根据市场公开信息及8月22日披露的机构调研信息，知名私募淡水泉近期对2家上市公司进行了调研，相 关名单如下： 调研纪要：2025年上半年，国内石膏板行业需求下降，竞争加剧。北新建材将灵活调整策略，加大新产 品开发，推进高端化、绿色化、数字化转型。公司"两翼"业务市占率仍有提升空间，未来将提升产品竞 争力，聚焦细分领域市场。国际化业务方面，公司已初步进入坦桑尼亚、乌兹别克斯坦和泰国市场，计 划布局东南亚、中亚、非洲、欧洲和地中海等关键领域。外延并购方面，公司坚持"一体两翼"战略，实 现双向赋能与价值整合。公司已联合重组嘉宝莉涂料、浙江大桥，整合提升工作顺利开展。面对市场竞 争，公司深化改革攻坚，完善公司治理体系，推进中长期激励，市场化经营机制改革向纵深发展。 机构简介： 淡水泉成立于 2007 年，是中国领先的私募证券基金管理人之一，专注于与中国相关的投资机会，同时 开展国内私募证券投资、海外对冲基金和QFII/机构专户业务。客户群体包括全球范围内的政府养老 金、主权基金、大学捐赠基金、保险公司等机构客户及高净值个人客户。公司以北京为总部，在上海、 深圳、香港、新加坡和美国设有办公室。 以上内容为证券之星据公开 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but certain segments like waterproof coatings and paints showed resilience and growth despite industry challenges [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 13.558 billion yuan, a year-on-year decrease of 0.3%, and a net profit of 1.93 billion yuan, down 12.8% [1]. - In Q2 2025, revenue was 7.312 billion yuan, a decline of 4.5%, with net profit at 1.087 billion yuan, down 21.9% [1]. Segment Analysis - **Gypsum Board Business**: Revenue decreased by 8.57% to 6.677 billion yuan in H1 2025, with a slight decline in gross margin to 38.68%. Despite demand pressure, the company maintained pricing power due to high market share [2][3]. - **Keel Business**: Revenue fell by 10.72% to 1.137 billion yuan, but gross margin improved by 0.43 percentage points to 21.65%. There is significant potential for growth in the keel business due to low current matching rates [2]. - **Waterproof Business**: Revenue was approximately 2.49 billion yuan, growing by 6%, with net profit of 140 million yuan, also up 6%. The business showed resilience despite a downturn in new real estate starts [3]. - **Coating Business**: Revenue reached around 2.16 billion yuan, a significant increase of 44.4%, with net profit of 170 million yuan, up 31.8%. The integration of Jia Baoli has led to notable improvements in both revenue and profit [3]. Growth Outlook - The company is expected to strengthen its long-term growth logic through stable profitability and continued pricing power, even in a weak demand environment [3]. - There are opportunities for category expansion and accelerated mergers and acquisitions, particularly in light steel keels and panels, which can leverage existing sales channels [3]. - Projections for non-deductible net profit for 2025-2027 are estimated at 4.56 billion, 5.472 billion, and 6.567 billion yuan, respectively [3]. Investment Considerations - The company is not currently considering mergers and acquisitions, with expected earnings of 3.95 billion and 4.58 billion yuan for 2025 and 2026, corresponding to PE ratios of 11.4 and 9.8 times [4]. - The valuation is at a historically low level, suggesting potential for future elasticity with the possibility of recovery in the economic cycle [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 13.558 billion yuan in the first half of 2025, a slight decrease of 0.3% year-on-year. The net profit attributable to shareholders was 1.93 billion yuan, down 12.8% year-on-year, while the net profit excluding non-recurring items was 1.892 billion yuan, down 12.3% year-on-year [2][4]. - In the second quarter alone, the company reported a revenue of 7.312 billion yuan, a decline of 4.5% year-on-year, with a net profit of 1.087 billion yuan, down 21.9% year-on-year [4]. - The gypsum board business showed resilience despite industry pressures, with revenue of 6.677 billion yuan in the first half of 2025, down 8.57% year-on-year. The gross margin for gypsum board slightly decreased by 0.94 percentage points to 38.68% [9]. - The waterproof business grew by approximately 6% year-on-year, achieving a revenue of around 2.49 billion yuan, while the paint business saw a significant increase in revenue of 44.4% year-on-year, reaching around 2.16 billion yuan [9]. - The company is expected to maintain stable profitability and pricing power, with projections for net profits of 3.95 billion yuan and 4.58 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 11.4 and 9.8 times [9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported total revenue of 13.558 billion yuan, with a net profit of 1.93 billion yuan, reflecting a year-on-year decline of 12.8% [2][4]. - The second quarter results showed a revenue of 7.312 billion yuan and a net profit of 1.087 billion yuan, marking a year-on-year decline of 21.9% [4]. Business Segments - Gypsum Board: Revenue of 6.677 billion yuan, down 8.57% year-on-year, with a gross margin of 38.68% [9]. - Waterproof Business: Revenue of approximately 2.49 billion yuan, up 6% year-on-year, with a net profit of 140 million yuan [9]. - Paint Business: Revenue of around 2.16 billion yuan, up 44.4% year-on-year, with a net profit of 170 million yuan [9]. Growth Outlook - The company is expected to see continued growth in its waterproof and paint segments, with a focus on expanding its product categories and potential acquisitions [9].

