【天风建筑建材 & 新材料】周观点 20260223 节前1-2周涨幅较好的主线为：①AI 算力相关电子材料主线，以特种电子布为核心的玻纤领涨建材板块；PCB 基材、半导体封装材料、液冷相关标的领涨新材料板块；②AI + 建筑主线，VR/AR 应用、算力 + 工程咨询设计相 关标的领涨建筑板块；③外围市场 PCB 核心基材、半导体设备/材料主线领涨。 下周重点关注： 1、科技主线持续回归，核心推荐【电子布】赛道：①供需格局持续失衡，行业整体供需缺口约 20%，26 年 1 月 起全品类电子布均出现供应紧张，企业在手订单已达 2 个月水平，预计26 年全年将维持供应偏紧格局；②产能供 给刚性收缩，普通电子布产能向高端转移带来60% 产能损失，全品类供给持续收缩；③涨价节奏加快、弹性充 足，25 年电子布行业普遍提价 4-5 次，26 年 已提价10%，高端 DK 布、Q 布、CTE布价格仍处上行通道；④扩产 瓶颈短期无法突破，高端产品生产依赖的丰田高端织布机交付周期长达 1-2 年，但需关注池窑法突破（单个池窑 年产3000吨VS坩埚36吨）带来的供应增加（29年有可能供过于求）；⑤库存与需求端共振，CCL及电 ...

据交易所数据显示，截至2月24日午间收盘，主力资金流入前20的股票分别为： 中际旭创（21.70亿元）、 华工科技（12.27亿元）、 中国中铁（10.97亿 元）、 新易盛（9.21亿元）、 沪电股份（8.52亿元）、 胜宏科技（7.40亿元）、 润泽科技（7.28亿元）、 湖南白银（6.98亿元）、 昆仑万维（6.97亿元）、 再升科技（6.31亿元）、 协鑫集成（6.22亿元）、 天孚通信（6.10亿元）、 保变电气（5.99亿元）、 中国船舶（5.84亿元）、 兆易创新（5.84亿元）、 北京 君正（5.45亿元）、 澜起科技（5.42亿元）、 永鼎股份（4.76亿元）、铜陵有色（4.63亿元）、 洲际油气（4.19亿元）。 | 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行) | | --- | --- | --- | --- | | 中际旭创 | 6.27 | 21.70亿元 | 通信 | | 华工科技 | 10 | 12.27亿元 | 机械设备 | | 中国中铁 | 10 | 10.97亿元 | 建筑装饰 | | 新易盛 | 3.68 | 9.21亿元 | 通信 | | 沪电股份 | ...

据交易所数据显示，截至2月24日开盘一小时，主力资金流入前20的股票分别为： 中际旭创（16.27亿元）、 华工科技（11.88亿元）、 中国中铁（10.39亿 元）、 沪电股份（6.78亿元）、 湖南白银（6.73亿元）、 润泽科技（6.44亿元）、 协鑫集成（5.92亿元）、 再升科技（5.92亿元）、 天孚通信（5.87亿 元）、 保变电气（5.56亿元）、 中国船舶（5.50亿元）、 永鼎股份（5.40亿元）、 胜宏科技（5.20亿元）、 新易盛（4.34亿元）、 北京君正（4.15亿元）、 特变电工（4.06亿元）、 洲际油气（4.04亿元）、 金风科技（4.02亿元）、 太极实业（3.92亿元）、 深南电路（3.82亿元）。 | 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行) | | --- | --- | --- | --- | | 中际旭创 | 5.27 | 16.27亿元 | 通信 | | 华工科技 | 10 | 11.88亿元 | 机械设备 | | 中国中铁 | 10 | 10.39亿元 | 建筑装饰 | | 沪电股份 | 4.5 | 6.78亿元 | 电子 | | 湖南白银 ...

