Core Viewpoint - North New Building Materials Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable decrease in revenue and net profit for the year ending September 2025, indicating potential challenges ahead for the company [2][3]. Financial Performance - As of December 31, the company reported a revenue of 19.905 billion yuan for the period from January to September 2025, a year-on-year decrease of 2.25% [2]. - The net profit attributable to shareholders for the same period was 2.586 billion yuan, reflecting a year-on-year decline of 17.77% [2]. Stock Performance - On January 8, the stock price increased by 2.05%, reaching 25.88 yuan per share, with a trading volume of 384 million yuan and a turnover rate of 0.89% [1]. - Year-to-date, the stock has risen by 3.64%, with a 4.44% increase over the last five trading days and a 6.15% increase over the last 20 days [1]. Shareholder Information - As of December 31, the number of shareholders decreased to 69,000, a reduction of 1.43% from the previous period [2]. - The average number of circulating shares per shareholder increased by 1.45% to 24,485 shares [2]. Dividend Distribution - Since its A-share listing, the company has distributed a total of 9.562 billion yuan in dividends, with 3.979 billion yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 160 million shares, a decrease of 17.0699 million shares from the previous period [3]. - Other notable institutional shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, both of which have seen reductions in their holdings [3].

Core Viewpoint - North New Building Materials Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable decrease in revenue and net profit for the year ending September 2025, indicating potential challenges ahead for the company [1][2]. Financial Performance - As of December 31, North New Building Materials reported a revenue of 199.05 billion yuan for the period from January to September 2025, reflecting a year-on-year decrease of 2.25% [2]. - The company's net profit attributable to shareholders was 25.86 billion yuan, down 17.77% compared to the previous year [2]. Stock Performance - On January 6, the stock price increased by 2.06%, reaching 25.79 yuan per share, with a trading volume of 4.94 billion yuan and a turnover rate of 1.15% [1]. - Year-to-date, the stock has risen by 3.28%, with a 4.20% increase over the last five trading days and a 2.79% increase over the last 20 days [1]. Shareholder Information - As of December 31, the number of shareholders decreased by 1.43% to 69,000, while the average circulating shares per person increased by 1.45% to 24,485 shares [2]. - The company has distributed a total of 95.62 billion yuan in dividends since its A-share listing, with 39.79 billion yuan distributed over the last three years [3]. Major Shareholders - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 160 million shares, a decrease of 17.07 million shares from the previous period [3]. - Other notable shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, both of which have seen reductions in their holdings [3].

今日A股房地产板块呈现显著短线拉升态势，板块内个股表现活跃。龙头股中新集团率先强势涨停，成 为板块领涨标杆；城建发展此前一度封板，虽后续可能出现小幅波动，但仍彰显出较强的市场号召力。 此外，世联行、招商蛇口、新黄浦、保利发展、信达地产等一众板块内核心标的同步跟涨，板块整体赚 钱效应凸显，市场资金对房地产板块的关注度显著提升。从交易层面来看，板块内个股成交量较前一交 易日普遍放大，量能的有效配合为板块短线拉升提供了有力支撑，反映出当前市场对房地产板块政策利 好的积极反应。 1月以来，房地产板块迎来多项权威政策利好密集落地，为行业发展注入强劲动力： 1. 个人售房增值税新政正式实施：财政部、国家税务总局2025年12月30日发布公告，明确自2026年1月1 日起，个人将购买不足2年的住房对外销售的，按照3%的征收率全额缴纳增值税；个人将购买2年以上 （含2年）的住房对外销售的，免征增值税，同时废止2016年相关过渡政策。该政策直接降低了二手房 交易税费成本，有助于提升二手房流通效率，置换需求的释放将进一步传导至新房市场，对房地产行业 形成直接利好。 2. 《求是》开年刊文释放稳预期强烈信号：2026年1月1日，《 ...

北新建材在细分领域有哪些表现突出的需求？对于 2026 年的需求展望如何？ 在细分领域中，石膏板近年来在存量市场、二次翻新、二次装修以及家装方面 表现突出。这些领域的增速快于整体增速，公司一直在推动从公装向家装转型， 并且渠道下沉工作也在持续进行。此外，新产品研发和创新方面，今年前三季 度的新产品增速超过 90%。尽管占比不高，但未来占比将不断提升。 对于防 水业务，公司并购了远大洪雨，并继续追求规模、质量和效益均衡发展。今年 公司成立了民建事业部和修缮事业部，并推出了修缮小程序，这两项业务今年 前三季度增长率达到 80%-90%。 涂料业务自去年并表以来，从零售到家装等 各方面表现良好，并且渠道下沉工作也在开展中。 对于 2026 年，公司认为房 地产市场可能会逐步筑底回升，对石膏板业务充满信心，预计其量价将有所突 破，有望达到 38 亿至 40 亿平方米。防水行业预计仍会延续近年来的趋势，中 小企业退出后头部企业市场份额将提升，公司将在质量、份额和效益上继续保 持增长态势。涂料业务预计明年仍能保持双位数增长。 北新建材 20251230 摘要 北新建材石膏板业务在家装、存量翻新等细分领域表现突出，增速超过 ...

