Investment Rating - The report maintains a positive outlook on overseas growth and technology sectors, emphasizing the importance of identifying companies capable of navigating overseas cycles and accelerating domestic technology development [2][12]. Core Insights - The report highlights the impact of changes in the US interest rate stance on market sentiment, particularly affecting high-valuation sectors linked to overseas economies. It underscores the significance of finding resilient companies in overseas markets and the opportunity for domestic technology supply chain development [2][12]. - The report expresses optimism for the overseas and AI new materials sectors, citing the recent listing of "Le Shushi," a leading fast-moving consumer goods company in East and West Africa, as a notable addition to the overseas sector [2][12]. - In the traditional building materials and construction sectors, the focus has shifted to low-valuation or less-followed segments, with dividend policies becoming a key consideration. Companies are adapting to industry challenges by reducing capital expenditures and increasing dividends [3][13]. Summary by Sections Weekly Market Performance - The building materials index decreased by 6.46% during the week, with specific declines in glass manufacturing (-9.93%), fiberglass (-11.18%), and cement manufacturing (-6.06%) [17]. Price Changes in Building Materials - National cement prices slightly decreased by 0.4% week-on-week, with regional variations in price movements. Southern regions showed a slight increase in demand, while northern regions faced a decline due to weather conditions [26]. - The average price of float glass was reported at 1168.37 RMB/ton, reflecting a decrease of 2.26% week-on-week, with inventory levels increasing [38][52]. Sector Analysis - In the cement sector, the average price was 351 RMB/ton, down 78 RMB/ton year-on-year, with an average shipment rate of 45.7% [14]. - The fiberglass market showed stability in pricing, with the average price for 2400tex direct yarn at 3531.75 RMB/ton, a slight increase of 0.2% week-on-week [57]. - The report notes that the demand for construction materials remains weak, particularly in the completion phase, while retail segments show stable growth [16].

Core Points - The company has completed the sale of all stocks held under the fourth employee stock ownership plan, and the assets are now entirely monetary [2] - The fourth employee stock ownership plan has been officially terminated, and the management committee will proceed with the relevant asset liquidation and distribution [2] Group 1 - The company held meetings on September 9, 2020, and October 13, 2020, to approve the fourth employee stock ownership plan and its amendments [1] - The company made adjustments to the plan's upper limit and other terms during a board meeting on November 2, 2020 [1] Group 2 - The announcement was made by the company's board of directors on November 21, 2025 [4]

Core Points - The company announced the completion and termination of its fourth employee stock ownership plan, with all shares sold and assets converted to monetary assets [2] - The company held board meetings and a shareholder meeting in September and October 2020 to approve relevant proposals regarding the employee stock ownership plan [2] - The management committee will conduct asset liquidation and distribution following the termination of the employee stock ownership plan [2]

Core Points - The fourth employee stock ownership plan of Sanke Tree (603737.SH) has been fully executed and all company stocks held under this plan have been sold [1] - The assets held by the employee stock ownership plan are now entirely monetary assets [1] - The implementation of this stock ownership plan has been completed and terminated, with the management committee set to conduct asset liquidation and distribution [1]

Core Viewpoint - The company, Sankeshu (三棵树), has completed the sale of all stocks held under its fourth employee stock ownership plan, transitioning all assets to monetary assets [1] Group 1 - The fourth employee stock ownership plan has been fully executed and terminated [1] - The management committee will proceed with the relevant asset liquidation and distribution work following the completion of the stock ownership plan [1]

三棵树涂料股份有限公司（以下简称"公司"）分别于2020年9月9日、2020年10 月13日召开第五届董事会第十一次会议和2020年第四次临时股东大会，审议并通 过《关于<三棵树涂料股份有限公司第四期员工持股计划（草案）>及其摘要的议 案》等相关议案。公司于2020年11月2日召开第五届董事会第十三次会议，审议并 通过《关于修订<三棵树涂料股份有限公司第四期员工持股计划（草案）及其摘要> 的议案》《关于修订<三棵树涂料股份有限公司第四期员工持股计划管理办法>的 议案》，决定对第四期员工持股计划规模上限等条款进行调整。 证券代码：603737 证券简称：三棵树 公告编号：2025-076 三棵树涂料股份有限公司 关于第四期员工持股计划出售完毕暨终止的公告 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。 截至本公告披露日，第四期员工持股计划持有的公司股票已全部出售完毕， 所持有的资产均为货币性资产。根据《三棵树涂料股份有限公司第四期员工持股 计划（草案）（修订稿）》《三棵树涂料股份有限公司第四期员工持股计划管理 办法（修订稿）》的 ...

