17 July 2025 | 7:32PM HKT China Construction: Building Materials 2Q25 Preview: Demand backdrop remains tough but some green shoots on pricing Our covered Chinese building materials companies are scheduled to report 2Q25 results starting mid-August. In this report, we preview 2Q25 results based on our recent channel checks, underlying end-demand trends, and raw material prices. Overall, we expect most companies to see double-digit yoy decline in net profit for the quarter (except for Skshsu, due to relativel ...

Investment Rating - Industry rating is maintained at "Outperform" [5] Core Viewpoints - The cement industry is expected to achieve a total profit of 15-16 billion yuan in the first half of 2025, recovering from a loss of 1.1 billion yuan in the same period last year. Several cement companies have announced significant profit increases, with Tianshan Co. and Jidong Cement reducing losses by 2.5 billion and 660 million yuan respectively. Other companies like Tapai, China Resources, and Wan Nian Qing have seen profit growth exceeding 80%, while Huaxin Cement's profit increased by 50-55% [2][18] - The substantial improvement in performance is attributed to several factors: 1) Major companies have enhanced their price stability awareness since Q4 last year, leading to a price increase of approximately 20 yuan/ton in the average cement price year-on-year; 2) Cement production decreased by 4.3% year-on-year, with the decline narrowing significantly; 3) The average coal price fell by about 200 yuan/ton year-on-year [2][18] - Short-term cement prices are still slightly declining due to seasonal factors, but the downward space is limited. Prices are expected to rise as demand enters the peak season in August. Current cement valuations are relatively low, with a price-to-book ratio of only 0.7, which is at the 17th percentile over the past three years. The Ministry of Industry and Information Technology has announced a new round of growth stabilization plans for the building materials industry, which is expected to catalyze further valuation recovery [3][18] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.09%, while the building materials sector (CITIC) fell by 0.02%. Notable stock performances included Lifan Shuke (+26.9%), Shiming Technology (+15%), and Hainan Ruize (+13.9%). The recommended stocks from the previous week showed mixed results, with China National Materials (+8.8%) and Huaxin Cement (+0.9%) performing well, while Sanhe Pile (-4.5%) and International Composite (-1.4%) declined [1][12] Recent Real Estate Fundamentals - In the week of July 4-10, the sales area of commercial housing in 30 major cities was 1.3391 million square meters, a year-on-year decrease of 22.55% [14] Key Sub-industry Tracking - Cement: National cement market prices continued to decline, with a drop of 1%. The price drop was mainly concentrated in East and Southwest China, with a range of 10-30 yuan/ton. However, demand is expected to improve slightly with better weather conditions [16] - Glass: The domestic photovoltaic glass market remained stable, with prices holding steady. The average price of float glass increased slightly to 1211.96 yuan/ton, with production costs varying based on fuel types [17] - Fiberglass: The market for non-alkali yarn showed a downward trend, with prices declining slightly. The overall demand remains weak, although there is some support from wind power orders [17]

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 稳经济措施加码，重大水电项目落地 2025 年 07 月 21 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -13% -9% -5% -1% 3% 7% 11% 15% 19% 23% 2024/7/22 2024/11/19 2025/3/19 2025/7/17 建筑材料 沪深300 相关研究 价格上涨的主要是湖南省，幅度 10 元/吨。七月中旬，随着天气好转， 下游市场需求环比略有提升，全国重点地区水泥企业平均出货率维持约 46%，环比增加 2.4 个百分点。价格方面，由于整体市场需求依旧较弱， 以及多数地区错峰生产执行力度不够，供需矛盾无明显缓解，导致部分 地区价格仍在小幅下探，预计后期价格将延续 ...

