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。 证券代码：002271 证券简称：东方雨虹 公告编号：2025-064 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 2、公司与北京银行股份有限公司西安分行（以下简称"北京银行西安分行"） 签署《最高额保证合同》，公司为北京银行西安分行与公司全资子公司咸阳东方 雨虹建筑材料有限公司（以下简称"咸阳东方雨虹"）之间主合同项下的全部债 权提供连带责任保证。保证期间为主合同下被担保债务的履行期届满之日起三年。 前述担保的最高债权额为人民币 10,000 万元。 3、公司与中国民生银行股份有限公司重庆分行（以下简称"民生银行重庆 分行"）签署《最高额保证合同》，公司为民生银行重庆分行与公司全资子公司 重庆东方雨虹建筑材料有限公司（以下简称"重庆东方雨虹"）之间主合同项下 发生的一系列债务提供连带责任保证，保证期间为债务履行期限届满日起三年。 前述担保的最高债权本金额为人民币 6,000 万元。 4、公司与长沙银行股份有限公司常德柳叶湖支行（以下简称"长沙银行常 德柳叶湖支行"）签署《长沙银行最高额保 ...

Group 1 - The company Dongfang Yuhong (002271) announced that its wholly-owned subsidiary Huasha Mining (Jian) Co., Ltd. has completed the transfer of exploration rights to mining rights for decorative marble in Yongfeng County [1] - The mining rights have been granted by the Ji'an Natural Resources Bureau, with a valid period of 20 years from July 16, 2025, to July 15, 2045 [1] - The mining operation will focus on decorative stone (marble) with an annual production capacity of 1 million cubic meters, utilizing an open-pit mining method [1]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the **consumption building materials industry** and its performance in 2024, highlighting a **7.2% year-on-year decline** in revenue for the sector [1] - The **real estate demand** remains weak, impacting the consumption building materials sector, which has seen continuous revenue pressure over the past few quarters [1] Key Points and Arguments - **Revenue Trends**: The revenue growth for the consumption building materials sector is expected to decline in 2024, with quarterly comparisons showing fluctuations: **0.2% growth**, **5.3% decline**, **10.7% decline**, **10.9% decline**, and **5.7% decline** from Q1 2024 to Q1 2025 [1] - **Profitability Issues**: The industry faces challenges such as **declining gross margins** due to reduced demand and increased expense ratios. Some companies have reported increased impairments on goodwill and assets [2] - **Improvement in Profitability**: In Q1 2024, some companies managed to stabilize and improve profitability through better gross margins and expense control, with half of the consumption building materials companies reporting year-on-year gross margin increases [2] - **Net Profit Performance**: Among 26 analyzed companies, **10 reported year-on-year net profit increases**, and **9 showed improvements in net profit margins** both year-on-year and quarter-on-quarter, particularly in waterproofing and coating sectors [3] - **Market Resilience**: Despite the downturn in new housing demand, the sector shows resilience supported by the high demand for second-hand housing, which could lead to revenue growth if new housing demand stabilizes [4] Additional Insights - **Future Growth Potential**: Companies with strong brand and channel capabilities are expected to have significant growth potential. Key players mentioned include **Sanhe Tree, Tubaobao, Beixing Building Materials, and others** [5] - **Cement Industry Outlook**: The cement sector is projected to see a bottoming out in Q1 2024, with expectations of gradual improvement in profitability throughout the year. The industry experienced a **35% year-on-year decline** in scale in 2024 [5] - **Price Trends**: Cement prices are expected to rise after a period of decline, with a **1.4% year-on-year drop** in demand noted in Q1 2024, but a recovery is anticipated post-Chinese New Year [6] - **Cost Management**: The decline in coal prices is expected to stabilize industry profitability, with a projected **6% year-on-year decline** in cement demand for 2025 [7] - **Investment and Dividends**: Companies with low cash flow and stable investment returns, such as **Tapai Group and Ningxia Building Materials**, are highlighted for their significant profit contributions [8] Conclusion - The consumption building materials and cement industries are navigating through challenging market conditions, with signs of potential recovery in profitability and demand stabilization. Key players are expected to leverage their market positions for future growth opportunities.

