从区域分布看，中国玻璃纤维生产企业主要分布在江浙沪、山东等区域，其中江苏省玻璃纤维生产企业较 多，包括长海股份、中材科技等，而玻璃纤维龙头企业中国巨石则位于浙江。玻璃纤维上游企业，例如三 友化学、山东海化等则位于河北、山东等地，下游代表性企业位于新疆、四川、上海等地。 图表3：中国玻璃纤维产业链代表性公司区域热力图(按所属地) 玻璃纤维行业代表性企业最新投资动向 2022年以来，中国玻璃纤维企业通过设立子公司、设立投资基金、增资等方式拓展公司规模、布局新领 域。中国玻璃纤维行业代表性企业投资动向汇总如下： 图表5：2024-2025年中国玻璃纤维行业代表性企业投资动向 玻璃纤维行业主要上市公司：中国巨石(600176);中材科技(002080);长海股份(300196);国际复材(301526);山 东玻纤(605006);宏和科技(603256);九鼎新材(000834)等 玻璃纤维行业产业链区域热力地图 | 公司名称 | 投资时间 | 投资动向 | | --- | --- | --- | | 国际复材 | 2024.10 | 投资 230,446.03 万元建设电子级玻璃纤维生产线设备更新及数智化提质增效 ...

证券日报网讯 国际复材（301526）11月24日发布公告，在公司回答调研者提问时表示，玻璃纤维池窑 的设计使用寿命通常为8-10年。在窑炉运行到期后，公司会安排停炉进行冷修，并借此机会引入更先进 的设备、技术与生产工艺。冷修完成后，产能规模和生产效率通常会得到一定程度的提升，从而带动成 本的降低。自公司上市以来，老旧产能陆续得到升级迭代，生产成本实现了持续下降。同时，公司聚焦 主营业务，深入推进精益管理和全面对标工作，各项降本措施得到有效落实。"全员、全流程、全要 素"的成本管控理念已深入人心，为持续降低成本奠定了坚实基础，并不断拓展新的降本空间。展望未 来，公司将继续通过持续的技术改造、成本结构优化和市场开拓，不断完善系统性的降本增效机制，为 实现可持续、高质量的发展提供持续动力。 ...

Investment Rating - The report provides a positive outlook for the fiberglass industry, indicating a recovery in prices and an upward trend in industry prosperity [4]. Core Insights - The fiberglass industry has seen a price recovery, driven by demand from emerging sectors such as wind power, thermoplastics, and electronics. The overall supply-demand balance remains stable, with major companies maintaining strong pricing strategies [4]. - The brand building materials sector is facing challenges in growth and profitability, with a notable decline in revenue and profits among sample companies. However, operational quality is improving as companies focus on cost control and brand management [5]. - The cement sector has shown significant profit improvement, with a notable increase in net profits compared to the previous year, despite a decline in revenue. This is attributed to a low base from the previous year and stable pricing in the industry [6]. - The glass industry, particularly float and photovoltaic glass, is still under pressure, with revenues and profits declining. However, there are signs of improvement in the third quarter due to price increases [8]. Summary by Sections Fiberglass - The fiberglass industry reported a total revenue of 42.798 billion, a year-on-year increase of 24.25%, and a net profit of 4.601 billion, up 95.04% [4][15]. - Major companies like China Jushi and Zhongcai Technology are highlighted as leaders in the market, with strong profit margins and operational efficiency [20][26]. - The price trend for fiberglass is on an upward trajectory, supported by stable demand from new applications [29]. Brand Building Materials - The brand building materials sector experienced a revenue decline of 6.14% year-on-year, with total revenue of 110.539 billion, marking the lowest level in five years [37]. - Net profit for the sector fell by 25% to 5.775 billion, also the lowest in five years, indicating significant pressure on profitability [37]. - The industry is undergoing a phase of capacity clearing, with expectations of market share redistribution and potential stabilization of profit margins in the future [5]. Cement - The cement sector achieved a total revenue of 181.1 billion, a decline of 8.5% year-on-year, while net profit surged by 159.1% to 9.5 billion, benefiting from a low base and stable pricing [6][55]. - Key players such as Huaxin Cement and Conch Cement are recommended for investment due to their strong performance [6]. - The outlook for the cement industry remains positive, with expectations of continued profit improvement in the coming years [6]. Glass - The float glass sector reported a revenue of 29.39 billion, down 8.99% year-on-year, with a net profit of 0.92 billion, down 51.04% [84]. - The photovoltaic glass sector faced significant challenges, with a revenue decline of 19.43% to 16.706 billion and a net loss of 0.018 billion [104]. - Despite the challenges, there are signs of recovery in the third quarter, with revenue growth driven by price increases [104].

