Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Insights - Infrastructure investment in August shows a narrowing year-on-year decline, with a focus on investment opportunities in the central and western regions [1] - Real estate sales area decreased by 4.7% year-on-year from January to August, with a significant drop of 11% in August alone [2] - Cement prices have started to rise after a prolonged period of decline, indicating potential recovery in profitability for cement companies [3] - The flat glass production showed a year-on-year decline of 4.5% from January to August, but the decline is narrowing, suggesting a potential improvement in demand [4] Summary by Sections Infrastructure Investment - From January to August, real estate development investment decreased by 12.9%, while narrow and broad infrastructure investments increased by 2% and 5.4% respectively [1] - Cumulative new special bonds reached 32,641.37 billion yuan, up 26.9% year-on-year, indicating strong support for infrastructure projects [1] Real Estate Market - New construction area decreased by 19.5% year-on-year from January to August, with a monthly decline of 19.8% in August [2] - Completion area saw a year-on-year decline of 17% from January to August, with a monthly drop of 21.2% in August [2] Cement Industry - Cement production from January to August was 1.105 billion tons, down 4.8% year-on-year, with August production at 148 million tons, a 6.2% decline [3] - The average cement price in August was 349 yuan per ton, showing a slight increase from earlier in the month [3] Glass Industry - Flat glass production from January to August was 64.818 million weight cases, down 4.5% year-on-year, with August production at 8.267 million weight cases, a 2% decline [4] - The market is showing signs of demand improvement as inventory levels decrease and production lines resume operations [4]

北京东方雨虹防水技术股份有限公司公告，控股股东、实际控制人李卫国部分股份办理解除质押。本次 解除质押股份合计27,400,001股，占其所持股份比例5.45%，占公司总股本比例1.15%。截至目前，李卫 国及其一致行动人李兴国合计持股占公司总股本21.49%，累计质押股份占公司总股本11.74%。本次股 份解除质押与公司生产经营需求无关，未来质押到期可多种方式偿还，目前不存在平仓等侵害上市公司 利益情形，公司将持续关注质押变动。 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2025-084 北京东方雨虹防水技术股份有限公司 关于公司控股股东部分股份解除质押的公告 北京东方雨虹防水技术股份有限公司（以下简称"公司"）近日接到公司控 股股东、实际控制人李卫国先生函告，获悉李卫国先生所持有本公司的部分股份 办理了解除质押手续，具体事项如下： | 股东 | 是否为控股股东 | 本次解除质 | 占其所持 | 占公司总 | | | | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 或第一大股东及 其一致行动人 | 押股份数量 （股） | 股份比例 | 股本比例 | | 起始日 | | 解除日期 | | | 李卫国 | 是 | 9,000,000 1 | 1.79% 0.00% | 0.38% 0.00% | 2023 年 2023 年 | 6 月 6 月 | 19 日 19 日 | 2025 年 9 月 11 2025 年 9 月 12 | 海通证券 日 股份有限 公司 国泰海通 日 证券股份 | | | | | | | | | ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The green transformation accelerates the upgrade of the supply structure in the building materials industry, with a focus on innovative measures to promote the industry's shift towards green and intelligent development [4] - The report highlights the positive impact of government policies, such as the "Three-Year Action Plan for the Promotion of Green Building Materials Industry" in Hubei Province, which aims to reshape the industrial structure [4] - Key recommended companies include: Sanke Tree (channel penetration, retail expansion), Dongfang Yuhong (waterproof leader, operational structure optimization), Weixing New Materials (high-quality operations, high retail business proportion), and Jianlang Hardware [4] - Beneficiary stocks in the cement sector include: Conch Cement, Huaxin Cement, and Shangfeng Cement, with a focus on energy-saving and carbon reduction initiatives [4] Market Performance - The building materials index rose by 2.45% in the week from September 8 to September 12, outperforming the CSI 300 index by 1.07 percentage points [5][14] - Over the past three months, the CSI 300 index increased by 15.83%, while the building materials index rose by 21.65%, indicating a 5.83 percentage point outperformance [5][14] - In the past year, the CSI 300 index increased by 43.14%, while the building materials index rose by 52.13%, showing a 9.00 percentage point outperformance [5][14] Cement Sector - As of September 12, the average price of P.O42.5 bulk cement nationwide was 275.03 yuan/ton, with a slight increase of 0.01% month-on-month [27] - The clinker inventory ratio nationwide was 62.59%, down by 0.79 percentage points [28] - Regional price variations were noted, with Northeast prices decreasing by 2.17% and North China prices increasing by 2.22% [27][31] Glass Sector - The average price of float glass as of September 12 was 1202.33 yuan/ton, reflecting a week-on-week increase of 1.01% [78] - The inventory of float glass decreased by 1.86%, with a total of 55 million weight boxes [80] - The price of photovoltaic glass remained stable at 125.00 yuan/weight box [84] Valuation Metrics - The average price-to-earnings (PE) ratio for the building materials sector is 29.36 times, ranking it 15th from the bottom among all A-share industries [23] - The price-to-book (PB) ratio is 1.34 times, ranking it 8th from the bottom among all A-share industries [32]

