中国银河（601881）证券发布研报称，2026年去产能效果有望显现，行业供需格局改善预期增强，价格 有望回升，企业盈利有望逐步修复。此外，水泥龙头企业加速海外产能布局，将贡献更多业绩增量，拉 开龙头企业盈利差距。玻璃纤维下游新兴产业发展势头较好，AI算力需求驱动下，特种玻纤纱高景气 有望持续；城市更新驱动消费建材在旧改、修缮市场的需求释放，消费升级将带动高品质绿色建材需求 提升；终端需求改善预期较弱，"反内卷"有望加速玻璃供给侧优化。 消费建材：10月家装零售需求走弱，高品质存量需求托底消费建材市场 2025年1-10月建筑及装潢材料类零售额同比增长0.5%，其中10月单月同比下降8.3%，环比下降2.1%。 随着地产销售的走弱，存量家装市场需求有所减弱，且因新房需求大幅缩减，今年消费建材需求不及往 年同期。后续城市更新战略的持续落地将释放修缮、旧改等需求，"好房子"建设标准的推进将提升高品 质绿色建材的市场渗透率。 浮法玻璃：供给缩减，但提振效果有限，11月价格继续承压 11月浮法玻璃市场刚需变化不明显；月产能减少，行业总供给收缩；企业库存虽有所下降，但仍处于历 史高位；浮法玻璃价格进一步下滑。后续来看， ...

中国经济网北京12月8日讯三棵树（603737）(603737.SH)12月5日(上周五)晚间披露的关于对外提供担保 的公告显示，2025年12月5日，公司与福建华通银行股份有限公司(以下简称"华通银行")签署了《合作 协议》，华通银行在人民币4亿元的贷款额度内，向经华通银行审批通过的公司经销商提供贷款，上述 经销商未履行还款义务时，公司或公司指定的子公司将代经销商偿还贷款，代偿的本金总金额不超过人 民币4,000万元。该业务为前期合作业务的延续。 经2024年年度股东大会审议通过的公司及子公司对子公司提供的担保总额不超过人民币95亿元，占公司 最近一期经审计净资产的353.69%；公司及子公司对外担保总额(不含对子公司担保)不超过人民币3.50亿 元，占公司最近一期经审计净资产的13.03%。 截至2025年12月3日，公司及子公司对外担保余额为人民币327,820.75万元，占公司最近一期经审计净资 产的122.05%，其中，公司及子公司对外担保余额(不含对子公司担保)为人民币4,144.05万元，占公司最 近一期经审计净资产1.54%。公司不存在逾期担保的情况。 ...

Investment Rating - The report maintains a rating of "Buy" for several key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puxin Co., San Ke Shu, and Wei Xing New Materials, while recommending "Hold" for Bei Xin Materials [8]. Core Insights - The construction materials sector is experiencing weak demand, with a focus on the impact of government policies to stimulate growth. The report highlights the potential for recovery in municipal engineering projects and the importance of monitoring the government's debt management strategies [1][2]. - The cement market is characterized by a slight increase in prices and production, but overall demand remains weak, particularly in residential construction. The report suggests that a more robust macroeconomic support is needed for a significant recovery [17][28]. - The glass manufacturing sector is facing supply-demand imbalances, but self-regulated production cuts in photovoltaic glass may alleviate some pressure. The report emphasizes the need to watch for price stability in this segment [1][5]. - The fiberglass market shows signs of bottoming out, with price wars ending and demand from wind power projects expected to rise. The report indicates a positive outlook for high-end electronic fiberglass products [6][7]. - Consumer building materials are benefiting from improved second-hand housing transactions and consumption stimulus policies, with a recommendation to focus on companies with strong market share potential [1][7]. Summary by Sections Cement Industry Tracking - As of December 5, 2025, the national cement price index is 352.47 CNY/ton, with a week-on-week increase of 1.77%. Cement output reached 2.971 million tons, up 0.2% from the previous week [17]. - The utilization rate of cement clinker production lines is 39.65%, reflecting a 1.21 percentage point increase week-on-week. However, the overall demand remains in a year-on-year contraction phase [17][28]. Glass Industry Tracking - The average price of float glass as of December 4, 2025, is 1163.86 CNY/ton, with a week-on-week increase of 1.40%. Inventory levels are high, with a total of 56.75 million weight boxes reported [2][5]. - The report notes that while northern regions are experiencing reduced demand, southern regions are seeing price adjustments as manufacturers attempt to balance supply and demand [5][6]. Fiberglass Industry Tracking - The market for fiberglass remains stable, with limited demand recovery. The report indicates that electronic fiberglass prices have seen a slight increase, suggesting a tightening supply situation [6][7]. Consumer Building Materials Tracking - The demand for consumer building materials continues to show weak recovery, with upstream raw material prices fluctuating. The report highlights the importance of monitoring these price changes for investment decisions [7]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production increasing by 25.83% week-on-week. However, the report indicates that profitability remains under pressure due to high production costs [7].