Core Viewpoint - Zhejiang Zhenstone New Materials Co., Ltd. has successfully passed the IPO review on the Shanghai Stock Exchange, aiming to raise approximately 3.981 billion yuan for its operations in the clean energy sector [1] Group 1: Company Overview - Zhenstone is primarily engaged in the research, production, and sales of fiber-reinforced materials in the clean energy field and is recognized as a national high-tech enterprise [1] - The company’s IPO was accepted on June 25, 2025, and entered the inquiry stage on July 19, 2025 [1] Group 2: IPO Details - The company plans to raise around 3.981 billion yuan through its IPO [1] - The listing committee has requested Zhenstone to clarify the fairness of its related transactions with China Jushi, including pricing basis and decision-making processes [1] Group 3: Risk Considerations - The listing committee has asked the company to address its dependency on China Jushi for raw materials and whether the risk disclosures are adequate [1] - Zhenstone is also required to explain the potential impact on its future performance stability due to rising prices of glass fiber from China Jushi and the capacity expansion of major customers [1]

Group 1 - The report highlights a strong recovery in the cement and fiberglass sectors, with unique performance from various consumer building materials stocks driven by anti-involution, specialty fabrics, and overseas expansion [3][11]. - In 2026, the outlook for the building materials industry includes accelerated overseas expansion, benefiting companies that have adjusted their channel, product, and sales structures over the past four years [3][11]. - The report identifies key companies to watch, including Huaxin Cement, Keda Manufacturing, and Western Cement, which are positioned well for overseas growth [3][17]. Group 2 - The building materials sector outperformed the CSI 300 index with a cumulative increase of 22.35% from the beginning of 2025 to November 14, 2025, driven by high demand for specialty fiberglass and other catalysts [8][11]. - The report notes that the cement and fiberglass sectors have achieved profit recovery, with the fiberglass sector showing significant revenue growth [11][17]. - The report emphasizes the importance of overseas markets, particularly in Africa, where population growth and urbanization present substantial opportunities for building materials companies [27][35]. Group 3 - The report discusses the transformation of distribution channels in the consumer building materials sector, highlighting companies like Sanhe Tree and Dongpeng Holdings that have successfully adapted to market changes [3][17]. - The consumer building materials segment is expected to benefit from a recovery in domestic demand, with companies like China Liansu and Beixin Building Materials showing potential for growth [3][11]. - The report indicates that the fiberglass sector is experiencing stable profit improvements, with companies like China Jushi and China National Building Material expected to perform well [3][17]. Group 4 - The report outlines the significant growth potential in the fiberglass market, with expectations for continued high demand for specialty fabrics [3][17]. - The report highlights the competitive advantage of Chinese companies in the global market, particularly in cement production, where China accounts for 47% of global output [34][35]. - The report emphasizes the importance of overseas expansion for companies like Huaxin Cement and Keda Manufacturing, which are actively increasing their production capacities in emerging markets [42][54].

摘要 2025 年粗砂市场冰火两重天，普通缠绕直接砂和下游玻璃钢厂开工惨 淡，主因终端需求不旺。山东、江苏、浙江等地小号数产品订单尚可维 持至月底，但 12 月或显著下滑，回款周期拉长。 部分国内需求转向阿联酋、巴西等出口订单，因回款周期短。9 月以来， 中小企业粗砂价格从 3,050 元/吨提涨至 3,250~3,300 元/吨，贸易商 和深加工工厂最低拿货价约 3,250 元/吨。 大型深加工上市企业基本满产满销，出口占比高，客户稳定。风电织物 深加工厂订单乐观，预计未来两三年国内风电新增装机量维持高位，对 玻璃纤维需求有支撑。 9 月提价主要因前期低价回升及中下游备货，10 月小号数产品需求回升 支撑大号数产品价格。大厂 10 月底提价旨在烘托市场气氛，更关注风 电和热塑品种长协合同基价。 目前小号数纱和大号数粗纱均紧张，厂家将大号数纱转为小号数产品。 中小厂家调整结构生产小号数产品，四川裕达、江西源源等转向细沙和 低介电超细沙。 Q&A 今年玻璃纤维行业的整体需求情况如何？ 今年（2025 年）玻璃纤维行业的需求呈现出明显的结构性分化。普通产品的 供需情况依然过剩，短期内供应压力没有显著缓解。各个厂家 ...

浙江振石新材料股份有限公司(以下简称"振石股份")主要从事清洁能源领域纤维增强材料的研发、生产 及销售，主要产品包括清洁能源功能材料及其他纤维增强材料，覆盖风力发电、光伏发电、新能源汽 车、建筑建材、交通运输、电子电气及化工环保等行业。 上交所官网显示，振石股份主板IPO的申请将于11月18日接受发审委的首发审核，不过，这已经不是振 石股份第一次登陆资本市场，此次，是继2019年其从港股完成私有化退市后再次重回资本市场，只不 过，此次的上市地点变成了上交所主板。 自振石股份主板IPO于2025年6月25日获得受理，在经历短短两轮问询之后，便迎来了首发审核，然 而，作为挺过了第二批IPO现场抽查的企业，振石股份却仍有不少问题有待解决。 "振石股份对中国巨石采购玻璃纤维等的金额远超30%的警戒线，另外，振石股份与中国巨石之间还存 在采购电力、关联销售、关联租赁，振石股份的经营独立性实际上已经面临着很大的考验。" 与中国巨石纠缠不清，大量管理人员混同经营独立性待考验 首当其冲的，关联交易成为了振石股份此次备受关注的焦点问题。 报告期各期，振石股份向关联方购买商品、接受劳务发生的经常性关联交易金额分别为281085. ...

