行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

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 ...

Summary of Conference Call Records Industry Overview - The focus is on the **building materials and new materials** industry, particularly in relation to AI computing and electronic materials, with a notable emphasis on special electronic fabrics and PCB substrates [1][2]. Key Insights and Arguments 1. **AI-Driven Growth**: - The main growth drivers in the building materials sector are AI computing-related electronic materials, with special electronic fabrics leading the fiberglass segment. In the new materials sector, PCB substrates and semiconductor packaging materials are at the forefront [1]. 2. **Supply-Demand Dynamics**: - The electronic fabric market is experiencing a supply-demand imbalance, with an overall industry supply gap of approximately **20%**. Since January 2026, all categories of electronic fabrics have faced supply tightness, with companies holding orders for about **2 months** [1]. - The production capacity for standard electronic fabrics is shifting towards high-end products, resulting in a **60%** loss in capacity. This ongoing contraction in supply is expected to persist [1]. 3. **Price Increases**: - The electronic fabric industry has seen a price increase of **10%** in 2026, following **4-5** price hikes in 2025. High-end products like DK fabric, Q fabric, and CTE fabric are still in an upward price trend [1]. 4. **Production Bottlenecks**: - High-end product production relies on Toyota's advanced weaving machines, which have a delivery cycle of **1-2 years**. However, breakthroughs in pool kiln methods could lead to increased supply by 2029, potentially resulting in oversupply [1]. 5. **Inventory Levels**: - Inventory levels for CCL and electronic fabric factories are at historical lows, approximately **one week**, with PCB manufacturers extending their stocking period from the usual **1 month** to over **2 months** [1]. 6. **Profitability**: - High-end specialty electronic fabrics can achieve gross margins of **40%-50%**, with potential increases beyond **50%** as yield rates improve [1]. Recommendations 1. **Key Companies to Watch**: - Recommended companies include **Macro Technology**, **International Composites**, **China Jushi**, and **China National Materials**. Other notable mentions are **Philips**, **Gobi Technology**, and PCB-related firms like **China Tungsten High-Tech**, **Lianrui New Materials**, and **Dongcai Technology** [2]. 2. **Consumer Building Materials**: - The industry is nearing a bottoming phase, with significant price wars easing. Leading companies are shifting focus from price competition to quality and profitability recovery, with expectations for stabilization in 2026 and performance elasticity in 2027 [2]. 3. **Segment Differentiation**: - The waterproof segment shows signs of ending price wars, while the renovation of existing properties is becoming a core growth driver. Leading firms are enhancing their C-end and overseas strategies [2]. 4. **Strategic Focus**: - Major companies are prioritizing profitability recovery, channel optimization, and product diversification, while also accelerating overseas expansion to create a second growth curve [2]. 5. **Recommended Stocks**: - Elastic stocks include **Keshun Co.**, **Oriental Yuhong**, and **Hankao Group**. Stable stocks to consider are **Rabbit Baby**, **Sankeshu**, **Dongpeng Holdings**, **Monalisa**, and **China Liansu** [2]. Additional Insights - Traditional cyclical products are highlighted, with a focus on local state-owned enterprises like **Sichuan Road and Bridge**, **Shandong Road and Bridge**, and **China Railway**. The steel structure sector is represented by companies like **Honglu Steel Structure** and **Jinggong Steel Structure** [3]. - The cement sector is advised to focus on regional leaders such as **Western Cement**, **Huaxin Cement**, and **Shangfeng Cement** [3]. - Other new materials and robotics sectors are also mentioned, with companies like **Pana Micro透**, **TianYue Advanced**, and **Jing Sheng Co.** being noted [3].

新甘肃客户端武威2月21日讯（新甘肃·甘肃日报记者 金奉乾）大年初五，由甘肃（武威）国际陆港、武威保税物流中心组织发运的春节假期出口国际货运班 列，从武威南铁路货场顺利开行，开辟了塔吉克斯坦杜尚别、苦盏和阿富汗海拉顿两条国际铁路运输新线路。 班列从武威南铁路货场开行。武威保税物流中心供图 近年来，甘肃（武威）国际陆港依托保税海外仓网络，探索"境内外保税区联动""班列+保税仓储"等创新举措，持续拓展海外仓布局，让武威的开放触角延 伸至欧亚大陆深处。目前，甘肃（武威）国际陆港通道网络已覆盖中亚、中欧等六大通道，通达22个国家46个城市和地区。 本次货运班列搭载瓷砖、家具等货物，货重1300多吨，货值1600多万元。为确保新春首发班列的顺利开行，甘肃（武威）国际陆港强化部门协同联动，大力 促进物流业制造业协同联动和跨界融合；金昌海关靠前服务，优化监管流程，为货物快速通关提供保障；兰州铁路物流中心与武威铁路南站积极统筹运力， 精心组织装卸作业，确保货物发运时效。各单位紧密衔接、协同发力，确保了春节假期国际货运班列"不停运、不断档、不打烊"，实现了国际货运班列"周 周班"常态化运营。 甘肃（武威）国际陆港管委会相关负责 ...

