Group 1 - The company announced that it provided a guarantee of RMB 100 million for its wholly-owned subsidiary Sichuan Sankeshu Coating Co., Ltd. and RMB 30 million for Henan Sankeshu Coating Co., Ltd. [2] - As of August 6, 2025, the total external guarantee balance for the company and its subsidiaries is RMB 3,008.39 million, which accounts for 112.00% of the company's most recent audited net assets [2]

重要内容提示： 担保对象及基本情况 | 担 保 | 对 | 被担保人名称 | | 四川三棵树涂料有限公司 | | --- | --- | --- | --- | --- | | | | 本次担保金额 | 人民币 | 万元 10,000 | | 象一 | | 实际为其提供的担保余额 | 人民币 | 6,967.59 万元 | | | | 是否在前期预计额度内 | 是 | | | | | 本次担保是否有反担保 | 否 | | | 担 保 | 对 | 被担保人名称 | | 河南三棵树涂料有限公司 元 | | | | 本次担保金额 | 人民币 | 万元 3,000 | | 象二 | | 实际为其提供的担保余额 | 人民币 0 | | | | | 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 2024 审议通过的对外担保总额） | 985,000 | | 对外担保总额占上市公司最近一 期经审计净资产的比 ...

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with 66 companies in the building materials sector disclosing CFO information [1][2] - The average age of CFOs in the renovation and building materials sector is 48.03 years, with 41.4% aged over 50 and 40-50, while 17.2% are aged 30-40 [1] - The highest-paid CFO is Yao Yonghua from Luyuan Energy, earning 2.31 million yuan, which is 1.60 times the salary of the second-highest, Wang Shuai from Beixin Building Materials [2] Group 2 - The majority of CFOs in the renovation and building materials sector have a short tenure, with 44.8% serving for 1-3 years, while 27.6% and 24.1% have tenures of 5-10 years and over 10 years, respectively [2] - Approximately 53.6% of CFOs in the sector hold a bachelor's degree, while master's and associate degrees account for 25.0% and 17.9%, respectively [2] - The average annual salary for CFOs in the renovation and building materials sector is 692,700 yuan, which is nearly 10% lower than the average salary in the building materials industry, with a year-on-year increase of 19.9% [2]

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股CFO数据报告》显示，2024年A股上市公司财务总监 CFO群体薪酬规模合计达42.70亿元，平均年薪为81.48万元。 分行业来看，A股共有66家建筑材料上市公司公开披露了CFO信息，其中29家为装修建材上市公司。 就年龄结构而言，2024年装修建材上市公司CFO呈高龄化特征，其平均年龄为48.03岁，50岁以上和40-50岁群体各占41.4%，30-40岁群体约占17.2%。结合 性别分析，行业整体相对均衡，男性CFO约占55.2%，平均年龄为48.94岁；女性CFO约占44.8%，平均年龄为46.92岁。 年龄最大的男性CFO为供职于北新建材的王帅，现已56岁。年龄最大的女性CFO为万里石朱著香，目前59岁。华立股份孙媛媛和凯伦股份（维权）季正华的 年龄最小，均为36岁。 元以内。 结合性别和学历具体来看，业内男性CFO平均薪酬约为70.03万元，与女性CFO同期平均薪酬68.35万元基本相当。博士学历年薪高达136.1 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The political bureau meeting emphasized the need to combat "involution" and promote continuous policy advancement, focusing on optimizing market competition and regulating chaotic enterprise competition [5][21] - North American cloud service capital expenditure is accelerating, leading to sustained high demand for specialty electronic fabrics [6] - Cement prices are experiencing a narrowing decline, while glass inventory continues to decrease [7] - Recommendations include focusing on specialty fiberglass and the African supply chain, with leading companies being the main investment theme for the year [9] Summary by Sections Political and Economic Context - The political bureau meeting on July 30 highlighted the importance of advancing the construction of a unified national market and optimizing market competition [5] - The report analyzes the profitability of various industries, indicating that photovoltaic glass and carbon fiber are at the bottom, while cement and fiberglass are slightly profitable [5] North American Cloud Services - Recent quarterly reports from Microsoft and Meta show that AI is driving revenue and performance growth, with capital expenditures continuing to accelerate [6] - The electronic fabric industry is on a clear upward trend, with domestic leaders rapidly achieving domestic substitution [6] Cement and Glass Market - The domestic cement market is affected by adverse weather conditions, with an average shipment rate of 44.5%, down 2.2 percentage points year-on-year [7] - The average national cement price is 344.84 yuan/ton, a decrease of 0.97 yuan/ton month-on-month and 42.74 yuan/ton year-on-year [26] - The glass market is beginning to digest social inventory, with production and sales rates indicating a need for policy changes to influence market dynamics [8][38] Recommendations - Specialty fabrics: Core leader Zhongcai Technology is recommended due to high demand from AI and significant supply barriers [9] - African supply chain: Keda Manufacturing is recommended as a local leader with advantages in production, channels, and brand [9] - The report suggests that the 2025 consumption of building materials is expected to see upward demand and structural optimization [9]

