证券代码：002271 证券简称：东方雨虹 公告编号：2026-007 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 北京东方雨虹防水技术股份有限公司（以下简称"公司"）与中国银行股份 有限公司濮阳中原油田支行（以下简称"中国银行濮阳中原油田支行"）签署《最 高额保证合同》，公司为中国银行濮阳中原油田支行与公司全资子公司河南东方 雨虹建筑材料有限公司（以下简称"河南东方雨虹"）之间主合同项下的一系列 债务提供连带责任保证。保证期间为自各笔债务履行期限届满之日起三年。前述 担保的主债权最高本金余额为人民币 19,000 万元。 （二）担保审议情况 公司分别于 2025 年 2 月 27 日召开的第八届董事会第二十八次会议、2025 年 3 月 21 日召开的 2024 年年度股东大会审议通过了《关于为下属公司向银行等 金融机构申请综合授信提供担保的议案》，同意公司及公司全资、控股子公司为 下属公司向银行等金融机构申请综合授信提供总额不超过人民币 260 ...

证券代码：002271 证券简称：东方雨虹 公告编号：2026-009 北京东方雨虹防水技术股份有限公司 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。 根据北京东方雨虹防水技术股份有限公司（以下简称"公司"或"东方雨虹"） 的业务特点，为给员工提供更为宽裕的休假时间，充分体现公司"以人为本"的 人文关怀,公司决定安排员工通过调休以延长春节假期放假时间，即于 2026 年 2 月 14 日开始放假，2026 年 2 月 28 日正式上班。放假期间公司投资者热线 （010-59031997）将无人接听，届时若投资者需与公司沟通，可在深交所互动易 平台(http://irm.cninfo.com.cn)东方雨虹对应页面留言，公司将由工作人员统 一进行回复，由此给投资者带来不便敬请谅解。 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 2 月 14 日 关于春节假期期间投资者热线安排的公告 ...

Core Viewpoint - The construction materials industry is experiencing profit improvement driven by two main paths: cost-side improvements leading to profit elasticity release and a revaluation of channel value in the C-end retail transformation [1][2]. Group 1: Cost-side Improvement - The construction materials industry, being resource-intensive, has over 60% of its production costs attributed to energy and raw materials, making it sensitive to price fluctuations of commodities like coal, natural gas, soda ash, and PVC [2]. - Following the high volatility of global energy prices in 2022-2023, current coal supply policies have stabilized price levels, and international natural gas prices have significantly decreased from historical peaks, providing relief on the cost side for construction material companies [2][4]. - The recent decline in coal prices indicates a potential weakening in market demand, which could further impact profit margins positively [4]. Group 2: C-end Retail Transformation - The real estate sector is transitioning into a stock update era, fundamentally changing the demand structure, with a shift from new housing development to renovation and upgrading of existing properties [4][5]. - This shift compels construction material companies to move from a reliance on B-end bulk procurement to a dual-channel strategy that includes both B and C-end operations, enhancing cash flow quality and brand premium capabilities [4][5]. - C-end retail offers advantages such as stable cash flow, higher profit margins, and strong customer loyalty compared to B-end business, which is characterized by longer payment terms and slower receivables [4][5]. Group 3: Market Sentiment and Investment Trends - Institutional investors are increasingly aligning their portfolios with the construction materials sector, as evidenced by a rising proportion of active equity funds in the industry since Q2 2025, indicating a clear left-side layout for the industry cycle [6][10]. - By late January 2026, there was a significant increase in net inflows for construction materials ETFs, marking a transition from active institutional allocation to passive market resonance, suggesting an improvement in liquidity conditions [7][10]. - The construction materials ETF (159745) tracks the CSI Construction Materials Index, which includes leading companies across the entire industry chain, reflecting the overall performance of the sector [10][12].

