行业点评报告 · 建筑材料行业 多维驱动筑底向好，建材迎高质量发展新机遇 ——2026 年政府工作报告点评 2026 年 3 月 5 日 建筑材料 推荐 维持评级 分析师 贾亚萌 ：010-80927680 提 振消 费方面，政 府工 作报 告提到"激 发居民消费内 生动力和促消 费政策并 举"、"安排超长期特别国债 2500 亿元支持消费品以旧换新"等。消费建材 产品具有一定消费属性，2026 年有望在促消费政策助力下，提振家装市场消 费活力，进而拉动消费建材零售端需求。结合我国房地产市场以及新型城镇化 发展情况，预计 2026 年消费建材需求主要来自两个方面：1）盘活存量市场需 求。针对房地产市场，政府工作报告提到"盘活存量商品房，鼓励收购存量商 品房重点用于保障性住房"、"加快危旧房改造"等，预计后续政策刺激将加 码，存量房去库将带动消费建材的重装、翻新需求。针对新型城镇化，政府工 作报告提到"高质量推进城市更新，稳步实施城镇老旧小区、城中村等改造"、 "加强城市基础设施生命线安全工程建设"等，我国城市更新规模巨大，不仅 是局部的修改改造，而是全方位、系统性的重塑，随着城市更新工作的深入推 进，有望加快 ...

提 振消 费方面，政 府工 作报 告提到"激 发居民消费内 生动力和促消 费政策并 举"、"安排超长期特别国债 2500 亿元支持消费品以旧换新"等。消费建材 产品具有一定消费属性，2026 年有望在促消费政策助力下，提振家装市场消 费活力，进而拉动消费建材零售端需求。结合我国房地产市场以及新型城镇化 发展情况，预计 2026 年消费建材需求主要来自两个方面：1）盘活存量市场需 求。针对房地产市场，政府工作报告提到"盘活存量商品房，鼓励收购存量商 品房重点用于保障性住房"、"加快危旧房改造"等，预计后续政策刺激将加 码，存量房去库将带动消费建材的重装、翻新需求。针对新型城镇化，政府工 作报告提到"高质量推进城市更新，稳步实施城镇老旧小区、城中村等改造"、 "加强城市基础设施生命线安全工程建设"等，我国城市更新规模巨大，不仅 是局部的修改改造，而是全方位、系统性的重塑，随着城市更新工作的深入推 进，有望加快建材产品修缮、旧改等需求释放。2）消费升级带动高品质绿色 建材需求。政府工作报告提到"推动安全舒适绿色智慧的'好房子'建设，实 施房屋品质提升工程和物业服务质量提升行动"等，随着居民消费升级，高品 质、绿色建 ...

Group 1: China Ping An - The core strategy of China Ping An is "comprehensive finance + medical care and elderly care," which aims to create a new value growth pole through a "product + service" model, leading to long-term stable profit growth [3][4] - The report suggests that the current market valuation of China Ping An is low, with a PEV of 0.75, and recommends a target market value of 1.6 trillion yuan, corresponding to a target price of 88.53 yuan per share [3][4] - The aging population in China and the increasing importance of commercial health insurance in medical payments are expected to enhance the effectiveness of the "product + service" model, positioning it as a new growth driver for the company [3][4] Group 2: Steel Research High Temperature Alloy - Steel Research High Temperature Alloy is a leading company in the high-temperature alloy sector, benefiting from strong demand in the aerospace industry and the trend towards technological self-sufficiency [5][6] - The company is expected to achieve steady growth in net profit, with forecasts of 132 million yuan, 152 million yuan, and 172 million yuan for 2025 to 2027, respectively [5][6] - The report highlights the resilience of the high-temperature alloy industry, driven by increasing defense budgets and the upgrade of aerospace equipment, which supports long-term demand [6][7] Group 3: CSPC Pharmaceutical Group - CSPC Pharmaceutical Group is recognized for its strong innovation capabilities, with a focus on oncology and chronic disease treatment pipelines, and has established an international business development ecosystem [8][9] - The company has entered a strategic collaboration with AstraZeneca to develop innovative long-acting peptide drugs, which is expected to generate significant revenue potential [9][10] - The report predicts EPS growth of 48%, 36%, and -7% for 2025 to 2027, with a target price of 16.58 HKD per share [8][9] Group 4: Real Estate Market - The real estate market in China is currently in a deep adjustment phase, with only 19% of cities showing signs of bottoming out as of Q4 2025 [18][19] - New home prices are experiencing significant fluctuations, particularly in first-tier cities, while second-hand home prices are generally declining [19][20] - The report indicates that the inventory clearance cycle is extending, with first-tier cities reaching 19-28 months and some second-tier cities exceeding 38 months [20] Group 5: Robotics and Automation - The company is actively expanding into the humanoid robotics sector, with new product launches expected to drive growth [21][22] - The report forecasts EPS of 1.14, 1.47, and 1.83 yuan for 2025 to 2027, with a target price of 147.00 yuan per share [21][22] - The company is leveraging its expertise in micro-drive systems to enhance its competitive position in the robotics market [22][23] Group 6: Energy Storage Sector - The energy storage sector is anticipated to see significant growth, with the introduction of capacity pricing mechanisms in provinces like Qinghai [36][37] - The report suggests that the demand for energy storage systems and batteries will increase, recommending several key stocks in this sector [36][37] - The expected growth rate for energy storage demand in 2026 is projected to be around 50% [38]

