMB [1] - The business scope includes import and export of goods, supply chain management services, manufacturing and sales of rubber products, trade brokerage, and sales of packaging materials and chemical products [1] Group 2: Shareholding Structure - Linyi Zhongru New Materials Co., Ltd. holds 100% of the shares in Shandong Kunbang Import and Export Trade Co., Ltd. [1] Group 3: Operational Details - The company is located in the Huo Stone Chemical Park, Shizun Community, Xiazhuang Town, Ju County, Rizhao City, Shandong Province [1] - The business license allows for self-operated business activities, except for projects that require approval [1] - The company has a business duration from February 9, 2026, with no fixed term [1]

发布时间：2026-02-09 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 6076.69 | | 52 周最高 | 6160.52 | | 52 周最低 | 4167.51 | 行业相对指数表现 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 建筑材料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 证券研究报告：建筑材料|行业周报 近期研究报告 《防水发布涨价函，关注内需弹性品 种》 - 2026.01.26 建材行业报告 （2026.02.02-2026.02.08） 电子布涨价超预期，看好 26 年涨价持续性 投资要点 2 月 4 日，光远新材、国际复材等玻纤龙头对电子布再度提价， 新一轮提价幅度较大，涨价幅度约 0.5-0.6 元/米。此次涨价，我们 判断一方面由于铜价及下游 CCL 涨价预期导致 ...

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The report highlights that the Shanghai government has initiated a pilot program for purchasing second-hand housing, with expectations for further policy support [3] - The report indicates that the effective investment policies discussed in the State Council meeting will focus on infrastructure, urban renewal, public services, and emerging industries, aiming to promote significant projects [3] - The report notes that the real estate market is showing signs of stabilization, with various supportive measures being implemented, including tax reductions and subsidies for home purchases [3] - The construction materials sector is expected to benefit from supply-side reforms and a potential recovery in housing demand due to declining interest rates and improved purchasing power [6] Summary by Sections Recent High-Frequency Data - As of February 6, 2026, the average price of bulk P.O 42.5 cement in China is 329.1 CNY/ton, down 0.2% week-on-week and down 15.3% year-on-year [4][14] - The average price of glass (5.00mm) is 1105.7 CNY/ton, down 0.1% week-on-week but up 2.8% year-on-year [20][24] Sector Review - The Shanghai Composite Index and Shenzhen Composite Index both fell by 1.27%, while the construction materials index rose by 0.7% [5][55] - Sub-sectors such as glass manufacturing (+5.32%) and cement products (+4.74%) performed well, while fiberglass manufacturing (-1.81%) and refractory materials (-3.24%) saw declines [5][55] Investment Recommendations - The report suggests focusing on three main investment lines: 1. High-quality companies benefiting from stock renovation, such as Weixing New Materials and Beixin Building Materials [6] 2. Undervalued stocks with long-term alpha attributes, such as Sankeshu and Dongfang Yuhong [6] 3. Leading cyclical construction material companies showing signs of bottoming out, such as Huaxin Cement and Conch Cement [6]