Summary of Key Points from the Conference Call Industry Overview - The conference call focused on the **Greater China Materials** industry, highlighting a **liquidity-driven bull market** supported by **supply disruptions** that are positively impacting commodity prices. The preference is for **gold, copper, and aluminum equities** in this environment [1][4][10]. Core Insights and Arguments - **Commodity Price Forecasts**: - **Aluminum**: Morgan Stanley forecasts $2,659 per ton for 2H2025, which is 6% higher than consensus. For CY2026, the forecast is $2,750, 8% above consensus [10]. - **Copper**: Expected price of $10,047 per ton for 2H2025, 5% above consensus, and $10,650 for CY2026, 9% above consensus [10]. - **Gold**: Projected at $3,719 per ounce for 2H2025, 9% above consensus, and $4,400 for CY2026, 34% above consensus [10]. - **Steel Demand Drivers**: - The **China Steel Demand Drivers** for 2025 include: - **Machinery**: 30% - **Infrastructure**: 17% - **Residential Property**: 14% - **Auto**: 9% [17][19]. - **Copper Consumption Index**: The **China Copper Consumption Index** indicates a significant reliance on sectors such as **Power (47%)**, **White Goods (15%)**, and **Auto (10%)** [21][22]. - **Aluminum Demand Breakdown**: The **China aluminum demand** is driven by: - **Property**: 22% - **Passenger Vehicles**: 20% - **Grid Investment**: 11% [27]. Additional Important Insights - **Infrastructure Spending**: - Infrastructure spending has partially offset the slowdown in new property starts, with a **5.4% YoY increase** in infrastructure spending for the first eight months of 2025 [35][55]. - **Weekly Shipments**: - Weekly cement and rebar shipments in China are being monitored, indicating trends in demand and supply dynamics [55][56]. - **Market Sentiment**: - The overall sentiment in the materials sector remains **attractive**, with Morgan Stanley's research indicating potential conflicts of interest due to business relationships with covered companies [4][5]. - **Analyst Team**: The call featured insights from a team of equity analysts at Morgan Stanley, emphasizing the importance of their research in investment decision-making [3]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the Greater China Materials industry and its current market dynamics.

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating expected performance above the market index by more than 10% over the next 6 to 12 months [5][89]. Core Views - The introduction of the "Stabilization Growth Work Plan for the Building Materials Industry (2025-2026)" aims to enhance profitability and strengthen industry management, promoting a competitive environment [1][3]. - Cement prices have seen a significant increase of 1.5% recently, with expectations for further price hikes as companies strive to meet annual growth targets [2][22]. - The glass market is experiencing a slight price increase, supported by downstream replenishment, although demand acceptance at higher prices remains limited [2][37]. - The fiberglass market shows stable pricing for non-alkali yarn, while electronic yarn remains in high demand, indicating a robust market for high-end products [2][54]. Summary by Sections Cement - National cement prices have risen significantly, with a 1.5% increase noted. Companies are expected to continue pushing for price increases as the fourth quarter approaches [2][22]. - The report anticipates that cement companies will maintain upward price momentum to achieve annual growth targets [2][22]. Glass - Float glass prices have shown a slight increase, supported by replenishment from downstream sectors, although the acceptance of high prices is limited [2][37]. - The photovoltaic glass market has seen a slight decline in demand, with inventory levels increasing, but manufacturers are maintaining stable pricing strategies [2][45]. Fiberglass - The price of non-alkali yarn remains stable, with mainstream prices for 2400tex yarn at 3250-3700 CNY/ton, while electronic yarn prices are stable due to high demand in the high-end market [2][54]. Investment Recommendations - The report suggests focusing on the cement and glass sectors due to stricter supply controls and improving profitability. Recommended companies include Conch Cement, Huaxin Cement, and Qibin Group [3][5]. - For fiberglass, companies like China National Materials and China Jushi are highlighted as beneficiaries of structural demand growth [3][5]. - In the construction sector, a recovery in infrastructure investment is anticipated, with recommendations for companies such as China Railway Construction and China State Construction [3][5].