Core Viewpoint - The construction materials industry is experiencing a sustainable growth momentum due to unprecedented debt resolution actions, which are expected to improve market expectations and drive investment recovery in infrastructure and real estate sectors [1] Fiscal Perspective - The current debt resolution measures, including debt swaps and the expansion of special bonds, have systematically alleviated liquidity constraints for local governments, improving fiscal space for infrastructure investments [1] - Special bonds issued by local governments have been increasing annually since 2017, with projections for 2024 and 2025 to exceed 7 trillion yuan, and the total issuance in 2025 expected to surpass 10 trillion yuan for the first time in history [1][4] Infrastructure Investment - The issuance of special bonds is expected to lead to a significant increase in construction activity in transportation, municipal, and water conservancy sectors, with a projected surge in physical work volume in the first half of 2025 [4][6] - Despite a decline in infrastructure investment growth, the sector still holds a significant share of fixed asset investment, indicating its critical role in the overall economy [4] Policy Transition - The policy environment is shifting from "debt replacement" to "investment stimulation," which is likely to further enhance demand for construction materials [5] Demand Dynamics - The demand structure for construction materials is changing, with traditional materials benefiting from infrastructure support and renovation materials gaining from the demand for upgrading existing properties [6] - The dual drivers of infrastructure and real estate are expected to provide a solid foundation for the construction materials sector during this debt resolution cycle [6] Profitability and Market Outlook - The profitability of the cement industry is recovering, with expectations of improved margins due to supply-side adjustments and a favorable demand outlook from real estate policies [8] - The construction materials sector is characterized by high cash flow and potential for stable dividends, with forecasts indicating overall profit recovery by 2026 [8] Investment Opportunities - The construction materials ETF (159745) tracks the performance of the construction materials index, providing investors with a tool to efficiently allocate resources in the sector [8][11] - The sector is viewed as a core cyclical investment opportunity, especially in the context of a market shift towards undervalued, high-dividend stocks [11]

Core Viewpoint - In 2026, the company faces a clear dichotomy between success and failure, as articulated by Chairman Li Weiguo, who emphasizes a strong commitment to the company's development and outlines ambitious targets for growth in the waterproofing and mortar sectors [1][3]. Industry Analysis - The real estate growth era is ending, shifting focus to renovation demands, which currently account for about 50% of residential needs and are expected to rise to 70% by 2030 [3]. - The price wars among waterproofing and coating companies have subsided, but profitability recovery requires proactive measures [3]. Company Strategy - The company is moving away from a high accounts receivable model reliant on large clients, adopting a balanced development approach between retail and engineering channels [3]. - Actions include activating idle real estate and stock assets, divesting non-core businesses, and reducing financial leverage to stabilize the core team and mitigate risks [3][4]. Operational Initiatives - The company has set specific annual targets: 1 billion square meters of waterproofing membrane and over 20 million tons of mortar sales by 2026, with actionable steps to achieve these goals [5]. - Production capacity is being enhanced, with the launch of a high-performance industrial coating project and successful production lines in Saudi Arabia [5][6]. Market Expansion - The company has secured nearly 700 million yuan in orders and established strategic partnerships to broaden retail channels [6]. - Internationally, the company has won high-end projects in Cambodia and formed strategic collaborations in Indonesia and Vietnam, expanding its global footprint [6]. Cultural Commitment - The company emphasizes a culture of unwavering determination, translating the concept of "absolute commitment" into actionable strategies and collective efforts across all levels [4][7].