Summary of Conference Call Industry or Company Involved - The conference call primarily discusses the macroeconomic environment, policy signals, and various industry sectors including oil and gas, chemicals, construction materials, and transportation. Core Points and Arguments 1. **Policy Signals and Economic Outlook** - The discussion highlights the anticipation of new policy signals before identifying structural opportunities in the market. The recent easing of tariffs between the US and China is noted, although uncertainty remains regarding future negotiations [1][2][3]. 2. **Impact of Tariffs on Trade** - In April, the US collected approximately $1-2 billion in additional tariffs from China, which is insufficient to offset the fiscal risks posed by tax cuts. This indicates a potential expansion risk in the US fiscal situation [2]. 3. **Domestic Economic Conditions** - The domestic economy shows signs of slowing down, particularly in exports to the US, which have declined due to tariff tensions. There is a concern that the temporary boost in exports may not be sustainable [3][4]. 4. **Fiscal Policy and Debt Issuance** - The Chinese government has been proactive in fiscal policy, issuing a significant amount of debt to stimulate the economy. Approximately 2 trillion yuan of bonds were issued in the last quarter, with expectations for continued issuance [4][5][6]. 5. **Monetary Policy Outlook** - The potential for further monetary easing is discussed, especially as inflation indicators (CPI and PPI) are expected to decline. This could provide more room for liquidity support in the economy [7][8]. 6. **Oil and Gas Sector Analysis** - The oil and gas sector is experiencing a decline in capital expenditure, with a noted 18% drop in the previous year. Demand uncertainties, particularly due to US-China trade relations, are highlighted as a significant concern [10][11]. 7. **Construction Materials and Steel Industry** - The construction materials sector is entering a seasonal downturn, with prices under pressure. However, there are expectations for a rebound in demand as the market transitions from a slow to a peak season [24][26]. 8. **Transportation Sector Insights** - The shipping industry has seen a significant price increase, with container shipping rates doubling in the past month. However, a potential decline in demand is anticipated as the rush for shipping eases [31][32]. 9. **Investment Recommendations** - The call suggests focusing on companies with strong dividend yields and stable fundamentals, particularly in the construction materials and transportation sectors. Specific companies like China Shenhua and Shaanxi Coal are recommended for their strong dividend attributes [29][36]. Other Important but Possibly Overlooked Content 1. **Emerging Opportunities in New Materials** - Companies involved in domestic substitutes for new materials are highlighted as long-term investment opportunities [24]. 2. **Market Sentiment and Stock Performance** - The performance of small-cap stocks is noted, with fluctuations indicating a lack of strong market direction. However, some stocks have shown resilience and potential for recovery [24]. 3. **Global Economic Factors** - The call acknowledges ongoing global uncertainties, including geopolitical tensions and their potential impact on market dynamics, particularly in the commodities sector [19][20]. 4. **Sector-Specific Risks** - The chemical sector faces challenges due to demand uncertainties and potential overcapacity, which could hinder price recovery despite favorable cost conditions [11][12]. 5. **Future Monitoring of Policy Changes** - The need for ongoing observation of policy developments, particularly in fiscal and monetary areas, is emphasized as critical for future investment strategies [6][8].

Investment Rating - The report maintains a "Buy" rating for Chanhen (002895 CH), Yuntianhua (600096 CH), and NHU (002001 CH), while Skshu (603737 CH) and Yuhong (002271 CH) are rated "Hold" [3][4][8]. Core Insights - The phosphate sector is experiencing strong performance, with companies like NHU expecting a profit increase of 50-70% in 1H25, driven by resilient agricultural demand and rising prices [3]. - Chanhen and Yuntianhua are highlighted as top picks due to their earnings momentum and robust dividend profiles, with expected earnings growth of over 40% year-on-year for Chanhen in 2Q and around 10% for Yuntianhua [3][8]. - The report notes potential catalysts for growth, including rising fertilizer export prices and elevated phosphate rock prices during the peak planting season [3]. Summary by Sections Phosphate Sector - Phosphate companies are expected to lead the sector, with Chanhen and Yuntianhua showing strong earnings growth and dividend yields exceeding 6% in 2025 [3][8]. - NHU's profit guidance indicates overall sector strength, with a projected increase of 50-70% [3]. Building Materials - Skshu has issued positive profit guidance for 2Q, projecting earnings growth of 69-118% year-on-year, but the report maintains a "Hold" rating due to the growth being largely priced in [4]. - Yuhong is expected to face ongoing weakness in earnings due to challenges in new housing and engineering construction [4]. Commodity Chemicals - Satellite Chemical is facing headwinds with expected earnings declines due to turbulence in ethane/propane imports and operational risks [5]. - Wanhua and LB Group are also under pressure from anti-dumping duties affecting their core products, leading to a negative outlook for their 2Q earnings [5].