Core Viewpoint - The glass fiber industry in China is experiencing strong policy support at both national and provincial levels, with a focus on high-performance and specialty glass fibers, which are crucial for various applications in construction, energy, and transportation [1][2]. National Policy Summary - Since 2015, the glass fiber industry has been included in several key national policy documents, emphasizing its importance as a strategic emerging industry [1][2]. - The "14th Five-Year Plan" outlines specific goals for the glass fiber industry, including innovation-driven development and supply-side structural reforms [1][2]. - Key policies include the "Green Finance Support Project Directory" and the "Guidance on Promoting the Recycling of Retired Wind Power and Photovoltaic Equipment," which support the glass fiber sector [2][3]. Provincial Policy Summary - Various provinces have incorporated glass fiber into their "14th Five-Year" plans, setting development targets and focusing on specific products [9][10]. - For example, Chongqing aims to achieve a total industry scale of over 50 billion yuan by 2027, with glass fiber and composite materials accounting for 20% of national production [10]. - Provinces like Shaanxi and Inner Mongolia are focusing on high-silicon glass fibers and high-performance fibers, respectively, to enhance their industrial capabilities [8][10]. Industry Development Goals - The glass fiber industry is expected to see significant growth, with specific targets for production capacities, such as 80,000 tons/year for alkali-free glass fiber [6][7]. - The industry is encouraged to develop high-performance and specialty glass fibers, including ultra-fine and low-dielectric fibers, to meet emerging market demands [7][8]. - The focus on environmental sustainability and energy efficiency is evident in policies that promote cleaner production and resource utilization [5][6].

1-10 月地产链数据联合解读 20251114 摘要 10 月房地产数据显著下滑，二手房市场呈现降价放量阶段，重点 22 城 1-10 月二手房交易总面积同比增长 7%，表明降价刺激成交量增加。 对 2026 年房地产市场持谨慎乐观态度，预计明年销售面积和销售金额 将实现正增长，龙头企业如保利虽出现单季亏损，但主要为减值造成， 非经营亏损。 未来两三年，供给侧改革将改善竞争格局，龙头蓝筹企业有望在核心城 市获得更多优质资产，对 2026 年财报产生积极影响。 1-10 月建材需求总体下降，水泥需求同比下降 15%，预计明年全国水 泥需求将继续下滑约 5%，企业间差距将更加明显，高低切换和顺周期 切换成为关注焦点。 消费建材领域，三棵树受益于农村和旧改市场，东方雨虹发力海外市场， 汉高集团提升家居五金市占率，均实现显著增长，体现增长拐点。 当前政策环境下，内生增长型公司（如三棵树、东方雨虹、汉高集团） 和防御型公司（如伟星新材、兔宝宝、北新建材）受到关注，前者受益 于阿尔法效应，后者估值较低且股息率较高。 10 月固定资产、制造业和基建投资增速均呈现环比和同比双重下降趋势， 未来六个月将面临高基数效应带来的加 ...

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [2][4]. Core Views - The real estate sector is currently in a "bottoming" phase, with new home and second-hand home transaction areas still showing negative year-on-year growth, although the decline is narrowing compared to 2024. New construction starts and development investments continue to decline, and funding is tight, indicating an ongoing deleveraging cycle. The overall loss level of the industry has further expanded compared to the second quarter, suggesting that the fundamentals remain weak. Future policy support and stabilization of the industry are expected to drive market trends [4][28]. - The building materials sector, particularly cement, is benefiting from a dual advantage of cost and policy due to the elimination of high-energy, low-efficiency capacities. The sector is expected to see stable support from urban village renovations and the acceleration of affordable housing construction. Current valuations are at historical lows, making certain stocks attractive for defensive and long-term investment [4][50]. Summary by Sections Real Estate Sector - As of November 13, 2025, the Shenwan Real Estate Index has increased by 2.07% over the past two weeks, outperforming the CSI 300 Index by 1.32 percentage points, ranking 20th among 31 sectors. Year-to-date, the index has risen by 11.37% [13][17]. - The report highlights that the industry is transitioning from a high-leverage, high-turnover model to one focused on quality, service, and sustainability, with urban renewal expected to unlock potential in existing stock [4][28]. Building Materials Sector - The Shenwan Building Materials Index has risen by 2.63% over the past two weeks, outperforming the CSI 300 Index by 1.3 percentage points, ranking 17th among 31 sectors. Year-to-date, the index has increased by 23.38% [29][32]. - The cement industry is expected to see a significant increase in profitability due to the implementation of carbon trading regulations and the elimination of inefficient capacities. The sector is supported by ongoing construction projects and a favorable valuation environment [4][50]. Recommendations - The report recommends focusing on leading companies with strong fundamentals and high dividend yields, such as Poly Developments (600048), China Merchants Shekou (001979), and Binhai Group (002244) in the real estate sector, and Conch Cement (600585) and Huaxin Cement (600801) in the building materials sector [4][53].