Group 1 - Qingdao Hongjia New Energy Technology Co., Ltd. has been established with a registered capital of 2.5 million yuan [1] - The legal representative of the company is Hu Yang [1] - The business scope includes electric vehicle charging infrastructure operation, charging pile sales, power generation technology services, efficient energy-saving technology research and development in the power industry, and sales of power facility equipment [1] Group 2 - The company is wholly owned by Dongfang Yuhong (002271) through indirect shareholding [1]

东方雨虹"守护伞"型可 持续发展工作模式图 以"长期主义"为战略根基，将可持续发展深度融入企业基因。报告首次披露东方雨虹可持续发展工作规 划，展示了东方雨虹在可持续发展领域的坚定决心及实施行动计划。2024年，在董事会与可持续发展执 行委员会的高效指导下，东方雨虹明确"守护美好人居环境"的可持续发展工作宗旨，以"品质经营、绿 色创新、环境保护、员工发展、合作共赢"为重点工作方向，提出系列指标和目标，如企业将继续保持 和扩大在绿色环保产品创新、产业人才培养等方面的优势，提出"2025年，主要类别产品获得国内外环 保产品认证""未来3年，每年培训建筑建材产业工人1万人次"等目标，以及进一步加大环境保护力度， 提出"2025年，试点建设'无废工厂'、2026年，建设3-5家无废工厂"等目标。 连续十七年做一件事，对于个人而言，是一种难能可贵的执着与坚守，是对初心和信念的不懈秉持；而 对于一家拥有万人规模的上市公司来说，更是一种极具战略眼光的长远布局，是在变幻莫测的市场浪潮 中站稳脚跟的坚实力量。 日前，东方雨虹发布2024年可持续发展报告，在全面披露东方雨虹在环境维度、社会责任履行以及公司 治理等领域的最新实践成果 ...

Core Viewpoint - The real estate industry is experiencing a downturn, but opportunities are emerging as related sectors begin to recover from the prolonged impact of real estate [1] Group 1: Strategic Transformation and Growth Opportunities - The shift in demand towards existing homes has led to a strategic transformation for the company, moving from a B-end procurement model to focusing on C-end retail and small B engineering channels [2] - In 2024, the combined revenue from retail (C-end) and engineering (small B) channels is projected to reach 23.562 billion, accounting for 83.98% of total revenue [2] - The company is actively optimizing its customer structure and channel transformation, indicating a long-term strategic shift rather than a short-term tactic [2] Group 2: Financial Performance and Cash Flow Improvement - The company has significantly reduced its accounts receivable issues and improved operating cash flow, which is crucial for sustaining high dividend payouts [3] - In 2024, the operating net cash flow reached 3.457 billion, a substantial increase of 64.39% year-on-year [9] - The company has maintained a high dividend yield of nearly 14%, reflecting its financial health and commitment to shareholder returns [10] Group 3: New Growth Engines - The rise of diverse businesses, particularly the mortar powder segment, is contributing to new revenue streams, with non-waterproof business revenue accounting for 26.55% in 2024 [5] - The company is accelerating its overseas expansion, with international market revenue reaching 877 million, a year-on-year growth of 24.73% [6] - The establishment of factories in Malaysia and ongoing projects in the U.S. and Saudi Arabia are part of the company's global growth strategy [6] Group 4: Cost Reduction and Efficiency - The company has achieved a significant reduction in expense ratios, with a 3.4 percentage point decrease to 17% in Q1, driven by a 28% drop in sales expenses and a 57% drop in financial expenses [8] - These cost-cutting measures are expected to enhance profitability and strengthen the company's core competitiveness in the long term [8] Group 5: Future Outlook - The company is positioned at a critical juncture, transitioning from operational to growth and valuation phases, warranting attention to its value growth potential [11] - Short-term focus should be on the benefits of cost reduction, while mid-term attention should be on the explosive growth potential in overseas markets [12][13] - Long-term strategies include building platform barriers through diversified operations, with the mortar powder business emerging as a second core business [12]

