市场在前，研发在后，为克石化铺设了定制化的研发生产之路。作为国内涂料行业的领军企业，对消泡 剂用白油的各项技术指标要求极其严苛。为此，研发人员直接介入，与该企业技术团队反复沟通，精准 调整生产工艺，最终提供的化妆品级白油产品获得了客户的认可。 2025年，克拉玛依石化公司(以下简称克石化)捷报频传：航煤产品销量36.4万吨，变压器油产品销量 28.8万吨，双双创下历史新高；新型号白油等11种新产品销量达8.55万吨，其中8种新产品实现"当年开 发、当年量产、当年见效"；沥青产品销量与效益也实现同步增长。 亮眼数据的背后，是克石化长期锻造的"研产销"一体化产品创新链条在高效运转。在这条创新链上，营 销与研发的双轮驱动尤为关键——市场端精准的需求调研，如同"指南针"指引研发方向；而研发、生产 端快速的技术突破与产品转化，则成为开拓细分市场、提升产品价值的核心引擎。 市场牵引 了解需求找准方向 "我们必须让市场需求成为课题立项的'指南针'，而不是让研发人员闭门造车。"克石化研究院副院长李 静强调。 2025年，国家消费税政策调整，对橡胶增塑剂产品市场带来冲击。克石化立即联合研发等部门组成专项 调研组，前往华南地区， ...

Investment Rating - The industry rating is "Outperform the Market" [8][64] Core Viewpoints - The report emphasizes the need for stable real estate market policies, including controlling inventory and encouraging the construction of quality housing [3][13] - It highlights that the construction materials sector is expected to benefit from supply-side reforms and a potential recovery in housing demand due to lower interest rates and supportive policies [6][13] - The report notes that the market is becoming increasingly sensitive to policy easing as the sales area of commercial housing has been declining for over three years [3][6] Summary by Sections Investment Highlights - The central economic work conference has outlined measures to stabilize the real estate market, including promoting the construction of quality housing and reforming the housing provident fund system [3][13] - The report anticipates that the construction materials sector will see a turning point in the capacity cycle due to supply-side reforms and improved purchasing intentions driven by lower interest rates [6][13] Recent High-Frequency Data - As of December 12, 2025, the average price of bulk P.O 42.5 cement is 341.1 CNY/ton, a 0.3% increase from last week but a 17.9% decrease year-on-year [4][14] - The average price of glass (5.00mm) is 1091.4 CNY/ton, down 1.0% from last week and down 19.5% year-on-year [4][22] Sector Review - The construction materials index has decreased by 1.41%, with sub-sectors like glass manufacturing and cement manufacturing showing declines of 1.79% and 1.21%, respectively [5][51] - The report suggests that the construction materials sector's fundamentals and valuations are expected to recover further, with specific recommendations for stocks in the sector [6][51]

