（科顺股份）电子布再提价推升业绩弹性，消费建材小阳春可期 本周7628电子布再次提价，其中国际复材涨价0.5-0.6元/米，行业供需格局持续向好，电子布产品结构调整所带来 的传统电子纱及电子布货源紧俏、叠加中高端产品供不应求的利好支撑，价格延续涨价趋势，我们看好2026年玻 纤板块景气度稳步向上；粗纱本周个别品种已有小幅提价，我们预计26年新增供给冲击有限，而风电、热塑等领 域需求稳定，供需格局有望边际向好，重点推荐中国巨石，建 （科顺股份）电子布再提价推升业绩弹性，消费建材小阳春可期 本周7628电子布再次提价，其中国际复材涨价0.5-0.6元/米，行业供需格局持续向好，电子布产品结构调整所带来 的传统电子纱及电子布货源紧俏、叠加中高端产品供不应求的利好支撑，价格延续涨价趋势，我们看好2026年玻 纤板块景气度稳步向上；粗纱本周个别品种已有小幅提价，我们预计26年新增供给冲击有限，而风电、热塑等领 域需求稳定，供需格局有望边际向好，重点推荐中国巨石，建议关注国际复材、长海股份、中材科技。 建议关注【旗滨集团】、【信义玻璃】。 本周配置建议： 1）主线一：7628电子布再提价，玻纤景气度向上。 重点推荐【中国 ...

[Table_Title] 建筑材料行业 25Q4 基金加仓水泥玻璃，板块整体配置仍在低位 [Table_Summary] 核心观点： [Table_Page] 深度分析|建筑材料 证券研究报告 | [Table_Grade] 行业评级 | 持有 | | --- | --- | | 前次评级 | 持有 | | 报告日期 | 2026-02-09 | [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 021-38003688 xielu@gf.com.cn 分析师： 张乾 SAC 执证号：S0260522080003 021-38003687 gzzhangqian@gf.com.cn 分析师： 陈琳云 SAC 执证号：S0260526010002 -10% 1% 12% 22% 33% 44% 02/25 04/25 07/25 09/25 11/25 02/26 建筑材料 沪深300 chenlinyun@gf.com.cn 请注意，张乾,陈琳云并非香港证券及期货事务监察委员会 的注册持牌人，不可在香港从事受监管活动。 [Table ...

建筑材料行业周报 7628 电子布再提价推升业绩弹性，消 费建材小阳春可期 2026 年 02 月 08 日 【投资要点】 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：王翩翩 证书编号：S1160524060001 证券分析师：郁晾 证书编号：S1160524100004 证券分析师：闫广 证书编号：S1160526010004 相对指数表现 -10% 2% 14% 26% 38% 50% 2025/2 2025/8 2026/2 建筑材料 沪深300 相关研究 《拥抱景气周期，聚焦涨价链条》 2026.02.01 《新一轮城市更新开启，关注消费建材底 部向上的弹性》 2026.01.25 《政策组合拳助力"开门红"， 看好玻纤 景气度向上》 2026.01.18 《玻纤电子布再次提价，玻璃冷修加速》 2026.01.11 《北京放松限购政策，继续关注地产链底 部向上机会》 2025.12.28 行 业 研 究 / 建 筑 材 料 / 证 券 研 究 报 告 周观点：本周 7628 电子布再次提价，其中国际复材涨价 0.5-0.6 元/ 米，行业供需格局持续向好，电子布产品结构调整所 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the building materials sector, indicating an expected relative performance increase of over 15% in the next 6-12 months [6][110]. Core Insights - The building materials industry is at a turning point, with both demand and valuation expected to improve. The real estate sector is anticipated to stabilize, leading to a recovery in building materials demand. The report highlights that new construction starts in 2025 are projected to decline by 70% compared to 2021, with completions down by 40% and new home sales down by 50% [9][8]. - Rising prices of upstream raw materials such as asphalt, polypropylene, and polyethylene are expected to drive up building material prices, benefiting companies with pricing power [9][8]. - The report recommends several companies, including Beixin Building Materials, Oriental Yuhong, and Sanhe Tree, while suggesting to pay attention to companies like Rabbit Baby and China Liansu [9][8]. Summary by Sections Market Overview - The building materials sector is currently underweighted, with a configuration ratio of 0.72% as of Q4 2025, which is significantly lower than the historical average since 2010 [8]. - The cement and glass sectors are noted to be at low valuation levels, with the cement manufacturing PB at the 16th percentile and glass manufacturing PB also at the 16th percentile since 2010 [8]. Key Company Recommendations - Recommended companies include: - Beixin Building Materials: EPS forecasted to increase from 2.1 in 2024 to 3.5 in 2027, with a PE ratio decreasing from 13.4 to 8.2 [6]. - Conch Cement: EPS forecasted to rise from 1.5 in 2024 to 2.2 in 2027, with a PE ratio decreasing from 17.3 to 11.6 [6]. - China Jushi: EPS expected to grow from 0.6 in 2024 to 1.2 in 2027, with a PE ratio decreasing from 36.1 to 18.6 [6]. - Other companies include Weixing New Materials, Sanhe Tree, and Huaxin Cement, all rated as "Buy" or "Increase" [6]. Industry Trends - The report notes a significant increase in market share for consumer building materials over the past few years, with profitability in segments like waterproofing and piping at a low point, suggesting potential for recovery [9][8]. - The cement sector is expected to see a gradual recovery in profitability, with a current national cement market price decrease of 1% and a notable drop in average shipment rates [36][9]. - The float glass sector is experiencing a supply-side adjustment, with production capacity at a five-year low, indicating potential for price recovery [9][8]. Emerging Opportunities - The report highlights opportunities in overseas markets, particularly in Africa, Central Asia, and Southeast Asia, where rising populations and urbanization rates are creating demand for building materials [9][8]. - The electronic fabric market is also noted for its upward price trend due to supply constraints, with significant price increases observed in recent weeks [9][8]. Conclusion - The building materials industry is positioned for a recovery phase, driven by stabilization in the real estate market and rising raw material prices. The report emphasizes the importance of focusing on companies with strong pricing power and market positioning to capitalize on these trends [9][8].

