Investment Rating - The report maintains a "Market Weight" rating for the building materials industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [46]. Core Insights - The building materials industry is experiencing an optimization in supply and demand dynamics due to the "anti-involution" policies, with expectations for price increases in electronic fabrics [2][4]. - The cement sector is anticipated to see a further contraction in total production capacity in 2026, driven by regulatory measures and a potential recovery in real estate sales in key cities [4][39]. - The flat glass market is showing signs of recovery with a slight increase in production and prices, although short-term demand remains weak due to seasonal factors [4][40]. - The photovoltaic glass market is facing challenges with excess supply and ongoing losses, but long-term demand is expected to be supported by the development of new energy bases [4][40]. - The glass fiber industry is in a structural recovery phase, with increasing demand for high-end products driven by advancements in AI and 5G technologies [4][40]. Summary by Sections Cement - The Ministry of Industry and Information Technology has implemented measures to control cement production capacity, leading to an expected reduction in total capacity in 2026 [4][39]. - Recent data indicates a recovery in real estate sales, which, combined with major infrastructure projects, may improve the supply-demand balance in the cement industry [4][39]. - Recommended stocks include Shangfeng Cement, Taipai Group, and Huaxin Cement, which have favorable fundamentals and high dividend yields [4][39]. Glass and Fiberglass - The flat glass production in 2025 is projected to be 97,591 million weight boxes, a 3% decrease year-on-year, but December 2025 saw a 3.4% increase compared to the previous year [4][40]. - The price of float glass has shown a slight recovery, with expectations for price stabilization due to supply-side adjustments [4][40]. - The fiberglass market is benefiting from increased demand for low-DK glass fabrics, with Taiwanese manufacturers shifting production to meet this demand [4][40]. - Recommended stocks in the fiberglass sector include China Jushi, which is expected to benefit from the structural recovery in the industry [6][40]. Consumer Building Materials - Leading companies like Keshun and Sankeshu have announced price increases due to rising raw material costs, indicating a trend of price stabilization in the industry [6][42]. - The demand for new construction is weakening, but renovation and urban renewal projects are expected to drive growth [6][42]. - Recommended stocks include Beixin Building Materials, Tubaobao, and Sankeshu, which are well-positioned to recover ahead of their peers [6][42].

Summary of Conference Call Notes Industry Overview - The electronic fabric market is experiencing a strong price increase, with notable price points for various products. For instance, the mainstream price for electronic yarn G75 is reported to be between 10,400-10,700 RMB/ton, while the prices for different types of electronic fabric are as follows: 7628 electronic fabric at 5.3-5.5 RMB/m, 2116 electronic fabric at 6.1 RMB/m, and 1080 electronic fabric at 6.3 RMB/m [1][3]. Key Insights - The price of 7628 electronic fabric has increased by 0.75 RMB/m compared to the end of last year, driven by several factors: 1. Slow expansion of weaving machine production capacity, with some companies switching equipment to produce low-dielectric products required for AI, thereby reducing the production of ordinary 7628 electronic fabric. 2. Production of ultra-fine and ultra-thin electronic fabric by a single weaving machine may result in a loss of over 50% of capacity due to production difficulties and differences in yarn density [1][3]. - There is an expectation that the price increase trend for electronic fabric may continue in the short term [2]. - By 2026, the supply and demand for ordinary electronic yarn may reach a balance, but the ordinary electronic fabric may still face supply constraints due to a shortage of weaving machines, which provides a basis for potential price increases [3]. Additional Important Points - The new production capacity for electronic yarn by 2026 includes: 1. A 100,000-ton production line by China Jushi in Huai'an, expected to start in March-April. 2. A 70,000-ton electronic yarn project by Jiantao Chemical. 3. An 85,000-ton ordinary electronic yarn project by International Composite Materials, which was launched at the end of December 2025, with plans for potential upgrades to older lines [3]. - Leading companies may optimize their product structures, with significant profit elasticity for ordinary electronic fabric. In Q3 2021, the average price of 7628 electronic fabric was 8.8 RMB/m, while China Jushi's non-tax selling price for electronic fabric was 6.7 RMB/m, yielding a net profit of 2.8 RMB/m, indicating substantial profit potential at current price levels [4]. - If the price of electronic fabric increases by 1 RMB/m, it could lead to a profit increase of 1 billion RMB for companies with an effective production capacity of 1.1-1.2 billion meters of electronic fabric [4].

