证券研究报告：建筑材料|行业周报 发布时间：2026-03-02 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 6571.81 | | 52 | 周最高 | 6706.6 | | 52 | 周最低 | 4167.51 | 行业相对指数表现 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 近期研究报告 《电子布涨价超预期，看好 26 年涨价 持续性》 - 2026.02.09 建材行业报告 （2026.02.23-2026.03.01） 电子布延续高景气，看好龙头中国巨石 投资要点 行业投资评级 电子布自 25 年 10 月已经历 4 轮涨价，2 月初涨价幅度达 0.5-0.6 元/米，涨价节奏及幅度均超预期。一方面，AI 相关的 low-CTE、一 代布二代布等产品需求旺盛高景气，供给短期难以满足，产品价格有 望持续提升。另一方面，由于行业产能转向 AI 特种玻纤，传统电子 布产能紧缺、叠加织布机紧缺等因素，预计传统电子布仍将延续超预 期涨价态势。建议关注：中国巨石。 水泥： ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the electronic cloth sector has experienced four rounds of price increases since October 2025, with a price increase of 0.5-0.6 yuan/meter in early February 2026, driven by strong demand from AI-related products and a supply shortage [3] - The cement industry is gradually recovering post-Spring Festival, with demand showing signs of improvement, particularly in the civil market, while the overall capacity is expected to decline under production restriction policies, leading to increased profit elasticity [3] - The glass industry is facing continuous demand pressure due to real estate impacts, with short-term price fluctuations expected to remain low due to high inventory levels among intermediaries [4] - The fiberglass sector is anticipated to see explosive growth driven by AI demand, with a clear upgrade in product structure and a trend of simultaneous volume and price increases [4] - The consumer building materials sector is expected to see profit improvements as prices stabilize after years of competition, with major companies expected to issue price increases in 2026 [4] Summary by Sections Cement - National demand is gradually recovering post-Spring Festival, with a notable decline in cement production of 1.44 billion tons in December 2025, down 6.6% year-on-year [8] Glass - The glass market is under pressure with traditional peak season orders showing limited improvement, and supply-side adjustments are expected to keep prices low in the short term [15] Fiberglass - The demand for electronic yarn is strong, driven by the AI industry, with expectations for simultaneous increases in volume and price due to product upgrades [4] Consumer Building Materials - The sector's profitability has reached a bottom, with strong calls for price increases expected to lead to profit improvements for leading companies in 2026 [4]

Investment Rating - The report suggests a positive outlook for the electronic inflation chain and oil chain sectors, indicating potential price increases and strong demand in various materials [1][2][3]. Core Insights - The electronic inflation chain is expected to see price increases in early March due to strong downstream demand from AI materials and new product launches, with a successful price transmission anticipated [1]. - The oil chain is impacted by rising oil prices, leading to cost increases for products like asphalt, with companies adjusting prices accordingly [2]. - Companies like Keda, Huaxin, and Leshushi are highlighted for their expansion into international markets, particularly in Africa and South America, indicating a strategic focus on local manufacturing and job creation [3]. Summary by Sections Electronic Inflation Chain - Strong demand for AI materials is driving price increases in electronic fabrics and copper foil, with expectations for smooth price transmission in March [1]. - The report emphasizes the ongoing trend of AI displacing traditional production capacities in various sectors, including storage and electronic fabrics [1]. Oil Chain - The report notes that the cost of asphalt has risen from 3,000 RMB/t to 3,350 RMB/t, prompting companies to increase prices by 5%-10% for related products [2]. - The report highlights the potential for coal chemical alternatives to gain traction as oil prices rise, suggesting increased capital expenditure in this area [2]. International Expansion - Keda's establishment of a glass factory in Ghana is noted as a significant development, with expectations for local job creation and reduced costs for construction and automotive needs [3]. - Leshushi's inclusion in the Hang Seng Composite Index is also highlighted, indicating its growing market presence and liquidity [3]. Market Performance - The report provides insights into the performance of various materials, with cement prices averaging 339 RMB/ton, down 52 RMB/ton year-on-year, and glass prices showing a slight increase [4][15]. - The overall building materials index has shown a positive performance, with specific sectors like glass manufacturing and fiberglass seeing notable gains [18].