【DT新材料】 获悉，2月13日，清城区人民政府与建滔集团旗下两家子公司——清远凯荣德电子专用材料有限公司、清远忠信世纪电子材料有限公司举行增 资扩产项目签约仪式， 总投资近10亿元。 据悉， 清远忠信世纪电子材料有限公司 生产的电子纱产能排名全球前三； 清远凯荣德电子专用材料有限公司 专注生产高品质电子级玻璃纤维布， 是全球 最大的单厂生产基地，依托其支撑，建滔集团覆铜板产品市场份额位列全球第一。 其中， 年产7500万米特种电子玻璃纤维布项目 由清远凯荣德电子专用材料有限公司投资建设，拟选址于清城区石角镇建滔工业园内，项目规划用地面积约 161.06亩，总投资约6.8亿元。项目建成达产后，年产特种电子玻璃纤维布7500万米，预计年产值不低于10亿元，预计年纳税不低于5083万元。 特种玻纤扩产增效技术改造项目 由清远忠信世纪电子材料有限公司投资建设，拟选址于清城区石角镇建滔工业园内， 总投资2.8亿元，占地面积约25.5亩， 计划在原有低介电常数特种玻纤窑炉生产线基础上，新增三条生产线 。项目建成达产后，预计新增年产3000吨低介电常数特种玻纤。 /扫码加入行业交流群/ 化工新材料、复合材料、汽车、机器人 ...

公 司 研 究 新拓电子布领域，半导体无尘耗材亦高增 聚杰微纤(300819) ——聚杰微纤更新 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 巫恺洋(分析师) | 0755-23976666 | wukaiyang@gtht.com | S0880525080008 | 本报告导读： 公开工商信息显示公司通过收购拓展电子布领域，设备灵活升级能力或是特色，公 司半导体无尘擦拭耗材也在快速发展阶段。 投资要点： | 52 周内股价区间(元) | 14.81-53.78 | | --- | --- | | 总市值(百万元) | 7,965 | | 总股本/流通A股(百万股) | 149/135 | | 流通 B股/H 股(百万股) | 0/0 | [Table_Bala ...

本报告导读： 公开工商信息显示公司通过收购拓展电子布领域，设备灵活升级能力或是特色，公司半导体无尘擦拭耗 材也在快速发展阶段。 投资要点： 维持"增持" 评级。聚杰作为超细纤维龙头，凭借在超纤领域的深厚积累，持续向高端化场景做多元化 探索，近期收购根银科技进军电子布领域，资产特点或在于设备灵活升级能力；半导体无尘布等高端工 业应用也在加速渗透，公司制造工艺迁移，更多新兴场景的延伸值得期待。我们维持公司 2025-2027 年 EPS 为0.44、0.59、0.79元，维持公司目标价62.85 元，维持"增持"评级。 收购根银科技，拓展电子布领域。根据公开工商信息，根银科技于2026 年2 月完成工商变更，实控人更 为聚杰微纤全资子公司，公司控股比例80%。根银科技经营范围包含玻璃纤维及其制品销售。根据环评 报告，其在安徽马鞍山产能1000 万米电子级玻璃纤维布，建设初期拥有50 台以上喷气式电子布织布 机。聚杰通过收购正式拓展电子布领域，公司作为超细纤维龙头，在超细纤维面料制造端的深厚积累有 望实现向电子等高端工业场景的延伸复用。 设备能力协同效应或是收购资产特色。根据公开信息，根银科技原实控人同为根银机电实 ...