Core Viewpoint - The company Oriental Yuhong (002271.SZ) is facing significant challenges with its performance and stock price, prompting its actual controller, Li Weiguo, to plan a substantial share reduction to alleviate debt pressure [1][5][10]. Financial Performance - In the first quarter of 2024, Oriental Yuhong reported a revenue decline of 16.71% and a net profit drop of 44.68%, with net profit at 1.92 billion yuan [2][15]. - For the full year of 2024, the company’s revenue and net profit were 280.56 billion yuan and 1.08 billion yuan, reflecting year-on-year decreases of 14.52% and 95.24% respectively [15]. - The company’s cash flow situation showed improvement, with accounts receivable decreasing from 114.23 billion yuan to 88.22 billion yuan year-on-year [15]. Shareholding and Reduction Plans - Li Weiguo plans to reduce his holdings by up to 46.38 million shares, representing approximately 1.94% of the total share capital, primarily to repay debts [4][5]. - As of July 3, 2023, Li Weiguo and his associates held 22.68% of the company's shares, with a pledge rate of 72.43% [2][9]. - Li Weiguo has a history of share reductions, having previously cashed out approximately 35 billion yuan, and with the current planned reduction, the total could reach around 40 billion yuan [8][9]. Market Context - The stock price of Oriental Yuhong has significantly declined, with a drop of about 50% from its peak, leading to concerns about the company's market performance [2][13]. - The company’s stock closed at 10.90 yuan per share on July 4, 2023, a stark contrast to its peak of 61.62 yuan per share in June 2021 [13]. Dividend Distribution - In 2024, Oriental Yuhong distributed a total of approximately 36.72 billion yuan in cash dividends, with a dividend rate of about 3393.90% [3][11]. - Li Weiguo personally received around 8.16 billion yuan from these dividends based on his shareholding [12]. Strategic Changes - The company is undergoing strategic changes to improve its business model, shifting from a direct sales model focused on real estate clients to a retail and engineering channel model [14]. - This transition has led to a significant decline in direct sales revenue, particularly from real estate collective procurement [14].

Investment Rating - The report maintains a positive outlook on the building materials industry, particularly highlighting the recovery potential in the consumption building materials sector and the cement industry [2][4]. Core Insights - The building materials industry has seen a resurgence in attention since July 1, driven by expectations of supply-side improvements and demand upgrades, particularly in the cement and glass sectors [2][4]. - The cement industry is expected to benefit from policies aimed at limiting overproduction, while the glass industry is experiencing changes due to reductions in production capacity and demand fluctuations [2][9]. - The waterproofing sector has seen unprecedented price increases among leading companies, indicating a potential recovery in profitability [3][5]. - AI demand is reshaping market expectations, particularly in the low dielectric cloth segment, which is expected to see continued product premium during the upgrade process [3][26]. Summary by Sections Consumption Building Materials - The logic of improving market dynamics is beginning to materialize, with price communication among companies becoming more favorable [5]. - The waterproofing industry has seen a significant price increase among leading firms, indicating a recovery in profitability [5][6]. - The report anticipates that profitability recovery will outpace revenue growth in 2025, driven by cost reductions and stabilized pricing [5]. Cement - The cement industry is experiencing a "reverse involution" with policies aimed at limiting overproduction, which is expected to stabilize prices [9][11]. - Demand remains weak, with a notable decline in production and sales, but the industry is expected to see a recovery in profitability as supply-side adjustments take effect [11][12]. - The report likens the supply-demand dynamics in the cement industry to a "tortoise and hare" race, where supply adjustments may lead to improved profitability despite weak demand [12][14]. Glass - The float glass market is currently facing pressure with prices remaining low and demand weak, leading to cash flow challenges for many companies [17][24]. - The report highlights that the photovoltaic glass sector is entering a cash loss zone, prompting accelerated cold repairs among manufacturers [24][25]. - The automotive glass segment is expected to maintain stable profitability due to product structure improvements and cost optimization [21][22]. Fiberglass - The demand for low dielectric cloth is expected to increase due to the AI industry's growth, with companies positioned well for product upgrades [26][27]. - The report notes that mainstream electronic cloth products are performing steadily, with potential price increases anticipated in the future [27][28]. Carbon Fiber - The wind power sector is seeing a recovery in demand, which is expected to lead to improved profitability in Q2 [32].