证券代码：603737 证券简称：三棵树 公告编号：2025-077 三棵树涂料股份有限公司 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： 关于对外提供担保的公告 ● 担保对象及基本情况 （一）担保的基本情况 2025年12月5日，三棵树涂料股份有限公司（以下简称"公司"）与福建华通银行股份有限公司（以下简 称"华通银行"）签署了《合作协议》，华通银行在人民币4亿元的贷款额度内，向经华通银行审批通过 的公司经销商提供贷款，上述经销商未履行还款义务时，公司或公司指定的子公司将代经销商偿还贷 款，代偿的本金总金额不超过人民币4,000万元。该业务为前期合作业务的延续，具体内容详见公司披 露的《关于对外提供担保的公告》（公告编号：2024-062）。 （二）内部决策程序 公司于2025年4月24日、2025年5月16日分别召开了第六届董事会第十九次会议和2024年年度股东大会， 审议并通过了《关于对外提供担保的议案》，同意公司及子公司以连带责任保证方式对银行等金融机 构、供应链综合服务平台等机构给予符合融资资质条件 ...

每经头条（nbdtoutiao）——秒光、售罄！银行大额存单成稀缺资源，2%以上产品很难抢，有的门槛高 达1000万元！专家：存款利率或长期下行 （记者 王晓波） 每经AI快讯，三棵树（SH 603737，收盘价：46.69元）12月5日晚间发布公告称，经2024年年度股东大 会审议通过的公司及子公司对子公司提供的担保总额不超过人民币95亿元，占公司最近一期经审计净资 产的353.69%；公司及子公司对外担保总额不超过人民币3.5亿元，占公司最近一期经审计净资产的 13.03%。截至2025年12月3日，公司及子公司对外担保余额为人民币约32.78亿元，占公司最近一期经审 计净资产的122.05%，其中，公司及子公司对外担保余额为人民币4144.05万元，占公司最近一期经审计 净资产1.54%。 2024年1至12月份，三棵树的营业收入构成为：精细化工占比85.26%，防水卷材占比10.9%，建筑装饰 占比2.15%，其他业务占比1.7%。 截至发稿，三棵树市值为344亿元。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

证券代码：603737 证券简称：三棵树 公告编号：2025-077 三棵树涂料股份有限公司 关于对外提供担保的公告 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。 一、担保情况概述 （一） 担保的基本情况 2025 年 12 月 5 日，三棵树涂料股份有限公司（以下简称"公司"）与福建华 通银行股份有限公司（以下简称"华通银行"）签署了《合作协议》，华通银行在 人民币 4 亿元的贷款额度内，向经华通银行审批通过的公司经销商提供贷款，上 述经销商未履行还款义务时，公司或公司指定的子公司将代经销商偿还贷款，代 偿的本金总金额不超过人民币 4,000 万元。该业务为前期合作业务的延续，具体 内容详见公司披露的《关于对外提供担保的公告》（公告编号：2024-062）。 （二） 内部决策程序 公司于 2025 年 4 月 24 日、2025 年 5 月 16 日分别召开了第六届董事会第十 九次会议和 2024 年年度股东大会，审议并通过了《关于对外提供担保的议案》， 同意公司及子公司以连带责任保证方式对银行等金融机构、供应链综合服务平 ...