Investment Rating - The report maintains an "Overweight" rating for the construction materials sector [4]. Core Viewpoints - The construction materials sector is experiencing weak demand due to the real estate market, but there are expectations for more supportive policies to stabilize the industry [2]. - The report highlights a significant increase in local government bond issuance, which is expected to alleviate fiscal pressure and potentially accelerate municipal projects [2]. - The supply-demand imbalance in the float glass market is anticipated to ease as photovoltaic glass manufacturers begin self-regulated production cuts [2]. - The report recommends focusing on consumer building materials, which are expected to benefit from favorable second-hand housing transactions and consumption stimulus policies [2]. - Cement production is being adjusted through staggered shutdowns, with a focus on improving supply-side conditions [2]. - The fiberglass market is showing signs of recovery, particularly with increasing demand from the wind power sector [2]. Summary by Sections Cement Industry Tracking - As of August 22, 2025, the national cement price index is 341.46 CNY/ton, with a week-on-week increase of 1.7% [3]. - The national cement output reached 2.6815 million tons, up 2.82% from the previous week [3]. - The cement market is characterized by weak demand, high inventory, and low prices, with expectations for continued weakness in the coming week [18]. Glass Industry Tracking - The average price of float glass is 1205.78 CNY/ton, reflecting a week-on-week decline of 2.42% [3]. - Inventory levels for float glass are increasing, indicating pressure on manufacturers [3]. Fiberglass Industry Tracking - The price of non-alkali fiberglass remains stable, with slight improvements in demand observed in certain areas [6]. - The report notes that the demand for electronic fiberglass is strong, particularly for high-end products [6]. Consumer Building Materials - The demand for consumer building materials is showing signs of weak recovery, with fluctuations in raw material prices [6]. Carbon Fiber Industry Tracking - The carbon fiber market remains stable, with production costs reported at 106,700 CNY/ton and a negative gross margin [7]. - Import and export data for carbon fiber indicate a net import of 444.33 tons in July 2025 [7].

Group 1 - The latest stock price of Beixin Building Materials is 26.60 yuan, with an increase of 0.10 yuan from the previous trading day. The intraday high reached 26.65 yuan, while the low was 26.35 yuan, with a total trading volume of 414 million yuan and a turnover rate of 0.97% [1] - Beixin Building Materials is part of the renovation and building materials sector, focusing on the research, production, and sales of new building materials such as gypsum boards and keel. The company is a leading supplier of construction materials in China, with products widely used in residential, commercial buildings, and infrastructure [1] - Beixin Building Materials will participate in the 2025 China International Service Trade Fair, showcasing new green building materials under the theme "Technology Empowers Good Houses." This exhibition serves as an important platform for displaying technological achievements in the construction field, presenting various cutting-edge technologies and application cases [1] Group 2 - Data on capital flow indicates a net outflow of 8.79 million yuan from main funds on that day, with a cumulative net outflow of 56.81 million yuan over the past five trading days [1]

每经AI快讯，北新建材（SZ 000786，收盘价：26.6元）发布公告称，2025年8月22日下午15:00-16:00， 北新建材接受长江证券等投资者调研，公司董事长、总经理管理，独立董事王竞达，副总经理、董事会 秘书李畅，财务负责人王佳传参与接待，并回答了投资者提出的问题。 2025年1至6月份，北新建材的营业收入构成为：轻质建材占比65.65%，防水建材占比18.4%，涂料建材 占比15.96%。 截至发稿，北新建材市值为449亿元。 每经头条（nbdtoutiao）——汽车涂料龙头"命悬一线"，资金流向成迷，掌控者深藏不露 （记者 曾健辉） ...