Group 1: Industry Overview - The construction materials industry has seen a significant increase in attention since July 1, driven by unexpected changes on the supply side and a focus on demand upgrades for the end of 2024 [1][2] - The cement industry is experiencing a "de-involution" policy expectation, with a focus on limiting overproduction and improving regulatory oversight [2][10] - The demand side is shifting, with AI-related demand expected to accelerate, positively impacting various segments of the industry [3][27] Group 2: Consumer Building Materials - The consumer building materials sector is witnessing a rare price increase in the waterproofing industry, indicating a potential recovery in profitability [4][5] - Companies like Sanke Tree and Dongfang Yuhong are showing improved profitability through cost reduction and price increases, validating earlier industry reports [4][5] - The outlook for 2025 suggests that profitability recovery will outpace revenue growth, with expectations of reduced price competition and improved cost management [4][5] Group 3: Cement Industry - The cement industry is expected to see a recovery in profitability as supply-side adjustments take effect, with a focus on limiting production and improving cash flow [10][12] - Major companies like Conch Cement and Huaxin Cement are expected to maintain strong cash flow and dividend policies, indicating long-term investment value [11][16][17] - The industry's overall profitability is anticipated to improve as demand stabilizes and production constraints are implemented [12][15] Group 4: Glass Industry - The float glass market is experiencing price fluctuations due to supply-demand imbalances, with expectations of cash losses for many companies [19][20] - Companies like Xinyi Glass and Qibin Group are facing challenges but are expected to maintain stable profitability in their automotive glass segments [21][22] - The photovoltaic glass sector is entering a cash loss phase, prompting accelerated cold repairs and production adjustments [25][26] Group 5: Fiber Industry - The fiberglass sector is seeing stable demand for mainstream electronic yarns, with a focus on high-end products like low-dielectric cloth [27][28] - Companies like China Jushi are expanding production capacity overseas to mitigate trade risks and maintain growth [29][30] - The carbon fiber market is showing signs of recovery in wind power demand, with expectations of improved profitability in Q2 [32]

Investment Rating - The report maintains a positive outlook on the PCB upstream new materials, particularly in the fields of electronic cloth and copper foil [2][14]. Core Insights - The report highlights the shift in Nvidia's GB200NVLink design to high-layer, high-frequency low-dielectric PCBs, which is expected to catalyze demand for upstream new materials in AI applications [2][14]. - The report emphasizes the ongoing price increases in the waterproof industry, with major companies like Keshun and Dongfang Yuhong announcing price hikes, reflecting a consensus among industry leaders to combat excessive competition [3][15]. - The report notes the potential for local manufacturing growth in Africa, particularly through companies like Keda Manufacturing, which is integrating into local economies by producing tiles and sanitary ware [4][16]. Summary by Sections 1. Weekly Discussion - The report continues to explore the potential of PCB upstream new materials, focusing on electronic cloth and copper foil, with a significant gap in expectations for high-end copper foil materials [2][14]. 2. Industry Price Changes - The report details the recent price adjustments in the waterproof sector, with companies implementing price increases ranging from 2% to 13% across various product categories [3][15]. - It also provides insights into the cement sector, noting a national average price of 349 RMB/t, a year-on-year decrease of 41 RMB, and an average shipment rate of 43.2% [5][17]. 3. Market Performance - The report indicates that the construction materials index increased by 3.91% this week, with notable performances in glass manufacturing and fiberglass sectors [23][27]. - It highlights the average price of float glass at 1201.02 RMB/ton, with a slight increase of 0.13% compared to the previous week [5][17]. 4. National Subsidy Tracking - The report discusses the government's initiatives to boost consumption, including the organization of new energy vehicle promotions and the issuance of funds for trade-in programs [6][18]. 5. Important Changes - The report notes significant developments, including the central government's emphasis on regulating low-price competition and the announcement of price adjustments by leading waterproof companies [7][22].

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The ongoing "anti-involution" initiative is expected to improve the fundamentals of the construction materials industry, with a focus on enhancing product quality and phasing out outdated production capacity [3] - The report highlights specific companies to watch, including SanKeTree, Dongfang Yuhong, Weixing New Materials, and Jianlang Hardware, as well as beneficiaries like Beixin Building Materials [3] - The cement sector is projected to benefit from energy-saving and carbon reduction initiatives, with a target to control cement clinker capacity to around 1.8 billion tons by the end of 2025 [3] Market Performance - The construction materials index increased by 3.96% in the week from June 30 to July 4, outperforming the CSI 300 index by 2.42 percentage points [4][13] - Over the past three months, the CSI 300 index rose by 8.01%, while the construction materials index only increased by 2.47%, indicating a lag of 5.55 percentage points [4][13] - In the past year, the CSI 300 index has risen by 16.06%, compared to an 11.69% increase in the construction materials index, resulting in a 4.38 percentage point underperformance [4][13] Cement Sector - As of July 4, 2025, the average price of P.O42.5 bulk cement was 293.11 RMB/ton, reflecting a 1.97% decrease from the previous period [6][24] - The clinker inventory ratio nationwide was 68.18%, down by 1.18 percentage points [6][25] - Regional price variations were noted, with the Northeast region remaining stable, while other regions like North China and Southwest saw declines of 4.13% and 6.58%, respectively [6][24] Glass Sector - The average price of float glass was 1201.35 RMB/ton as of July 4, 2025, showing a slight increase of 0.07% [6][74] - The inventory of float glass decreased by 1.17%, with a total of 58.31 million weight boxes reported [6][76] - The price of photovoltaic glass fell by 3.88%, with an average price of 116.02 RMB/weight box [6][81] Fiberglass Sector - The price of non-alkali 2400tex direct yarn ranged from 3400 to 4100 RMB/ton, with variations based on specific product types [6] - The fiberglass sector is expected to benefit from favorable tariffs for companies with overseas production bases [3] Consumer Building Materials - The report indicates that raw material prices for consumer building materials have remained relatively stable with slight fluctuations [6][5]

