（文章来源：证券日报） 证券日报网讯 12月3日，东方雨虹在互动平台回答投资者提问时表示，截至2025年11月底，公司股东总 数为151965户。 ...

Core Viewpoint - The company is actively exploring innovative technologies in smart construction, which significantly enhance construction efficiency and reduce costs while ensuring quality [2] Group 1: Company Developments - The company has launched several series of smart equipment, including the Tantu series, Cyclist series, and high-pressure airless spraying equipment [2] - The introduction of non-curing series and semi-dry mortar leveling robots is part of the company's strategy to mechanize construction processes [2] Group 2: Industry Impact - The implementation of mechanized construction is expected to improve construction quality and efficiency significantly [2] - The focus on smart construction technologies aligns with industry trends towards automation and efficiency in construction practices [2]

Group 1 - The company, Beijing Oriental Yuhong Waterproof Technology Co., Ltd., has received a government subsidy of 10,628,800.00 yuan, which accounts for 9.83% of the audited net profit attributable to shareholders for the fiscal year 2024 [1][2] - Since the last announcement regarding government subsidies, the company and its subsidiaries have received a total of 11 government subsidies, all related to income, amounting to 15,784,922.44 yuan, which represents 14.59% of the audited net profit for 2024 [1][2] - The subsidies received are in cash and have already been received by the company [1] Group 2 - The company classifies the government subsidies according to the relevant provisions of the Accounting Standards for Enterprises No. 16 - Government Subsidies, recognizing asset-related subsidies as deferred income and income-related subsidies as other income [1][2] - The expected impact of the government subsidies on the company's total profit for 2025 is 15,784,922.44 yuan, all of which will be included in other income [2]

证券代码：002271 证券简称：东方雨虹 公告编号：2025-125 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 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 10,628,800.00元，占公司2024年度经审计的归属于上市公司股东净利润9.83%。 自公司最近一次披露《关于获得政府补助的公告》（公告编号：2025-124）至今， 公司及下属子公司近期累计获得 11 笔政府补助，均为与收益相关的政府补助， 累计对公司 2025 年度利润总额的影响金额为 15,784,922.44 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 14.59%，补助形式均为现金，截 至目前，上述补助已经实际收到相关款项，具体明细如下： | 序号 | 获得补助的主体 | 补助获得时间 | 补助金额（元） | | --- | --- | --- | --- | | 1 | 青岛东方雨虹建筑材 ...

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Views - Focus on the expectation of glass cold repairs and emphasize high-quality leading companies in consumer building materials [5][6] - Cement prices continue to decline, while glass inventory has slightly decreased month-on-month [7][8] - The real estate policy outlook is improving, suggesting a focus on high-quality leading companies in consumer building materials [5][6] Summary by Sections Cement - National cement prices have continued to decline, with a current average price of 355.00 yuan/ton, down 0.65 yuan/ton month-on-month and down 77.10 yuan/ton year-on-year [26] - The cement market is entering the off-season, with a national shipment rate of approximately 45%, down 0.3 percentage points month-on-month and down 2.5 percentage points year-on-year [7][26] - The northern market is experiencing a seasonal decline in demand, while some southern regions show slight recovery [7][25] Glass - The domestic float glass market prices have stabilized after a decline, with a current average price of 60.59 yuan/weight box, down 0.59 yuan/weight box month-on-month and down 15.51 yuan/weight box year-on-year [39] - The production capacity of float glass has slightly decreased, with 218 out of 283 production lines currently in operation, and a daily melting capacity of 156,155 tons [8][36] - Inventory levels in key monitored provinces have decreased, with a total inventory of 59.32 million weight boxes, down 730,000 weight boxes month-on-month [38][39] Consumer Building Materials - High-quality leading companies in consumer building materials are expected to have bottom value, with recommendations for companies like SanKeTree, TuBaoBao, and WeiXing New Materials [6] - From a cyclical bottom and structural optimization perspective, companies in waterproofing and coatings are recommended due to significant supply exits and increased market share for leading companies [6] - If market conditions improve, the expected price performance ranking is waterproofing > coatings > pipes/hardware/gypsum board [6] Special Fabrics - Attention is drawn to the opportunities in AI special fabrics after recent adjustments, with domestic leaders like ZhongCai Technology benefiting from domestic substitution trends [9]