Core Points - Beijing Women's Football Team won the 2025 Women's Super League Championship, marking their first title in 23 years [1] - The team expressed gratitude to various supporters, including Beijing Oriental Yuhong Company, the National Sports General Administration Qinhuangdao Sports Training Base, Ximei Technology (Beijing) Co., Ltd., and fan associations [1][2] Group 1: Acknowledgments - The team thanked the National Sports General Administration Qinhuangdao Sports Training Base for providing comprehensive support during their training, which significantly enhanced the players' performance and team cohesion [3] - Ximei Technology (Beijing) Co., Ltd. was recognized for its crucial role in video analysis, which improved tactical deployment and decision-making throughout the season [5] - The Beijing Fenjin Fan Association received appreciation for their unwavering support, which motivated the team during both victories and challenges [6]

Core Viewpoint - Dongfang Yuhong (002271.SZ) has recently disclosed that it has received a total of 19 government subsidies since the last announcement on August 26, 2025, with a total impact of approximately 10,374,939.26 RMB on the company's profit for the fiscal year 2025, which represents 9.59% of the audited net profit attributable to shareholders for the fiscal year 2024 [1] Summary by Category - Government Subsidies - The company and its subsidiaries have received 19 government subsidies recently [1] - The company has returned 1 government subsidy [1] - The total impact of these subsidies on the company's profit for 2025 is 10,374,939.26 RMB [1] - Financial Impact - The government subsidies account for 9.59% of the audited net profit attributable to shareholders for the fiscal year 2024 [1]

Group 1 - The core point of the article is that Dongfang Yuhong has received multiple government subsidies, which significantly impact its financial performance for the fiscal year 2025 [1] - Dongfang Yuhong has received a total of 19 government subsidies and returned 1, with a cumulative impact of approximately 10.37 million RMB on the company's profit for 2025, accounting for 9.59% of the audited net profit attributable to shareholders for 2024 [1] - As of the report date, Dongfang Yuhong's market capitalization stands at 29.5 billion RMB [1] Group 2 - For the first half of 2025, Dongfang Yuhong's revenue composition is as follows: 69.71% from waterproof materials sales, 14.71% from mortar powder, 8.39% from other sources, 6.26% from waterproof engineering construction, and 0.94% from other businesses [1]

Investment Rating - The report maintains a "Buy" rating for the non-metallic building materials sector and an "Overweight" rating for the construction and engineering sector [5]. Core Insights - The Ministry of Industry and Information Technology and five other departments issued the "Building Materials Industry Steady Growth Work Plan (2025-2026)", focusing on quality and efficiency while prohibiting new capacity [2][3]. - The new plan emphasizes the need for coordinated efforts on both supply and demand sides, aiming to enhance profitability levels effectively [3]. - The plan sets a specific target for 2026, aiming for green building material revenue to exceed 300 billion yuan [2]. Summary by Sections Policy Background - The new plan is introduced against a backdrop of weak market demand and prominent structural issues in the building materials industry, contrasting with the previous plan which was released during the early recovery phase post-pandemic [2]. Overall Requirements - The current plan focuses on quality and efficiency, integrating technological and industrial innovation, and emphasizes strict control over new capacity while promoting traditional material upgrades and advanced inorganic non-metallic materials [2][3]. Main Goals - Unlike the previous plan, which set specific growth targets for industrial added value, the current plan does not set total industry targets but emphasizes improving profitability and achieving specific revenue goals for green materials [2]. Key Measures - The new plan prioritizes strengthening industry management and promoting the survival of the fittest, with a focus on strict capacity control in cement and glass production [2][3]. - It outlines specific development directions for advanced materials, including advanced glass, artificial crystals, and high-performance fibers, while promoting pilot platform construction and application verification [3]. Investment Recommendations - The report suggests focusing on companies in the new materials sector such as China Jushi, Guoen Co., Puyang Huicheng, Keda Manufacturing, Hongrun Construction, and Jiemai Technology, as well as companies in the infrastructure and real estate chain like China State Construction, Oriental Yuhong, and Anhui Conch Cement [4].

证券代码：002271 证券简称：东方雨虹 公告编号：2025-092 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"）今日获悉，自公 司 2025 年 8 月 26 日最近一次披露《关于获得政府补助的公告》（公告编号： 2025-078）至今，公司及下属子公司近期累计获得 19 笔政府补助，退回 1 笔政 府 补 助 ， 以 上 政 府 补 助 累 计 对 公 司 2025 年 度 利 润 总 额 的 影 响 金 额 为 10,374,939.26 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 9.59%。具体明细如下： 1 序号 获得补助的主体 补助获得时间 补助金额（元） 1 华砂矿业（吉安）有限公司 2025/8/27 619.06 2 青岛东方雨虹建筑材料有限公司 2025/8/27 211,120.00 3 杭州德爱威云建材科技有限公司 2025/8/28 50,000.00 4 四川东方雨虹建 ...