建筑材料 2025 年 07 月 20 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 建筑材料 沪深300 相关研究报告 《住建部强调稳定房地产市场，关注 建 材 投 资 机 会 — 行业周报》- 2025.7.13 张绪成（分析师） 刘天文（分析师） zhangxucheng@kysec.cn liutianwen@kysec.cn 证书编号：S0790523110001 中央城市工作会强调城市更新，关注建材投资机会 本周中央城市工作会议在北京举行。会议指出我国城镇化从快速增长期转向稳定 发展期，城市发展从大规模增量扩张转向存量提质增效为主的阶段。以推进城市 更新为重要抓手，稳步推进城中村和危旧房改造、老旧管线改造升级等，将拉动 管材、防水、涂料等消费建材需求。同时，推动城市高质量发展，"好房子" 概念 及相关住宅规范的执行，将提升高品质、绿色建材产品需求。我们认为，随着城 市更新政策的不断推进，地产链基本面有望迎来较大改善。消费建材板块推荐： 三棵树（渠道下沉，零售扩张）、东方雨虹（防水龙头，经营结 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 07 月 20 日 [Table_Title] 中国雅江集团成立，重点关注岩土工程、民 爆板块投资机会 [Table_Title2] 建筑材料 [Table_Summary] ►本周受益标的：（1）中国雅江集团成立，标志着世纪工程、 标杆工程有序推进，推荐重点工程中岩大地；民爆需求高景 气，行业供给有望再集中，高争民爆、广东宏大、雪峰科技、 国泰集团等受益；（2）传统行业"反内卷"，推荐水泥龙头海 螺水泥、华新水泥，上峰水泥和塔牌水泥受益；推荐防水提价 的东方雨虹、科顺股份等；推荐具备强α的三棵树、北新新 材，推荐估值低位且具备高分红的兔宝宝、伟星新材等；（3） 国产替代：推荐麦加芯彩，关税缓和航运需求提升，船舶涂 料、海工涂料取证加速未来有望持续国产替代；推荐松井股 份，车身漆国产替代需求旺盛。 ►第 29 周（07/12-07/18）新房、二手房市场成交量趋势走 弱。（1） 30 城大中城市商品房交易数据：今年第 29 周国内 30 大中城市新房成交面积 120.35 万㎡，同比-25%，环比- 12.88%；累计交易面积 4967.30 ...

三棵树 20250718 摘要 三棵树通过战略调整和渠道转型，在地产下行周期中维持经营韧性，有 效修复应收账款和坏账风险，为未来发展奠定基础。2025 年上半年业 绩表现亮眼，收入小幅增长，显示出存量重装逻辑的逐步体现。 三棵树未来发展的核心逻辑在于市占率提升和重涂需求增长。零售市占 率提升空间巨大，国产替代策略潜力可观；住宅拥有概念降低和租房比 例上升将驱动二手房及相关需求，保障下游终端需求的可持续性。 建筑涂料市场未来趋势呈现两方面：一是市占率提升空间大，二是重涂 需求不断增加。通过国产替代及其他策略，可实现远期增长，市场潜力 巨大。 短期内，建筑建材板块发展前景取决于风险处置和经营韧性。三棵树资 产端风险逐渐出清，通过降本提效、对标立邦及拓展新业务等措施，利 润率迎来拐点，预计 2025 年利润接近 8 亿至 10 亿人民币。 当前市场进入存量重装阶段，三棵树创新提出三大新业态转型打法，包 括加速布局存量翻新和线下渠道、美丽乡村补贴催化、艺术漆打造高端 产品矩阵等，效果逐步验证。 Q&A 三棵树在建筑涂料市场的竞争优势是什么？ 三棵树在建筑涂料市场具有显著的竞争优势。首先，三棵树和立邦作为行业龙 头，其 ...

建筑材料 2025 年 07 月 19 日 行 业 研 究 / 行 业 点 评 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 联系人 郝子禹 (8621)23297818× haozy2@swsresearch.com 水泥与玻纤延续修复，后周期分化 本研究报告仅通过邮件提供给 中庚基金 使用。1 ⚫ 水泥：延续修复趋势，关注行业产能出清进展。2025 年 2 季度是水泥业绩修复的第 3 个季度，行 业触底修复的趋势更加明确。2024 年水泥行业 A 股上市公司平均吨净利仅 13.7 元/吨，已较为接 近 2015 年的历史底部。水泥企业维护吨净利意愿提升，价格战缓和，叠加煤炭成本逐步回落，水 泥单吨净利有较大弹性，带动盈利整体修复。市场监管总局最新发布的《水泥生产许可证实施细则 （征求意见稿）》明确要求 ...