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report highlights key beneficiaries from new national standards in fire safety, particularly recommending Qingniao Fire Protection, which is positioned to benefit from the commercialization of fire-fighting robots and the new fire safety standards [5][6] - The report notes an industry trend of "anti-involution," with price increases in the photovoltaic glass sector, recommending companies like Qibin Group, Fuyao Glass, and Xinyi Solar as beneficiaries [5][6] - Cement industry self-discipline is accelerating, with recommendations for Huaxin Cement and Conch Cement, among others, as they benefit from price recovery [5][6] - The report emphasizes the high demand for specialty electronic fabrics, recommending China Jushi, Zhongcai Technology, and International Composites as key players [5][6] - Companies with strong mid-year performance and low valuations, such as Sankeshu and Weixing New Materials, are also recommended [5][6] Summary by Sections Cement Industry - The national average cement price is 338 RMB/ton, with a week-on-week increase of 0.4%. The average shipment rate remains stable, and companies are pushing for price increases to improve profitability [2][24] - In various regions, prices have been adjusted, with increases of 10-30 RMB/ton in places like Hebei and Fujian, while some areas like Henan and Hubei have seen price declines [24][37][48] Photovoltaic Glass - The report indicates that the mainstream order price for 2.0mm coated photovoltaic glass remains stable at around 13 RMB/sqm, while 3.2mm coated glass is also stable at about 20 RMB/sqm [2][5] Specialty Electronic Fabrics - China Jushi reported a revenue of 9.109 billion RMB in the first half of 2025, a year-on-year increase of 17.7%, with a net profit of 1.687 billion RMB, up 75.5% [5][6] Real Estate Market - In the 37th week of the year, new home transaction area in 30 major cities was 1.3709 million sqm, a year-on-year increase of 1%, while the cumulative transaction area was 61.3913 million sqm, down 19% [3][20] - The second-hand housing market in 15 monitored cities saw a transaction area of 1.7335 million sqm, a year-on-year increase of 2% [20] Investment Opportunities - The report suggests that the establishment of the Xinjiang New Tibet Railway Company, with a registered capital of 95 billion RMB, is expected to accelerate investment in the region [5][6] - Companies focused on engineering and materials in Xinjiang, such as Xinjiang Jiaojian and Beixin Road and Bridge, are expected to benefit from increased regional investment [5][6]

关于董事会、监事会延期换届暨部分独立董事任期届满 的提示性公告 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、董事会、监事会延期换届 北京东方雨虹防水技术股份有限公司（以下简称"公司"）第八届董事会、 监事会任期将于 2025 年 9 月 15 日届满。根据新修订的《中华人民共和国公司法》 《上市公司章程指引》及《关于新〈公司法〉配套制度规则实施相关过渡期安排》 等法律法规、规范性文件的要求，公司目前正在积极筹备换届选举与配套管理制 度修订及监事会改革等相关工作，因此，为保证董事会、监事会工作的连续性及 稳定性，公司董事会换届选举工作将适当延期，公司董事会及各专门委员会、高 级管理人员的任期相应顺延，公司监事会任期亦相应顺延。 证券代码：002271 证券简称：东方雨虹 公告编号：2025-083 北京东方雨虹防水技术股份有限公司 1 会成员的三分之一。由于公司董事会换届选举工作尚在积极筹备，黄庆林先生、 陈光进先生将继续履行其独立董事及董事会相关专门委员会委员职责，直至公司 股东大会选举产生新的独立董事。 特此公告。 北京东方雨虹防水技术股份有限公司董 ...