Core Viewpoint - The stock price of Sankeshu has shown a significant increase of 46.90% year-to-date, despite recent declines in the last five, twenty, and sixty trading days [2] Group 1: Stock Performance - As of November 20, Sankeshu's stock price rose by 2.25% to 43.63 CNY per share, with a trading volume of 76.50 million CNY and a turnover rate of 0.24% [1] - The stock has experienced a decline of 5.07% over the last five trading days, 1.60% over the last twenty days, and 4.68% over the last sixty days [2] Group 2: Company Overview - Sankeshu Co., Ltd. is located in Putian City, Fujian Province, and was established on July 17, 2003, with its IPO on June 3, 2016 [2] - The company specializes in the research, production, and sales of construction coatings, wood coatings, waterproof materials, flooring materials, insulation materials, integrated boards, and base materials [2] - The revenue composition includes: engineering wall paint (30.87%), base and auxiliary materials (29.79%), home decoration wall paint (27.07%), waterproof membranes (7.91%), others (2.32%), and decorative construction (2.04%) [2] Group 3: Financial Performance - For the period from January to September 2025, Sankeshu achieved a revenue of 9.392 billion CNY, representing a year-on-year growth of 2.69%, while the net profit attributable to shareholders increased by 81.22% to 744 million CNY [2] - Since its A-share listing, the company has distributed a total of 1.102 billion CNY in dividends, with 622 million CNY distributed over the last three years [3] Group 4: Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 0.50% to 14,200, with an average of 51,849 circulating shares per person, a decrease of 0.50% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 19.3144 million shares, an increase of 5.9453 million shares from the previous period [3] - New entrants among the top shareholders include Penghua CSI Subdivision Chemical Industry Theme ETF and Southern CSI 500 ETF, while some funds have exited the top ten list [3]

Group 1 - The core point of the news is that SanKeTree conducted two block trades on November 19, with a total trading volume of 2.361 million shares and a total transaction amount of 98.9247 million yuan, at a price of 41.90 yuan, which is a discount of 1.80% compared to the closing price of the day [2][3] - The closing price of SanKeTree on the same day was 42.67 yuan, reflecting a decline of 1.68%, with a turnover rate of 0.28% and a total transaction amount of 87.3699 million yuan, indicating a net outflow of main funds amounting to 3.4276 million yuan [2][3] - Over the past five days, the stock has accumulated a decline of 5.68%, with a total net outflow of funds amounting to 6.0674 million yuan [2][3] Group 2 - The latest margin financing balance for SanKeTree is 56.8744 million yuan, which has increased by 9.0176 million yuan over the past five days, representing an increase of 18.84% [3] - SanKeTree Co., Ltd. was established on July 17, 2003, with a registered capital of 737.817473 million yuan [3] - The block trade details show that 1.66 million shares were traded for 69.554 million yuan, and 0.701 million shares were traded for 29.3707 million yuan, with both transactions occurring at the same price of 41.90 yuan [3]

Core Points - The company, 三棵树, announced a total guarantee amount of up to RMB 9.5 billion for its subsidiaries, which accounts for 353.69% of its latest audited net assets [1] - The total external guarantee amount is capped at RMB 350 million, representing 13.03% of the latest audited net assets [1] - As of November 16, 2025, the external guarantee balance is approximately RMB 3.168 billion, which is 117.94% of the latest audited net assets [1] - The revenue composition for the year 2024 is as follows: fine chemicals 85.26%, waterproof membranes 10.9%, building decoration 2.15%, and other businesses 1.7% [1] - The current market capitalization of the company is RMB 32.4 billion [1]

Investment Rating - The report maintains a "Positive" investment rating for the building materials industry [12] Core Insights - The report highlights that the decline in real estate and infrastructure data is expanding, with a focus on policy expectations. The sales data for real estate remains weak, with a significant year-on-year drop in sales volume and area in October [6][7] - Cement shipments have seen a slight increase, while glass inventory has decreased marginally. The report continues to recommend investments in the African supply chain and existing supply chains, while also highlighting opportunities in AI specialty fabrics [2][9] Summary by Sections Real Estate and Infrastructure - From January to October, the sales revenue and area of commercial housing decreased by 9.6% and 6.8% year-on-year, respectively. In October alone, the declines were 24.3% and 18.8%, indicating a significant worsening compared to September [6] - New construction and completion data for real estate are both weak, with completion area down 16.9% year-on-year from January to October, and new construction area down 19.8% [7] Cement and Glass Market - In November, cement demand in southern regions showed a slight recovery, while the decline in northern regions slowed. The cement shipment rate in key areas is approximately 46%, a slight increase of 0.3 percentage points month-on-month, but down 6.2% year-on-year [8] - The glass market is experiencing weak price performance, with a total inventory of 59.62 million weight boxes, a decrease of 540,000 weight boxes week-on-week [40][41] Investment Recommendations - The report recommends companies such as Huaxin Cement and Keda Manufacturing in the African supply chain, highlighting their strong performance and market advantages [9] - For existing supply chains, it suggests focusing on stable leaders that may benefit from demand recovery and structural optimization, with specific mentions of companies like Sanke Tree and Tubaobao [9]