Industry Overview - Waterproof membranes are essential functional materials in the construction industry, comprising a significant part of the building materials industry. They mainly include SBS/APP modified bitumen waterproof membranes, self-adhesive membranes, and polymer waterproof membranes. Among these, polymer waterproof membranes are rapidly increasing their market share due to their durability, corrosion resistance, environmental friendliness, and ease of construction [1][18] - The market demand for polymer waterproof membranes has seen explosive growth due to accelerated urbanization and continuous investment in infrastructure. The market size for polymer waterproof membranes in China is projected to reach approximately 21.808 billion yuan in 2024 [1][18] Market Dynamics - The production of waterproof materials in China has maintained a steady growth rate of around 10% since 2015, with a significant increase in 2020 due to heightened demand. In 2023, the production of waterproof materials reached 5.81 billion square meters, a year-on-year increase of 19.16%. The production is expected to further increase to approximately 6.525 billion square meters in 2024 [14][15] - The polymer waterproof membrane market is expected to continue growing, supported by government policies favoring green building materials and increasing environmental regulations [1][18] Competitive Landscape - The market for polymer waterproof membranes in China is characterized by low concentration and a large number of companies. Major domestic players include Oriental Yuhong, Beixin Waterproof, and Kairun Building Materials, among others. There are also many small and medium-sized enterprises with varying product quality [21][22] - The competitive landscape is evolving, with larger companies expanding and smaller firms facing pressure, potentially leading to increased market concentration in the future [21] Industry Development Trends - The polymer waterproof membrane industry is expected to accelerate its focus on environmental sustainability, emphasizing the development and application of solvent-free and low-VOC materials. Traditional materials will gradually be replaced by recyclable high polymer materials [27] - Future advancements will focus on enhancing performance, including weather resistance, puncture resistance, and lifespan. Innovations such as self-healing materials and specialized membranes for unique applications will drive the industry towards high-end and professional development [28] - The integration of smart technologies in production and application processes is anticipated, with IoT and AI optimizing quality control and enabling real-time monitoring of material performance [29] - The industry will also prioritize ease of construction, developing products that reduce reliance on skilled labor and streamline installation processes [30]

防水涂料界的龙头企业东方雨虹（002271），决定从7月起带头涨价。 东方雨虹早前对合作伙伴发布了调价函，宣布从7月开始，针对民用建材中的部分防水涂料、美缝剂和 部分瓷砖胶产品价格进行上调。 其中，防水涂料价格上调3%—13%、美缝剂上调4%—9%、C0级瓷砖胶价格上调1%—5%(部分区域)。 对于涨价的原因，东方雨虹在调价函中表示，此次是为了"维护品牌长期健康发展，稳定市场秩序，确 保市场良性竞争"。 今年3月，东方雨虹的工建集团从今年2月起，就已经宣布将价格上调1%—5%，此番涨价则蔓延至民建 产品。 不过有业内人士表示，东方雨虹主要的涨价对象还是在经销商方面："至于经销商会不会把提价传导给 终端消费者，还是要看市场需求，不排除经销商不敢轻易涨价，自行将涨价的部分吸收的可能。" 化工涂料原料价格持续上涨 事实上，从今年以来，化工涂料市场就因为原材料价格上涨、运输成本增加等因素，出现全面上涨。 早在今年1月，全球最大的化工企业巴斯夫就上调了MDI价格，当时的价格已经达到18700元—19000元/ 吨，较早前基础上上涨了700元/吨。LG化学也从3月1日开始，对中国地区POE价格上涨$100/MT(约等 于 ...