Core Viewpoint - North New Building Materials experienced a stock price decline of 2.02% on February 12, with a current price of 28.20 CNY per share and a total market capitalization of 48.003 billion CNY [1] Group 1: Stock Performance - Year-to-date, North New Building Materials' stock price has increased by 12.94%, but it has decreased by 3.69% over the last five trading days [1] - The stock has shown a 10.24% increase over the last 20 days and a 16.29% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, North New Building Materials reported a revenue of 19.905 billion CNY, a year-on-year decrease of 2.25% [2] - The net profit attributable to shareholders for the same period was 2.586 billion CNY, reflecting a year-on-year decrease of 17.77% [2] Group 3: Shareholder Information - As of February 10, the number of shareholders for North New Building Materials was 57,000, a decrease of 3.39% from the previous period [2] - The average number of circulating shares per shareholder increased by 3.51% to 29,640 shares [2] Group 4: Dividend and Institutional Holdings - Since its A-share listing, North New Building Materials has distributed a total of 9.562 billion CNY in dividends, with 3.979 billion CNY distributed over the last three years [3] - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 160 million shares, a decrease of 17.069 million shares from the previous period [3]

Core Viewpoint - The construction materials industry is experiencing a sustainable growth momentum due to unprecedented debt resolution actions, which are expected to improve market expectations and drive investment recovery in infrastructure and real estate sectors [1] Fiscal Perspective - The current debt resolution measures, including debt swaps and the expansion of special bonds, have systematically alleviated liquidity constraints for local governments, improving fiscal space for infrastructure investments [1] - Special bonds issued by local governments have been increasing annually since 2017, with projections for 2024 and 2025 to exceed 7 trillion yuan, and the total issuance in 2025 expected to surpass 10 trillion yuan for the first time in history [1][4] Infrastructure Investment - The issuance of special bonds is expected to lead to a significant increase in construction activity in transportation, municipal, and water conservancy sectors, with a projected surge in physical work volume in the first half of 2025 [4][6] - Despite a decline in infrastructure investment growth, the sector still holds a significant share of fixed asset investment, indicating its critical role in the overall economy [4] Policy Transition - The policy environment is shifting from "debt replacement" to "investment stimulation," which is likely to further enhance demand for construction materials [5] Demand Dynamics - The demand structure for construction materials is changing, with traditional materials benefiting from infrastructure support and renovation materials gaining from the demand for upgrading existing properties [6] - The dual drivers of infrastructure and real estate are expected to provide a solid foundation for the construction materials sector during this debt resolution cycle [6] Profitability and Market Outlook - The profitability of the cement industry is recovering, with expectations of improved margins due to supply-side adjustments and a favorable demand outlook from real estate policies [8] - The construction materials sector is characterized by high cash flow and potential for stable dividends, with forecasts indicating overall profit recovery by 2026 [8] Investment Opportunities - The construction materials ETF (159745) tracks the performance of the construction materials index, providing investors with a tool to efficiently allocate resources in the sector [8][11] - The sector is viewed as a core cyclical investment opportunity, especially in the context of a market shift towards undervalued, high-dividend stocks [11]

Group 1: Cement Industry - The cement industry is expected to see a phase of supply improvement starting in the second half of 2024, with profitability gradually recovering by 2026 [1][2] - The average cement price in 2025 is projected to be 372.8 yuan/ton, a decrease of 12.6 yuan/ton year-on-year, with a cumulative production decline of 7.2% [2] - A total of 16 million tons/year of capacity has been removed through capacity replacement, which may lead to asset impairment for several companies [2] Group 2: Glass Industry - The flat glass industry is experiencing a significant decline, with the average price in 2025 expected to be 1323.3 yuan/ton, down 383.4 yuan/ton year-on-year [3] - Daily melting capacity has dropped below 150,000 tons, a decrease of 27,000 tons/day from previous highs, indicating an acceleration in the cold repair cycle [3] - The profitability of photovoltaic glass is under pressure, with a projected average price of 21 yuan/square meter in 2025, down 3 yuan/square meter from 2024 [3] Group 3: Fiberglass and Electronic Fabrics - The average price of fiberglass yarn in 2025 is expected to be 3866 yuan/ton, an increase of 174 yuan/ton year-on-year, indicating stable market conditions [4] - The average price of ordinary electronic fabric is projected to be 9012 yuan/ton in 2025, up 539 yuan/ton year-on-year, reflecting improving market conditions [4] - Demand for special electronic fabrics is accelerating, contributing positively to the performance of companies in this segment [4] Group 4: Consumer Building Materials - Companies like Three Trees and Hanhai Group are maintaining strong revenue and profit performance through effective channel development and brand advantages [5] - Companies in the gypsum board and retail pipeline sectors are expected to maintain strong operational quality, with potential for significant performance improvement in 2026 [5] - Several consumer building material companies are anticipated to release credit risks in 2025, allowing for a more favorable performance outlook in 2026 [5]