Core Insights - Changzhou High-tech Zone has become a significant area for foreign investment, attracting global 500 companies to establish their operations, including headquarters and R&D centers, indicating a favorable business environment [1][5][10]. Group 1: Company Developments - Saint-Gobain, a global leader founded in 1665, established its factory in Changzhou in 2005 and has since expanded its gypsum powder business, with a production capacity of 34 million square meters of gypsum board and 16,500 tons of gypsum powder annually [5][7]. - The company relocated its China headquarters to Changzhou High-tech Zone in 2022, marking a strategic decision that reflects the region's supportive business environment and efficient government services [5][7]. - Alant New Materials has also made significant investments in Changzhou, focusing on high-performance materials for the new energy sector, with ongoing projects that leverage local industrial synergies [10][13]. Group 2: Economic Impact - In 2023, Saint-Gobain's factory in Changzhou generated nearly 500 million yuan in output, contributing to a total output of over 3 billion yuan for the company's operations in China [7]. - The Changzhou High-tech Zone has attracted 34 billion USD in foreign investment during the 14th Five-Year Plan period, with a total import and export volume exceeding 650 billion yuan, maintaining its position as the leading area in the city [15]. - The region has seen a doubling of foreign investment projects compared to the previous five-year period, with 121 new projects and an agreement investment amount of 2.036 billion USD [15]. Group 3: Environmental Initiatives - Saint-Gobain has implemented a green circular economy approach by utilizing desulfurized gypsum from power plants, achieving a utilization rate of over 96%, thus reducing reliance on natural gypsum and minimizing waste [7]. - The company has established a partnership with local power plants to convert industrial waste into high-quality gypsum products, demonstrating a commitment to sustainable practices [7]. Group 4: Future Outlook - The Changzhou High-tech Zone aims to enhance its open economy and promote high-quality industrial development, focusing on cross-border integration and collaboration among enterprises [22][24]. - The region is set to encourage foreign investment in headquarters and R&D centers, leveraging its strategic location and comprehensive service systems to support companies in exploring new markets [24][26].

北新集团建材股份有限公司投资者关系活动记录表 编号：20251223 | | 多年的市场培育，现已遍布全国各大城市及发达地区县级市。五 | | --- | --- | | | 是品牌优势，公司成功打造了全球石膏板行业著名自主品牌"龙 | | | 牌"和"泰山"，同时拥有"禹王""蜀羊""梦牌""灯塔" | | | "嘉宝莉""大桥"等多个知名品牌，产品广泛应用于国家重大 | | | 工程、地标性建筑和现代家居生活。北新建材品牌价值达 1,282.55 | | 亿元，位列中国 | 500 最具价值品牌第 70 位。 | | | 2.石膏板业务未来的需求增长点及价格展望 | | | 答：石膏板行业需求出现结构性分化，二次装修、城市更新、 | | | 家装零售、县乡市场及创新平替等方面是主要需求增长点。公司 | | | 继续坚持"价本利"管理理念，通过"一个价格分头实现"，通 | | 过产品创新与平替，引领行业价格不断修复。 | | | 3. | 目前防水行业价格情况，如何看待未来防水行业价格修复 | | 情况？ | | | | 答：目前公司防水产品价格相对稳定。公司希望与行业内企 | | | 业携手推动行业走向良 ...

中金研究 展望2026年，我们以需求作为推演行业格局和企业竞争策略的出发点，辅以考虑当前盈利、龙头多业态发展成效，推荐顺序 ： 玻纤、消费 建材、玻璃、水泥 。 我们推荐以下三 条主线：①景气度延续，龙头维系固有优势，保持量、价稳中有增的板块，如玻纤（包括特种电子 布）、非洲建材；②需求有存量重装和多元化加持，能部分对冲新建需求下行风险，依托温和价格策略释放盈利压力的板块，如消费建 材；③需求偏向同质化且仍面临压力，但靠产能收缩或"反内卷"政策推动供给出清的大宗品，如浮法玻璃、水泥。 玻纤：结构升级拉开盈利差距，特种布延续高景气。 我们预期2026年粗纱行业净增产量40-50万吨，或维系良好的供需格局，高端粗纱如风电 有望迎接年度提价；普通粗纱和电子布或阶段性提价（关注3-4月、8-9月）。AI特种布我们判断二代布量价齐增的空间更大，其次看好低膨胀 纱和石英布。 消费建材：大浪淘沙，关注胜者盈利修复。 由于2026年新开工（同比-16%）、竣工（同比-7%）未见底，叠加小B需求待资金发力，需求仍直 面压力。但行业沉寂已久，积极信号渐近，包括①防水/涂料/石膏板迎来阶段性提价；②费用率或继续压降；③减值风险边际 ...

