Core Viewpoint - The A-share building materials sector is experiencing a strong upward trend, with multiple stocks showing active performance, driven by market expectations for a cyclical recovery in the sector [1] Group 1: Policy and Economic Support - The Ministry of Housing and Urban-Rural Development has released an opinion on improving housing quality, aiming for significant enhancements in housing standards, design, materials, construction, and operation by 2030, which directly benefits the consumption of building materials, waterproofing, and glass sectors [1] - The central bank has lowered various structural monetary policy tool rates by 0.25 percentage points, with the one-year re-lending rate reduced from 1.5% to 1.25%, aimed at promoting stable economic growth and providing liquidity support for the recovery of real estate and infrastructure sectors, indirectly boosting demand in the building materials industry [1] Group 2: Infrastructure and Supply Chain Developments - The issuance of special bonds by local governments has accelerated, with a total issuance scale of 0.18 trillion yuan, an increase of 0.10 trillion yuan year-on-year, easing government fiscal pressure and supporting demand for cement and pipe materials through accelerated municipal engineering and pipeline construction projects [2] - The building materials industry has seen improvements in supply-demand dynamics after five years of capacity clearance, with the waterproofing sector's concentration rapidly increasing, and a significant reduction in floating glass daily melting capacity by 27,200 tons compared to the 2021 peak, alongside a 160 million ton capacity exit in the cement industry, alleviating supply pressures and laying the foundation for profit recovery [2] Group 3: Sector-Specific Benefits - The waterproofing industry is expected to benefit from housing quality improvement policies, the release of renovation demand, and supply-side clearance, with leading companies projected to experience revenue declines significantly lower than the industry average from 2021 to 2024, and further price increases anticipated in 2025 [3] - The glass processing industry is poised to gain from accelerated cold repairs in floating glass production capacity and a balanced supply-demand structure, alongside increased demand for high-end glass driven by housing quality improvements [3] - The pipe and pipeline industry is supported by the rapid implementation of infrastructure projects and municipal pipeline renovation policies, with municipal engineering projects accelerating, directly benefiting related pipe material companies from the recovery in infrastructure demand [3]

Market Performance - The renovation and building materials sector increased by 4.03% compared to the previous trading day, with N国亮 leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Stock Highlights - N国亮 (code: 920076) saw a significant rise of 160.78%, closing at 28.06 with a trading volume of 161,500 shares and a transaction value of 483 million [1] - 科顺股份 (code: 300737) increased by 20.00%, closing at 6.96 with a trading volume of 1,268,900 shares and a transaction value of 819 million [1] - 万里石 (code: 002785) rose by 9.93%, closing at 43.05 with a trading volume of less than 302,500 shares and a transaction value of 1.288 billion [1] - 东方雨虹 (code: 002271) increased by 8.14%, closing at 17.01 with a trading volume of 947,500 shares and a transaction value of 1.577 billion [1] Capital Flow - The renovation and building materials sector experienced a net inflow of 68.06 million from institutional investors, while retail investors contributed a net inflow of 64.30 million [2] - The sector saw a net outflow of 132 million from speculative funds [2] Individual Stock Capital Flow - 科顺股份 had a net outflow of 50.83 million from institutional investors, while retail investors had a net inflow of 1.72 million [3] - 东方雨虹 experienced a net inflow of 34.78 million from institutional investors, but a net outflow of 51.34 million from retail investors [3] - N国亮 had a net inflow of 11.20 million from institutional investors, with a net outflow of 12.43 million from retail investors [3]

申万宏源证券指出，地产链下行已经五年时间，当下更应当关注积极信号。自2021年开始，房地产相关的各项数据经历了持续5年的下滑。五年间建材行业 面临的压力诸如需求下行、信用风险扩散、成本扰动、竞争加剧等已无需更多阐述。我们认为当下更应当从长期视角回顾，关注整个板块5年来的积极变 化。 5年时间足够让行业完成一轮产能出清；5年时间已足够企业完成战略转型；5年时间也足够政策方向调整；5年时间也足够市场偏好调整；建议重视这轮地产 链行情，看好消费建材核心标的。2026年看好地产开工端，市场对开工端预期较低，防水、塑料管等开工端建材估值处于相对低位，政策催化下易产生超出 预期的表现。中长期看好存量翻新，居民对改善居住条件的诉求随收入预期好转将逐步体现。后周期涂料、五金、瓷砖、板材等充分受益。 华福证券认为，在反内卷加速供给侧改革预期下，建材产能周期有望迎来拐点。同时，鉴于一方面利率下行有利购房意愿修复，另一方面收储及城改货币化 有助于购房能力修复，从而推动地产市场基本面企稳概率增加，亦有望推动地产后周期需求的修复。 国泰海通证券认为，在宏观弱假设下寻找独立增长亮点或估值优势，当预期底部上修时超额就会更加明显，此所谓"天 ...