Core Viewpoint - The company focuses on high-quality development through project-based operations and innovative research and development, aiming to achieve stable growth and breakthrough in challenging market conditions [1] Group 1: Market Expansion - The company is expanding its market presence by targeting new customers, deepening existing markets, and breaking into overseas channels, with a structured approach to implementation [2] - The market footprint has extended to central and western provinces such as Inner Mongolia and Gansu, with 17 new suppliers added and 28 new orders signed [2] - Sales of road-use new materials have successfully reached overseas markets, generating revenue of 210 million yuan [2] Group 2: Innovation and R&D - A technical task force has been established to improve the high-viscosity and high-elasticity modified asphalt process, addressing the balance between viscosity and fluidity [3] - The development of direct-injection polyolefin mixtures has shown excellent performance in the S313 test section, receiving high recognition from customers [3] - The company has led the formulation of the national standard for testing the content of SBS modified asphalt modifiers, which has been officially implemented, providing a new material solution for industry technical specifications [3] Group 3: Cost Control and Efficiency - The company has fully implemented "5S" management to establish standardized cost control processes, dynamically optimizing the entire production workflow [4] - Focused on core production processes, the company has upgraded key equipment and improved production techniques, resulting in a 10% reduction in the production cost of SBS modified asphalt per ton [4] - The optimization of the warehousing management system has stabilized supply chain operations, with over 150,000 tons of asphalt received from 24 ships, achieving a win-win situation in cost control and efficiency [4] - The company plans to enhance mechanism optimization and efficiency improvement to support a more mature and standardized project-based operational system, further deepening market expansion and enhancing core competitiveness [4]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [64]. Core Insights - The report highlights a significant decline in real estate development investment, with a total of 7.4 trillion yuan from January to October, down 14.7% year-on-year. New housing starts and completions also saw declines of 19.8% and 16.9% respectively [3][12]. - The report anticipates stronger policy measures to stabilize the real estate market, including potential interest rate cuts and tax reductions aimed at boosting housing demand [3][12]. - The construction materials sector is expected to benefit from supply-side reforms and a potential recovery in housing demand, with the market entering a bottoming phase after three years of decline [3][5]. Summary by Sections High-frequency Data - As of November 14, 2025, the average price of bulk P.O 42.5 cement is 341.9 yuan/ton, reflecting a 0.4% decrease from the previous week and an 18.2% decrease year-on-year [4][13]. - The average price of glass (5.00mm) is 1141.4 yuan/ton, down 1.4% from the previous week and 18.6% year-on-year [20][22]. Market Review - The construction materials index increased by 0.97% during the week of November 10 to November 14, 2025, while the Shanghai Composite Index and Shenzhen Composite Index decreased by 0.18% and 0.31% respectively [48][54]. - Notable performers in the construction materials sector included pipe materials (+3.32%) and refractory materials (+2.91%), while cement manufacturing saw a slight decline of 0.01% [48]. Investment Recommendations - The report suggests focusing on three main investment lines: high-quality companies benefiting from stock renovations, undervalued stocks with long-term growth potential, and leading cyclical construction material companies showing signs of bottoming out [5]. - Specific companies recommended include Weixing New Materials, Beixin Building Materials, and Huaxin Cement among others [5].

Investment Rating - The industry rating is "Outperform the Market" [8][75] Core Viewpoints - The real estate development investment in China from January to August reached 6 trillion yuan, a year-on-year decrease of 12.9%, indicating a significant decline in the sector [3] - The new construction area of residential buildings decreased by 19.5% year-on-year, while the completion area fell by 17.0% [3] - The average price of bulk P.O 42.5 cement nationwide is 344.5 yuan/ton, showing a slight increase of 0.9% week-on-week but a decrease of 9.0% year-on-year [4][14] - The report highlights that the supply-side reform in the building materials sector is expected to reach a turning point, with a recovery in housing purchase willingness due to declining interest rates and supportive policies [6][20] - The report anticipates that the real estate market will stabilize, driven by policies aimed at boosting housing consumption and improving purchasing power [3][6] Summary by Sections High-frequency Data - As of September 19, 2025, the average price of P.O 42.5 cement is 344.5 yuan/ton, with regional prices varying [4][14] - The glass (5.00mm) ex-factory price is 1165.7 yuan/ton, reflecting a year-on-year decline of 3.0% [21][24] Sector Review - The Shanghai Composite Index fell by 1.3%, while the building materials index rose by 0.43% [5][59] - Sub-sectors such as refractory materials and fiberglass manufacturing showed positive growth, while cement manufacturing and glass manufacturing experienced declines [5][59] Investment Recommendations - The report suggests focusing on three main lines for investment: high-quality companies benefiting from stock renovation, undervalued stocks with long-term alpha attributes, and leading cyclical building materials companies [6]