发布时间：2026-02-09 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 6076.69 | | 52 周最高 | 6160.52 | | 52 周最低 | 4167.51 | 行业相对指数表现 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 建筑材料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 证券研究报告：建筑材料|行业周报 近期研究报告 《防水发布涨价函，关注内需弹性品 种》 - 2026.01.26 建材行业报告 （2026.02.02-2026.02.08） 电子布涨价超预期，看好 26 年涨价持续性 投资要点 2 月 4 日，光远新材、国际复材等玻纤龙头对电子布再度提价， 新一轮提价幅度较大，涨价幅度约 0.5-0.6 元/米。此次涨价，我们 判断一方面由于铜价及下游 CCL 涨价预期导致 ...

Group 1 - The traditional building materials industry is expected to see price increases, particularly in waterproof coatings and gypsum board products, driven by thin industry profits and improved demand post-Spring Festival [1] - In the cement sector, production management is being enforced, and strict implementation of daily production limits could enhance capacity utilization during peak seasons, leading to a potential recovery in cement prices [1] - The float glass industry is experiencing high midstream inventory pressure, but accelerated cold repairs in March and April may lead to a phase of supply-demand recovery, which could also support glass price recovery [1] Group 2 - The real estate market is showing signs of stabilization and recovery, with transaction volumes expected to continue a mild recovery in March, potentially stabilizing prices as the traditional demand peak season approaches [1] - The Building Materials ETF (159745) tracks the construction materials index (931009), which reflects the overall performance of listed companies in the building materials sector, including cement, glass, and ceramics, and is closely related to the real estate market and infrastructure investment [1]

Core Viewpoint - The report from CICC indicates that the consumption building materials industry is expected to experience a mild price recovery, with potential marginal improvement in the gross margins of leading companies [1] Industry Summary - Recent price increase notices have been issued by leading companies in various segments, including waterproofing, gypsum boards, and municipal pipelines [1] - The basis for these price increases is attributed to supply optimization and rising prices of upstream raw materials, primarily chemical products, since the beginning of the year [1] - Key raw materials such as PVC and emulsions have seen an upward shift in their price levels [1] Company Summary - CICC is optimistic about the profitability recovery of leading companies in the industry under the trend of price recovery [1] - Companies to watch include Dongfang Yuhong, Sankeshu, Beixin Building Materials, China Liansu, and Weixing New Materials [1]

Investment Rating - Industry investment rating is "Outperform the Market" indicating an expected performance that exceeds the market by more than 5% over the next six months [5]. Core Insights - The report highlights that electronic fabric prices are increasing even during the off-season, with significant price hikes observed in January 2026. This trend is attributed to high demand from downstream AI applications, leading to a production shift towards high-end products, creating a capacity gap for traditional fabrics [4][3]. - The traditional building materials sector is also experiencing price increases, driven by a need for profitability amidst thin margins. Companies like Yuhong and Keshun have already raised prices for waterproof coatings, and this trend is expected to continue as demand improves post-holiday [4]. - The real estate market is showing signs of stabilization, with increased transactions in key cities and a reduction in listings. This recovery is anticipated to support price stabilization as the market enters the traditional demand peak in March [4]. Summary by Sections Electronic Fabric Market - Prices for electronic fabrics and yarns have risen significantly, with Linzhou Guangyuan's mainstream price for electronic fabric reported at 5.3-5.5 yuan/meter, up from 4.8-4.9 yuan/meter at the end of January [4]. - The ongoing price increases are expected to continue into the peak demand season of March and April 2026 [4]. Traditional Building Materials - The report notes that major companies in the building materials sector are actively pursuing price increases, with a focus on waterproof coatings and gypsum board products [4]. - The report suggests that if production limits are strictly enforced, it could lead to improved capacity utilization and price recovery in the cement market [4]. Real Estate Market - The report indicates a recovery in the real estate market, with a notable increase in second-hand home transactions in major cities and a decrease in listings [4]. - It emphasizes the expectation of supportive policies in 2026, particularly regarding mortgage rate adjustments, which could further stabilize the market [4].

