防水行业专家交流会 20230331 摘要 东方雨虹于 2026 年 3 月启动实质性提价，对代理商供货价涨幅达 10%-15%，4 月计划进行第二轮提价，预计涨幅超 5%。 头部企业凭借冬储策略对冲成本压力，东方雨虹年前囤积沥青约 30 万 吨（可维持一季度周转），提价部分有望直接转化为利润。 销售模式向合伙人/代理商倾斜，东方雨虹合伙人销售额占比已超 90%，旨在将回款风险与利润压力向渠道端转嫁。 北新建材通过低价策略与央企背景对三四线品牌形成降维打击，加速行 业出清，预计未来中小企业淘汰率将达 70%。 2026 年 Q1 需求因原材料上涨预期提前释放，部分产品销量同比增超 50%，市场呈现"宁选优质高价"趋势，集中度持续向头部靠拢。 东方雨虹战略重心转向海外（美国工厂 2026 年投产）及修缮市场，并 推出低标产品应对北新建材的低价竞争。 Q&A 在后地产时代，防水行业经历了哪些转变？目前行业现状如何？ 后房地产时代大约始于 2021 至 2022 年，以恒大爆雷事件为标志，叠加疫情 影响，整个行业雪上加霜。以东方雨虹为例，其在 2019 年进行了一次重大战 略调整，业务模式从"直销+分销"开始向以代 ...

Core Insights - The report emphasizes the importance of identifying certainty amid market uncertainties, particularly influenced by geopolitical tensions and oil price fluctuations [1][2] - It highlights the potential for inflationary pressures in the U.S. due to rising oil prices, suggesting a need to monitor "quasi-stagflation" trading logic's impact on the A-share market [1][2] Group 1: Geopolitical and Market Analysis - The geopolitical situation is described as marginally escalating but still manageable, with ongoing negotiations between the U.S. and Iran amidst military tensions [2] - The report suggests that the market sentiment will fluctuate as the geopolitical landscape evolves, indicating a need for strategic asset allocation [2] - It recommends avoiding high valuation sectors with long performance cycles while focusing on sectors with mid-term growth and performance certainty [2] Group 2: Investment Strategy - A balanced investment strategy is proposed, focusing on "broad energy + technology narrowing" as a hedging approach against geopolitical uncertainties [3] - The report outlines a selection of "golden stocks" across various sectors, emphasizing their potential for performance based on earnings forecasts and market conditions [4][11] Group 3: Sector-Specific Recommendations - **Energy Sector**: - Baofeng Energy is highlighted for its leading position in coal-based olefins, with a projected net profit of 170 billion yuan in 2026, benefiting from stable raw material costs and rising oil prices [11][12] - Satellite Chemical is noted for its competitive advantages in light hydrocarbon integration, with expected net profits of 70 billion yuan in 2026 [17][18] - **Machinery Sector**: - Autowei is recognized for its potential recovery in overseas equipment demand, with a focus on solar, semiconductor, and lithium battery sectors [23][24] - Kaige Precision is positioned to benefit from improvements in its core products and new growth opportunities in automated assembly lines [28][29] - **Environmental Sector**: - Longjing Environmental is expected to enhance its financial position through a capital increase and is projected to achieve significant growth in green energy projects [33][34] - **Automotive Sector**: - Yutong Bus is anticipated to leverage overseas demand for new energy buses, with a projected increase in market share and profitability [37][38] - **New Energy Sector**: - CATL is forecasted to maintain strong growth in net profits, driven by rising demand for energy storage and electric vehicle batteries [50][51] - **Construction Materials**: - Dongfang Yuhong is focusing on optimizing its channel structure and expanding into international markets, which is expected to drive growth [56][57] - **Pharmaceutical Sector**: - Zai Lab is highlighted for its promising drug pipeline, with potential for significant market impact upon commercialization [62][63]

