行 业 及 产 业 相关研究 证 券 研 究 报 告 证券分析师 任杰 A0230522070003 renjie@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 郝子禹 A0230524060003 haozy2@swsresearch.com 研究支持 郝子禹 A0230524060003 haozy2@swsresearch.com 建筑材料 2026 年 02 月 10 日 郝子禹 A0230524060003 haozy2@swsresearch.com 联系人 周期建材分化，消费建材个股修复 看好 ——建材行业 2025 年年报业绩前瞻 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 研 究 / 行 业 点 评 - ⚫ 国内水泥价格前高后低，去产能稳增长效果或在 2026 年显现。2025 年水泥均价 372.8 元/吨， 同比下降 12.6 元/吨。其中 1-4 季度均价分别为 400. ...

据香港联交所最新数据显示，2月5日，The Capital Group Companies,Inc.增持海螺水泥（600585） (00914)522.6973万股，每股作价24.6293港元，总金额约为1.29亿港元。增持后最新持股数目约为1.32亿 股，持股比例为10.16%。 ...

智通财经APP获悉，据香港联交所最新数据显示，2月5日，The Capital Group Companies,Inc.增持海螺水 泥(00914)522.6973万股，每股作价24.6293港元，总金额约为1.29亿港元。增持后最新持股数目约为1.32 亿股，持股比例为10.16%。 ...

[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].

建筑、建材 2025Q4 公募基金持仓低位回升， 持仓集中度有所下降 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券研究报告·行业深度报告·建筑材料 建筑材料行业深度报告 ◼ 个股持仓： （1）个股持仓市值：建筑行业本季度公募基金重仓持仓总市值前五的 股票依次是金诚信（27.4 亿元）、中国建筑（19.6 亿元）、鸿路钢构（12.0 亿元）、上海港湾（8.8 亿元）、东方铁塔（7.1 亿元）；建材行业本季度 公募基金重仓持仓总市值前五的股票依次是东方雨虹（22.4 亿元）、三 棵树（20.5 亿元）、中材科技（16.1 亿元）、海螺水泥（13.7 亿元）、华 新建材（11.1 亿元）。 （2）个股持仓变动：建筑行业按基金重仓持股占流通盘比计算，环比 上一季度加仓幅度前五名依次为江河集团（+3.04pct）、上海港湾 （+2.74pct）、金诚信（+2.22pct）、亚翔集成（+2.08pct）、精工钢构 （+1.03pct）；减仓幅度前五名依次为鸿路钢构（-1.17pct）、中国中冶（- 0.21pct）、中国建筑（-0.18pct）、中国中铁（-0.09pct）、隧道股 ...

[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 ...

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].

国务院国资委党委发布2025年度"央企楷模" 。 张玉卓强调，新时代是奋斗者的时代，也是在奋斗中成就伟业、成长成才的时代。各位"央企楷模"用火热的年华、蓬勃的风采，塑造了 国资央企人爱党报国、奋斗追梦的时代群像，激励着千万干部职工勇毅前行、锐意进取，希望大家珍惜荣誉、保持本色、继续努力、再 立新功。各中央企业党委（党组）要高度重视楷模、关心关爱楷模，广泛宣传楷模先进事迹，进一步激励国资央企广大党员干部从中汲 取干事创业、拼搏进取的不竭动力，更好服务党和国家工作大局，服务经济社会高质量发展，服务保障和改善民生。 国务院国资委有关厅局负责同志，有关中央企业党委（党组）负责同志和干部职工代表参加上述活动。 2月4日，国务院国资委党委发布2 0 25年度"央企楷模"。国务院国资委党委书记、主任张玉卓亲切会见"央企楷模"代表，并与大家座 谈。他强调，要全面贯彻党的二十届四中全会精神，学习贯彻习近平总书记对中央企业工作作出的重要指示精神，广泛宣传"央企楷 模"先进事迹，大力弘扬劳模精神、劳动精神、工匠精神，践行和弘扬国企先进精神，激励引导中央企业广大干部职工受到鼓舞、汲取 力量，汇聚推动中央企业高质量发展，为强国建设、民 ...