证券日报网1月28日讯，中国巨石（600176）在接受调研者提问时表示，公司的主营产品之一为电子级 玻璃纤维布，具有绝缘、高强度、高耐热性、高耐燃性等优点，作为覆铜板的基础材料，被广泛应用于 汽车电子、消费级电子产品、智能手机等领域。 ...

证券之星消息，1月28日玻璃玻纤板块较上一交易日上涨6.37%，宏和科技领涨。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。玻璃玻纤板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603256 | 宏和科技 | 52.03 | 10.00% | 28.84万 | | 14.73亿 | | 603601 | 再升科技 | 11.77 | 10.00% | 225.04万 | | 25.07亿 | | 002080 | 中材料技 | 42.93 | 9.99% | 86.59万 | | 35.90 乙 | | 600176 | 中国巨石 | 21.80 | 6.29% | 105.60万 | | 22.76亿 | | 301526 | 国际复材 | 8.33 | 5.84% | 212.98万 | | 17.49 Z | | 002201 | 九鼎新材 | 15.63 | 3.99% | 158.95万 | | ...

1月28日，中国巨石涨5.07%，截至发稿，报21.55元/股，成交10.01亿元，换手率1.18%，总市值862.68 亿元。 资料显示，中国巨石股份有限公司位于浙江省桐乡市凤凰湖大道318号，成立日期1999年4月16日，上市 日期1999年4月22日，公司主营业务涉及公司主要从事玻璃纤维及制品的生产、销售。主营业务收入构 成为：玻纤及其制品相关97.41%，其他(补充)1.63%，风电0.96%。 华泰柏瑞沪深300ETF（510300）成立日期2012年5月4日，最新规模4222.58亿。今年以来收益1.73%， 同类排名4579/5549；近一年收益26.46%，同类排名2873/4285；成立以来收益119.93%。 华泰柏瑞沪深300ETF（510300）基金经理为柳军。 截至发稿，柳军累计任职时间16年243天，现任基金资产总规模5509.28亿元，任职期间最佳基金回报 193.73%， 任职期间最差基金回报-45.64%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call focuses on **China Jushi Co., Ltd.**, a leading company in the fiberglass industry, particularly in the production of wind power yarn and electronic cloth [1][2]. Key Points and Arguments Wind Power Yarn and Electronic Cloth Demand - There is a rapid growth in downstream demand for wind power yarn, with both volume and price increasing. The logic of simultaneous growth in volume and price is expected to continue [1]. - The wind power demand is projected to improve in 2025, alongside a year-on-year increase in new energy vehicle production. This is expected to positively impact the sales volume and price of fiberglass products [1]. - For Q3 2025, the company anticipates a year-on-year revenue increase of **19.53%** and a net profit attributable to shareholders increase of **67.51%** [1]. - The wind power installation target for 2026 is promising, indicating continued growth in the wind power yarn market. The company plans to adjust prices for long-term contracts related to wind power and thermoplastic products in November 2025, which is expected to reflect positively in 2026 [1]. Electronic Cloth Market Dynamics - Following price increases by major players like Japan's Resonac, which announced a **30%** price hike for CCL and adhesive films starting in March, there is an expectation that these increases will be transmitted to the electronic cloth sector [2]. - The company’s **100,000-ton** electronic yarn production line in Huai'an is expected to commence operations in 2026, contributing to ongoing volume and price increases [2]. - The rapid development of AI is expected to drive demand for specialty electronic cloth, and the company is actively advancing the research and certification of low-dielectric electronic cloth products, leveraging its cost, technology, and financial advantages as a leading enterprise [2]. Long-term Development Confidence - The company has released a draft for a **2025 stock incentive plan**, with a grant price set at **10.19 CNY** per share. The plan targets up to **618** core employees, including directors and executives [3]. - The performance assessment targets a compound annual growth rate (CAGR) for net profit from 2026 to 2028 of no less than **38.5%**, **27%**, and **22%**, respectively, based on the net profit for 2024 [3]. - The company is actively repurchasing shares, which reflects its confidence in long-term development [4]. Additional Important Information - The ongoing share repurchase and stock incentive plan highlight the company's commitment to enhancing shareholder value and its belief in sustained growth in the fiberglass industry [4].

Market Overview - The glass fiber sector experienced a decline of 0.52% on January 27, with Jiuding New Materials leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Stock Performance - Notable gainers in the glass fiber sector included: - Zais Technology (603601) with a closing price of 10.70, up 6.36% and a trading volume of 2.09 million shares, totaling 2.27 billion yuan [1] - Sanxia New Materials (600293) closed at 3.69, up 1.37% with a trading volume of 1.45 million shares, totaling 523 million yuan [1] - Jiuding New Materials (002201) was the biggest loser, closing at 15.03, down 7.68% with a trading volume of 1.49 million shares, totaling 2.23 billion yuan [2] Capital Flow - The glass fiber sector saw a net outflow of 261 million yuan from main funds, while retail investors contributed a net inflow of 293 million yuan [2] - The detailed capital flow for selected stocks showed: - Zais Technology had a main fund net inflow of 253 million yuan, while retail investors had a net outflow of 155 million yuan [3] - Jiuding New Materials experienced a significant net outflow of 208.54 million yuan from main funds [3]