武威国际货运班列开辟新线路 【跑好"第一棒" 力促"开门红"】 甘肃（武威）国际陆港管委会相关负责人表示，本次班列的成功发运，凸显了甘肃（武威）国际陆港、 武威保税物流中心境外铁路运输衔接能力，并成功开辟两条国际铁路运输新线路。 今年，甘肃（武威）国际陆港持续提升国际班列品牌影响力，全力推进重点项目实施、枢纽能级提升和 外贸规模扩大，着力打造一流国际化开放平台。截至目前，已成功组织开行国际货运班列7列，实现货 运总值9223万元，货运总量8489吨，班列开行频次、货运规模、货值效益均实现同步提升。 每日甘肃网武威讯（新甘肃·甘肃日报记者 金奉乾）大年初五，由甘肃（武威）国际陆港、武威保税物 流中心组织发运的春节假期出口国际货运班列，从武威南铁路货场顺利开行，开辟了塔吉克斯坦杜尚 别、苦盏和阿富汗海拉顿两条国际铁路运输新线路。 本次货运班列搭载瓷砖、家具等货物，货重1300多吨，货值1600多万元。 责任编辑：杨晨雨 ...

2月21日，满载55个集装箱货物的75188次"天马号"国际货运班列从武威南站鸣笛启程，驶向哈萨克斯坦、乌兹别克斯坦、吉尔吉斯斯坦、塔 吉克斯坦、阿富汗五国，这是甘肃省武威市马年开行的首列国际货运班列。 作者：张智敏、王光辉、叶俊海 新华社音视频部制作 【纠错】 【责任编辑:胡蓉】 本次班列搭载瓷砖、家具等产品，总重1300多吨，货值1600多万元，将从霍尔果斯口岸出境，预计11天后抵达目的地。 ...

为保障新春班列顺利开行，武威国际陆港联合多部门协同发力。曹科说，金昌海关优化监管流程，铁路 部门统筹运力保障时效，中铁集装箱兰州分公司细化运输方案，共同护航"天马号"在春节期间实现"周 周班"常态化运营，为线路稳定运营提供坚实支撑。 满载瓷砖、木板家具等中国制造产品的75188次"天马号"国际货运班列，从甘肃武威南站启程。 曹科 摄 作为古丝绸之路重要节点，武威国际陆港正加快从"通道经济"迈向"产业经济"。当地坚持以通道带物 流、以物流兴产业、以产业促开放，不断织密通达中亚、辐射欧洲的国际物流网络，让昔日丝路古道变 身黄金物流通道。 本次混合班列共发运55车，货重1300多吨，货值1600多万元，宛如奔腾的"钢铁驼队"向西驰骋。武威保 税物流中心负责人曹科说，"天马号"不仅承载着优质中国制造，更承载着与共建"一带一路"国家经贸合 作的美好愿景。 目前，武威国际陆港通道网络已覆盖中亚、中欧等六大通道，通达22个国家46个城市和地区，充分彰 显"天马号"作为"黄金线路"的品牌价值。 中新网兰州2月21日电 (戴文昌)21日，满载瓷砖、木板家具等中国制造产品的75188次"天马号"国际货运 班列，从甘肃武威南站启程 ...