证券代码：603737 证券简称：三棵树 公告编号：2025-048 三棵树涂料股份有限公司 关于为子公司提供担保的公告 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法律责任。 重要内容提示： | | 被担保人名称 | | 福建省三棵树新材料有限公司 | | --- | --- | --- | --- | | | 本次担保金额 | 人民币 | 3,000 万元 | | 担保对象 | 实际为其提供的担保余额 | 人民币 | 万元 88,846.36 | | | 是否在前期预计额度内 | 是 | | | | 本次担保是否有反担保 | 否 | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子 公司对外担保总额（万元） | | | （经公司 年年度股东大会审议 2024 | 985,000 | | 通过的对外担保总额） | | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | 366.72 | | | √对外担保总额超过最近一期经审计净资 | | ...

建材行业 行业研究 | 动态跟踪 地产走弱冲击有限，城市更新有望接力 ——建筑建材行业跟踪点评 核心观点 投资建议与投资标的 市场部分观点过于担忧地产下行对于建材板块估值的压制，且对城市更新带来需求释放 力度认识不够。但如前文所分析，我们认为投资者对于地产端需求下滑越来越"脱 敏"，反而更关注"止跌回稳"措施的出台，同时城市更新政治站位的提升，或蕴藏更 大的需求潜力。在目前阶段，一些所处较好赛道且自身经营已出现明显改善的企业，未 来有望迎来更多的发展机遇，建议关注涂料龙头三棵树(603737，未评级)。 风险提示 房地产需求进一步大幅下滑、行业中小企业出清不及预期，原燃材料价格上涨。 国家/地区 中国 行业 建材行业 报告发布日期 2025 年 07 月 17 日 看好（维持） 冯孟乾 fengmengqian@orientsec.com.cn 执业证书编号：S0860523070003 | 房价继续走弱，博弈价值再起：——建筑 | 2025-06-18 | | --- | --- | | 建材行业跟踪点评 | | | 行业需求仍偏弱，关注新兴材料产业：— | 2025-05-29 | | —建筑建材行业跟踪 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector [6] - The report maintains an "Overweight" rating for the building materials sector [6] Core Insights - The transition from rapid urbanization to stable development in China indicates a shift from large-scale expansion to stock quality improvement, impacting the construction and building materials industry [1][2] - Urban renewal is identified as a key focus area, with significant investment opportunities in infrastructure upgrades, consumer-oriented building materials, and smart urban operations [2][5] - The integration of urban planning and design is emphasized, requiring higher capabilities from architectural firms to enhance urban living experiences [3] - Infrastructure investment is expected to concentrate on modern urban systems and urban renewal, with a focus on key projects that align with national priorities [4] Summary by Sections Urban Renewal and Infrastructure - Urban renewal is highlighted as a critical strategy, with an estimated investment demand of approximately 4 trillion yuan for the renovation of nearly 600,000 kilometers of urban pipelines over the next five years [2] - The demand for consumer-oriented infrastructure and renovation of existing properties is projected to increase the market share of building materials like coatings [2] Architectural Design and Planning - The report notes a shift towards integrated urban planning that enhances the capacity to support population and economic growth, which will elevate the requirements for architectural design firms [3] Infrastructure Investment Focus - The report outlines a strategic focus on infrastructure that supports modern urban systems, including transportation, energy, and water management, which are expected to maintain a favorable investment climate [4] Investment Recommendations - The report recommends focusing on companies that are well-positioned to benefit from urban renewal and infrastructure projects, including leading firms in construction design and smart urban operations [5] - Specific companies highlighted for investment include China State Construction, Tunnel Corporation, and Three Trees, with target prices and buy ratings provided [8][9]