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]

Group 1: Business Performance and Strategy - In the first half of 2025, the domestic gypsum board industry experienced a decline in demand, leading to intensified competition. The company aims to enhance regional market competitiveness and increase market share through flexible strategies and new product development [2][3]. - The company plans to focus on high-value-added products and promote high-end, green, and digital transformation while leveraging brand, channel, and innovation advantages to explore new market opportunities [2][3]. Group 2: Two-Wing Business Development - The company’s "two-wing" business, which includes waterproofing and coatings, has room for market share improvement. The strategy involves enhancing product competitiveness and focusing on niche markets [3]. - The company is committed to a multi-faceted approach to improve its competitive position in the market, especially as the industry sees a concentration of market share among leading enterprises [3]. Group 3: International Expansion and M&A Plans - The company has entered markets in Tanzania, Uzbekistan, and Thailand, with plans for further expansion in Southeast Asia, Central Asia, Africa, Europe, and the Mediterranean through a point-to-area strategy [3]. - The M&A strategy is aligned with the "one body, two wings" approach, focusing on core business and seeking opportunities for international integration while ensuring compliance with disclosure obligations [3]. Group 4: Corporate Governance and Efficiency - The company is enhancing its governance structure to improve decision-making efficiency and effectiveness, addressing concerns about state-owned enterprises' competitiveness compared to private enterprises [3][5]. - Future initiatives include market-oriented reforms, performance-based assessments, and management personnel competition to boost organizational vitality and operational quality [5].

Core Viewpoint - Securities firms have issued "buy" ratings for nearly 100 A-share listed companies on August 22, focusing on sectors such as food and beverage, semiconductors, construction materials, power grid equipment, textiles and apparel, precious metals, and agriculture [1] Group 1: Company Ratings and Performance - Anrui Xinyu received a "buy" rating from Tianfeng Securities, highlighting a sequential increase in revenue growth and sustained profit realization [2] - Haiguang Information was rated positively by Huazheng Securities, with expected revenues of 13.915 billion, 19.810 billion, and 25.770 billion yuan for 2025-2027, showing an increase from previous forecasts [3] - Beixin Building Materials was noted by Dongwu Securities, indicating that its gypsum board business is under pressure but expects growth from its global strategy [3] - Dongfang Cable received a "buy" rating from Chengtong Securities, with significant growth in forward-looking operational indicators and an expected acceleration in submarine cable business deliveries [2] - Muyuan Foods reported a net profit of 10.53 billion yuan in the first half of the year, meeting its output and cost targets, and was rated "buy" by Huazheng Securities [2] Group 2: Sector Focus and Trends - The focus of securities firms on various sectors indicates a trend towards recovery in demand and potential profit growth across industries such as food and beverage, semiconductors, and construction materials [1][4] - The report from Tianfeng Securities on Anrui Xinyu suggests that cost benefits from sugar molasses are contributing to profit elasticity, indicating a positive outlook for the food and beverage sector [3] - The overall attention from multiple securities firms on companies like Dongfang Cable, Huayi Group, and Jibite reflects a broader interest in sectors like power grid equipment and gaming, suggesting potential investment opportunities [4]

东吴证券研报指出，北新建材2025年上半年归母净利19.30亿元，同比-12.85%。其中，单Q2归母净利 10.87亿元，同比-21.88%。25年上半年石膏板行业需求依然承压、行业竞争有所加剧，公司石膏板实现 收入同比下降8.57%、龙骨业务收入同比下降了10.72%；防水及涂料业务保持扩张态势，其中防水建材 业务收入同比增长5.99%，涂料业务实现收入21.63亿，同比增长44.42%，两翼业务布局落地效果明显。 公司在"一体两翼、全球布局"的战略引领之下，石膏板主业在全球的市占率有望继续提升，防水和涂料 业务通过内生外延也将贡献持续的快速增量。考虑到公司新业务拓展潜力及公司石膏板主业的竞争优势 和地位，维持"买入"评级。 ...