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The Ministry of Housing and Urban-Rural Development emphasizes the importance of stabilizing the real estate market, which is expected to lead to significant improvements in the fundamentals of the real estate chain. Recommended stocks in the consumer building materials sector include Sankeshu, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware. Beneficiary stocks include Beixin Building Materials [3] - The National Development and Reform Commission has issued a special action plan for energy conservation and carbon reduction in the cement industry, aiming to control cement clinker capacity at around 1.8 billion tons by the end of 2025, with a target of reducing comprehensive energy consumption per unit product by 3.7% compared to 2020 [3] - The "equal tariff" policy is expected to benefit fiberglass leaders with overseas production bases, allowing them to raise prices and consolidate profitability [3] Market Performance - The construction materials index rose by 3.34% in the week from July 7 to July 11, 2025, outperforming the CSI 300 index by 2.52 percentage points. Over the past three months, the CSI 300 index increased by 6.41%, while the construction materials index rose by 6.60%, indicating a slight outperformance of 0.18 percentage points [4][13] - In the past year, the CSI 300 index increased by 15.62%, and the construction materials index rose by 15.80%, also showing a slight outperformance of 0.18 percentage points [4][13] Cement Sector - As of July 11, 2025, the average price of P.O42.5 bulk cement nationwide was 282.89 CNY/ton, a decrease of 3.48% month-on-month. The clinker inventory ratio was 65.89%, down 2.29 percentage points [6][23][24] - The price of cement varied by region, with notable declines in Northeast (-4.76%), North China (-2.33%), East China (-2.98%), South China (-5.74%), Central China (-3.41%), and Southwest (-4.93%) regions [23][29] Glass Sector - The average price of float glass as of July 11, 2025, was 1205.63 CNY/ton, with a slight increase of 0.17%. The average price of photovoltaic glass remained stable at 116.02 CNY/weight box [6][71][78] - The inventory of float glass decreased by 970,000 weight boxes nationwide, a decline of 1.66% [73][74] Fiberglass Sector - The price of non-alkali 2400tex direct yarn ranged from 3400 to 4100 CNY/ton, with flexible pricing based on regional differences [6] Consumer Building Materials - As of July 11, 2025, the price of crude oil was 70.63 USD/barrel, down 0.39% week-on-week. The price of asphalt was 4570 CNY/ton, up 1.11% week-on-week [6]

Investment Rating - The report maintains a positive outlook on the African building materials sector and local manufacturing leader Keda Manufacturing, particularly following the ignition of Keda's base in Côte d'Ivoire in June [1][13]. Core Insights - The Kenyan government has implemented a tiered tax on imported building materials, including a 3% export promotion tax on ceramic tiles and sanitary ware, aimed at reducing import dependency and fostering local manufacturing [1][13]. - The report emphasizes the importance of local production and consumption integration, highlighting Keda Manufacturing's efforts to establish local production in multiple African countries [1][13]. - The report identifies potential investment opportunities in the PCB upstream new materials sector, particularly in electronic cloth and copper foil, driven by high demand in AI applications [2][14]. - The waterproofing industry is experiencing frequent price increases, indicating a consensus among leading companies to curb malicious competition and stabilize prices [3][15]. - The cement sector is undergoing capacity reduction efforts, with the China Cement Association advocating for a unified approach to actual and registered production capacities [3][15]. Summary by Sections Weekly Discussion - Keda Manufacturing is recognized as a leader in local production within Africa, with recent developments in Côte d'Ivoire and supportive government policies in Kenya [1][13]. Cycle Interaction - Cement prices have shown a slight decline, with an average price of 347 RMB/t, down 46 RMB year-on-year, while glass prices have increased slightly to 1204.97 RMB/t [4][16]. - The report notes a stable demand for glass and fiberglass, with the latter maintaining a price of 3669 RMB/t [4][16][61]. National Subsidy Tracking - The report highlights government initiatives to boost consumption, including subsidies for building materials, which may benefit companies like Sangor and North New Materials [5][17]. Important Changes - Several companies, including Zhongcai Technology and China Jushi, have announced significant profit increases for the first half of 2025, indicating strong performance in the building materials sector [6][21].