北京东方雨虹防水技术股份有限公司 关于获得政府补助的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、获取补助的基本情况 证券代码：002271 证券简称：东方雨虹 公告编号：2026-026 依据《企业会计准则第 16 号—政府补助》的相关规定，上述政府补助的取 得预计对公司 2026 年度利润总额的影响金额为 10,303,738.58 元人民币，全部 计入其他收益。以上会计处理及其对公司相关财务数据的影响未经审计，最终结 果以会计师事务所审计确认后的结果为准。 3、风险提示和其他说明 北京东方雨虹防水技术股份有限公司（以下简称"公司"）近日获悉，公司 下属子公司上海东方雨虹防水工程有限公司获得 1 笔政府补助金额为 6,991,200.00 元人民币，含前述政府补助在内，公司及下属子公司近期累计获 得 12 笔政府补助，均为与收益相关的政府补助，累计对公司 2026 年度利润总额 的影响金额为 10,303,738.58 元人民币，占公司 2024 年度经审计的归属于上市 公司股东净利润 9.53%。以上补助形式均为现金，截至目前，上述补助已经实 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2026-025 北京东方雨虹防水技术股份有限公司 关于为下属公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 （一）本次担保基本情况 1、北京东方雨虹防水技术股份有限公司（以下简称"公司"）与中信银行 股份有限公司青岛分行（以下简称"中信银行青岛分行"）签署《最高额保证合 同》，公司为中信银行青岛分行与公司全资子公司青岛东方雨虹建筑材料有限公 司（以下简称"青岛东方雨虹"）在一定期限内连续发生的多笔债务提供连带责 任保证。保证期间为主合同项下债务履行期限届满之日起三年。前述担保的最高 债权本金额为人民币 10,000 万元。 2、公司与上海浦东发展银行股份有限公司深圳分行（以下简称"浦发银行 深圳分行"）签署《最高额保证合同》，公司为浦发银行深圳分行与公司全资子 公司深圳东方雨虹防水工程有限公司（以下简称"深圳工程公司"）之间主合同 项下一系列债务提供连带责任保证。保证期间为自每笔债权合同债务履行期届满 之日起至该债权合同约定的债务履行期届满之日后三年止。前述担保的 ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector [2] Core Views - The report emphasizes the importance of focusing on high-performing stocks as the first quarter earnings report window approaches, particularly in the fiberglass sector, which is expected to see continued performance growth due to rising prices of electronic fabrics [8][10] - The report highlights the impact of rising crude oil prices on raw material costs, suggesting that companies with strong pricing power and the ability to pass on costs will perform better [9][13] - The report identifies potential investment opportunities in companies that are less affected by raw material price fluctuations, such as Qingniao Fire Protection and Rabbit Baby, as well as those in the waterproof and coating sectors that are implementing price increases [9][13] Summary by Sections Cement - The cement market is gradually recovering, with a national shipment rate of 39% as of March 27, 2026, reflecting a 7.5 percentage point increase from the previous month [26][28] - The average price of cement is approximately 345 RMB/ton, with slight increases in various regions due to rising transportation and production costs [26][34] - Recommended companies include Huaxin Cement and Conch Cement, with attention to Tapai Group and Tian Shan Shares [34] Glass - Float glass inventory has decreased slightly to approximately 6,512 million weight boxes, with a price increase to 1,196 RMB/ton [35] - The report notes that the supply of float glass is expected to contract further, leading to potential price stabilization [35] - Companies to watch include Qibin Group and Xinyi Glass, as the market may be nearing a price bottom [13] Fiberglass - The demand for electronic fabrics remains strong, with prices for 7628 electronic fabrics around 5.4-6 RMB/meter, and expectations for further price increases [11][35] - The report recommends China Jushi as a key player in the fiberglass sector, with additional attention to International Composite Materials and Longhai Shares [10][11] Carbon Fiber - Carbon fiber prices have stabilized, with new demand expected from the rapid development of commercial aerospace [11] - Companies like Zhongfu Shenying and Guangwei Composites are highlighted for their potential in high-end applications [11]

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector [2] Core Views - The construction materials sector is expected to benefit from a recovery in downstream demand, with a focus on high-quality stocks as the first quarter earnings report approaches [8][10] - The report highlights the impact of rising raw material costs due to increasing oil prices, suggesting that companies with the ability to pass on these costs will perform better [9][13] - The report emphasizes the importance of monitoring companies that are less affected by raw material price fluctuations and have stable growth prospects [9][13] Summary by Sections Market Overview - The construction materials sector has seen a decline of 0.53% this week, outperforming the CSI 300 index by 0.9 percentage points [20] - Year-to-date, the sector has decreased by 0.5%, outperforming the CSI 300 index by approximately 2.3 percentage points [20] Cement Sector - Cement demand is gradually recovering, with a national shipment rate of 39% as of March 27, 2026, an increase of 7.5 percentage points from the previous month [26][28] - The average price of cement is approximately 345 RMB/ton, with slight increases in various regions due to rising transportation and production costs [26][34] - Recommended companies include Huaxin Cement and Conch Cement, with attention on Tapai Group and Tian Shan Cement [34] Glass Sector - Float glass inventory has decreased to approximately 6,512 million weight boxes, a decline of 1.1% [35] - The average price of float glass is around 1,196 RMB/ton, reflecting a slight increase of 2 RMB/ton [35] - Companies to watch include Qibin Group and Xinyi Glass, as supply constraints may lead to price stabilization [35][39] Fiberglass Sector - The demand for electronic cloth remains strong, with prices for 7628 electronic cloth around 5.4-6 RMB/meter, and expectations for further price increases [10][35] - Recommended companies include China Jushi, with additional focus on International Composite Materials and Longhai Co., Ltd. [10] Carbon Fiber Sector - Carbon fiber prices have stabilized, with new demand from the commercial aerospace sector potentially driving future growth [11] - Companies to monitor include Zhongfu Shenying and Guangwei Composites [11]