Investment Rating - The industry is rated as "Leading the Market - A" indicating an expected investment return that will exceed the CSI 300 Index by 10% or more over the next six months [3]. Core Insights - The real estate policy is expected to remain accommodative, which is likely to improve the operating conditions for the building materials sector. Recent initiatives, such as Shanghai's acquisition of second-hand housing for rental projects, signal a positive shift in the market [1]. - The transaction volume of second-hand homes continues to grow, with prices showing signs of stabilization. In January 2026, second-hand home transactions in Shanghai reached approximately 22,000 units, marking a year-on-year increase of about 25% [1]. - The consumption building materials sector is anticipated to see improved performance, with several companies initiating price increases across various product categories, including coatings and waterproof materials [2][7]. Summary by Sections Real Estate Policy and Market Conditions - Recent real estate policies across multiple regions, including adjustments in loan-to-value ratios for commercial properties, aim to stabilize the market and boost housing consumption [1]. - The sales area of new homes is projected to decline at a slower rate, supporting the demand for building materials [1]. Performance of Consumption Building Materials - The revenue of the consumption building materials sector declined by 6.21% year-on-year in the first three quarters of 2025, but there are signs of improvement in the latter part of the year [2]. - Companies like Oriental Yuhong and Sanke Tree have announced price increases, indicating a potential end to the intense price competition in the industry [7]. Retail Channel Development - Companies are actively expanding their retail channels, which is expected to enhance profitability and cash flow. For instance, Sanke Tree's revenue from retail has increased significantly, demonstrating resilience in a challenging market [8]. - The shift towards retail and small B-end channels is becoming more pronounced, with companies like Oriental Yuhong and Beixin Building Materials benefiting from this trend [8]. Investment Recommendations - The report suggests a positive outlook for leading companies in the consumption building materials sector, particularly those involved in coatings, waterproofing, gypsum boards, and panels. Key companies to watch include Sanke Tree, Oriental Yuhong, Beixin Building Materials, and Rabbit Baby [9].

近年来，面对严峻复杂的内外部环境，建材行业通过有力措施深挖绿色低碳发展潜力。近日，工业和信 息化部会同国家发展改革委、市场监管总局发布2025年度重点行业能效"领跑者"企业名单，其中，作为 建材行业重要板块的水泥熟料行业，有4家企业入选。 如何在稳增长与降碳减排之间找到平衡点？"零碳"是破解这一矛盾的核心抓手，产业"微循环"则成为实 现零碳目标的关键路径。水泥、陶瓷、玻璃纤维等细分行业纷纷探索零碳工厂、零化石能源工厂等新模 式，绿色低碳技术装备成为行业竞争新焦点。 减排成效显著 "推进绿色低碳转型，是建材行业高质量发展的必然要求和强劲动力。"中国建筑材料联合会党委书记、 会长阎晓峰介绍，近年来，建材行业绿色转型纵深推进，发布了《建材行业开启碳中和新征程——中国 建材行业碳排放报告（2025年）》，宣布中国建材全行业已如期实现碳达峰，正全面迈向碳中和，明确 了清晰的技术实施路径，引发国内外广泛关注。 建材行业一直走在工业领域"双碳"工作前列。数据显示，"十四五"期间，建材行业二氧化碳排放量连续 下降。与2020年相比，预计2025年建材行业二氧化碳排放量下降24.9%，万元增加值能耗下降17.4%， 万元工业增 ...

证券研究报告 2月十大金股推荐 1 ※ 核心观点 我们认为当前仍处于市场流动性偏宽的环境中，叠加高频景气跟踪与上市公司业绩预告均显示基本面有结构性亮点， 因此继续看好权益市场延续震荡向上趋势。方向上，建议重点关注：一是内外需共振景气向上、成长预期较好的科技 制造板块（AI/半导体/存储/风电等）；二是受益于产品涨价预期的周期板块（有色金属/化工等）；三是业绩有望筑 底改善的行业（建材/免税等）；四是部分绩优红利资产（保险等）。 资料来源：Wind，平安证券研究所 备注：本篇报告数据统计截至2026/1/29 平安证券研究所 2026年1月30日 请务必阅读正文后免责条款 2 证券代码 证券名称 申万一级行业 总市值 PE PB 推荐逻辑 （亿元人民币） (TTM) (MRQ) 300223.SZ 北京君正 电子 662 208.6 5.3 存储周期上行，L3智能驾驶催化汽车电子 603005.SH 晶方科技 电子 201 58.9 4.4 WLCSP先进封装领先企业，受益车规CIS需求扩张 688041.SH 海光信息 电子 6,073 256.6 27.7 国产算力领先企业，业绩持续增长可期 688615. ...