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report - Commercial space is experiencing intensive catalysts, and investment opportunities in the industry are worth attention [2]. 3. Summary According to Relevant Catalogs 3.1 Commercial Space Faces Intensive Catalysts, Focus on Industry Investment Opportunities - **Three - year Action Plan for Commercial Space**: On November 25, 2025, the National Space Administration issued the "Action Plan for Promoting the High - quality and Safe Development of Commercial Space (2025 - 2027)", aiming to achieve high - quality development of commercial space by 2027, with significant growth in industry scale and innovation [3]. - **Establishment of the Commercial Space Department**: The National Space Administration has recently established the Commercial Space Department, which will promote the high - quality development of China's commercial space industry and benefit the entire industrial chain [4]. - **Satellite Internet of Things Business Commercial Test**: The Ministry of Industry and Information Technology has launched a two - year commercial test of satellite Internet of Things business, marking the transition of China's satellite Internet industry to the commercial application exploration stage and bringing investment opportunities for the entire industrial chain [4]. - **Recommended Stocks**: In the rocket direction, recommended stocks include Chaojie Co., Ltd., Gaohua Technology, Zhongheng Design, etc.; in the satellite direction, recommended stocks include Shaanxi Huada, Shanghai Harbor, Shanghai Hanxun, etc. [4]. 3.2 Main Covered Company Earnings Forecast and Valuation - The report provides earnings forecasts, valuations, and ratings for 28 companies from 2024 to 2027, including China National Building Material Group Corporation, Conch Cement, and China State Construction Engineering Corporation. Most of the investment ratings are maintained [13]. 3.3 Weekly Market Review - **Industry Index Performance**: The building and building materials industries showed certain increases this week. The building index increased by 2.43%, and the building materials index increased by 2.21%. Among them, the garden engineering index had the highest increase of 8.40% in the building sub - sectors, and the ceramic index had the highest increase of 5.60% in the building materials sub - sectors [17][19][22]. - **Stock Performance**: In the building materials industry, Hainan Ruizhe had the highest weekly increase of 22.16%, and *ST Lifang had the highest weekly decrease of 30.00%. In the building industry, Guosheng Technology had the highest weekly increase of 57.69%, and *ST Dongyi had the highest weekly decrease of 22.36% [25]. - **Infrastructure Public REITs Performance**: The average weekly increase of infrastructure public REITs was - 0.13%, the average monthly increase was - 1.23%, the average increase since the beginning of the year was 9.67%, the average 250 - day increase was 14.38%, and the average increase since IPO was 13.06% [28]. 3.4 Aggregate Data Tracking - **Real Estate Data**: It includes new construction, construction, completion, and sales area cumulative year - on - year data, land transaction data, real estate transaction data, social financing data, and infrastructure investment growth data. For example, the cumulative year - on - year growth rate of national real estate new construction area continued to decline [31]. - **Eight Major Construction Central Enterprises' New Contract Signing**: The report shows the quarterly new contract signing amounts and year - on - year growth rates of eight major construction central enterprises from 2022Q1 to 2025Q3 [73]. - **Special Bond Issuance**: It includes monthly and cumulative new special bond issuance amounts and replacement special bond issuance amounts from 2022 to 2025 [75][77][79][81]. 3.5 High - frequency Data Tracking - **Cement Data**: It includes national PO42.5 cement average price, East China regional cement price trend, cement - coal price difference index, cement inventory ratio, and cement production monthly year - on - year growth rate [84][85][87][91]. - **Float Glass Data**: It includes glass spot price, glass futures price, and glass inventory [91][92][96]. - **Photovoltaic Glass Data**: It includes glass daily melting volume, soda ash price, 2mm photovoltaic glass price, and photovoltaic glass inventory [98][102][99][104]. - **Glass Fiber Data**: It includes the prices of various types of glass fiber yarns and glass fiber inventory [106][109][110][116]. - **Carbon Fiber Data**: It includes carbon fiber average price, carbon fiber raw silk price, carbon fiber production, carbon fiber inventory, carbon fiber operating rate, carbon fiber gross profit margin, carbon fiber cost, and carbon fiber gross profit [113][117][120][122][124][126][129]. - **Magnesia and Alumina Prices**: It includes the ex - factory tax - included price of large - crystal electro - fused magnesia and alumina price [126][130]. - **Upstream Raw Material Prices**: It includes asphalt price, waste paper price, PVC price, HDPE price, etc. [134][137][135][139]. - **Physical Workload Data**: It includes acrylic acid price, titanium dioxide price, high - machine rental rate, and asphalt average operating rate [141][143][144][146].