记者在现场注意到，该企业的产品展示区，共陈列出10种主打沥青产品，包括70号基质沥青、透水 路面、沥青玛蹄脂碎石混合料、极薄磨耗体系等。用途多元，既有可广泛应用于道路工程建设中的优质 石油沥青，也有适配热带地区高温高湿特点的改性沥青，还有修补道路裂缝的道路养护材料。 "这是SBS改性沥青，一种新型沥青原料，经过实测，路用性能优越而稳定。"拿起一块黑色沥青样 品，海南华特石油化工有限公司总经理王汤池介绍，在炎热地区，夏季路面长时间维持在较高温度，基 质沥青易因高温变软。企业创新研发产品，通过添加改性剂，显著提高了沥青的高温稳定性、低温抗裂 性和抗疲劳性能，能够适应更广泛的气候条件，延长道路使用寿命。 海南交投党委书记、董事长陈泰锋表示，该项目全面建成后，将成为辐射全岛及国际市场的沥青仓 储、加工与中转枢纽，填补海南高端沥青产品的本地化生产空白市场，助力海南自贸港基础建设升级与 绿色交通发展。 海南日报讯（海南日报全媒体记者 曹马志 王晓曈 见习记者 王泽宇）日前，东方市临港产业园，海 南华特石油化工有限公司开业，标志着海南首个国有沥青仓储加工基地项目正式启用，将进一步提升海 南自贸港高端建材保障能力。 该项目是 ...

Core Viewpoint - Liaohe Petrochemical Company has actively responded to market changes in 2023, leveraging its unique resources and technological advantages to focus on "stability, optimization, innovation, and specialty" in its operations, achieving significant production milestones in the first half of the year [1] Group 1: Stability - The company emphasizes stability as a foundation for development, implementing strict management and quality control measures, and enhancing safety and environmental standards [2] - Liaohe Petrochemical has made progress in addressing issues raised by central environmental inspections and is committed to improving its QHSE (Quality, Health, Safety, and Environment) management system [2] Group 2: Optimization - The company focuses on optimizing crude oil resource allocation and production management, achieving a 100% operational stability rate, the highest in China's petroleum refining sector [3] - Liaohe Petrochemical has made significant strides in quality improvement and efficiency enhancement, completing 65.56% of its annual targets in these areas by mid-year [3] - The company has implemented cost control measures and energy-saving initiatives, maintaining a gasoline and diesel yield of 30.82%, the best among China National Petroleum Corporation [3] Group 3: Innovation - Liaohe Petrochemical has increased its investment in research and development, achieving notable technological advancements, including the industrial trial production of low-temperature refrigerants and the development of new products [4] - The company is advancing key projects, such as the hydrogen production carbon dioxide recovery project, and has successfully launched a centralized ERP system [4] Group 4: Specialty - By 2025, Liaohe Petrochemical aims to deepen its "reduce oil and increase specialty" strategy, focusing on the development of specialty products and enhancing product value and market competitiveness [5] - The company has made significant improvements in asphalt performance and has successfully applied its products in various high-profile projects, demonstrating its commitment to quality and customer satisfaction [5]

行 华福证券 建筑材料 2025 年 08 月 04 日 业 研 究 建筑材料 城市更新呵护需求，反内卷加快供给出清 投资要点： 行 业 定 期 报 告 中共中央政治局 7 月 30 日召开会议，会议指出要落实落细更加积极的 财政政策和适度宽松的货币政策，落实好中央城市工作会议精神，高质量 开展城市更新；上海加快推进"两旧一村"改造，今年计划启动 25 个城中 村改造；深圳规划 2026 年前建成深汕通用机场，提升 eVTOL 服务保障能 力；重庆今年滚动实施城中村改造项目 150 个；广州 7 月二手住宅网签 8962 套，同比下降 10.7%；山东将数字家庭纳入"好房子"建设内容，对个人 购置智能家居予以补贴；沈阳 2025 年度住房公积金缴存基数上限调整为 29523 元；哈尔滨发布公积金新政，以旧换新贷款额度，最高上浮 20%； 广州从化推出"以旧换新""房票"等房地产健康发展七项措施；贵州 2025 年计划改造城中村 6268 户，调整土地增值税预征率；成都发布 2025 年城 市更新片区 12 个项目机会清单，涉及城市有机更新、危旧房改造、自主改 造等多个方面，总投资额高达数百亿元。中长期来看：1 ...