行业报告 | 行业研究周报 建筑材料 证券研究报告 关注传统板块回调机会，继续推荐高端电子布品种 行情回顾 本周沪深 300 跌 1.75%，建材(中信)跌 3.32%。个股中，宏和科技（+22.1%） 涨幅居前。上周我们重点推荐组合的表现：宏和科技（+22.1%）、中材科技 （-2.5%）、西部水泥（-1.44%）、华新水泥（-6.9%）、科达制造（与机械组联 合覆盖）（-1.8%）、高争民爆（-13.8%）、三棵树（-1.7%）。 关注传统板块回调机会，继续推荐高端电子布品种 本周中共中央政治局召开会议，在稳增长方面，会议强调要"着力稳就业、 稳企业、稳市场、稳预期"、"有效释放内需潜力"，继续强调稳增长基调； 在反内卷方面，会议指出要"依法依规治理企业无序竞争，推进重点行业产 能治理"，进一步明确对"反内卷"的定调，结合前期加快推进《价格法》 的修订，我们认为后续反内卷的治理将形成"市场+行政+法律"的组合拳， 短期来看，从市场化角度考虑，我们认为具备较好协同基础且需求有支撑的 行业复价效果或更明显（如水泥），中长期来看，部分行业的产能治理将依 靠行政化手段，而违规产能或低效产能相对较多的行业产能出清或 ...

Core Views - The construction materials industry is expected to stabilize and recover due to loose macroeconomic policies, with significant attention on the supply side's proactive changes [4] - The cement industry is implementing self-discipline and peak production measures, accelerating supply reduction amid production restrictions and tightening carbon emission targets [4] - The glass fiber industry is experiencing sustained demand growth, with price increases of 10%-15% for thermoplastic/wind power glass fiber products and 15%-20% for other products, leading to improved performance [4] Cement Industry - Demand is expected to stabilize as housing market confidence strengthens, with signs of recovery in transaction prices and a narrowing decline in transaction volumes [4][19] - The cement and concrete sectors are supported by ongoing infrastructure demand and urban renewal, with industry profitability remaining robust [4][31] - The average coal price, which constitutes the largest portion of cement clinker costs, is predicted to remain low, further reducing costs and supporting profitability recovery in 2025 [4][35] Glass Fiber Industry - The glass fiber sector is seeing a structural improvement in demand, with applications expanding in wind energy, electronics, and thermosetting products [4][42] - The industry is characterized by a high concentration of production capacity, with the top three companies accounting for approximately 63% of domestic capacity [4][49] - Price trends are positive, with a recovery in profitability expected due to demand growth and proactive supply-side changes [4][51] Consumer Building Materials - The consumer building materials sector is benefiting from policies aimed at stabilizing the housing market, with ongoing demand for renovation and urban renewal projects [4][66] - The shift from B-end to C-end customers is creating opportunities for brands with strong channel capabilities, with companies like兔宝宝 (Rabbit Baby) and北新建材 (Beixin Building Materials) being highlighted for their competitive advantages [4][102] - The second renovation demand is anticipated to grow as the housing stock ages, with significant potential for market expansion in the coming years [4][69]

Investment Rating - The report maintains an "Accumulate" rating for the construction materials industry [1] Core Views - The construction materials sector is experiencing weak demand, with the PMI showing a decline. The market is awaiting new policies to stimulate demand [4] - The report highlights that the cement market is facing challenges due to adverse weather conditions, leading to a low average shipment rate of less than 45% in key regions. However, the overall price decline has slowed down, indicating potential stabilization in the near term [11][18] - The report suggests that the supply-side consensus on self-discipline within the industry is strengthening, which may lead to better profitability compared to the previous year [11] - The report recommends focusing on cyclical industries that may benefit from policy support, particularly in cement and glass sectors, and highlights specific companies such as Huaxin Cement, Conch Cement, and others as potential investment opportunities [4][11] Summary by Sections 1. Industry Trends - The construction materials sector has seen a decline of 2.31% in the past week, underperforming against the Shanghai Composite Index [4] - The report notes that the cement price is currently at 339.7 RMB/ton, down 1.0 RMB/ton from the previous week and down 42.5 RMB/ton year-on-year [19][20] 2. Bulk Construction Materials Fundamentals and High-Frequency Data 2.1 Cement - The average cement shipment rate is reported at 44.7%, with a slight increase of 1.7 percentage points from the previous week, but a decrease of 2.0 percentage points year-on-year [26] - The report anticipates that cement prices will stabilize in the short term, despite current weak demand [11][18] 2.2 Glass - The average price of float glass is reported at 1295.3 RMB/ton, which is an increase of 56.7 RMB/ton from the previous week but a decrease of 175.7 RMB/ton year-on-year [4] - The report indicates that the glass industry is expected to see a supply-side contraction, which may improve the supply-demand balance in the short to medium term [14] 2.3 Fiberglass - The report highlights that the market for electronic fiberglass products is evolving, with a clear trend towards high-end products, which are expected to see increased penetration and value growth [12] - The profitability of ordinary fiberglass remains resilient, with ongoing demand in sectors like wind power and thermoplastics [12] 3. Industry Dynamics Tracking - The report discusses the impact of government policies aimed at stimulating domestic demand, particularly in the housing market, which is expected to improve the outlook for construction materials [15] - The report emphasizes the importance of companies that are exploring new business models and enhancing their supply chain efficiency [15]