Core Insights - The flooring industry is at a turning point, experiencing a new wave of consumer transformation and market restructuring driven by changing demands for health, environmental sustainability, and aesthetic appeal [4][9]. Group 1: Industry Evolution - The flooring market has evolved from traditional solid wood and ceramic tiles to a diverse range of materials, including engineered wood and bamboo flooring, reflecting a shift towards innovation and variety [5]. - The introduction of stone crystal flooring, characterized by zero formaldehyde and a warm touch, is reshaping user experience standards and indicating a shift towards health, adaptability, and technological empowerment in the industry [7][12]. Group 2: Market Dynamics - The flooring industry's growth logic is being fundamentally rewritten in the context of a saturated market, necessitating a transformation driven by "new quality productivity" [9]. - The rise of new consumer groups is leading to an upgrade in demand for multifunctional, aesthetically pleasing, and environmentally friendly products, which is particularly urgent in the flooring sector [10]. Group 3: Product Innovation - Stone crystal flooring has emerged as a new category in the domestic market, having already gained validation in overseas markets, and is increasingly replacing traditional materials like ceramic tiles and carpets [12]. - The competitive edge of stone crystal flooring lies in its all-around product capabilities, including zero formaldehyde, 0% water absorption, T-level wear resistance, and R9 anti-slip performance, making it suitable for various environments [12][16]. Group 4: Future Outlook - The flooring industry's evolution reflects a broader narrative of human understanding of surface space, transitioning from basic functionality to aesthetic expression and now to health and ecological responsibility [17]. - The best flooring products will enhance quality of life, reduce environmental footprints, and connect nature with technology, marking the beginning of a transformative chapter in this ancient industry [20].

Group 1 - The ongoing federal immigration enforcement actions in the Rio Grande Valley are causing significant disruptions in the local construction industry, leading to project delays, labor shortages, and increased costs [1] - The residential construction in Hidalgo County has decreased by approximately 30% in recent months, according to estimates from Valley Land Title's CEO [2] - A report from the American General Contractors Association indicates that about one-third of commercial contractors nationwide have been affected by immigration enforcement in the past six months, which is driving up housing costs and compressing builders' profits [3] Group 2 - The construction industry heavily relies on immigrant labor, with studies showing that immigrants make up over half of the construction workforce in states like Texas, California, New Jersey, and Washington, and an even higher percentage in the Rio Grande Valley [1] - The concrete company 57Concrete reported a 60% decrease in concrete usage from May to November last year, leading to over one-third of its workforce being laid off and the company filing for bankruptcy reorganization [3] - Materiales El Valle, a tile supplier, experienced a loss of $5.3 million in sales and had to lay off employees for the first time in 40 years, while also facing challenges in filling job vacancies [3] Group 3 - The construction quality at projects like Monte Cielo is declining as contractors are forced to hire inexperienced workers due to the arrest of skilled laborers [4] - Community banks are reporting reduced loan demand and tighter standards, which are stifling further investment and causing project delays [3] - Industry organizations are seeking to reduce enforcement on job sites and support the establishment of new non-immigrant visa categories to allow employers to bring in foreign labor if positions remain unfilled for three months [3]

Core Viewpoint - The company is planning a significant asset restructuring to acquire minority stakes in its subsidiary, Tefu International, to enhance its overseas building materials business and improve profitability [4][5][6]. Group 1: Asset Restructuring - The company announced a suspension of trading on January 15, 2026, to plan a major asset restructuring involving the acquisition of minority stakes in Tefu International through share issuance and cash payment [4]. - The restructuring aims to increase the company's ownership in Tefu International from 51.55% to 100% by purchasing shares from 24 specific investors at a price of 10.80 yuan per share [6][7]. - The total amount of funds raised through this issuance will not exceed 100% of the transaction price for the asset purchase, and the success of the fundraising will not affect the asset acquisition [6][7]. Group 2: Business Expansion and Financial Impact - Tefu International has established a core business system of "tiles + sanitary ware + glass" and has expanded its production capacity across seven African countries, with a projected tile sales volume of approximately 172 million square meters in 2024, capturing 14.3% of the African tile market [8]. - The overseas building materials segment is expected to contribute significantly to the company's revenue and profit, with projected revenue and net profit for Tefu International in 2025 being 8.19 billion yuan and 1.47 billion yuan, respectively, which could add 760 million yuan to the company's net profit [8]. - The company is also investing approximately 94.72 million USD in a float glass production project in Ghana to further expand its overseas building materials business [8]. Group 3: Lithium Carbonate Price Increase - The price of lithium carbonate has been rising since the second half of 2025 due to supply disruptions and strong demand, which is expected to further boost the company's profits [9]. - The company's associate, Lanke Lithium Industry, achieved a lithium carbonate production and sales volume of 32,000 tons each in the first nine months of 2025, with a revenue of 1.92 billion yuan, despite a year-on-year decline of 13.5% [9]. - The net profit margin for Lanke Lithium Industry improved from 24% in the previous year to 32% in 2025, contributing 270 million yuan to the company's net profit, reflecting a year-on-year increase of 15.2% [9].