Core Viewpoint - China Jushi Co., Ltd. experienced a significant stock price fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from February 10 to February 12, 2026, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange regulations [2][3]. Group 1: Stock Trading Abnormality - The company's stock price increased by more than 20% cumulatively over three trading days, indicating abnormal trading activity [2][3]. - The company confirmed that there are no undisclosed significant matters or important information as of the announcement date [2][5]. Group 2: Company Operations and Major Events - The company conducted a self-inspection and confirmed that its production and operations are normal, with no significant changes in the market environment or industry policies [4]. - There are no undisclosed major events or significant matters, such as major asset restructuring or share issuance, that could impact the company [5]. - The company did not find any media reports or market rumors that could significantly affect its stock price [6]. Group 3: Shareholder Activity - As of February 10, 2026, a major shareholder, Zhenstone Holding Group Co., Ltd., increased its stake by acquiring 31.459813 million shares, bringing its total holdings to approximately 17.67% of the company's total shares [7]. - During the period of stock price fluctuation, there were no stock trading activities by the company's directors, senior management, or major shareholders [7]. Group 4: Board Statement - The board of directors confirmed that there are no undisclosed matters that should be reported according to the Shanghai Stock Exchange regulations, and previous disclosures do not require correction or supplementation [8].

Core Viewpoint - China Jushi announced that its stock price had deviated significantly, with a cumulative increase of over 20% in closing prices over three consecutive trading days from February 10 to February 12, 2026, indicating abnormal trading fluctuations [1] Company Summary - The company conducted a self-inspection and confirmed that its production and operations are normal [1] - There have been no significant changes in the market environment or industry policies affecting the company [1] - The company's production, sales, and internal operational order remain stable [1]

Group 1 - On February 12, a total of 46 stocks were involved with institutional investors, with 28 showing net buying and 18 showing net selling [1] - The top three stocks with the highest net buying by institutions were Yingweike (3.2 billion), Baichuan Co. (2.26 billion), and Jingchen Co. (1.87 billion) [1] - The top three stocks with the highest net selling by institutions were China Jushi (5.05 billion), Jiecheng Co. (1.49 billion), and Sanbian Technology (1.2 billion) [1] Group 2 - The stock Yingweike had a daily increase of 10.00% with a net buying amount of 320.2 million [2] - Baichuan Co. experienced a daily decrease of 4.92% with a net buying amount of 225.6 million [2] - Jingchen Co. saw a daily increase of 15.75% with a net buying amount of 186.8 million [2] Group 3 - China Jushi had a daily increase of 7.13% but faced a net selling amount of 50.5 million [4] - Jiecheng Co. had a daily increase of 1.13% with a net selling amount of 14.9 million [4] - Sanbian Technology experienced a daily increase of 3.49% with a net selling amount of 12.0 million [3]

证券代码：600176 证券简称：中国巨石 公告编号：2026-003 中国巨石股份有限公司 关于股票交易异常波动的公告 公司股票于 2026 年 2 月 10 日、2 月 11 日、2 月 12 日连续 3 个交易日内收 盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动情况。 二、公司关注并核实的相关情况 针对公司股票交易异常波动的情况，公司对有关事项进行了核查，并发函向 控股股东、实际控制人核实，现将有关情况说明如下： （一）生产经营情况 经公司自查，公司目前生产经营正常。市场环境、行业政策没有发生重大调 整，生产和销售等情况一切正常，内部经营秩序稳定。 （二）重大事项情况 经公司自查，并向公司控股股东、实际控制人核实，截至本公告披露日，公 司及其控股股东、实际控制人均不存在应披露而未披露的重大信息，或处于筹划 阶段的重大事项，包括但不限于重大资产重组、发行股份、上市公司收购、债务 重组、业务重组、资产剥离和资产注入等重大事项。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 ...

Core Viewpoint - The stock of China Jushi has experienced an abnormal fluctuation, with a cumulative closing price increase of over 20% over three consecutive trading days from February 10 to February 12, 2026 [1] Group 1: Stock Performance - The stock price deviation has triggered a review under the Shanghai Stock Exchange trading rules due to the significant price movement [1] - The company has confirmed that there are no undisclosed major events or important information affecting the stock price [1] Group 2: Company Operations - The company's production and operations are reported to be normal, with no significant changes in market conditions or industry policies [1] - There have been no media reports, market rumors, or trending concepts identified that could significantly impact the stock price [1] Group 3: Shareholder Activity - The major shareholder, Zhenshi Holding Group Co., Ltd., increased its stake by 31.459813 million shares, representing a 1% increase, between November 29, 2025, and February 10, 2026 [1] - As of February 10, 2026, the major shareholder holds a total of 17.6683% of the company's shares [1] - During the period of abnormal stock fluctuation, there were no transactions involving the company's stock by directors, senior management, or the controlling shareholder and their concerted actions [1]

