智通财经APP获悉，信达证券发布研报称，聚焦政策抬升天花板与设备端"先行兑现"的投资机会。2026 年中小盘的机会可沿两条主线系统化挖掘：一是政策抬升行业天花板与交易结构优化带来的估值与基本 面双重重估；二是先进智造/新兴产业的设备端在技术节点前后"订单—交付—现金流"加速兑现的先行 收益。筛选维度上，优先锁定政策有明确信号、并购落地路径清晰、打新收益改善的交易结构，以及在 固态电池、半导体设备、人形机器人/具身智能、AIDC配套等方向具备订单与量产验证的设备龙头与平 台化公司。 风险因素：宏观经济增速不及预期风险、行业竞争加剧风险、终端需求疲软风险、原材料价格上涨风 险、流动性与市场交易风险。 具身智能硬件：潜在技术突破有望抬升硬件需求强度 具身智能硬件是"智能体落地"的确定性主线，政策自上而下明确其为未来产业，产业链呈"上游基础支 撑—中游本体集成—下游场景服务"全栈协同，硬件环节与软件基础设施深度耦合，构成投资框架的底 盘。其中，端侧"双层控制器（AI决策SoC+实时运动控制）+场景化数据闭环"是工程化落地的标准路 径，该行认为2026年有望成为AI+机器人规模落地元年，硬件价值量与国产替代进程同步释放 ...

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].