证券研究报告 | 行业策略 gszqdatemark 2026 02 08 年 月 日 建筑材料 竣工端建材将迎来长周期拐点 2026 年竣工端建材将迎来长周期拐点。1）新房竣工降幅自然收窄；2） 二手房成交量持续向好（人口结构带来的改善型需求支撑）；3）进入装修 周期的存量房快速增长，基数庞大（20-25 年为一个装修周期，2005 年左 右是房地产增速最快的时候）；4）经济压力已在建材的需求结构中充分体 现（（二手房成交量存存量房基数加远大大新新房竣工，装装修需求不如 新房竣工，体现的是经济压力下的装修需求延后），未来更多的是积极变 化，四重需求端因素加远供给端过去三年持续收缩，行业格局如断向好趋 势下，竣工端建材行业有望迎来长周期拐点，将带来行业的两重变化：1） 上市公司收入端降幅收窄，收入增长公司越来越多；2）随着需求的触底存 "反内卷"的贯彻，价格战趋新缓存，同时部分重资产行业产能利用率的 提升以及减值拖累的逐步消除，竣工端建材的利润增速有望显著超过收入 端。在此背景下，玻璃供给收缩明显，逐步接近供需均衡点，重视 2026 年 的价格弹性，关注旗滨集团。消费建材也将随着二手房、存量房的在需求 结构中 ...

[Table_Page] 投资策略周报|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 普通电子布涨价超预期，上海拟收购二手房用作保租房 [Table_Summary] 核心观点： [Table_Gr ade] 行业评级 持有 前次评级 持有 报告日期 2026-02-08 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 021-38003688 xielu@gf.com.cn 分析师： 张乾 SAC 执证号：S0260522080003 021-38003687 gzzhangqian@gf.com.cn 分析师： 陈琳云 SAC 执证号：S0260526010002 -10% 1% 12% 22% 33% 44% 02/25 04/25 07/25 09/25 11/25 02/26 建筑材料 沪深300 chenlinyun@gf.com.cn 请注意，张乾,陈琳云并非香港证券及期货事务监察委员会 的注册持牌人，不可在香港从事受监管活动。 [Table_ 相关研 ...

[Table_Page] 跟踪分析|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 普通电子布存供需缺口，步入涨价大周期 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 持有 | | --- | --- | | 前次评级 | 持有 | | 报告日期 | 2026-02-08 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]谢璐 SAC 执证号：S0260514080004 SFC CE No. BMB592 -10% 2% 14% 26% 38% 50% 02/25 04/25 06/25 09/25 11/25 01/26 建筑材料 沪深300 | 021-38003688 | | --- | | xielu@gf.com.cn | | 分析师： 张乾 | | SAC 执证号：S0260522080003 | | 021-38003687 | | gzzhangqian@gf.com.cn | | 请注意，张乾并非香港证券及期货事务监察委员会的注册 | | [Table_ 相关研究： DocReport] ...

