Investment Rating - The report assigns an "Accumulate" rating for the building materials industry [5] Core Insights - The report emphasizes the expectation of price increases post-Spring Festival and the potential catalyst from the real estate sector. It highlights that the consumption building materials sector may begin to show fundamentals independent of real estate from 2025-2026, with a focus on the resilience of the real estate market after the Spring Festival [2][7] - The report recommends leading companies in the consumption building materials sector that have independent growth logic and sufficient dividend valuation support, particularly in the waterproof materials sub-sector [5][7] Summary by Sections Building Materials Industry Investment Strategy - The consumption building materials sector is anticipated to benefit from potential macroeconomic improvements, with a focus on the resilience of the real estate market post-Spring Festival. The report highlights the importance of observing second-hand housing transactions for signs of market recovery [7] - Recommended companies include Oriental Yuhong, Beixin Building Materials, Weixing New Materials, and others that are expected to perform well due to their growth strategies and market positions [7] Market Review - From February 2 to February 6, 2026, the building materials sector increased by 0.70%, with specific segments like glass manufacturing rising by 5.32% [10] - The report notes significant individual stock movements, with companies like Hanjian Heshan and Jinjing Technology showing notable weekly gains [17] Cement Industry - The national cement market price decreased by 1% week-on-week, with significant price drops in regions like Henan and Hubei. The average shipment rate for cement companies fell by approximately 8 percentage points [24][25] - The report anticipates a stabilization in cement prices as the market enters a holiday period, with a focus on the execution of production restrictions in 2026 [7][24] Glass Industry - The average price of domestic float glass increased to 1154.49 RMB/ton, reflecting a week-on-week rise of 9.69 RMB/ton. However, demand is expected to weaken as downstream processing plants shut down for the holiday [42] - The report recommends leading companies in the glass sector, including Fuyao Glass and Xinyi Glass, due to their strong market positions and dividend yields [42][43] Fiberglass Industry - The report indicates that the fiberglass market is experiencing price increases, particularly in the electronic yarn segment, driven by tight supply and steady demand [55] - Recommended companies in this sector include China Jushi and Zhongcai Technology, which are expected to benefit from structural demand upgrades [55]

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].

证券研究报告 | 行业策略 gszqdatemark 2026 02 08 年 月 日 建筑材料 竣工端建材将迎来长周期拐点 2026 年竣工端建材将迎来长周期拐点。1）新房竣工降幅自然收窄；2） 二手房成交量持续向好（人口结构带来的改善型需求支撑）；3）进入装修 周期的存量房快速增长，基数庞大（20-25 年为一个装修周期，2005 年左 右是房地产增速最快的时候）；4）经济压力已在建材的需求结构中充分体 现（（二手房成交量存存量房基数加远大大新新房竣工，装装修需求不如 新房竣工，体现的是经济压力下的装修需求延后），未来更多的是积极变 化，四重需求端因素加远供给端过去三年持续收缩，行业格局如断向好趋 势下，竣工端建材行业有望迎来长周期拐点，将带来行业的两重变化：1） 上市公司收入端降幅收窄，收入增长公司越来越多；2）随着需求的触底存 "反内卷"的贯彻，价格战趋新缓存，同时部分重资产行业产能利用率的 提升以及减值拖累的逐步消除，竣工端建材的利润增速有望显著超过收入 端。在此背景下，玻璃供给收缩明显，逐步接近供需均衡点，重视 2026 年 的价格弹性，关注旗滨集团。消费建材也将随着二手房、存量房的在需求 结构中 ...

[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 ...

浙江伟星新型建材股份有限公司（以下简称"公司""伟星新材"）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、交易概述 登录新浪财经APP 搜索【信披】查看更多考评等级 主营业务：燃气、热力等市政管网用聚乙烯阀门的研发、制造与销售。 股东结构：伟星新材持股88.2557%；林松月持股10%；边仙花持股1.7443%。 为了进一步完善燃气、热力等市政管网领域的产品链，有效提升系统解决方案能力，加速推动市政工程 业务商业模式转型升级，持续提升综合竞争力，公司于2026年1月22日与林松月、边仙花签署了《关于 北京松田程科技有限公司之股权转让协议》，以自有资金110,739,201元人民币收购北京松田程科技有限 公司（以下简称"松田程"）88.2557%的股权。具体内容详见公司于2026年1月24日刊载在《证券时报》 《中国证券报》《上海证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）的《公司关于收购 北京松田程科技有限公司控股权的公告》。 二、本次交易的进展情况 松田程已于近日办理完成股东变更、章程修改、法定代表人变更等相关工商变更登记手续，并取 ...

《关于收购北京松田程科技有限公司控股权进展暨完成工商变更登记的公告》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2026年2月3日收盘，伟星新材（002372）报收于11.95元，较前一交易日上涨0.59%，最新总市值为 190.25亿元。该股当日开盘11.87元，最高12.03元，最低11.68元，成交额达1.93亿元，换手率为1.11%。 伟星新材于近日披露《关于收购北京松田程科技有限公司控股权进展暨完成工商变更登记的公告》。公 告显示，浙江伟星新型建材股份有限公司于2026年1月22日与林松月、边仙花签署股权转让协议，以自 有资金110,739,201元人民币收购北京松田程科技有限公司88.2557%的股权。近日，松田程已完成股东 变更、章程修改、法定代表人变更等工商登记手续，并取得北京市房山区市场监督管理局换发的《营业 执照》，正式成为伟星新材的控股子公司。变更后，松田程注册资本为5,733万元人民币，主营业务为 燃气、热力等市政管网用聚乙烯阀门的研发、制造与销售，伟星新材持股88.2557%，林松月持股10%， ...