涨价通胀或成为主线：买什么？20260226 摘要 通胀预期升温，电子布等环节涨价，化工品价格与股价处于相对有利位 置，部分品种从被动去库转向主动补库，逐步接近拐点，建议关注"涨 价/通胀"主线下的化工领域投资机会。 万华化学业绩预测乐观，2026 年预计达 160 亿，主要来自石化业务及 新能源材料改善。MDI/TDI 价格敏感性高，每吨涨价 1,000 元可增厚利 润 34 亿，海外提价趋势明显，估值仍有提升空间。 甜味剂行业格局良好，金禾实业在安赛蜜和三氯蔗糖市场占据重要地位， 具备提价逻辑支撑。若安赛蜜涨价至 3 万元以上，预计增加利润 3 亿多 元；三氯蔗糖若协同涨价，利润目标可达 16 亿元。 农药板块处于底部，美国政策可能催化价格上涨，但需观察基本面兑现 情况。磷矿行业景气度较高，下游需求旺盛，但出口端管控严格，短期 国内磷化工以国内运行为主，关注春耕后出口政策变化。 黄磷供给受双碳政策约束，需求端有不可替代性，硫磺价格高位支撑。 若含磷农药出口预期增强，将进一步带动黄磷需求上行，价格看涨情绪 浓厚。 Q&A 如何理解未来一段时间"涨价/通胀"可能成为重要主线的核心逻辑？化工板块 在其中处于什么 ...

Summary of Conference Call for China Jushi (20260227) Industry Overview - The demand for special electronic fabrics has surged, with some production capacity shifting towards AI-related fields, leading to a temporary shortage of supply for the 7,628 series products and driving price increases [2][3] - The PCB industry has seen a rise in copper foil prices, which has improved the downstream acceptance of rising material costs, facilitating the price transmission of electronic fabrics [2][4] - The electronic fabric industry has experienced a downturn since the second half of 2021, with limited capacity expansion over the past two years, resulting in low inventory levels as of Q4 2025 [2][4] Company Insights - The company's electronic fabric business is primarily focused on the 7,628 series, accounting for over 85% of its production [2][5] - A new electronic yarn production line in Huai'an is set to commence operations in March 2026, with a designed capacity of 100,000 tons, aimed at increasing the proportion of thin and ultra-thin fabrics [2][6] - Special electronic fabrics are still in the R&D phase, with no substantial mass production yet, as they are currently undergoing sample testing and certification with downstream clients [2][7] Production and Capacity Plans - The 2026 construction focus includes the Huai'an base, which will feature a 100,000-ton electronic yarn line (to be released in two phases) and an additional 200,000 tons of coarse yarn capacity [2][8] - The company plans to launch a cold repair production line in Tongxiang around mid-2026 and a 200,000-ton line in Chengdu expected to be operational in 2027 [2][8] Pricing Dynamics - The price increase for electronic fabrics is driven by three main factors: adjustments in industry capacity structure, changes in demand structure, and rising copper foil prices in the PCB supply chain [3][4] - The current profit margin for standard electronic fabrics is approximately 1.7 to 1.8 yuan per meter, with thin and ultra-thin fabrics priced about 1 yuan higher than the 7,628 series [3][14] - The price of ordinary electronic fabrics is expected to maintain a favorable trend in the first half of 2026, with a need to monitor supply-demand dynamics post-March [3][16] Inventory and Supply Chain - The overall inventory level of electronic fabrics is currently low, with about half a month of inventory available [2][16] - The company is not expected to adopt a strategy of accumulating inventory to speculate on price increases, as its current inventory level is already substantial [2][28] Market Outlook - The demand for thin and ultra-thin fabrics is expected to grow, particularly in automotive electronics, while the overall market outlook for household appliances and automotive electronics is less optimistic compared to 2025 [3][16] - The company anticipates that the price of ordinary electronic fabrics will remain a highlight in 2026, with potential adjustments based on market conditions [3][16] Special Electronic Fabrics Development - The development of special electronic fabrics is progressing, with multiple product directions being explored, but mass production is not expected in the short term [2][7][11] - The company is currently focused on domestic clients for sample testing, while also engaging with some overseas clients [2][12] Conclusion - The company is strategically positioned to respond to the evolving market dynamics in the electronic fabric industry, with significant investments in capacity expansion and R&D for special electronic fabrics, while maintaining a cautious approach to pricing and inventory management [2][3][4][8]

【一周一议】 首先，电子通胀链方面，3 月内外需开启共振，成本端价格传导持续，对比 2 月的预期占主导，3 月基本面更重要。 3 月初有望看到多个品种调涨（行业是月初定价机制），例如电子布、铜箔，一方面 AI 材料下游需求强劲，另一方面 非 AI 方面的需求、3 月并非验证期（新机发布较多），因此 3 月初的电子链议价我们认为会较为顺利传导。此外，我 们一直提示的 AI 挤占逻辑在更多领域得到验证，例如 2 月 27 日，日本三井金属对外发函，继续转产能给高端铜箔和 薄铜（载体铜箔），马来西亚子公司控制常规产品的供应。我们也发布了报告《谁的产能被 AI 挤占？从电子布出发， 看好电子通胀强周期》，我们认为在存储/电子布/光纤之后，铜箔、CTE 布、MLCC（被动元件）、CCL 等环节有相似的 提价背景。以及 hrsg 管作为北美缺电背景下的材料品类，强需求有望带动量价齐升。 第二，油链方面，油价上涨对我们板块的影响分为 2 个部分，一是成本加成顺价，例如东方雨虹在 3 月 1 日发布提价 函，提及成本端沥青价格从 1 月 3000 元/t 涨至 3350 元/t，公司决定自 3 月 15 日起工程端沥青类卷材 ...