Core Viewpoint - The stock price of China Jushi Co., Ltd. experienced a cumulative increase of over 20% over three consecutive trading days from February 10 to February 12, 2026, indicating abnormal stock price fluctuations [1] Summary by Relevant Sections - The stock trading of China Jushi Co., Ltd. was identified as having abnormal fluctuations according to the Shanghai Stock Exchange trading rules due to the significant price increase [1] - The company conducted a self-examination and confirmed, after consulting with its controlling shareholder and actual controller, that there are no undisclosed major matters or important information as of the date of this announcement [1]

Core Viewpoint - The report from Guotai Junan indicates that the price increase of traditional fiberglass electronic cloth has accelerated since February, confirming the view that the shift of weaving machine capacity to AI electronic cloth has led to a supply shortage of traditional cloth [1][2]. Group 1: Price Increase and Supply Shortage - The price of traditional electronic cloth has risen significantly in February, with the first week of February seeing prices for 7628 electronic cloth ranging from 4.9 to 5.45 yuan per meter, an increase of 0.5 to 0.6 yuan per meter compared to the previous month [2]. - The announcement from Taiyao Technology on February 10 regarding reduced supply of E-glass products due to strong demand for low-dielectric materials has further fueled expectations of a shortage in traditional cloth [2]. Group 2: Inventory Levels and Profitability - Current inventory levels for leading traditional electronic cloth manufacturers are only two weeks, compared to a normal level of 1 to 1.5 months, primarily due to the impact of weaving machines shifting to produce AI specialty cloth [3]. - The expected increase in prices is likely to boost profitability for leading companies, with China Jushi's traditional electronic cloth capacity at 1 billion meters and Jiantao's at 800 million meters [3]. Group 3: AI Electronic Cloth Demand - The shortage of traditional cloth and the strong demand for AI electronic cloth are interconnected, with 2026 expected to be a year of realization for AI specialty cloth demand [4]. - The demand for CTE cloth has been driven by the packaging board needs of AI chips and consumer electronics, while low-dielectric cloth is expected to see stable demand from specific applications [4]. Group 4: Recommended Stocks - The report recommends investment in China Jushi (600176.SH), Jiantao Laminated Board (01888), and China National Materials (002080.SZ), along with related companies such as International Composites (301526.SZ) and Honghe Technology (603256.SH) [5].

Core Viewpoint - The report from Zhongtai Securities indicates that electronic fabric prices have experienced two rapid increases since early 2026, reflecting a tight supply situation in the industry, particularly in the weaving segment [1][2]. Group 1: Price Trends - Electronic fabric prices have risen significantly during the traditional off-season, with Linzhou Guangyuan's 7628 fabric price increasing by 0.55 yuan to 5.40 yuan (+11%) and International Composite's 7628 fabric price rising by 0.55 yuan to 5.20 yuan (+12%) [1]. - The price increase trend has accelerated, confirming a supply-tight situation in the market [1]. Group 2: Supply-Demand Dynamics - The core supply issue lies in the midstream weaving segment, with a projected supply-demand balance for electronic yarn in 2026 showing supply growth of 6.1% versus demand growth of 6.6%, establishing a basis for price increases [2]. - The demand for low-Dk and low-CTE specialty thin fabrics driven by AI applications is increasing, leading to a thinner product structure across the industry and a decline in weaving efficiency [3]. Group 3: Weaving Equipment Shortage - The shortage of weaving machines is expected to extend the supply gap in the industry, with Japan's Toyota being a major supplier of electronic fabric weaving machines, which have a long delivery cycle [4]. - The supply gap for weaving machines is estimated to reach 6.1% in 2026 and potentially 10.6% in 2027, indicating a persistent supply-demand imbalance [5]. Group 4: Investment Recommendations - The report suggests focusing on leading companies with production scale and cost advantages, such as China Jushi (600176), which is expected to maintain a strong performance during the price increase cycle due to its significant capacity [6]. - Other recommended companies include Zhongcai Technology (002080), International Composite (301526), and Honghe Technology (603256), which have both traditional electronic fabric performance and a presence in specialty electronic fabrics [7].