Core Viewpoint - Current infrastructure investment is becoming a crucial support for the economy, with fiscal policies continuously strengthening, leading to a configuration window driven by infrastructure recovery in the building materials sector [1] Group 1: Infrastructure Investment Dynamics - The "14th Five-Year Plan" is entering its final year, accelerating the implementation of major engineering projects, which is providing solid support for the improvement of the industry fundamentals through the demand pull of infrastructure [1] - Since the second half of 2024, active fiscal policies have significantly increased, with the pace of special bond issuance accelerating and the launch of ultra-long special government bonds injecting ample funds into infrastructure investment [1] - Infrastructure investment has a clear policy orientation and planning, unlike the endogenous fluctuations of real estate investment, with 2025 being a key year for the transition between the "14th" and "15th" Five-Year Plans [1][4] Group 2: Investment Trends and Performance - Despite a year-on-year decline in cumulative infrastructure construction investment to -1.48% in December, the cumulative proportion of infrastructure investment remained high at 50.49% in December 2025, reflecting its significant position in fixed asset investment [1][4] - Key areas for current infrastructure investment include urban agglomerations, metropolitan areas, and the connectivity of infrastructure along the "Belt and Road" [4] - Major infrastructure projects are expected to drive demand for cement, pipes, waterproof materials, and other building materials, with a focus on water conservancy and disaster prevention projects [4][5] Group 3: Building Materials Sector Outlook - The building materials industry is currently in a low operating state after inventory destocking, and the concentrated release of infrastructure demand is expected to trigger price elasticity [5] - The profitability transmission from infrastructure recovery is anticipated to drive the development of the building materials sector, with a notable improvement in gross profit margins due to supply-side discipline and cost pressure relief [6] - The building materials sector is characterized by "valuation repair + profit improvement," with the risk of a cliff-like decline in demand eliminated by infrastructure support, leading to a systematic uplift in valuation [8] Group 4: Investment Vehicles and Strategies - The building materials ETF (159745) tracks the CSI All-Share Building Materials Index, covering leading enterprises across the entire industry chain, providing an efficient tool for investors to layout in the building materials sector [8][9] - The top ten holdings in the ETF reflect a high concentration in leading companies across various segments of the building materials industry, accounting for over 60% of the total holdings [9] - The building materials sector is highlighted as a core cyclical investment, with low valuations and high dividends, making it attractive for investors during market shifts towards cyclical stocks [12]

Core Viewpoint - In 2026, Oriental Yuhong aims for a clear distinction between success and failure, setting ambitious targets for waterproof membrane shipments and mortar sales, reflecting a strategic assessment of its organizational development [1] Group 1: Strategic Goals - The company has set a target of achieving an annual shipment of 1 billion square meters of waterproof membranes and over 20 million tons of mortar sales by 2026 [1] - The chairman emphasizes the need for a long-term commitment to deepen competitive advantages and become an industry giant [1] Group 2: Operational Adjustments - Oriental Yuhong plans to activate idle real estate and stock assets while divesting non-core businesses to focus resources on key areas like waterproofing and mortar [1] - The controlling shareholder intends to reduce their stake by no more than 3% to fulfill employee stock ownership commitments and repay pledges, aiming to stabilize the core team and reduce financial leverage [1] Group 3: Market Expansion and Innovation - The company is targeting a market size in the hundreds of billions, with a focus on collaborative development of coatings and mortar, and actively exploring overseas markets [2] - New product launches and strategic partnerships are underway, including a nearly 700 million yuan order and collaborations to expand retail channels [4] Group 4: Production Capacity and Performance - The production capacity for high-performance industrial coatings is nearing completion, with significant progress in the Saudi factory's production lines [3] - A record daily shipment of 4.43 million square meters was achieved, marking an 11.6% increase compared to historical peaks, supporting the annual targets [3] Group 5: Product Development and Certifications - The company has introduced new fireproof coatings and enhanced waterproof membranes that meet the latest national standards, expanding its product matrix [4] - The GardMem series has received North American UPC and cUPC certifications, further supporting overseas market growth [4]

Group 1 - The core viewpoint of the article highlights the strong performance of cyclical stocks, particularly in the new materials sector, with the New Materials ETF Huaxia (516710) rising by 1.77% and key stocks like China National Materials and China Jushi hitting the daily limit [1] - Zhejiang Longsheng has raised prices for certain disperse dyes, with a recent cumulative increase of 5000 yuan per ton as of February 8 [1] - A total of 94 pesticide varieties, including glyphosate, will see an export VAT rebate starting April 1, 2026, which may impact the agricultural chemicals market [1] Group 2 - Japanese company Nitto Denko plans to launch next-generation T-type glass fiber cloth for AI chips by 2028, aimed at enhancing heat deformation resistance [1] - Huatai Securities noted that leading companies in the fiberglass sector, such as Guangyuan New Materials and International Composites, have significantly raised prices for electronic fabrics, indicating a tightening supply from high-end products to standard products [1] - The New Materials 50 ETF (516710) closely tracks the CSI New Materials Theme Index, which includes 50 listed companies involved in advanced steel, non-ferrous metals, chemicals, and inorganic non-metallic materials, reflecting the overall performance of the new materials sector [1]