Investment Rating - The report suggests a positive outlook on Sichuan Road and Bridge as a leading player in Southwest infrastructure, highlighting its current combination of regional infrastructure growth and dividend yield [3][15]. Core Insights - The report emphasizes the importance of local manufacturing in Africa, particularly for companies like Keda Manufacturing, which is positioned as a leader in localized production and sales [4][16]. - The report notes a price increase in RTF copper foil, indicating a high demand for HVLP products, and suggests continued investment in copper foil and electronic cloth sectors [5][17]. - The report tracks the performance of various materials, indicating a downward trend in cement prices and a mixed outlook for glass and fiberglass markets [6][18][22]. Summary by Sections Weekly Discussion - Sichuan Road and Bridge is highlighted for its strong position in Southwest infrastructure, with a reported investment of 134.9 billion yuan in transportation construction, ranking second nationally and showing a 3.5% increase year-on-year [3][15]. Cyclical Linkage - Cement prices averaged 340 yuan per ton, down 43 yuan year-on-year, with an average shipment rate of 44.7% [6][18]. - Glass prices increased to 1295.28 yuan per ton, reflecting a 4.58% rise, while concrete mixing stations reported a capacity utilization rate of 7.12% [6][18]. - The report warns of potential price declines in steel due to market fundamentals [6][18]. National Subsidy Tracking - The report mentions the allocation of 690 billion yuan for consumer goods replacement subsidies, with plans for further funding in October [7][19]. Important Changes - Notable acquisitions include Defu Technology's purchase of Circuit Foil Luxembourg for 174 million euros and the listing of Hanhai Group on the A-share market [8][20][21]. Market Performance - The construction materials index fell by 3.96% over the week, with specific declines in glass manufacturing and fiberglass sectors [24]. Material Price Changes - Cement prices continued to decline, with a national average of 340 yuan per ton, while glass prices showed a slight increase [32][41]. - Fiberglass prices remained under pressure, with a reported average of 3595.25 yuan per ton [66].

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [1][3]. Core Insights - The report highlights that the construction materials sector is expected to continue its recovery due to increased infrastructure investment and consumption stimulation, supported by government policies [3][4]. - The real estate sector has shown weakened sales momentum in recent months, with a focus on policy impacts for short-term rebounds and a need for improved sales recovery and company fundamentals for medium-term outlook [3][28]. - The building materials sector is facing challenges such as weak demand, excess capacity, and inventory pressure, but upcoming policies are expected to enhance environmental standards and control capacity, positively impacting profitability [4][50]. Summary by Sections Real Estate Sector - The central government is emphasizing urban renewal and fiscal measures to support the real estate market, including the issuance of special bonds [3][28]. - The real estate sector has seen a slight increase of 0.66% over the past two weeks, outperforming the CSI 300 index by 0.24 percentage points [15][20]. - Key companies to watch include Poly Developments, China Merchants Shekou, and China Vanke, focusing on stable operations and strong positions in first and second-tier cities [3][28]. Building Materials Sector - The building materials sector has experienced a 6.23% increase over the past two weeks, ranking second among 31 sectors [29][31]. - Cement prices are under pressure due to weak demand, with the national average price at 320 RMB per ton, down 4 RMB from the previous week [36][50]. - Companies such as Conch Cement and Huaxin Cement are recommended for their solid fundamentals and attractive dividend yields [4][50]. Consumer Building Materials - Retail sales of building and decoration materials reached 15.8 billion RMB in June, with a year-on-year growth of 1.0% [5][53]. - The report anticipates a recovery in sales and profit margins for consumer building materials companies due to market improvements and cost optimization strategies [7][53]. - Recommended companies include Beixin Building Materials, Rabbit Baby, and Three Trees for their competitive advantages and solid fundamentals [7][53].