%% %% %% %% research.95579.com 1 行业研究丨深度报告丨建材 [Table_Title] 如何看待玻纤电子布的提价弹性及持续性 ——基于织布机和铂金视角 丨证券研究报告丨 报告要点 [Table_Summary] 玻纤行业整体处于周期相对底部，基于供需关系，我们判断 2026 年提价弹性如下：AI 特种电 子布>普通电子布>普通粗纱，看好电子布提价带来的业绩弹性。AI 电子布需求持续高景气，看 好紧缺之下的提价，Low CTE 和 Low-Dk 二代布缺口更大。普通电子布在织布机产能挤压逻辑 之下有望持续提价，2025 年织布机已经形成缺口，2026 年缺口维持，2027 年缺口将全面放 大。此外铂金涨价推升投资成本，亦或对供给节奏形成一定抑制。 分析师及联系人 [Table_Author] SFC：BQK473 %% %% research.95579.com 2 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 [Table_Title 如何看待玻纤电子布的提价弹性及持续性 2] ——基于织布机 ...

Market Overview - The glass and fiberglass sector experienced a decline of 0.56% on January 26, with Zaiseng Technology leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Jiuding New Materials (002201) saw a significant increase of 10.00%, closing at 16.28 with a trading volume of 1.9866 million shares and a transaction value of 3.1 billion [1] - Honghe Technology (603256) increased by 2.44%, closing at 48.35 with a trading volume of 405,100 shares [1] - Other notable performances include: - Sanxia New Materials (600293) up 0.28% at 3.64 - Shandong Fiberglass (605006) remained unchanged at 7.93 - Qibin Group (601636) down 0.29% at 6.93 - China Jushi (600176) down 0.58% at 20.64 [1] Capital Flow - The glass and fiberglass sector saw a net outflow of 551 million in main funds, while retail investors contributed a net inflow of 536 million [2] - The sector's capital flow indicates that retail investors are more active compared to institutional investors [2] Individual Stock Capital Flow - China Jushi (600176) had a main fund net inflow of 84.17 million, but retail investors showed a net outflow of 54.68 million [3] - Honghe Technology (603256) experienced a main fund net inflow of 143.88 million, while retail investors had a net inflow of 81.73 million [3] - Other stocks like Jiuding New Materials (002201) and Shandong Fiberglass (605006) also showed mixed capital flows, with significant retail participation [3]

Summary of Key Points from Conference Call Industry Overview - The construction materials industry is significantly impacted by fluctuations in the real estate market, with intensified competition in segments such as waterproofing, coatings, and glass. Leading companies are aggressively expanding, facing pressure on payment terms. Market concentration is increasing, with the top three waterproofing companies holding 60%-70% market share [1][2][5]. Core Insights and Arguments - **Waterproofing and Coatings**: The waterproofing sector is under pressure due to demand fluctuations closely tied to new construction and project initiation. The coatings sector faces challenges in the TOB (business-to-business) segment but shows strong performance in the TOC (business-to-consumer) segment, exemplified by companies like Sanke Tree achieving growth through strategic transformation [1][2][5]. - **Glass Industry**: The continuous production nature of the glass industry leads to cash flow losses during periods of low demand, resulting in capacity reductions. Current daily melting capacity is at 150,000 tons, putting significant survival pressure on many companies [1][2][5]. - **Cement Industry**: The cement sector may achieve supply-side adjustments through the reduction of clinker capacity, potentially increasing utilization rates. Optimistic estimates suggest a reduction from 2.1-2.2 billion tons to 1.6-1.7 billion tons over the next two to three years [3][5]. Emerging Opportunities - **Chemical Midstream Sector**: The midstream chemical sector benefits from increased domestic capital expenditure, the exit of overseas capacity, and carbon neutrality policies, indicating a clear upward trend. Despite significant prior gains, valuations remain reasonable, with core assets like fiberglass warranting attention [4][8]. - **International Expansion**: Companies like Huaxin are seeing significant growth from international operations, with overseas profits exceeding 50%, driven by demand in emerging markets and competitive advantages [6][9][10]. Specific Areas of Interest - **Waterproofing Materials**: The waterproofing sector is poised for growth, with rapid market share increases and expectations of price hikes due to rising asphalt costs and strong profit demands from leading companies [11]. - **North New Materials**: As a state-owned enterprise, North New Materials has a strong position in the branded building materials sector, with stable profits from gypsum board and active expansion in waterproofing and coatings through acquisitions [12][15][16]. - **Consumer Building Materials**: Companies with alpha characteristics such as Sanke Tree, North New Materials, and others are highlighted for their strong performance and long-term growth potential [13]. Market Dynamics - **Fiberglass Industry**: The fiberglass sector is characterized by a rigid cost structure, with production costs largely independent of oil prices. Demand is expected to grow steadily, with leading companies like China Jushi increasing their global market share [7][19][20]. - **Comparison with Chemical Industry**: The construction materials sector lacks the grand narratives seen in the chemical industry, making it challenging to assess company elasticity due to price volatility. However, branded building materials exhibit strong valuation elasticity [18]. Company-Specific Insights - **San Ke Tree and Hanco**: These leading companies in their respective segments are expected to achieve growth despite market pressures, with San Ke Tree leveraging new community store initiatives to drive profit growth [17]. - **Subote's Transition**: Subote is currently at a low point but is exploring transformation opportunities in high polymer materials, which may enhance its future prospects as cement demand stabilizes [21]. This summary encapsulates the key insights and developments within the construction materials and related sectors, highlighting both challenges and opportunities for investment.