建材板块震荡走高，金隅集团涨超10%，东方雨虹涨超7%，中国巨石、兔宝宝、北新建材、耀皮玻璃 跟涨。 ...

Core Viewpoint - Oriental Yuhong's stock price has seen a significant increase, rising 5.85% on January 22, with a cumulative increase of 11.64% over three consecutive days, indicating strong market interest and performance [1]. Company Overview - Beijing Oriental Yuhong Waterproof Technology Co., Ltd. was established on March 30, 1998, and listed on September 10, 2008. The company specializes in the research, production, sales of waterproof materials, and waterproof engineering construction [1]. - The revenue composition of the company includes: waterproof membranes (40.63%), coatings (29.08%), mortar powder (14.71%), other main revenues (8.39%), engineering construction (6.26%), and others (0.94%) [1]. Fund Holdings - Agricultural Bank of China Asset Management has a fund that heavily invests in Oriental Yuhong. The fund, named Agricultural Bank of China Ruiyun Gain 6-Month Holding Mixed A (017624), held 14,100 shares, accounting for 0.39% of the fund's net value, ranking as the tenth largest holding [2]. - The fund has generated a floating profit of approximately 13,000 yuan today, with a total floating profit of 23,100 yuan during the three-day increase [2]. Fund Manager Performance - The fund manager Liu Shasha has a tenure of 11 years and 146 days, with a total fund asset size of 1.206 billion yuan and a best return of 31.67% during her tenure [3]. - Manager Qian Daqian has a tenure of 3 years and 33 days, managing assets of 1.704 billion yuan, with a best return of 50.57% [3]. - Manager Pu Tianrui has a shorter tenure of 80 days, overseeing assets of 1.409 billion yuan, with a best return of 1.41% [3].

Investment Rating - The report maintains a positive outlook on the building materials industry, indicating a "Look Forward" investment rating [3][4]. Core Insights - The real estate sector has experienced a downturn for five consecutive years, but there are emerging positive signals that warrant attention. The building materials industry has faced pressures such as declining demand, credit risk expansion, cost disturbances, and intensified competition [4][5]. - Over the past five years, the industry has undergone significant capacity clearance, with a cumulative decline of 38% in waterproof materials production from 2021 to 2024. In contrast, the top three companies in this sector have seen a revenue decline of only 20.9%, indicating a rapid increase in industry concentration [4][5]. - Strategic transformations have been completed by several leading building materials companies, enhancing their competitive positions and adapting to market changes. Companies like Dongfang Yuhong and Keshun have successfully restructured their channels and expanded into new markets [6]. - There is an anticipated surge in renovation demand due to the aging housing stock, with a significant portion of homes being over 20 years old. The report predicts that by 2025, second-hand housing transactions will account for 70% of the market, which will likely stimulate renovation activities [7][9]. - Policy adjustments have been noted, with government signals indicating support for the real estate sector, including tax incentives for housing transactions. This is expected to positively influence market sentiment and investment in the building materials sector [9]. Summary by Sections Industry Overview - The building materials industry has faced five years of challenges, but recent developments suggest a potential recovery. The report emphasizes the importance of viewing the industry from a long-term perspective [4][5]. Capacity and Production - The report highlights a significant reduction in production capacity across various segments, including a 38% decline in waterproof materials and a 1.6 billion ton reduction in cement capacity, which has alleviated supply pressures [4][5]. Strategic Transformations - Notable companies have successfully navigated strategic transformations, with improvements in asset quality and revenue growth. For instance, Dongfang Yuhong has seen a substantial increase in retail business revenue [6]. Demand Dynamics - The report anticipates a shift in demand dynamics, particularly in the renovation market, driven by an aging housing stock and changing consumer preferences. This is expected to lead to increased demand for building materials [7]. Policy Environment - Recent policy changes are viewed as supportive of the real estate market, with indications of government backing for housing transactions and urban renewal initiatives [9]. Investment Recommendations - The report suggests focusing on core consumer building materials stocks, particularly those positioned to benefit from anticipated increases in construction activity and renovation demand [9].

