Core Viewpoint - The chemical ETF Tianhong (159133) is experiencing significant capital inflow and positive market performance, driven by macroeconomic factors and industry dynamics [1][2][3]. Group 1: Market Performance - As of January 20, 2026, the chemical ETF Tianhong (159133) recorded a transaction volume of 6.5777 million yuan, with the underlying index rising by 0.46% [1]. - The ETF has seen a net subscription of 20 million shares within the first half hour of trading, indicating strong investor interest [1]. - The ETF's latest scale and share count have reached new highs since its inception, with a total net inflow of 312 million yuan over the past 14 days [2]. Group 2: Industry Dynamics - The Tianhong ETF tracks the CSI Sub-Industry Chemical Theme Index, focusing on various sub-sectors within the Chinese chemical industry, including chemical raw materials and manufacturing [2]. - The chemical sector is experiencing a rebound, supported by macroeconomic factors such as an unexpected rise in PMI and a stronger yuan, which reduces import costs [2]. - The industry is witnessing a reduction in capital expenditure, with a shift towards "de-involution" strategies that help mitigate risks of oversupply [2][3]. Group 3: Price Trends and Future Outlook - Recent data shows that 44.1% of 170 tracked chemical products have seen price increases, with notable rises in lithium carbonate, ABS, and epoxy propane [3]. - The dual forces of supply-side contraction and demand-side growth, driven by national policies and external economic conditions, are expected to support a cyclical recovery in the chemical industry [3].

Group 1 - The construction materials sector is experiencing a significant upward trend, with multiple companies reaching their daily price limits [1] - Jiuding New Materials has achieved a consecutive two-day limit increase, indicating strong market performance [1] - Other companies such as Hanjian Heshan, Zhite New Materials, and several others including Conch Cement, Oriental Yuhong, Sankeshu, Beixin Building Materials, and Weixing New Materials are also showing positive price movements [1]

Group 1 - The construction materials sector is experiencing a significant upward trend, with multiple companies reaching new highs [1] - Zhizhi New Materials has hit the daily limit up of 20%, marking a record high [1] - Other companies such as Jiuding New Materials and Hanjian Heshan have also seen consecutive gains, with Hanjian Heshan hitting the daily limit up [1] Group 2 - Companies like Conch Cement, Oriental Yuhong, Sankeshu, Beixin Building Materials, and Weixing New Materials are also witnessing increases in their stock prices [1]

来源：中国能源网 中邮证券近日发布建材行业周报：年末全国市场逐步进入淡季，整体来看，全国需求仍呈现下滑态势， 房建市场持续疲弱，基建需求在政策驱动下呈现区域分化明显，民用市场相对需求刚性。从中期维度来 看，水泥行业产能有望在限制超产政策下产能持续下降，产能利用率从而大幅提升带来利润弹性。关 注：海螺水泥、华新建材。 以下为研究报告摘要： 消费建材：行业目前盈利已触底，价格经历多年竞争目前已无向下空间，此次借助反内卷政策行业对提 价及盈利改善诉求强烈，25年防水、涂料、石膏板等多品类持续发布提价函，行业盈利有望触底26年可 期待龙头企业的盈利改善。关注：东方雨虹、三棵树、北新建材、兔宝宝。 上周行情回顾 过去一周（01.12–01.18）主要指数涨跌幅情况：申万建筑材料行业指数（-0.67%），上证指数 （-0.45%），深证成指（+1.14%），创业板指（+1.00%），沪深300（-0.57%）。在申万31个一级子行 业指数中，建筑材料涨跌幅排名居第18位。 风险提示： 反内卷政策落地不及预期，地产及基建需求超预期下行风险。（中邮证券 赵洋） 投资要点 水泥：年末全国市场逐步进入淡季，整体来看，全国需求仍呈 ...

1月19日，三棵树盘中上涨2.01%，截至14:07，报43.59元/股，成交1.33亿元，换手率0.42%，总市值 321.61亿元。 资金流向方面，主力资金净流入182.34万元，特大单买入391.24万元，占比2.93%，卖出465.77万元，占 比3.49%；大单买入1701.47万元，占比12.75%，卖出1444.60万元，占比10.82%。 责任编辑：小浪快报 三棵树今年以来股价跌5.79%，近5个交易日跌4.13%，近20日跌3.52%，近60日跌1.69%。 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。 资料显示，三棵树涂料股份有限公司位于福建省莆田市荔城区荔园北大道518号，成立日期2003年7月17 日，上市日期2016年6月3日，公司主营业务涉及建筑涂料(墙面涂料)、木器涂料及防水材料、地坪材 料、保温材料、一体化板、基辅材的研发、生产和销售。主营业务收入构成为：工程墙面漆30.87%， 基材与辅材29.79%，家装墙面漆27.07%，防水卷材7.91%，其他(补充)2.32%，装饰施工2.04%。 机构持仓方面，截止2025年9月30日，三棵树十大 ...