Core Viewpoints - The report maintains a positive outlook on the building materials sector, particularly cement, following the release of the "Building Materials Industry Stabilization Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology and other departments [4][6]. Summary by Sections Recent Market Performance - The building materials sector has shown a decline of 11% over the past 12 months, while the Shanghai Composite Index has decreased by 5% [2]. Policy and Industry Outlook - The stabilization plan aims to enhance profitability and innovation in the building materials industry, with a target for green building materials revenue to exceed 300 billion by 2026 [6]. - Key measures include restricting supply by prohibiting new cement clinker and flat glass production capacity, promoting the unification of actual and registered production capacities, and fostering green building materials through various initiatives [6]. Supply and Demand Dynamics - The report notes that while there is a temporary pressure on real estate and infrastructure demand, recent policies have led to a gradual improvement in supply-demand dynamics, with expectations for a slow price recovery in the cement market [6]. - Cement production increased by 1.7% month-on-month in August, supported by significant government bond issuances and major project launches, which may lead to a turning point in infrastructure work in Q4 [6]. Investment Recommendations - The cement sector is recommended for investment due to its high dividend yield and the anticipated recovery in demand and prices. The report suggests focusing on companies like Conch Cement and Huaxin Cement, while also considering companies in the photovoltaic supply chain such as Qibin Group [6]. - The consumer building materials sector is expected to stabilize, with companies like Sankeshu, Rabbit Baby, Dongfang Yuhong, and Keshun Co. being highlighted for potential growth [6].

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The report highlights the benefits of the "steady growth plan" released by six departments, focusing on supply optimization in the construction materials industry, with specific recommendations for companies like Huaxin Cement and Conch Cement [1][7] - The report indicates a significant increase in cement prices, with a week-on-week rise of 1.5%, and a positive trend in the glass market, particularly for float glass and photovoltaic glass [2][24][61] - The report notes improvements in housing transactions, with new and second-hand housing sales showing a positive trend in major cities [3][20] Summary by Sections Cement Market - The national cement market price has increased significantly, with a rise of 1.5% week-on-week, driven by demand recovery and price adjustments in various regions [24] - Major regions like Jiangsu, Zhejiang, and Anhui have seen price increases ranging from 10 to 70 yuan/ton, while some areas like Fujian and Guizhou experienced price declines [24][41] - The report anticipates continued price increases as companies aim to meet annual growth targets [24] Glass Market - The average price of float glass has risen to 1224.74 yuan/ton, marking a week-on-week increase of 1.39% [61] - The report notes that the production capacity utilization in the float glass industry is at 82.20%, indicating stable supply conditions [61] Housing Transactions - In the 39th week, new housing transaction area in 30 major cities reached 191.15 million square meters, showing a 27.08% increase week-on-week [3][20] - Second-hand housing transactions in 15 monitored cities also improved, with a 6% increase week-on-week [3][20] Recommended Companies - The report recommends companies with strong pricing power and operational resilience, including Huaxin Cement, Conch Cement, and others in the waterproofing and photovoltaic glass sectors [1][7]

Group 1: Government Initiatives and Industry Standards - The concept of "good housing" has been incorporated into the 2025 Government Work Report, outlining a blueprint for housing construction that emphasizes safety, comfort, sustainability, and intelligence [1] - The Ministry of Housing and Urban-Rural Development has released national standards for residential projects, marking a transition from "housing for all" to "quality housing" [1] Group 2: Company Innovations and Product Offerings - Oriental Yuhong focuses on dual-driven material technology to enhance living quality, addressing common residential issues such as noise through innovative soundproofing solutions [4] - The company has developed a multi-layered noise reduction system, including modified rubber damping soundproof pads and a lightweight tile adhesive with a five-level soundproof structure, achieving noise reduction exceeding 30 decibels [4] - The introduction of GES-300 solvent-free polyurethane waterproof coating allows consumers to choose colors that match their interior design, integrating aesthetics with functionality [5] Group 3: Commitment to Sustainability - Oriental Yuhong emphasizes green and low-carbon product development, launching several eco-friendly product lines that have received national certifications for green building materials and carbon footprint [5] - The company has established a standardized construction service system to ensure quality delivery and transparency in home renovation projects [5][6] Group 4: Addressing Urban Infrastructure Challenges - Urban rail transit faces leakage issues due to complex geological conditions, prompting the implementation of new waterproofing standards in 2023 [7] - Oriental Yuhong has responded by developing new waterproofing materials and systems, including a new HDPE self-adhesive membrane system that enhances construction efficiency and reliability [8][9] Group 5: Sponge City Initiatives - The construction of sponge cities is crucial for efficient water resource management and urban sustainability, with Oriental Yuhong providing customized solutions based on local conditions [10] - The "Yuhong Peach Blossom Source System" has been successfully applied in over 200 projects across various regions, demonstrating adaptability in different environmental contexts [11] Group 6: Future Directions - Oriental Yuhong aims to continue leveraging technological innovation to enhance product quality and service, contributing to the development of safe, resilient, and eco-friendly urban environments [11]