Core Viewpoint - On February 23, a total of 34 listed companies had their restricted shares unlocked, with a total market value of approximately 19.007 billion yuan [1] Group 1: Restricted Share Unlocking Details - Luzhou Laojiao (000568) had 2.0425 million shares unlocked under equity incentive restrictions - AVIC Xi'an Aircraft Industry (000768) had 4.3606 million shares unlocked under equity incentive restrictions - Hubei Energy (000883) had 19.2779 million shares unlocked under equity incentive restrictions - Jining Pharmaceutical (000919) had 1.92 million shares unlocked under equity incentive restrictions - Guangji Pharmaceutical (000952) had 2.5209 million shares unlocked under equity incentive restrictions - China Software (600536) had 57,200 shares unlocked under equity incentive restrictions - Xinhua Medical (600587) had 1.7845 million shares unlocked under equity incentive restrictions - Baoxin Software (600845) had 10.2578 million shares unlocked under equity incentive restrictions - China Railway (601390) had 55.9338 million shares unlocked under equity incentive restrictions - China Communications Construction (601800) had 5.593 million shares unlocked under equity incentive restrictions - StarNet Ruijie (002396) had 2.8342 million shares unlocked under equity incentive restrictions - Lopuskin (002333) had 22.3212 million shares unlocked under A-share issuance to legal persons - Wanbangda (300055) had 33.6538 million shares unlocked under A-share issuance to legal persons - Hangyang Co., Ltd. (002430) had 5.2049 million shares unlocked under equity incentive restrictions - Taijia Co., Ltd. (002843) had 949,600 shares unlocked under equity incentive restrictions - Nanda Optoelectronics (300346) had 130,000 shares unlocked under equity incentive restrictions - Anhui Natural Gas (603689) had 2.5064 million shares unlocked under equity incentive restrictions - Zhongyan Dadi (003001) had 97,200 shares unlocked under equity incentive restrictions - Yuanxiang New Materials (301300) had 30.2983 million shares unlocked with extended lock-up period - Yidao Information (001314) had 88.6187 million shares unlocked under pre-issuance restrictions - Tongda Electric (603390) had 579,500 shares unlocked under equity incentive restrictions - Yangzhou Jinqiao (603307) had 50 million shares unlocked under pre-issuance restrictions - Aili Home (603221) had 2.29 million shares unlocked under equity incentive restrictions - Zhili Fang (301312) had 333,900 shares unlocked under equity incentive restrictions - Kuntai Co., Ltd. (001260) had 83.25 million shares unlocked under pre-issuance restrictions - Entropy Technology (301330) had 92.5223 million shares unlocked with extended lock-up period - Yatong Precision (603190) had 596,100 shares unlocked under pre-issuance restrictions - Sanwang Communication (688618) had 87,400 shares unlocked - Longxun Co., Ltd. (688486) had 30.6312 million shares unlocked - Dize Pharmaceutical (688192) had 991,100 shares unlocked - Haohan Depth (688292) had 57.5177 million shares unlocked - Haizheng Biomaterials (688203) had 78.5601 million shares unlocked - Diaomicro (688381) had 55.9536 million shares unlocked - Zhongrun Optics (688307) had 29.8507 million shares unlocked [1]

逆势涨近7%，截至发稿，涨6.92%，报4.79港元，成交额超2亿港元。 消息面上，中信建投证券近期研报指出，公司参股的中金（兴安盟）矿业以78.7亿元竞得复兴屯银铅锌多金属矿1区探矿权，该矿已探明银矿石量2629.2万 吨、银金属量5105吨，品位194.2克/吨，伴生锌金属23.57万吨、铅金属13. 52万吨。 据初步估算年新增投资收益10.7亿元，占2024年中铁资源归母净利润的35.6%。公司矿产资源板块在产5座矿山，在建蒙古木哈尔铅锌矿，本次新获取的矿权 将为资源板块利润带来显著增量。 编辑/lambor ...

Core Viewpoint - China Railway (00390) has seen a significant increase of over 5%, currently trading at 4.72 HKD with a transaction volume of 128 million HKD, driven by positive news regarding its mining investments [1] Group 1: Company Developments - CITIC Securities recently reported that China Railway's associate, Zhongjin (Xing'an League) Mining, won the exploration rights for the Fuxingtun Silver-Lead-Zinc polymetallic mine for 7.87 billion RMB [1] - The mine has confirmed silver ore reserves of 26.29 million tons, with a silver metal content of 5,105 tons and an average grade of 194.2 grams per ton, alongside associated zinc and lead metals of 235,700 tons and 135,200 tons respectively [1] - Preliminary estimates suggest an annual incremental investment return of 1.07 billion RMB, which would account for 35.6% of China Railway's net profit attributable to shareholders in 2024 [1] Group 2: Resource Sector Impact - The company currently operates five mines and is constructing the Mongolia Mukhal Lead-Zinc Mine, with the newly acquired mining rights expected to significantly enhance profitability in the resource sector [1]

Core Viewpoint - The article highlights the dedication of Chinese builders who continue to work on overseas projects during the Spring Festival, showcasing their commitment to national development and international cooperation [2][3][6]. Group 1: Project Highlights - The China-Kyrgyzstan-Uzbekistan railway project, a key initiative under the Belt and Road Initiative, is in the critical construction phase, aiming to enhance international logistics in Central Asia [2][3]. - The Hungary section of the Hungary-Serbia railway project successfully completed a dynamic test at a speed of 160 km/h, significantly reducing travel time between the capitals of Hungary and Serbia from 8 hours to approximately 3 hours [3]. - The construction of the largest single bridge project in Malaysia, the Lubuk Bridge, is expected to be completed by June this year, improving transportation in the coastal region of Sarawak [5]. Group 2: Cultural Exchange and Team Spirit - Chinese builders are acting as cultural ambassadors during the Spring Festival, engaging in traditional activities such as making dumplings and decorating with lanterns alongside local workers, fostering a sense of community and friendship [6][7]. - The interactions between Chinese and local engineers during the Spring Festival celebrations highlight the blending of cultures and the warmth of shared experiences, enhancing international relations [6][7]. Group 3: Personal Growth and Development - Young Chinese professionals, like Yu Kongxin, are gaining valuable experience and skills while working on international projects, contributing to local infrastructure and economic development [4][5]. - Experienced workers, such as Peng Zhaokui, emphasize the importance of training local talent, ensuring project quality and providing sustainable benefits to the host countries [5].