Investment Rating - The report maintains a "Strong Buy" rating for the fiberglass sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights a favorable policy environment that is expected to support the fiberglass sector's growth, particularly in 2026, with anticipated price increases for electronic fabrics due to supply constraints and high demand for mid-to-high-end products [7][11]. - The report emphasizes the importance of leading companies in the construction materials sector, which are expected to show resilience and profitability as the real estate market stabilizes [7][11]. Summary by Sections Cement - The cement market is entering a seasonal slowdown, with prices expected to decline as demand weakens ahead of the Chinese New Year. The average price is around 353 RMB/ton, with a decrease of 4.7 RMB/ton week-on-week [25][27]. - Southern regions are experiencing a temporary uptick in demand due to project completions before the holiday, while northern regions face declining demand due to cold weather [32][34]. Glass - Float glass prices have seen a slight increase, with an average price of 1,138 RMB/ton, while inventory levels have decreased by 4% week-on-week [35]. - The report anticipates a stable price environment for glass in the short term, with supply reductions expected to support price stabilization as the industry faces ongoing profitability challenges [44]. Fiberglass - The report notes that electronic fabric prices have increased, with the G75 electronic yarn priced between 9,300-9,700 RMB/ton, and the 7628 electronic fabric priced at 4.4-4.85 RMB/meter, reflecting a stable demand and supply situation [49]. - The fiberglass sector is expected to benefit from structural adjustments in product offerings, leading to a favorable supply-demand balance and potential price increases in 2026 [11][45]. Carbon Fiber - Carbon fiber prices are expected to remain stable in the short term, with the report highlighting the potential for increased demand driven by advancements in commercial aerospace [11][13].

Investment Rating - The industry investment rating is "Market Weight" [51] Core Insights - The construction materials industry is experiencing a continuous release of "stabilizing real estate" signals, with further optimization of supply-side measures [2][42] - Cement production is strictly regulated according to approved capacity, with over 280 clinker production lines replaced by the end of 2025, resulting in an annual capacity reduction of 150 million tons [3][42] - The glass fiber industry is undergoing a structural recovery driven by "anti-involution" policies, with demand shifting from traditional construction materials to high-growth emerging fields [44] Summary by Sections Industry Overview - The construction materials sector has shown a 3.37% increase over the past two weeks, outperforming the CSI 300 index by 0.75 percentage points [11] - The cement market is facing a decline in production and prices due to reduced demand from real estate and infrastructure [3][21] Cement - The average price of cement is currently 316 RMB/ton, down 2 RMB from the previous week, with regional variations in demand affecting prices [21] - The cement industry is expected to see demand supported by major infrastructure projects and urban renewal in 2026, despite ongoing price fluctuations [3][43] Glass and Glass Fiber - The average price of float glass in December 2025 was 1121.29 RMB/ton, reflecting a month-on-month decrease of 8.14% and a year-on-year decrease of 18.0% [44] - The glass fiber sector is benefiting from high demand in advanced applications such as AI servers and 5G communications, with a focus on upgrading production technologies [44] Consumer Building Materials - The Ministry of Commerce and other departments have issued a notice promoting green consumption, which is expected to drive growth in the renovation and urban renewal sectors [45] - Leading companies are enhancing their market share through brand advantages and service improvements, focusing on retail and overseas expansion [45] Recommended Stocks - The report suggests focusing on companies with strong fundamentals and high dividend yields, including Shangfeng Cement (000672), Tapai Group (002233), and Huaxin Cement (600801) [43][46]

Core Insights - The article highlights the crackdown on counterfeit latex paint that poses health risks, emphasizing the importance of purchasing legitimate home improvement products for both quality and health safety [1]. Group 1: Incident Overview - The Shanghai Jiading District Market Supervision Administration successfully dismantled a production site for counterfeit latex paint brands [1]. - The operation was initiated following a citizen report regarding suspicious paint processing activities in the area [3]. - Investigations revealed that the offenders were producing and selling counterfeit products of well-known brands such as "Nippon," "Skshu," and "Dulux" at three different locations [4]. Group 2: Legal Violations and Consequences - The counterfeit latex paint contained harmful substances exceeding safety standards, leading to the seizure of products, raw materials, labels, and tools used in the operation [6]. - The offenders' actions violated the Trademark Law and Product Quality Law of the People's Republic of China, with an estimated illegal business turnover exceeding RMB 80,000, meeting the criteria for criminal prosecution [6]. - The case has been transferred to law enforcement for further investigation [6]. Group 3: Consumer Guidance - Consumers are advised to purchase latex paint from reputable vendors and platforms to avoid counterfeit products [6]. - It is recommended to check for clear brand markings, production licenses, and environmental certifications on packaging [6]. - Consumers should be cautious of low-priced products, as they may indicate inferior quality that fails to meet environmental standards [6].

Group 1 - The actual controller and major shareholder of Sankeshu Co., Ltd., Mr. Hong Jie, holds approximately 494 million shares, accounting for 67.02% of the company's total equity [1] - After the recent pledge of shares, Mr. Hong has pledged a total of approximately 147 million shares, which represents 29.66% of his holdings [1]

证券代码：603737 证券简称：三棵树 公告编号：2026-001 三棵树涂料股份有限公司 关于公司实际控制人、控股股东部分股份质押的公告 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： 截至本公告披露日，三棵树涂料股份有限公司（以下简称"公司"）实际控 制人、控股股东洪杰先生持有公司股份49,445.3628万股，占公司总股本的67.02%； 本次办理质押手续后，洪杰先生累计质押公司股份 14,666.2854 万股，占其所持 公司股份的 29.66%。 公司于 2026 年 1 月 14 日接到洪杰先生的通知，获悉其将所持有的公司部分 无限售条件流通股股份质押给了云南国际信托有限公司（以下简称"云南信托"）， 具体情况如下： 股东 名称 是否为 控股股 东 本次质押 股数 （万股） 是否 为限 售股 是否 补充 质押 质押起始日 质押到期日 质权人 占其所 持股份 比例 占公司 总股本 比例 质押融资 资金用途 洪杰 是 1,110 否 否 2026-01-14 2027-01-20 云南信托 2.24% ...