Investment Rating - The report maintains a "Buy" rating for the construction and building materials sectors, with specific recommendations for several companies [9]. Core Insights - The report emphasizes a balanced allocation between traditional cyclical sectors and emerging growth industries, particularly in the context of improving real estate transaction data and liquidity in the market [12][19]. - The construction materials sector has shown resilience, with price increases observed in waterproofing materials, aluminum formwork, and engineering pipe materials since Q3 2025, indicating a strengthening self-repair capability within the sector [12][14]. - The report highlights the ongoing demand for high-end materials in commercial aerospace, including high-temperature fiber materials and perovskite materials in solar wing energy systems [12]. Summary by Sections Industry Overview - The construction materials sector has been leading the market, driven by improved real estate transaction data and expectations of a spring rally in cyclical sectors [12]. - The report notes that from January to December 2025, the new construction area in real estate decreased by 20.4% year-on-year, but there are signs of recovery in major cities [12][19]. Key Companies and Developments - Zhejiang Weixing New Materials announced plans to acquire an 88.26% stake in Beijing Songtian Cheng for approximately 111 million yuan, aiming to enhance its product chain in municipal pipeline systems [3]. - The report recommends several companies for investment, including Yaxiang Integration, Zhongcai International, China Chemical, Qibin Group, and others, with target prices and expected earnings per share provided [9][38]. Market Dynamics - The report indicates that the cement price remained stable at 353 yuan per ton, with a significant drop in the average shipment rate to 29.5% due to seasonal factors [29]. - The glass market has shown stability, with the average price of float glass holding steady at 61 yuan per weight box, despite a year-on-year decline of 18.5% [2][29]. Emerging Trends - The report identifies a potential recovery in investment in Q1 2026, supported by government policies aimed at stimulating the economy, which may benefit cyclical sectors [17]. - The demand for electronic fabrics and cleanroom materials is expected to remain high, driven by advancements in AI and increased PCB investments [13][27]. Recommendations - The report suggests focusing on waterproofing and engineering pipe materials as key opportunities in the construction sector, with a positive outlook for these segments due to expected price increases and improved market conditions [20][21].

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook compared to the broader market [2] Core Views - A new round of urban renewal is beginning, which is expected to provide significant opportunities in the consumer building materials sector, effectively countering the decline in new housing market demand [8] - The report highlights that after a prolonged downturn in the real estate sector, profitability in various segments of the construction supply chain is starting to recover, particularly for leading companies that have undergone strategic adjustments [8] - The report emphasizes the potential for price increases in certain segments, such as waterproofing and coatings, as companies respond to improved market conditions [8] Summary by Sections Cement - The cement market is entering a seasonal downturn, with demand expected to decline. The average shipment rate for major regions has dropped to 29%, a decrease of approximately 10 percentage points [27][34] - The national average price for cement remains stable at around 353 RMB per ton, with minor fluctuations observed in specific regions [28][34] - The report suggests that after the Spring Festival, demand may recover as new key projects are expected to commence, potentially stabilizing prices [34] Glass - The glass market is also experiencing a decline in demand, with production capacity decreasing to approximately 14.95 million tons, the lowest in recent years [53] - The average price for float glass has increased slightly to 1,139 RMB per ton, with inventory levels decreasing [38] - The report indicates that the glass industry is facing profitability challenges, leading to accelerated production line cold repairs, which may help stabilize the market [53] Fiberglass - The fiberglass market is seeing stable pricing for both roving and electronic fabrics, with the price of 7628 electronic fabric currently at approximately 4.4-4.85 RMB per meter [55] - The report anticipates continued high demand for electronic fabrics, supported by structural adjustments and a shortage of high-end products [55] - Key recommendations include focusing on leading companies like China Jushi, with additional attention on International Composite Materials and Zhongcai Technology [55] Carbon Fiber - Carbon fiber prices are expected to remain stable in the short term, with the rapid development of commercial aerospace potentially driving new demand [55] - The report notes that the current price stability is a necessary step for increased market penetration, with significant growth expected in the aerospace sector [55] Consumer Building Materials - The report highlights the resilience of consumer building materials, with leading companies like Sanke Tree and Rabbit Baby showing strong growth potential as they emerge from profitability challenges [8] - The urban renewal initiative is expected to create substantial market opportunities, particularly for high-quality consumer building materials [8]