公司深度研究 | 戈碧迦 高端光学材料龙头，先进封装及 AI 上游核心材料替代先锋 证券研究报告 2026 年 01 月 13 日 戈碧迦（920438.BJ）首次覆盖报告 公司是一家从事光学玻璃及特种功能玻璃研发、制造和销售的高新技术企 业。自成立以来，专注于光学玻璃的配方、熔炼、检测等技术的研发，并在 此基础上成功开发纳米微晶玻璃、防辐射玻璃、耐高温高压玻璃、半导体玻 璃基板及载板等多款特种功能玻璃产品，下游应用广泛。 光学玻璃市占率领先，特种玻璃对标海外巨头实现国产替代。目前公司可以 生产的光学玻璃牌号从成立初期的 2 个增加到 100 余个，已覆盖光学玻璃主 流品种，光学玻璃的产品形态从材料向型件、元件延伸。特种玻璃领域，公 司研发的纳米微晶玻璃对标美国康宁的超瓷晶玻璃，已应用在包括华为昆仑 玻璃在内的多家手机厂商盖板玻璃产品上。同时，在半导体领域，公司已经 开发出多款玻璃载板产品，通过多家知名半导体厂商验证并成功获得订单， 玻璃基板产品也已经成功开发，并已向国内多家知名半导体厂商送样。未来 随着 2.5D、3D 封装技术的逐渐成熟，公司半导体特种玻璃需求量有望加速 提升。另外在电子布方面，公司拟投资 ...

涨价信号：景气发轫与延续的新线索 央行四季度例会指出"促进经济稳定增长和物价合理回升"，价格信号的重要性日趋凸显。自2025年下半 年起，随着国内反内卷政策推进，叠加全球弱美元的宽松环境，涨价逻辑在部分领域逐步开启。 具体来看，三大领域值得关注：一是需求改善但供给收缩的化工板块，如有机硅、制冷剂、农药、溴 素、PTA等，以及新能源领域的碳酸锂、六氟磷酸锂、多晶硅等；二是需求急剧扩张令供给短期难以跟 上的TMT供应链，如存储芯片、覆铜板、电子布等；三是金融与需求属性同步提升的有色板块，如贵 金属、工业金属与小金属等。 2026 年开年以来，A 股市场迎来多重积极信号。国泰海通证券发布研报，认为政策预期、流动性与基 本面共振上修，A 股市场有望迎接春季"开门红"。涨价信号下，产业景气正在发轫与延续。行情看好的 重点在科技、非银、消费。 春季行情逻辑：三大支撑因素 海外流动性宽松预期升温。 美联储下任主席谜底即将揭晓，市场开始憧憬2026年美国降息前景。海外 流动性宽松，叠加春节前结汇，有望推动人民币稳定与升值，为A股市场提供有利的外部环境。 增量资金持续涌入。 以A500ETF为代表的增量资金持续流入市场，叠加险 ...

底部玻纤，又是 AI，又是周期 20260107 摘要 玻纤行业供给端收缩，预计 2026 年净新增产能显著下降至 22-40 万吨， 较 2024 年的 90-100 万吨大幅减少，供给小年将赋予玻纤行业较强的 价格弹性。 玻纤需求端多元化，涵盖地产、基建、电子、汽车、风电和家电等领域， 全球及国内市场增速保持在 5%-8%的高个位数水平，高于 GDP 增速， 超预期增长或带动价格上涨。 普通电子布因供给偏少及铜价上涨，涨价确定性较强，且空间较大，龙 头企业中国巨石三季度电子布单位净利润已接近 1 元，上一轮周期高点 曾达到 1.4 元。 粗砂产品受益于新能源汽车渗透率提高及海外基建项目增加，汽车用砂 有望保持双位数增长，出口量亦有望提升。 中国巨石通过提价和激励机制提升业绩，2024-2025 年度实现超 30 亿 元利润目标，未来若每上涨 0.5 元/米，利润将增加 5 亿元，盈利弹性巨 大。 Q&A 请介绍一下您对玻纤行业的整体看法以及 2026 年的供需情况预测。 玻纤行业在 2026 年将呈现出明显的顺周期特征。首先，从供给端来看，2026 年新增供给量预计较少，比 2025 年和 2027 年都 ...