Core Viewpoint - The article highlights the rapid development and favorable business environment in Nanzhao County, exemplified by the establishment of the Dongfang Yuhong Building Materials Technology Co., Ltd. production base, which showcases efficient project execution and government support [1][4]. Group 1: Company Developments - Dongfang Yuhong's new production base in Nanzhao County has a total investment of 2 billion yuan, with an annual production capacity of 500,000 tons of new stone-like coatings, 3 million tons of special environmentally friendly mortar, 4 million square meters of insulation and decoration integrated panels, and 400,000 tons of environmentally friendly latex paint [1]. - The production base was constructed and began trial production within 76 days, demonstrating the county's efficient project approval and construction processes [1]. Group 2: Business Environment Improvements - Nanzhao County has implemented a "one-window comprehensive acceptance" reform, reducing the average processing time for government services to 3.2 working days, a decrease of 0.2 days from the previous year, with an online processing rate of 100% [2]. - The county has introduced flexible law enforcement measures, including a list of 67 items for lighter penalties and 191 items for no penalties, enhancing regulatory efficiency while maintaining a supportive business environment [2]. - A total of 424 officials are dedicated to assisting enterprises, ensuring comprehensive coverage of key enterprises and addressing their urgent needs through direct engagement and problem-solving initiatives [3]. Group 3: Regulatory Innovations - Nanzhao County has developed a dual-guideline model for industry regulation, enhancing compliance and regulatory efficiency through a comprehensive approach that includes prevention, control, and self-regulation [4]. - The county's court system has significantly expedited the legal process for business disputes, reducing the average case filing time from 4 days to 0.5 days and cutting the trial period by 52%, saving businesses approximately 8.5 million yuan in litigation costs [4]. Group 4: Future Initiatives - The county plans to continue implementing effective reforms to optimize the competitive market environment, standardize enterprise-related law enforcement, and enhance credit legal protections, aiming to further improve the business climate and support high-quality economic development [5].

Group 1 - The company, Oriental Yuhong, announced that its controlling shareholder and actual controller, Mr. Li Weiguo, has completed the release of a portion of his pledged shares, totaling 43,890,000 shares [2]

Summary of Key Points Core Viewpoint - On September 11, a total of 105 stocks were traded on the block trading platform, with a cumulative trading volume of 217 million shares and a total transaction value of 3.577 billion yuan, indicating active trading in the market [1]. Group 1: Top Block Trades - The highest transaction value was recorded by China Western Electric, with a single transaction amounting to 593 million yuan [1]. - Huatai Medical followed closely with a transaction value of 537 million yuan from one trade [1]. - Other notable stocks included Guangqi Technology, with a transaction value of 230 million yuan, and Huichuan Technology, with 129 million yuan [1]. Group 2: Stock Performance - China Western Electric saw a price increase of 0.78%, closing at 6.47 yuan, with a transaction price of 5.78 yuan, reflecting a discount of 10.66% [1]. - Huatai Medical's stock rose by 1.21%, closing at 309.53 yuan, with a transaction price of 248.20 yuan, showing a discount of 19.81% [1]. - Other stocks with significant price movements included Guangqi Technology (+3.21%), Huichuan Technology (+1.48%), and Tongcheng New Materials (+3.29%) [1].

注：上表中若出现相关数据合计数与各分项数值之和不相等系由四舍五入造成。 二、股东股份累计质押基本情况 证券代码：002271 证券简称：东方雨虹 公告编号：2025-082 北京东方雨虹防水技术股份有限公司 关于公司控股股东部分股份解除质押的公告 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、股东部分股份解除质押基本情况 北京东方雨虹防水技术股份有限公司（以下简称"公司"）近日接到公司控 股股东、实际控制人李卫国先生函告，获悉李卫国先生所持有本公司的部分股份 办理了解除质押手续，具体事项如下： | 股东 名称 | 是否为控股股东 或第一大股东及 | 本次解除质 押股份数量 | 占其所持 股份比例 | 占公司总 股本比例 | | | 起始日 解除日期 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | （股） | | | | | | | 李卫国 | 是 | 13,410,000 | 2.62% | 0.56% | 2023 | 年 | 6 月 日 日 | | | | 2,170, ...