聚焦建材行业的盈利改善，当下路径两条主线日益清晰且形成共振：其一，成本端改善带来的盈利弹性释放，这是周期性行业最为经典的困境反转逻辑，能 源与原材料价格中枢下移正为水泥、玻璃等基础建材企业打开毛利率修复窗口。其二，C端零售转型的渠道价值重估，这是地产存量时代消费建材企业商业 模式的进化，从依赖B端集采的粗放增长转向深耕C端零售的精细化运营，重塑企业现金流质量与品牌溢价能力。 成本端改善：能源价格中枢下移打开盈利修复空间 建材行业作为典型的资源密集型产业，生产成本中能源与原材料占比普遍超过六成，其中煤炭、天然气、纯碱及PVC等大宗商品价格波动对毛利率具有显著 杠杆效应。 经历2022-2023年全球能源价格高位震荡后，当前煤炭保供政策维持价格中枢稳定，国际天然气价格较历史峰值显著回落，纯碱等化工原料伴随产能释放进 入宽松周期，这为建材企业带来了成本端的"减压"，同时对于业绩端的改善也有一定帮助 图：国内煤炭价格走势 数据来源：Wind 图片趋势描述：从数据趋势分析，近期作为建材成本端的煤炭价格较前期略有回落，表明市场需求可能有所减弱 C端零售转型：存量时代下的商业模式升维 房地产逐步迈入存量更新时代，行业需求结 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、担保情况概述 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000935 证券简称：四川双马 公告编号：2026-3 四川和谐双马股份有限公司 关于控股子公司之间提供担保的公告 注册资本：25,342万人民币 四川和谐双马股份有限公司（简称"公司"或"上市公司"）的控股子公司湖北健翔生物制药有限公司（简 称"湖北健翔"）因生产经营需要，拟向交通银行股份有限公司申请人民币贰亿元的八年期固定资产贷款 额度。该贷款额度主要用于多肽药物扩建项目建设。 湖北健翔为公司控股子公司深圳市健元医药科技有限公司（简称"深圳健元"）的全资子公司，深圳健元 将与交通银行股份有限公司（简称"交通银行"）签订《保证合同》。该《保证合同》约定，深圳健元将 基于前述贷款为湖北健翔向交通银行提供担保，担保方式为连带责任保证。担保范围包括但不限于本 金、利息、违约金、损害赔偿金及相关费用等。同时，待具备抵押条件后，湖北健翔将就前述贷款向交 通银行提供该扩建项目固定资产及相关设备的抵押担保。 该担保事项已经深圳健元董事会审议通过， ...

（文章来源：证券日报） 证券日报网讯 2月12日，四川双马发布公告称，上市公司及控股子公司不存在其他的担保行为，且不存 在逾期担保的情形。 ...

证券代码：000935 证券简称：四川双马 公告编号：2026-3 四川和谐双马股份有限公司 关于控股子公司之间提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 四川和谐双马股份有限公司（简称"公司"或"上市公司"）的控股子公司 湖北健翔生物制药有限公司（简称"湖北健翔"）因生产经营需要，拟向交通银 行股份有限公司申请人民币贰亿元的八年期固定资产贷款额度。该贷款额度主要 用于多肽药物扩建项目建设。 湖北健翔为公司控股子公司深圳市健元医药科技有限公司（简称"深圳健元"） 的全资子公司，深圳健元将与交通银行股份有限公司（简称"交通银行"）签订 《保证合同》。该《保证合同》约定，深圳健元将基于前述贷款为湖北健翔向交 通银行提供担保，担保方式为连带责任保证。担保范围包括但不限于本金、利息、 违约金、损害赔偿金及相关费用等。同时，待具备抵押条件后，湖北健翔将就前 述贷款向交通银行提供该扩建项目固定资产及相关设备的抵押担保。 该担保事项已经深圳健元董事会审议通过，根据《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 ...

Core Viewpoint - The construction materials industry is experiencing a sustainable growth momentum due to unprecedented debt resolution actions, which are expected to improve market expectations and drive investment recovery in infrastructure and real estate sectors [1] Fiscal Perspective - The current debt resolution measures, including debt swaps and the expansion of special bonds, have systematically alleviated liquidity constraints for local governments, improving fiscal space for infrastructure investments [1] - Special bonds issued by local governments have been increasing annually since 2017, with projections for 2024 and 2025 to exceed 7 trillion yuan, and the total issuance in 2025 expected to surpass 10 trillion yuan for the first time in history [1][4] Infrastructure Investment - The issuance of special bonds is expected to lead to a significant increase in construction activity in transportation, municipal, and water conservancy sectors, with a projected surge in physical work volume in the first half of 2025 [4][6] - Despite a decline in infrastructure investment growth, the sector still holds a significant share of fixed asset investment, indicating its critical role in the overall economy [4] Policy Transition - The policy environment is shifting from "debt replacement" to "investment stimulation," which is likely to further enhance demand for construction materials [5] Demand Dynamics - The demand structure for construction materials is changing, with traditional materials benefiting from infrastructure support and renovation materials gaining from the demand for upgrading existing properties [6] - The dual drivers of infrastructure and real estate are expected to provide a solid foundation for the construction materials sector during this debt resolution cycle [6] Profitability and Market Outlook - The profitability of the cement industry is recovering, with expectations of improved margins due to supply-side adjustments and a favorable demand outlook from real estate policies [8] - The construction materials sector is characterized by high cash flow and potential for stable dividends, with forecasts indicating overall profit recovery by 2026 [8] Investment Opportunities - The construction materials ETF (159745) tracks the performance of the construction materials index, providing investors with a tool to efficiently allocate resources in the sector [8][11] - The sector is viewed as a core cyclical investment opportunity, especially in the context of a market shift towards undervalued, high-dividend stocks [11]