Core Viewpoint - Oriental Yuhong's stock has shown a positive trend with a year-to-date increase of 20.84%, reflecting strong market interest and performance in the waterproof materials sector [1][2]. Financial Performance - For the period from January to September 2025, Oriental Yuhong reported a revenue of 20.601 billion yuan, a year-on-year decrease of 5.06%, and a net profit attributable to shareholders of 810 million yuan, down 36.61% compared to the previous year [2]. - Cumulative cash dividends since the A-share listing amount to 10.714 billion yuan, with 7.603 billion yuan distributed over the last three years [3]. Stock Market Activity - As of December 2, the stock price reached 13.45 yuan per share, with a trading volume of 340 million yuan and a turnover rate of 1.34%, resulting in a total market capitalization of 32.128 billion yuan [1]. - The stock has experienced a net inflow of 19.764 million yuan from main funds, with significant buying activity from large orders [1]. Shareholder Structure - As of November 20, the number of shareholders decreased to 152,500, while the average circulating shares per person increased to 12,553 [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 379 million shares, an increase of 6.3304 million shares from the previous period [3].

Core Viewpoint - The company, Dongfang Yuhong, emphasizes its extensive production capacity and multi-level marketing channels across China, highlighting its involvement in significant infrastructure projects and talent development initiatives [1] Group 1: Company Overview - The company has a well-established production and logistics base in the Beijing-Tianjin-Hebei region, along with a research and development headquarters [1] - Since its inception, the company has provided high-quality building material system solutions for major infrastructure, industrial, and commercial projects [1] Group 2: Project Involvement - The company has actively participated in numerous projects, including the Beijing Daxing International Airport and the urban village renovation in the Beijing-Tianjin-Hebei region [1] - Recently, the company won a procurement project from the Beijing-Tianjin-Hebei Intercity Railway Investment Co., Ltd. [1] Group 3: Talent Development - The company has established a labor brand called "Jinghong Wuyou Leakage Master" through its vocational training school in Shunyi District, Beijing, aimed at promoting industry standardization and upgrading the construction repair industry in the Beijing-Tianjin-Hebei region [1] - This initiative leverages the company's technical expertise and resources to inject new momentum into regional economic development [1]

Core Viewpoint - The company, Dongfang Yuhong (002271), has successfully applied its products and system services across various sectors, including housing construction, transportation infrastructure, and water conservancy projects, demonstrating its broad market reach and innovation capabilities [1] Group 1: Applications and Sectors - The company's products and services are widely used in housing construction, high-speed rail, subways, urban rail, highways, urban bridges, airports, and water conservancy facilities [1] - Key projects include the national priority water conservancy and hydropower project, such as the Jurong pumped storage power station [1] Group 2: Innovation and Technology - The company has launched an innovative ultra-wide TPO waterproof membrane product, featuring a width of 6 meters and a length of 100 meters, addressing the challenges of high water pressure and large deformation in pumped storage power stations [1]

Core Viewpoint - As of November 20, 2025, the total number of shareholders for Dongfang Yuhong is reported to be 152,544 [2] Company Summary - Dongfang Yuhong has engaged with investors through an interactive platform, providing transparency regarding its shareholder count [2]