Core Insights - The tower crane rental industry in China has experienced a fluctuating market size, growing from 52.84 billion yuan in 2016 to 110.23 billion yuan in 2021, followed by a decline due to a downturn in the real estate sector, with projections indicating a market size of 98.67 billion yuan by 2025, a year-on-year decrease of 3.5% [1][3][10] Industry Overview - Tower crane rental, a significant branch of construction equipment leasing, provides short-term usage services for tower cranes, reducing the purchase and maintenance costs for construction contractors [3][9] - The rental business model includes operating leases, where the rental company provides equipment only, and integrated leasing, which offers a comprehensive service package [3] Market Trends - The market saw rapid growth from 2016 to 2020 due to urbanization and infrastructure development, but has faced challenges since 2021 due to a deep adjustment in the real estate sector and increased market competition [7][9] - The demand for tower cranes is closely linked to real estate and infrastructure activities, with a projected decline in fixed asset investment and real estate development investments impacting the rental market [7][9] Industry Chain - The tower crane rental industry consists of upstream manufacturing, midstream rental services, and downstream construction sectors, heavily reliant on national economic conditions and fixed asset investment [8][9] - The production of tower cranes peaked at 57,392 units in 2020 but has since declined, with a forecasted production of 10,775 units in 2024, reflecting insufficient downstream demand [8][9] Competitive Landscape - The industry is characterized by a large number of small to medium-sized enterprises, with leading companies like Pangyuan Rental, Dafeng Equipment, and Zizhu Hui emerging as key players [10][11] - The market concentration is expected to increase as larger companies leverage their advantages in technology and service quality to consolidate their positions [10] Future Development Trends - The industry is anticipated to move towards greater automation and intelligence, incorporating advanced control systems and sensors for improved efficiency and safety [13] - Environmental sustainability will become a focal point, with a shift towards electric and hybrid cranes to reduce energy consumption and emissions [14] - International expansion is expected to accelerate as companies seek new markets and enhance their global presence [15]

Core Viewpoint - The meeting emphasized the importance of implementing the spirit of the 20th National Congress of the Communist Party of China and the directives of General Secretary Xi Jinping regarding party building and state-owned enterprises, aiming to enhance the political responsibility of central enterprise party committees in governance and ensure high-quality development through effective party leadership [1][2][3]. Group 1: Party Building Responsibilities - Central enterprise party committee secretaries reported on their responsibilities and identified key issues, with a focus on improving governance and accountability [2]. - Zhang Yuzhuo highlighted the need for party committee secretaries to take responsibility for party governance and to ensure the implementation of strict party discipline [2][3]. Group 2: Achievements and Progress - Over the past year, central enterprise party committees have effectively implemented directives from the central government, strengthening the leadership system and enhancing the political awareness of party members [2]. - The commitment to high-quality development and service to national goals has been reinforced, providing a strong guarantee for the successful completion of the 14th Five-Year Plan [2]. Group 3: Future Directions - The focus for the upcoming year will be on deepening the integration of party leadership into corporate governance and enhancing the effectiveness of political supervision [3]. - There is a call for continuous improvement in the management of enterprise leadership teams and the promotion of a correct view of performance [3][4]. - The meeting stressed the importance of aligning party building with operational activities to leverage the political and organizational advantages of the party for innovation and development [3].

Core Viewpoint - The article emphasizes the importance of implementing the Party's leadership in central enterprises to ensure high-quality development and adherence to the principles set forth by the Party's leadership [1][2][3]. Group 1: Meeting Overview - The meeting was chaired by Zhang Yuzhuo, where central enterprise party secretaries reported on their responsibilities and issues in party building [2]. - Zhang Yuzhuo highlighted the need for party secretaries to take responsibility for party governance and to ensure the implementation of strict party discipline [2][3]. Group 2: Key Responsibilities and Actions - Central enterprises have been working to strengthen the Party's leadership and improve the institutional framework for governance, ensuring the implementation of the Party's directives [2]. - There is a focus on enhancing political supervision and ensuring that the Party's leadership is integrated into all aspects of corporate governance [3]. - The article stresses the importance of aligning party building with operational performance to enhance the effectiveness of enterprises in contributing to national goals [3]. Group 3: Future Directions - The emphasis is placed on continuous improvement of the Party's leadership mechanisms and enhancing the effectiveness of political supervision [3]. - There is a call for deeper integration of party work with production and operations, particularly in key areas such as technological and industrial innovation [3]. - The article advocates for maintaining a high-pressure stance against corruption and fostering a clean political environment within enterprises [3].