Core Viewpoint - Current infrastructure investment is becoming a crucial support for the economy, with fiscal policies continuously strengthening, leading to a configuration window driven by infrastructure recovery in the building materials sector [1] Group 1: Infrastructure Investment Dynamics - The "14th Five-Year Plan" is entering its final year, accelerating the implementation of major engineering projects, which is providing solid support for the improvement of the industry fundamentals through the demand pull of infrastructure [1] - Since the second half of 2024, active fiscal policies have significantly increased, with the pace of special bond issuance accelerating and the launch of ultra-long special government bonds injecting ample funds into infrastructure investment [1] - Infrastructure investment has a clear policy orientation and planning, unlike the endogenous fluctuations of real estate investment, with 2025 being a key year for the transition between the "14th" and "15th" Five-Year Plans [1][4] Group 2: Investment Trends and Performance - Despite a year-on-year decline in cumulative infrastructure construction investment to -1.48% in December, the cumulative proportion of infrastructure investment remained high at 50.49% in December 2025, reflecting its significant position in fixed asset investment [1][4] - Key areas for current infrastructure investment include urban agglomerations, metropolitan areas, and the connectivity of infrastructure along the "Belt and Road" [4] - Major infrastructure projects are expected to drive demand for cement, pipes, waterproof materials, and other building materials, with a focus on water conservancy and disaster prevention projects [4][5] Group 3: Building Materials Sector Outlook - The building materials industry is currently in a low operating state after inventory destocking, and the concentrated release of infrastructure demand is expected to trigger price elasticity [5] - The profitability transmission from infrastructure recovery is anticipated to drive the development of the building materials sector, with a notable improvement in gross profit margins due to supply-side discipline and cost pressure relief [6] - The building materials sector is characterized by "valuation repair + profit improvement," with the risk of a cliff-like decline in demand eliminated by infrastructure support, leading to a systematic uplift in valuation [8] Group 4: Investment Vehicles and Strategies - The building materials ETF (159745) tracks the CSI All-Share Building Materials Index, covering leading enterprises across the entire industry chain, providing an efficient tool for investors to layout in the building materials sector [8][9] - The top ten holdings in the ETF reflect a high concentration in leading companies across various segments of the building materials industry, accounting for over 60% of the total holdings [9] - The building materials sector is highlighted as a core cyclical investment, with low valuations and high dividends, making it attractive for investors during market shifts towards cyclical stocks [12]

（编辑 丛可心） 证券日报网讯 2月3日，四川双马在互动平台回答投资者提问时表示，公司近年完成了对生物医药企业 深圳健元的收购，进一步拓展了公司未来发展板块，经营发展活力进一步增强。未来公司将在夯实投资 板块的同时持续推动生物医药业务的深入发展，不断提升运营效能，努力为股东创造更多价值与回报。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 1月28日 公司：泸州老窖 问题：请问公司是否有产品涉及创新药？ 四川双马：公司以直投和投资孵化器平台的方式布局生物医药等科创领域，专注于生物医药领域创新药 孵化，目前已在肿瘤、自身免疫、代谢、神经系统疾病等多个疾病领域，集中布局了一批处于早期阶 段、产品数据具备国际竞争力的创新药企业，并采用体系化、平台化的孵化模式推动成果转化。 问题：请问公司生产的多肽原料主要是出口哪些国家？主要是用于减肥药生产厂家吗？出口销售额是多 少？ 四川双马：在多肽原料药方面，深圳健元围绕重大慢性疾病领域，布局了包括司美格鲁肽、利拉鲁肽、 替尔泊肽在内的多个品种，技术储备深厚；公司核心原料药品种已成功通过中国、美国、欧洲、韩国等 多国注册备案，具备强大的全球化供应能力，是国内少数拥有大规模、高合规标准生产能力的领先供应 商之一，产品远销美国、巴西、印度、西班牙等国际市场。具体业绩情况请参见定期报告的相关内容。 问题：请问公司生产的美容肽产品是否有上百种？供应哪些大品牌化妆品厂家？ 四川双马：在美容肽业务方面，深圳健元生产的美容肽原料、高附加值的复配液体美容肽产品共计百余 种，公司已 ...

（文章来源：证券日报） 证券日报网讯 1月27日，四川双马在互动平台回答投资者提问时表示，公司信息披露遵循现行法律法规 与监管规定，信息披露工作规范有序、合规透明。目前公司生产经营平稳，各项业务均按既定战略扎实 推进。公司将持续聚焦核心业务，积极提升运营效能与资产质量，增强核心竞争力，努力为股东带来长 期且稳定的价值回报。 ...

（文章来源：证券日报） 证券日报网讯 1月27日，四川双马在互动平台回答投资者提问时表示，公司以直投和投资孵化器平台的 方式布局生物医药等科创领域，专注于生物医药领域创新药孵化，目前已在肿瘤、自身免疫、代谢、神 经系统疾病等多个疾病领域，集中布局了一批处于早期阶段、产品数据具备国际竞争力的创新药企业， 并采用体系化、平台化的孵化模式推动成果转化。 ...