Investment Rating - The report assigns an "Accumulate" rating for the building materials industry [5] Core Insights - The report emphasizes the expectation of price increases post-Spring Festival and the potential catalyst from the real estate sector. It highlights that the consumption building materials sector may begin to show fundamentals independent of real estate from 2025-2026, with a focus on the resilience of the real estate market after the Spring Festival [2][7] - The report recommends leading companies in the consumption building materials sector that have independent growth logic and sufficient dividend valuation support, particularly in the waterproof materials sub-sector [5][7] Summary by Sections Building Materials Industry Investment Strategy - The consumption building materials sector is anticipated to benefit from potential macroeconomic improvements, with a focus on the resilience of the real estate market post-Spring Festival. The report highlights the importance of observing second-hand housing transactions for signs of market recovery [7] - Recommended companies include Oriental Yuhong, Beixin Building Materials, Weixing New Materials, and others that are expected to perform well due to their growth strategies and market positions [7] Market Review - From February 2 to February 6, 2026, the building materials sector increased by 0.70%, with specific segments like glass manufacturing rising by 5.32% [10] - The report notes significant individual stock movements, with companies like Hanjian Heshan and Jinjing Technology showing notable weekly gains [17] Cement Industry - The national cement market price decreased by 1% week-on-week, with significant price drops in regions like Henan and Hubei. The average shipment rate for cement companies fell by approximately 8 percentage points [24][25] - The report anticipates a stabilization in cement prices as the market enters a holiday period, with a focus on the execution of production restrictions in 2026 [7][24] Glass Industry - The average price of domestic float glass increased to 1154.49 RMB/ton, reflecting a week-on-week rise of 9.69 RMB/ton. However, demand is expected to weaken as downstream processing plants shut down for the holiday [42] - The report recommends leading companies in the glass sector, including Fuyao Glass and Xinyi Glass, due to their strong market positions and dividend yields [42][43] Fiberglass Industry - The report indicates that the fiberglass market is experiencing price increases, particularly in the electronic yarn segment, driven by tight supply and steady demand [55] - Recommended companies in this sector include China Jushi and Zhongcai Technology, which are expected to benefit from structural demand upgrades [55]

Core Viewpoint - The renovation and building materials sector experienced a slight decline, closing at 18513.73 points with a drop of 0.2%, influenced by varying performances among individual stocks in the sector [1] Group 1: Stock Performance - *ST Yazhen led the decline in the renovation and building materials sector, closing at 42.46 yuan per share with a drop of 4.97% [1] - Jianlang Hardware followed with a closing price of 25.02 yuan per share, down 3.55%, ranking second in the sector's decline [1] - Dongfang Yuhong closed at 17.70 yuan per share, down 3.17%, ranking third in the sector's decline [1] - In contrast, Dinggu Jichuang led the gains, closing at 25.72 yuan per share with an increase of 20.02% [1] - Yabo Co. closed at 2.16 yuan per share, up 10.20%, ranking second in the sector's gains [1] - *ST Songfa closed at 89.67 yuan per share, up 5.00%, ranking third in the sector's gains [1] Group 2: Market Outlook - Huafu Securities' report indicates that the Central Economic Work Conference emphasized stabilizing the real estate market, implementing city-specific policies to control increments, reduce inventory, and improve supply [1] - The report also highlights the encouragement of acquiring existing residential properties for affordable housing and the reform of the housing provident fund system to promote the construction of "good houses" [1] - With the acceleration of supply-side reform expectations, the building materials capacity cycle is anticipated to reach a turning point [1]