证券代码：603737 证券简称：三棵树 公告编号：2025-078 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： 担保对象及基本情况 根据《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 1 号-规范运作》等相关文件的规定，本次担保均在预计额度内，无需单 独提交公司董事会或股东会审议。 被担保人类型 法人 被担保人名称 安徽三棵树涂料有限公司 被担保人类型及上市公 司持股情况 全资子公司 主要股东及持股比例 公司直接持股 100% 法定代表人 蔡元清 统一社会信用代码 91341182MA2RAMDL4J 成立时间 2017 年 11 月 30 日 注册地 明光市化工集中区经四路 1 号 注册资本 人民币 31,000 万元 公司类型 有限责任公司（自然人投资或控股的法人独资） 经营范围 涂料、防水材料、保温新材料、胶粘剂、及其他化工产 二、被担保人基本情况 | | 品、包装物生产、销售；环保型微薄木装饰贴面板、人 造板、硅酸钙板纤维 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Views - Focus on the expectation of glass cold repairs and emphasize high-quality leading companies in consumer building materials [5][6] - Cement prices continue to decline, while glass inventory has slightly decreased month-on-month [7][8] - The real estate policy outlook is improving, suggesting a focus on high-quality leading companies in consumer building materials [5][6] Summary by Sections Cement - National cement prices have continued to decline, with a current average price of 355.00 yuan/ton, down 0.65 yuan/ton month-on-month and down 77.10 yuan/ton year-on-year [26] - The cement market is entering the off-season, with a national shipment rate of approximately 45%, down 0.3 percentage points month-on-month and down 2.5 percentage points year-on-year [7][26] - The northern market is experiencing a seasonal decline in demand, while some southern regions show slight recovery [7][25] Glass - The domestic float glass market prices have stabilized after a decline, with a current average price of 60.59 yuan/weight box, down 0.59 yuan/weight box month-on-month and down 15.51 yuan/weight box year-on-year [39] - The production capacity of float glass has slightly decreased, with 218 out of 283 production lines currently in operation, and a daily melting capacity of 156,155 tons [8][36] - Inventory levels in key monitored provinces have decreased, with a total inventory of 59.32 million weight boxes, down 730,000 weight boxes month-on-month [38][39] Consumer Building Materials - High-quality leading companies in consumer building materials are expected to have bottom value, with recommendations for companies like SanKeTree, TuBaoBao, and WeiXing New Materials [6] - From a cyclical bottom and structural optimization perspective, companies in waterproofing and coatings are recommended due to significant supply exits and increased market share for leading companies [6] - If market conditions improve, the expected price performance ranking is waterproofing > coatings > pipes/hardware/gypsum board [6] Special Fabrics - Attention is drawn to the opportunities in AI special fabrics after recent adjustments, with domestic leaders like ZhongCai Technology benefiting from domestic substitution trends [9]

分红方面，三棵树A股上市后累计派现11.02亿元。近三年，累计派现6.22亿元。 机构持仓方面，截止2025年9月30日，三棵树十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股1931.44万股，相比上期增加594.53万股。鹏华中证细分化工产业主题ETF联接A（014942） 位居第七大流通股东，持股444.17万股，为新进股东。南方中证500ETF（510500）位居第八大流通股 东，持股428.64万股，相比上期减少8.66万股。诺德价值优势混合（570001）位居第十大流通股东，持 股410.32万股，相比上期减少15.30万股。景顺长城成长龙头一年持有期混合A类（011058）、景顺长城 优选混合（260101）退出十大流通股东之列。 责任编辑：小浪快报 三棵树所属申万行业为：建筑材料-装修建材-涂料。所属概念板块包括：染料涂料、电子商务、社保重 仓、送转填权、高派息等。 截至9月30日，三棵树股东户数1.42万，较上期增加0.50%；人均流通股51849股，较上期减少0.50%。 2025年1月-9月，三棵树实现营业收入93.92亿元，同比增长2.69%；归母净利润7.44亿元，同比 ...

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) experiencing a maximum intraday increase of 1.89% and closing up 1.01%, marking three consecutive days of gains [1][2] - Key stocks in the sector include HEBANG Biological, which hit the daily limit, and others like Tongcheng New Materials, Sankeshu, and Cangge Mining, all showing significant gains [1][3] - The basic chemical sector has seen a net inflow of 19.525 billion yuan in the last five trading days, ranking fourth among 30 sectors, and a total net inflow of 194.6 billion yuan over the past 60 days, ranking second [1][3] Group 2 - The chemical ETF (516020) has outperformed major indices, with a year-to-date increase of 28.99%, compared to 16.77% for the Shanghai Composite Index and 16.3% for the CSI 300 Index [3][4] - The current valuation of the chemical sector is relatively low, with a price-to-book ratio of 2.32, indicating potential for long-term investment [5][6] - The chemical industry is expected to experience a turning point due to a combination of factors, including a potential recovery in demand and a decrease in supply, driven by policies aimed at reducing competition [6][7] Group 3 - The recent establishment of a large-capacity all-solid-state battery production line in China is expected to significantly boost upstream demand in the chemical sector [5][6] - The chemical ETF (516020) provides a diversified investment opportunity across various sub-sectors, with nearly 50% of its holdings in large-cap stocks and the other half in leading stocks from various chemical segments [7]