行 业 报 告 行业点评 巨石与中材发布激励计划，重视传统电子布盈利弹性 强于大市( 维持) 相关研究报告 【平安证券】行业年度策略报告*建材*AI材料高景 气，出海与反内卷同行*强于大市20251208 【平安证券】行业深度报告*建材*传统玻纤盈利改 善，特种布受益AI高景气*强于大市20251117 事项： 1）近日中国巨石与中材科技发布股权激励草案公告。 2）据卓创资讯1月6日消息，林州光远、重庆国际的电子纱价格均有上涨。 平安观点： 建材 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 2026年01月07日 行 业 点 评 7628电子布的均价为9400元/吨与4.65元/米。电子纱与电子布价格持续 上涨，或源于下游AI高景气，促使玻纤厂家转产低介电等高端产品，导 致传统的薄布、厚布产能存在缺口，后续不排除价格继续上涨的可能。 此外，近期铜价亦持续上涨，下游CCL与PCB企业存在涨价动力，有望 向下游传导 ...

Group 1: Real Estate Industry - The core viewpoint is that the official launch of commercial real estate REITs marks a significant step towards a new development model in the real estate sector, with policies expected to accelerate the growth of C-REITs [2] - The introduction of 30 REITs-related policies by the CSRC and stock exchanges is seen as a catalyst for expanding asset classes and enhancing efficiency, which could lead to a revaluation of related assets and companies [2] - Companies deeply involved in commercial real estate and management services are expected to benefit significantly from this development [2] Group 2: Financial Services Industry - The recent guidelines from the central bank and financial regulatory authority aim to reduce the pricing cap for small loan companies, which may lead to a rapid industry cleanup [3] - The guidelines require small loan companies to stop issuing loans with comprehensive financing costs exceeding 24% immediately and to gradually lower pricing to within four times the one-year LPR by the end of 2027 [3] - The impact of these guidelines on the broader financial technology sector will depend on whether banks and consumer finance companies follow suit [3] Group 3: Transportation Industry - The outlook for January indicates a seasonal decline in passenger and cargo volumes, but there are positive signs for airline profitability and oil transportation demand [5] - The airline sector is expected to see improved revenue levels due to steady demand growth and favorable oil prices, while oil transportation rates may rise due to geopolitical tensions [5] - Recommendations include focusing on specific stocks in the airline and oil transportation sectors, as well as logistics and express delivery companies [5] Group 4: ETF Market - By the end of 2025, the total scale of ETFs in China surpassed 6 trillion yuan, with a significant increase driven by stock ETFs, which saw a 42% growth [5] - There is a notable divergence in the performance of broad-based ETFs and thematic industry ETFs, with the latter experiencing continued inflows [5] Group 5: Key Companies - Century Huatong is covered for the first time with a "buy" rating and a target price of 24.52 yuan, driven by its leadership in SLG games and strong performance in overseas markets [6] - New and emerging companies like Xinhecheng and Huaming Equipment are also highlighted for their growth potential and strategic initiatives, with target prices set at 38.24 yuan and 29.5 yuan respectively [10][12] - The report emphasizes the importance of product innovation and market expansion for companies like Sanqi Interactive Entertainment and China Jushi, which are expected to benefit from new game launches and incentive plans [8][9]

买入（维持） | 市场数据： | 2026 年 01 月 05 日 | | --- | --- | | 收盘价（元） | 17.50 | | 一年内最高/最低（元） | 17.85/10.70 | | 市净率 | 2.2 | | 股息率%（分红/股价） | 2.34 | | 流通 A 股市值（百万元） | 70,055 | | 上证指数/深证成指 | 4,023.42/13,828.63 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 7.90 | | 资产负债率% | 39.40 | | 总股本/流通 A 股（百万） | 4,003/4,003 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 上 市 公 司 建筑材料 郝子禹 A0230524060003 haozy2@swsresearch.com 联系人 郝子禹 A0230524060003 haozy2@swsresearch.com -20% 0% 20% 40% 60% 01-06 02-06 0 ...