近日，东方雨虹与华能（上海）清洁能源开发有限公司正式签署战略合作协议。双方将聚焦清洁能源项 目建设、绿色建材应用、技术联合开发三大核心领域，构建全方位协同合作体系，开启"建材+能源"跨 界融合新阶段。 作为建筑建材系统服务商，东方雨虹始终以技术创新驱动绿色转型，深耕绿色建材研发与应用，已构建 起覆盖防水、防火、防腐、保温、新能源配套材料等多品类的全域绿色产品矩阵。目前，东方雨虹绿色 产品斩获多项权威认证，多款核心产品顺利通过法国A+、德国EC1PLUS等国际认证，其中臻·植本防水 涂料更摘得美国USDA生物基标签认证，从源头构建起绿色品质护城河。 据悉，双方将建立常态化交流机制，充分整合各自产业优势，探索"能源+建材"协同发展新路径。重点 围绕清洁能源项目绿色建材标准化应用、低碳技术联合攻关、行业趋势研判等方向深化协作，助力绿色 建材产业规模扩容。 依托先进防水材料国家重点实验室等高端创新平台，东方雨虹整合上下游产研学资源，研发推出成熟的 光伏防水一体化解决方案，成功服务于上海特斯拉超级工厂、腾讯怀来数据中心等多个标杆项目。数据 显示，截至2024年底，东方雨虹光伏总装机容量已突破100兆瓦；2025年，其多 ...

地产链这些年都经历了什么？20260120 摘要 消费建材板块经历四年调整后，龙头企业于 2025 年三季度迎来拐点， 四季度收入利润同比转正，表明其通过存量翻新、渠道下沉和出海等策 略实现独立增长，行业整体压力依然存在。 供给端出现显著变化，包括企业通过资产减值提升利润，同行退出或转 型，以及龙头企业间竞争放缓，通过渠道和产品扩张寻求增长点，如涂 料、防水材料价格上涨，石膏板有望提价，反映行业竞争格局改善。 城市更新政策通过增强规划弹性、优化历史政策等措施加速存量市场转 化，为建材行业提供需求支撑，全国城乡住房存量巨大，城市更新将成 为重要增长动力。 涂料、防水材料和石膏板等细分领域通过提价反映需求端向供给端转移 的趋势，在需求下降周期中，通过优化供给端结构，实现价格稳定并逐 步恢复盈利能力。 建材公司积极从依赖大 B 客户向小 B 和 C 端客户转型，通过渠道调整和 产品升级提高毛利率，同时降本增效措施在 2025 年后逐渐显现，费用 率下降，财务状况得到改善。 Q&A 近年来地产链各行业发生了哪些变化？ 地产链中的家居消费建材、水泥、玻璃等行业受到了房地产政策变化的直接影 响。玻纤等传统基建地产相关领域 ...

【华福建筑建材】地产及地产链大涨点评：上层态度变化、政策渴望以及板块高低切的共振 今天地产及建筑建材板块大涨，主要源于市场传闻上海政策放松以及后续有更大力度政策出台。 我们认为当前时点需要重新看待地产及地产链板块： 开年以来，《求是》刊发重磅评论《改善和稳定房地产市场预期》，并连发六篇钟才平文章署名文章论怎么干经 济，对于房地产重点提出了：1）认可了房地产显著的金融资产属性，是居民财富的核心载 【华福建筑建材】地产及地产链大涨点评：上层态度变化、政策渴望以及板块高低切的共振 一方面，在数据全面下滑下，市场亟待政策发力；另一方面尽管数据依然疲软，但其对建材行业的边际负面影响 已明显减弱。 基本面方面，建材行业投资逻辑核心在于"供给侧改善"先于"需求侧复苏"。 在"反内卷"等政策导向下，水泥等行业的价格协同初见成效，盈利水平持续修复；防水、涂料等消费建材行业已 步入最后的尾部出清阶段，竞争格局优化，部分细分赛道龙头的毛利率、费用率等已在积极变化，并有望率先迎 来业绩拐点。 推荐逻辑上：我们首先推荐关注受益于地产政策传闻的高信用、高品质的开发类房企：招商蛇口、滨江集团；同 时推荐关注受益于地产需求修复预期的地产链细 ...

志特新材涨停创新高，九鼎新材2连板，海螺水泥、东方雨虹、三棵树、北新建材、伟星新材跟涨。 (本文来自第一财经) ...