Industry Overview - The decoration and renovation materials industry is essential for both indoor and outdoor building decoration, with significant growth driven by rising disposable income and consumer spending in China [1][9] - China has become a major global player in the production, consumption, and export of decoration materials, with leading products in both total volume and per capita consumption [1][9] - The market size for new decoration and renovation materials is projected to grow from CNY 466.23 billion in 2016 to CNY 522.53 billion in 2024, with expectations to reach CNY 532.13 billion by 2025 [1][9] Industry Definition and Classification - Decoration materials can be classified based on chemical composition (inorganic, organic, polymer, composite), building location (exterior, interior, flooring, ceiling), and material type (wood, ceramics, glass, coatings, stone, plastics, textiles, metals) [2] Current Development Status - The rapid economic development and rising living standards in China have led to increased demand for high-quality housing, which in turn boosts the construction materials market [7] - The application of new materials in construction is crucial for enhancing safety, suitability, and efficiency, with a market size for new building materials expected to reach CNY 20,661.6 billion in 2024 and CNY 21,099.6 billion in 2025 [7] Industry Chain - The industry encompasses a full supply chain from raw material supply to production, distribution, and end-use, involving sectors such as construction materials, chemicals, and home furnishings [11] Competitive Landscape - The industry is characterized by a multi-tiered structure with regional and brand differentiation, featuring major players like Beijing Oriental Yuhong Waterproof Technology Co., Ltd., BNBM Group, and Fujian Sankeshu Co., Ltd. [13][16] - The competitive landscape is marked by increasing production scale and technological advancements, leading to higher industry concentration [13] Key Enterprises - Beijing Oriental Yuhong reported a total revenue of CNY 28.056 billion in 2024, with significant contributions from waterproof materials and coatings [16] - BNBM Group, a leading gypsum board manufacturer, achieved a total revenue of CNY 22.821 billion in 2024, with gypsum board sales being the largest segment [18] Future Development Trends - The industry is expected to continue its rapid growth, driven by urbanization and rising consumer expectations for health, comfort, and aesthetics in building materials [20] - There is a growing emphasis on sustainable and environmentally friendly materials, with a shift towards multifunctional, high-quality, and high-value-added products [21]

东方雨虹 20250709 摘要 公司在去年下半年价格战后，试点提价策略，发现对销量影响不大，决 定逐步恢复价格，尤其在零售端防水涂料市场（占全国 70%份额）具有 较强议价能力，提价幅度最高达十几个百分点，瓷砖胶等基础材料也适 度上调。 工程市场竞争格局变化，头部企业如宇宏、科顺和北新防水不再内卷， 陆续发布涨价函，宇宏 3 月涨价函已落地，4 月价格止跌，二季度累计 价格环比一季度略有提升，预示行业平均利润率有望恢复。 工程市场需求下行，大量防水公司退出，从业企业数量大幅下降（估计 至少 60%），价格影响力集中于宇宏、科顺和北新防水三家，若三家不 再打价格战，调价落地可行性较高。 价格战导致防水行业质量下降，部分企业产品甚至无法达标五项基本检 测指标。强条在重点工程有效，但普通项目落地效果差，需加强监管， 避免牺牲质量换取市场份额的短视行为。 2025 年上半年，民建业务一季度收入下降十几个百分点，二季度恢复 双位数增长，预计全年增长；零售业务一、二季度均增长，优于工程市 场；工程市场降幅收窄，但价格基数低影响收入。 Q&A 东方雨虹近期防水产品的提价背景及其持续性如何？ 东方雨虹近期的防水产品提价主要 ...

截至7月10日收盘，房屋检测概念上涨2.89%，位居概念板块涨幅第2，板块内，37股上涨，广咨国际 30%涨停，重庆建工涨停，中设咨询、特发服务、旭杰科技等涨幅居前，分别上涨13.16%、10.06%、 8.90%。跌幅居前的有诚邦股份、谱尼测试、新点软件等，分别下跌2.77%、1.48%、0.83%。 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 300917 | 特发服 务 | 10.06 | 16.26 | 8465.28 | 6.46 | | 600939 | 重庆建 工 | 10.12 | 4.05 | 6317.74 | 22.23 | | 300012 | 华测检 测 | 0.67 | 2.61 | 3899.98 | 8.64 | | 002271 | 东方雨 虹 | 2.73 | 2.53 | 3183.80 | 5.68 | | 301136 | 招标股 份 | 3.48 | 7.17 | 2080 ...