全球OLED面板出货量稳健增长，在智能手机、平板、笔电、车载等领域的渗透率有望不断提升。25H1 我国显示面板全球份额首超50%，国内面板厂商相继布局高世代OLED产线，叠层OLED等新技术不断 推进，带动OLED材料需求进一步增长。2024年全球OLED显示材料市场销售额达24.4亿美元，预计 2031年达84.98亿美元，2025-2031年CAGR为19.8%。2024年我国OLED有机材料(终端+前端材料)市场规 模约为57亿元，同比大幅提升31%。目前OLED通用辅助材料国产化率约为12%，终端材料国产化率不 足5%，国内厂商不断进行国产化突破，同时随着国内OLED面板产能和市占率的扩张，国产OLED有机 发光材料市场空间有望持续扩大。另一方面，PSPI材料性能优异，与传统光刻胶相比可简化光刻工艺， 是OLED显示制程的核心主材。日本和美国企业占据全球PSPI主导地位。随着我国集成电路、OLED面 板等产业需求的进一步扩大，国内PSPI市场规模有望持续扩增，国产产品放量可期。 投资建议 智通财经APP获悉，中银国际发布研报称，受益于下游行业快速发展、先进技术不断迭代以及国产替代 大背景，电子材料领域 ...

华泰证券研报指出，中国巨石1月1日公布2025年限制性股票激励计划草案，且12月电子布提价落实。此 次激励对应公司业绩考核目标包括2026/2027/2028年扣非归母净利润、扣非净资产收益率和经济增加值 改善值等多项指标，该行认为此次激励传承了公司一以贯之的人才重视政策，与2021-2023年超额利润 分享方案相比，此次覆盖面更广，且激励力度相对更大，看好此轮激励对公司经营业绩增长的驱动潜 力，电子布提价落实贡献增量业绩，并期待公司在特种电子布等新兴领域的突破，维持"买入"评级。 ...