公 司 研 究 新拓电子布领域，半导体无尘耗材亦高增 聚杰微纤(300819) ——聚杰微纤更新 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 巫恺洋(分析师) | 0755-23976666 | wukaiyang@gtht.com | S0880525080008 | 本报告导读： 公开工商信息显示公司通过收购拓展电子布领域，设备灵活升级能力或是特色，公 司半导体无尘擦拭耗材也在快速发展阶段。 投资要点： 风险提示：原材料成本暴涨，下游需求不及预期，竞争格局恶化。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- ...

公 司 研 究 新拓电子布领域，半导体无尘耗材亦高增 聚杰微纤(300819) ——聚杰微纤更新 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 花健祎(分析师) | 0755-23976858 | huajianyi@gtht.com | S0880521010001 | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 巫恺洋(分析师) | 0755-23976666 | wukaiyang@gtht.com | S0880525080008 | 本报告导读： 公开工商信息显示公司通过收购拓展电子布领域，设备灵活升级能力或是特色，公 司半导体无尘擦拭耗材也在快速发展阶段。 投资要点： 风险提示：原材料成本暴涨，下游需求不及预期，竞争格局恶化。 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- ...

Core Viewpoint - The stock price of Honghe Technology has experienced significant fluctuations, with a notable increase of 582.22% since May 29, 2025, leading to a high rolling P/E ratio of 380.80 times, which is substantially above the industry average [1] Stock Performance - The trading activity of Honghe Technology has increased significantly, with a turnover rate of 2.03% and a transaction volume of 1.278 billion yuan on February 12, 2026, despite net outflows from retail investors [2] - On February 13, 2026, the stock price experienced a decline of 2.28% to 71.60 yuan, with a five-day cumulative increase of 34.79% [1][2] - The stock has shown increased volatility, with a trading range of 8.60% on February 13, 2026, and a total transaction volume of 3.401 billion yuan [2] Financial Performance - For the first three quarters of 2025, Honghe Technology reported a revenue of 852 million yuan and a net profit attributable to shareholders of 139 million yuan [3] - The company anticipates a year-on-year increase in net profit of 745% to 889% for the full year of 2025, driven by rising demand for AI servers [3] - The current TTM P/E ratio stands at 409.33 times, indicating that the valuation may have already priced in some of the expected growth [3] Institutional Insights - The electronic cloth industry is experiencing sustained demand, particularly due to AI servers and high-speed applications, positioning Honghe Technology as a potential beneficiary of this trend [4] - Some reports categorize the company as a PCB concept stock, although its core business in electronic-grade glass fiber cloth has not undergone significant changes, raising concerns about speculative trading risks [4] - Current institutional ratings are predominantly neutral, with profit forecasts suggesting a potential slowdown in net profit growth to 58.17% in 2026 [4]

Market Performance - The A-share market in the Year of the Snake concluded with all major indices showing positive performance, with the Shanghai Composite Index rising by 25.58%, the Shenzhen Component Index increasing by 38.84%, and the ChiNext Index leading with a 58.73% gain [1] - Daily trading volume in the A-share market has become active, with an average daily turnover of 1.89 trillion yuan, representing a nearly 70% increase compared to the previous year, and days with turnover exceeding 2 trillion yuan accounting for 35% [1] Investor Sentiment - A survey indicated that 69.23% of private equity institutions are optimistic about the market's performance after the Spring Festival, believing that the market has undergone sufficient consolidation and is likely to stabilize and rise [2] - 62.16% of private equity institutions plan to maintain high positions (over 80% of their portfolios) during the holiday, indicating confidence in structural opportunities [2] New Investment Tools - The China Securities Index Company announced the upcoming launch of the CSI Hong Kong Stock Connect Robotics Theme Index and the CSI US Stock 30 Index, set to be released on February 27, 2026, which will enhance cross-border investment options [3] Risk Warnings from Companies - Several companies with significant short-term stock price increases issued risk warnings, including Honghe Technology, which cautioned about its stock price surge despite no major changes in its business [4] - Other companies like Zhangyue Technology and Decai Co. also clarified their business situations to mitigate speculative trading risks, reflecting a regulatory and self-discipline approach to prevent excessive speculation [5]