[Table_Page] 投资策略周报|建筑材料 证券研究报告 | [Table_Title] 建筑材料行业 | | [Table_Gr ade] 行业评级 | 持有 | | --- | --- | --- | --- | | | | 前次评级 | 持有 | | 双碳政策强化建材供给逻辑，CCL | 继续涨价，上海优化调整地产政策 | 报告日期 | 2026-03-01 | [Table_Summary] 核心观点： [相对市场表现 Table_PicQuote] [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 021-38003688 xielu@gf.com.cn 分析师： 张乾 SAC 执证号：S0260522080003 021-38003687 gzzhangqian@gf.com.cn 分析师： 陈琳云 SAC 执证号：S0260526010002 021-38003622 chenlinyun@gf.com.cn -10% 3% 16% 28% 41% 54% 03/25 05/25 07/25 10/25 12/25 ...

2026 年 03 月 01 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 行 业 研 究 / 建 筑 材 料 / 证 券 研 究 报 告 建筑材料行业周报 节后复工数据农历同比改善，上海地产 政策放松助力地产链回暖 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：闫广 证书编号：S1160526010004 联系人：陈怡洁 相对指数表现 -10% 4% 18% 32% 46% 60% 2025/3 2025/8 2026/2 建筑材料 沪深300 相关研究 《关注节后下游复工节奏，期待小阳春》 2026.02.23 《7628 电子布再提价推升业绩弹性，消费 建材小阳春可期》 2026.02.08 《拥抱景气周期，聚焦涨价链条》 2026.02.01 《新一轮城市更新开启，关注消费建材底 部向上的弹性》 2026.01.25 《政策组合拳助力"开门红"， 看好玻纤 景气度向上》 2026.01.18 板块行情回顾：本周建材板块上涨 3.3%，跑赢沪深 300 指数 2.2pct。 分 子 板 块 ...

今年以来，贵金属、小金属、存储芯片、MLCC、电子布等品种价格迎来显著上涨，相关股票受到资金 青睐，股价也出现持续上涨。翔鹭钨业、章源钨业今年以来均涨逾180%，中钨高新涨逾130%，湖南白 银涨逾120%，走势远超大盘，其中中钨高新、厦门钨业等涨价概念股获得资金青睐，融资资金显著加 仓。 分析人士表示，宏观流动性宽松为大宗商品提供支撑，金属板块将具备更高的上行弹性，涨价是一季度 的核心配置线索之一。 ● 本报记者 吴玉华 多个品种出现涨价 今年以来，多个品种出现涨价，包括AI需求带动的存储芯片、电子布等，资源类的黄金、白银及多个 小金属品种，化工类的磷化工等， 从AI需求旺盛带动的存储芯片、电子布等品种来看，2026年1月，三星、SK海力士向服务器、PC及智 能手机用DRAM客户提出涨价。近期，国际复材、光远新材等企业率先上调电子布报价，普通电子布涨 幅超10%，报价突破万元关口，达10300元/吨-10700元/吨；7628电子布主流价格升至5.1元/米–5.5元/ 米。 从资源类的黄金、白银及多个小金属品种来看，截至2月27日中国证券报记者发稿时，今年以来，现货 黄金累计涨近20%，现货白银累计涨逾25 ...

关于我们 今日指数震荡走高延续强势，因触及压力位午后略有回落，好在这个位置的压力并不算太强，短期简单震荡调整后有望突破 新高。情绪端相对偏弱但也有所回暖，尤其是下午指数走弱的情况下短线情绪并未跟随回落，航天发展的涨停是一个比较明 显的信号,所以明天以传媒影视为首的Al应用、算力租赁等应该会有明显的亏钱效应修复,关注豫能控股(收购先天算力) 的 反馈。当然主线还是围绕涨价和AI硬件没有变化，早盘涨价高潮之后正常分化，明天大概率会延续分化 --- 前排加速后排淘 沐。从今天油气率先走弱的角度来看，涨价仍然要选择景气度比较高的品种，所以叠加涨价和AI硬件的MLCC、电子布、铜 箔、钻针等是首选，其次就是上游的钨、钢、稀土,再往后是行业反转预期的锂电、化工等。今年AI硬件最大的变量应该还是 CPO, 英伟达的规模部署或许只是一个开始, 随着单芯片算力逼近物理极限、超节点规模成为主流后，系统瓶颈正从"计算密 度"转向"通信带宽"，硅光集成和CPO技术的成熟，通信领域即将迎来价值重估和技术爆发。 联系方式 网站声明 用户反馈 网站地图 ID: 100104 COUNT 首页 电影 FM terfir t # N the ...