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Views of the Report - Beijing optimized and adjusted housing purchase restriction policies, and "Qiushi" emphasized that real - estate policies should not adopt a piecemeal approach. The continuous introduction of real - estate policies further supports demand, and the pace of subsequent policy introduction may accelerate. Although the new construction of the real - estate chain still faces multiple pressures, the industry bottom is approaching as the base gradually decreases. Sales data (new + second - hand houses) remains the leading indicator for driving the sector's valuation [3][7]. - Anti - involution is the main line for cyclical products. In the new field, attention should be paid to electronic cloth, clean rooms, and commercial aerospace. For the cement and glass industries, the effective reduction of supply is the key point to observe in the next stage. The glass fiber sector has relatively good profitability, and there is a possibility of a staged price increase. In the new field, the high - growth of the AI supply chain in 26H1 is the most certain direction, and the semiconductor/storage capital expenditure at home and abroad drives the performance and valuation of the clean - room sector. The theme investment in commercial aerospace is constantly catalyzed [4][8]. 3. Summary According to the Directory 3.1 Anti - involution is the Main Line for Cyclical Products, and Attention is Paid to Electronic Cloth, Clean Rooms, and Commercial Aerospace in the New Field - **Real - estate Policy**: On December 24, 2025, Beijing optimized real - estate policies, including relaxing the conditions for non - Beijing households to purchase houses, supporting the housing needs of multi - child families, optimizing personal housing credit policies, and adjusting the project approval method for real - estate development. On January 1, 2026, "Qiushi" proposed that policies should be sufficient at one time to avoid a game between the market and policies [3][7]. - **Cyclical Products**: For the cement and glass industries, with demand declining, the effective reduction of supply is crucial. Currently, the average profitability of the cement and float glass industries has fallen below the break - even line. The cold - repair reduction of glass production capacity in Q1 will determine the price recovery space of float glass from March to April. The glass fiber sector has relatively good profitability, with stable demand growth and potential for staged price increases [4][8]. - **New Fields**: The high - growth of the AI supply chain in 26H1 is the most certain direction. Special electronic cloth has high demand elasticity and limited short - term supply, so its price is elastic. The increasing semiconductor/storage capital expenditure at home and abroad drives the performance and valuation of the clean - room sector. The theme investment in commercial aerospace is constantly catalyzed [4][8]. 3.2 Profit Forecast and Valuation of Main Covered Companies The report provides the profit forecast, valuation, and investment ratings of 28 companies from 2024 to 2027, including Punaite, China Jushi, and Conch Cement. Most of the investment ratings are "Buy" or "Increase", and all ratings remain unchanged [10]. 3.3 Weekly Market Review - **Industry Index**: The construction index, building materials index, etc. had different changes. The construction index decreased by 1.4%, and the building materials index decreased by 0.6% [13]. - **Sub - sectors of Construction**: The building decoration II index increased by 9.33%, and the garden engineering index increased by 1.92%, while some sub - sectors had negative growth [15]. - **Infrastructure Public REITs**: The report provides the weekly, monthly, and annual - to - date price changes of 70 infrastructure public REITs. The average weekly decline was 0.47%, and the average annual - to - date increase was 9.29% [23][24][25]. 3.4 Aggregate Data Tracking - **Real - estate Data**: It includes the cumulative year - on - year changes in real - estate new construction, construction, completion, and sales areas, land transaction data, real - estate transaction data, social financing data, and infrastructure investment growth rates [28][37][47]. - **New Contracts of Eight Major Construction Central Enterprises**: The report shows the quarterly new contract amounts and year - on - year growth rates of eight major construction central enterprises from 2022Q1 to 2025Q3 [73]. - **Special Bond Issuance**: It shows the monthly and cumulative issuance amounts of new and replacement special bonds from 2022 to 2025 [75][77]. 3.5 High - frequency Data Tracking - **Building Materials Data**: It includes the price trends, cost - profit differences, inventory, and other data of cement, float glass, photovoltaic glass, glass fiber, carbon fiber, magnesium sand, alumina, and other building materials [83][90][98]. - **Upstream Raw Material Prices**: It shows the price trends of asphalt, waste paper, PVC, HDPE, etc. [137][138]. - **Physical Workload Data**: It includes the price trends of acrylic acid, titanium dioxide, and the rental rate of high - altitude machines, asphalt average start - up rate, etc. [144][147].

证券研究报告 中国巨石 (600176 CH) 新激励，新周期 | 华泰研究 | | 动态点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2026 年 | 1 月 05 日│中国内地 | 玻璃 | 目标价(人民币): | 20.80 | | 公司 | 1 月 1 日公布 2025 年限制性股票激励计划草案，且 | 12 月电子布提价 | 方晏荷 | 研究员 | | 落实。此次激励对应公司业绩考核目标包括 | | 2026/2027/2028 年扣非归母净 | SAC No. S0570517080007 | fangyanhe@htsc.com | | | | | SFC No. BPW811 | +(86) 755 2266 0892 | | 利润、扣非净资产收益率和经济增加值改善值等多项指标，我们认为此次激 | | | | | | 励传承了公司一以贯之的人才重视政策，与 | | 2021-2023 年超额利润分享方 | 黄颖 SAC No. S0570522030002 | 研究员 huangying018854@htsc.com | | 经 ...