12月19日，北新建材盘中上涨2.01%，截至13:00，报25.42元/股，成交1.78亿元，换手率0.42%，总市值 432.71亿元。 资金流向方面，主力资金净流入2342.63万元，特大单买入2687.40万元，占比15.08%，卖出731.54万 元，占比4.11%；大单买入3525.00万元，占比19.78%，卖出3138.22万元，占比17.61%。 北新建材今年以来股价跌13.67%，近5个交易日涨5.08%，近20日涨0.59%，近60日涨2.29%。 分红方面，北新建材A股上市后累计派现95.62亿元。近三年，累计派现39.79亿元。 机构持仓方面，截止2025年9月30日，北新建材十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1.60亿股，相比上期减少1706.99万股。华泰柏瑞沪深300ETF（510300）位居第四大流通 股东，持股1713.90万股，相比上期减少96.14万股。易方达沪深300ETF（510310）位居第七大流通股 东，持股1247.68万股，相比上期减少39.02万股。工银价值精选混合A（019085）位居第九大流通股 东，持股1117.72万股， ...

Group 1 - The report highlights that the building materials industry has shown a strong performance since 2025, particularly in fiberglass, cement, and refractory materials, benefiting from significant price increases and improved supply-demand dynamics [1][12][14] - The consensus on "anti-involution" among companies has led to supply reductions or maintenance, while structural demand growth is observed in specific segments such as specialty electronic fabrics in fiberglass and overseas market expansion in cement [1][12] - The report anticipates that the building materials industry will continue to present structural opportunities in 2026, with specific focus on segments like float glass, tiles, pipes, and sanitary ware, which are still in the process of bottoming out [1][12] Group 2 - The report indicates that the cement industry is expected to see a profit recovery in 2025, with the profit turning point occurring before revenue, driven by capacity management and a decrease in coal prices [5][6][12] - The overseas market for cement is highlighted as a key growth area, with significant projects expected to contribute to earnings in 2026, such as Huaxin Cement's project in Malawi and West Cement's project in Uganda [5][6][12] - The fiberglass sector is projected to experience significant profit recovery, with multiple rounds of price increases and expanding demand from downstream applications, particularly in wind energy and electric vehicles [5][6][12] Group 3 - The report notes that the float glass sector continues to face challenges, with high inventory levels and weak demand leading to price pressures, while the industry is expected to undergo a reshuffling due to cost differentiation [6][12][25] - The report emphasizes the importance of focusing on leading companies in the building materials sector that possess strong brand competitiveness, scale advantages, and well-established distribution channels to capture dual benefits of market share growth and profit improvement [6][12][25] - Investment recommendations include focusing on leading companies in various segments such as waterproof materials, coatings, pipes, and tiles, as well as cement companies with strong cash flow and dividend commitments [6][12][25]

来源：中国能源网 上周行情回顾 过去一周（12.01–12.07）主要指数涨跌幅情况：申万建筑材料行业指数（+1.55%），上证指数 （+0.37%），深证成指（+1.26%），创业板指（+1.86%），沪深300（+1.28%）。在申万31个一级子 行业指数中，建筑材料涨跌幅排名居第9位。 风险提示： 水泥：11月北方逐步进入采暖季，错峰生产政策将推动供给收缩，价格有望迎来阶段性上涨，同时短期 由于部分项目抢工，需求阶段性提升。整体来看，基建端整体受到天气干扰、需求释放节奏等因素影 响，其对需求并未完全显现，房建端，需求端仍然处于弱复苏态势。从中期维度来看，水泥行业产能有 望在限制超产政策下产能持续下降，产能利用率从而大幅提升带来利润弹性。关注：海螺水泥、华新建 材。 玻璃：行业需求端在地产影响下25年呈现需求持续下行态势。短期来看，需求传统旺季订单改善力度一 般仍承压，中间商库存相对较高。目前行业供需矛盾仍存，下游终端需求改善有限。供给端，考虑到目 前浮法玻璃行业中大部分企业已能达到环保要求，我们判断反内卷政策不会产生一刀切式产能出清，但 仍会提升环保要求及成本，加速行业的冷修进度。后续持续关注政策变化的 ...