行业周报 | 建筑装饰 中央企业产业兴疆座谈会，涉及 1700 亿投资 建筑建材行业周报 20260323-20260327 核心结论 2026 年中央企业产业兴疆工作座谈会在北京举行。3 月 13 日，新疆维吾尔 自治区和新疆生产建设兵团与国务院国资委在北京举行 2026 年中央企业产 业兴疆工作座谈会。座谈会前，自治区和兵团同 18 家中央企业签署了合作 协议，涉及 92 个项目，涉及能源、矿产、算力、装备制造等领域，预计在 疆完成产业投资约 1700 亿元（2025 年中央企业产业兴疆重点项目投资推进 会上，涉及项目 54 个，预计在疆完成产业投资超 1300 亿元）。根据中国新 闻网，中国是全球最大的原油进口国，其中相当一部分要经过霍尔木兹海峡。 这条海上通道一旦受到冲击，对国内能源供应势必会产生不小的影响。而新 疆，恰好是破解这道难题的关键。新疆的太阳能技术可开发量全国第一，风 能资源全国第二。石油能做的，新疆的煤也能做。煤炭是化工原料之母。作 为新疆"十大产业集群"之一的煤炭清洁高效利用产业集群，近两年发展势 头正劲，一批煤制烯烃、煤制油、煤制甲醇、煤制三聚氰胺、煤制聚甲醛等 煤化工项目正加快推进 ...

3月27日，建材ETF国泰（159745）开盘跌0.93%，报0.642元。建材ETF国泰（159745）重仓股方面，海 螺水泥开盘跌0.87%，东方雨虹跌2.46%，北新建材跌0.12%，华新建材跌0.10%，三棵树跌0.69%，旗滨 集团跌1.22%，西藏天路跌1.54%，天山股份跌0.41%，四川双马跌1.27%，塔牌集团跌0.43%。 建材ETF国泰（159745）业绩比较基准为中证全指建筑材料指数收益率，管理人为国泰基金管理有限公 司，基金经理为黄岳，成立（2021-06-09）以来回报为-35.36%，近一个月回报为-12.77%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 MACD金叉信号形成，这些股涨势不错！ 3月27日，建材ETF国泰（159745）开盘跌0.93%，报0.642元。建材ETF国泰（159745）重仓股方面，海 螺水泥开盘跌0.87%，东方雨虹跌2.46%，北新建材跌0.12%，华新建材跌0.1 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2026-024 北京东方雨虹防水技术股份有限公司 北京东方雨虹防水技术股份有限公司（以下简称"公司"）原定于2026年3 月27日披露《2025年年度报告》和《2025年年度报告摘要》。因公司董事会拟审 议的部分事项需要进一步深入研讨，尚未最终确定，为了确保相关信息披露的内 容真实、准确、完整，经向深圳证券交易所申请，公司将2025年年度报告披露时 间延期至2026年4月17日。 目前，公司生产经营一切正常，不存在《深圳证券交易所股票上市规则》等 相关法规所规定的应披露而未披露的事项。公司董事会对此次调整2025年年度报 告披露时间给投资者带来的不便致以诚挚的歉意，敬请广大投资者谅解。 公司公开披露的信息均以在《中国证券报》《证券时报》《上海证券报》和 巨潮资讯网（http://www.cninfo.com.cn）刊登的正式公告为准，敬请广大投资 者理性投资，注意投资风险。 特此公告。 北京东方雨虹防水技术股份有限公司董事会 2026年3月27日 关于延期披露 2025 年年度报告的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector [2] Core Views - The continuous rise in crude oil prices has significantly impacted the cost structure of various segments within the construction materials industry, leading to increased pressure on companies to pass on these costs to consumers [7][17] - The report highlights that leading companies in the waterproofing and architectural coatings sectors have demonstrated the ability and willingness to raise prices in response to rising costs, indicating an improved competitive landscape [27][31] Summary by Sections 1. Impact of Rising Crude Oil Prices on Construction Materials - Crude oil prices have surged, with Brent crude reaching $117.45 per barrel, marking a 65.1% increase since March [7][17] - The waterproofing industry is particularly affected, with key raw materials like asphalt and polyether seeing price increases of 34% and 36% respectively, leading to a cost impact of 7.5% to 11.2% on companies [21][24] - In the architectural coatings sector, the main raw material, emulsion, has also seen significant price hikes, contributing to an overall cost increase of 8.6% [28][33] - The plastic pipe industry has experienced raw material price increases of 28% for PVC and 19% for PPR, resulting in a cost impact of approximately 20% and 13.7% respectively [34][36] - The float glass industry has faced rising costs due to increased prices of fuel oil and petroleum coke, with production costs exceeding those of natural gas [10][40] 2. Market Review - The construction materials sector has seen a decline of 6.86%, underperforming the CSI 300 index by 4.7 percentage points [41][43] - The cement and glass sectors both reported a 7.3% decline, while the fiberglass sector saw a 10.6% drop [41][42]