建筑材料行业2026年投资策略 重点关注电子布板块，重视第二增长曲线 西南证券研究院 建筑材料团队 2026年2月 核心观点 1 行业观点：传统建材在新建地产需求收缩放缓、存量更新需求逐渐释放等因素交织影响下，有望触底回升，消费建 材受益显著；受益于算力需求爆发，特种玻纤电子布板块景气度较高，看好技术优势突出、具备产能储备的公司； 受益于基建发力，看好基建相关板块投资机会；部分积极转型并具备优质第二增长曲线的公司值得重点关注。 消费建材：2025年，全国固定资产投资(不含农户)48.5万亿元，同比下降3.8%；全国房地产开发投资8.28万亿元， 同比下降17.2%；其中，房屋新开工面积同比下降20.4%至5.88亿平方米，仅为2019年最高值的25.87%，新建房地 产市场对需求的拖累已充分反应。房地产行业进入存量市场，截至2023年中国城镇住宅存量约为335.5亿平方米， 城镇住房套数约3.74亿套，存量房翻新改造需求增长空间广阔。伴随商品房需求刺激政策陆续推出，"止跌回稳"、 "保交楼"等举措有望对商品房竣工和销售情况有所托底；存量市场下二次装修需求持续释放；下游需求由B端转向 C端过程中部分品牌力、渠道 ...

Investment Rating - The report rates the fiberglass industry as "Overweight" indicating a positive outlook for the sector [2][18]. Core Insights - The price of fiberglass fabric 7628 has increased significantly, with Linzhou Guangyuan and International Composites raising prices by 0.65 CNY/m and 0.55 CNY/m respectively, bringing the prices to 5.5 CNY/m and 5.2 CNY/m [4]. - The demand for integrated circuit boards in China has shown robust growth, with a record production of 48.1 billion units in December 2025, marking a historical high [4]. - Supply constraints are evident due to rising platinum and rhodium prices, which have increased the capital expenditure requirements for production, thereby slowing down capacity expansion [4]. - Major companies like China Jushi are expected to benefit from the price increases, with projected production capacities for 2026 being 1.1 billion meters for China Jushi, 600 million meters for China National Building Material, and others [4]. - Ibiden announced a capital expenditure of 500 billion JPY (approximately 3.2 billion USD) over three years to increase production capacity for IC substrates, which will positively impact the demand for Low CTE fabrics [4]. - The report suggests focusing on companies like China Jushi, International Composites, and China National Building Material due to their favorable positions in the market [4]. Summary by Sections Price Trends - The report highlights a continuous increase in prices for electronic yarn and fabric throughout 2026, indicating a strong market recovery [5]. Production Capacity - Domestic electronic yarn production capacity is entering a phase of declining growth, which may impact supply dynamics in the future [6]. Company Valuations - The report provides a valuation table for key companies in the construction materials sector, with China Jushi rated as "Buy" at a price of 21.76 CNY and a market cap of 87.11 billion CNY [13].

Investment Rating - The report recommends a "Buy" rating for several key companies in the building materials sector, including China Jushi, Huaxin Cement, and Dongfang Yuhong [5]. Core Insights - The building materials industry is experiencing a transformation, with traditional categories weakening while price increases are leading the recovery [1]. - The demand for cement is expected to stabilize in the short term, with a potential rebound in March due to seasonal construction activities [4][15]. - The fiberglass sector is seeing price increases driven by high demand for electronic yarn, while the overall market remains tight [4][42]. - The consumer building materials market is shifting towards high-quality products, supported by urban renewal strategies and price increases from leading companies [4][39]. Summary by Sections 1. Industry Transformation - The building materials industry plays a crucial role in supporting various sectors, including infrastructure and emerging industries [7]. - The industry is undergoing a transition towards high-quality development, with a focus on technological upgrades and sustainable practices [9]. 2. Traditional Materials Weakness and Price Increases - Cement demand is under pressure due to seasonal factors, with a decrease in total demand observed in January [15]. - The fiberglass market is experiencing stable prices for raw yarn, while electronic yarn prices are rising due to strong demand [42]. - Consumer building materials are seeing a shift towards high-quality products, with urban renewal driving demand [39]. 3. Market Confidence and Valuation Recovery - The building materials sector is witnessing a gradual recovery in valuations, supported by multiple favorable factors [4]. - The financial performance of the industry has improved, with significant cash flow recovery noted in the first three quarters [6]. 4. Investment Recommendations - For cement, the report suggests focusing on leading companies like Huaxin Cement and Conch Cement, which are expected to benefit from improved supply-demand dynamics [4]. - In the fiberglass sector, companies like China Jushi and China National Building Material are highlighted for their strong earnings potential [4]. - The consumer building materials segment is recommended for investment, particularly companies with strong brand and distribution advantages [4].