证券代码：002372 证券简称：伟星新材 公告编号：2026-003 注册资本：5,733万元人民币 暨完成工商变更登记的公告 浙江伟星新型建材股份有限公司（以下简称"公司""伟星新材"）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、交易概述 为了进一步完善燃气、热力等市政管网领域的产品链，有效提升系统解决方案能力，加 速推动市政工程业务商业模式转型升级，持续提升综合竞争力，公司于 2026 年 1 月 22 日与 林松月、边仙花签署了《关于北京松田程科技有限公司之股权转让协议》，以自有资金 110,739,201 元人民币收购北京松田程科技有限公司（以下简称"松田程"）88.2557%的股 权。具体内容详见公司于 2026 年 1 月 24 日刊载在《证券时报》《中国证券报》《上海证券 报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）的《公司关于收购北京松田程科技 有限公司控股权的公告》。 二、本次交易的进展情况 松田程已于近日办理完成股东变更、章程修改、法定代表人变更等相关工商变更登记手 续，并取得了北京市房山区市场监督管理局换发的《营 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4] Core Views - The real estate market in first-tier cities has shown strong performance, particularly in second-hand housing transactions, indicating a potential recovery in the sector [1][2] - Government debt issuance has significantly increased, with a total of 863.35 billion yuan in January 2026, reflecting a 204.3% month-on-month increase and a 54.8% year-on-year increase, which may alleviate fiscal pressure and accelerate municipal projects [1] - The glass manufacturing sector is approaching a supply-demand balance due to accelerated cold repairs, while photovoltaic glass companies are reducing production to ease supply tensions [1][3] - The cement industry is experiencing a demand bottoming process, with increased off-peak production efforts and a focus on regional demand recovery, particularly in areas like Tibet and Xinjiang [1][2] - The demand for fiberglass remains robust, driven by growth in wind energy and high-end applications, indicating structural investment opportunities [1][6] Summary by Sections Cement Industry Tracking - As of January 30, 2026, the national cement price index is 342.94 yuan/ton, down 0.69% week-on-week, with a total cement output of 2.278 million tons, a decrease of 4.27% [2][18] - The capacity utilization rate for cement clinker kilns is 45.19%, up 2.77 percentage points from the previous week, indicating a slight recovery in production [2][18] - The market is currently undergoing structural adjustments, with infrastructure remaining the main support but showing weak growth [2][18] Glass Industry Tracking - As of January 29, 2026, the average price of float glass is 1144.80 yuan/ton, reflecting a week-on-week increase of 0.53% [3][31] - Inventory levels have decreased, with a total of 49.27 million weight boxes, down 500,000 from the previous week [3][31] - Demand is expected to slow down as many small processing plants will shut down for the holiday, leading to a quieter market [3][31] Fiberglass Industry Tracking - The price of non-alkali roving remains stable, with demand primarily driven by essential purchases, while supply remains unchanged [6] - The average price of electronic yarn is stable, with expectations of price increases in high-end products due to ongoing demand [6] Carbon Fiber Industry Tracking - The carbon fiber price remains stable, with a weekly production of 2,369 tons and an operating rate of 76.28% [7] - The industry continues to face profitability challenges, with an average production cost of 113,300 yuan/ton and a negative gross margin [7] Consumer Building Materials - The consumer building materials sector is benefiting from the recovery in second-hand housing and renovation demand, with significant potential for market share growth [1][6]

投资者关系活动基本信息 |Col1|投资者关系活动类别|□特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活 动 □现场参观 √其他：电话会议| |---|---| |参与单位名称及人员姓名|首域盈信：柯雷；Citi：Eric Lau、 Alice Cai；Certitudo：Ansel Lu；Dymon Asia Capital (Singapore)：Jiming Le；Fidelity International： Jackie Li；HEL VED CAPITAL MANAGEMENT LTD：Charlie Chai；Manulife Asset Mgmt (HK) Ltd： Wenlin Li；POLYMER CAPITAL MAN (HK)：Ronnie Ruan、Enchi Deng；Point72 Asset Management： Kristin Qin；Polunin Capital Management：Benjamin Lim；Softbank Corporation：Cici Ge；T Rowe Price：Dawei Feng；Taikang Insur ...

| | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 √其他：电话会议 首域盈信：柯雷；Citi：Eric Lau、Alice Cai；Certitudo：Ansel Lu；Dymon Asia | | | Capital (Singapore)：Jiming Le；Fidelity International：Jackie Li；HEL VED | | | CAPITAL MANAGEMENT LTD：Charlie Chai；Manulife Asset Mgmt (HK) Ltd：Wenlin | | 参与单位名称及人 | Li；POLYMER CAPITAL MAN (HK)：Ronnie Ruan、Enchi Deng；Point72 Asset | | 员姓名 | Management：Kristin Qin；Polunin Capital Management：Benjamin Lim；Softbank | | | Corporation：Cici Ge；T Ro ...