Core Viewpoint - The company, Dongfang Yuhong, has been providing high-quality and comprehensive building material system solutions for major infrastructure projects and various types of buildings since its establishment, indicating a strong market presence and commitment to quality [1] Group 1: Company Overview - Dongfang Yuhong has a diverse application of its products and services across various sectors, including residential, commercial, and industrial construction [1] - The company’s solutions are utilized in significant infrastructure projects such as housing construction, high-speed railways, subways, urban railways, highways, urban bridges, airports, and water conservancy facilities [1] Group 2: Market Opportunities - The company is focused on closely monitoring the progress of relevant projects to actively seize market opportunities [1]

Group 1 - In July, A-shares ended with all three major indices rising, with the Shanghai Composite Index up 3.74% to 3573.21 points, the Shenzhen Component Index up 5.2% to 11009.77 points, and the ChiNext Index up 8.14% to 2328.31 points [1] - Over 400 listed companies announced shareholder reductions in July, involving more than 800 instances of shareholding reductions, particularly in the electronic, pharmaceutical, and new materials sectors [1] - The total number of companies with proposed single reductions exceeding 500 million yuan reached 18, with examples including Oriental Yuhong, which planned to reduce up to 46.38 million shares, accounting for 1.94% of total shares, with an estimated cash-out of about 500 million yuan [1] Group 2 - Major shareholders and actual controllers were the primary entities reducing their holdings, with over 60 actual controllers announcing reductions in July [3] - The National Integrated Circuit Industry Investment Fund reduced its holdings in several stocks, including Sai Microelectronics and Shengke Communication, due to fund expiration or capital needs [4] - Personal funding needs were the main reason for reductions, with some notable exceptions, such as the controlling shareholder of Hongqiang Co., who planned to use the funds for a non-profit elderly care project [5] Group 3 - The stock price increase in the market has driven many major shareholders to cash out, indicating a natural occurrence of reductions as stock prices rise [5] - The market's continuous expansion and the increasing number of stocks available for trading suggest that reductions will become more normalized [5] - Economic analysts emphasize that each reduction should be analyzed individually, as motivations for reductions can vary significantly among major shareholders [5]

北京商报讯（记者 翟枫瑞）随着全球化浪潮的深入推进，家居行业正加速开启海外市场拓展。中国海关总署最新数据显示，2024年我国家具及其零件出口 规模达4830.34亿元，同比增长7.0%；其中，12月单月出口额506.87亿元，同比增长3.3%，环比增幅20.19%。出口规模增长的背后，是企业在"海外优先"战 略指引下的积极探索。 从业绩来看，东方雨虹2024年其他国家或地区实现营收8.77亿元，同比增长24.73%。东方雨虹表示，2024年公司进一步加强海外市场调研、完善海外组织管 理体系，强化国际供应链布局和渠道建设。 值得注意的是，东方雨虹越南首家零售专卖店近日开业。作为东方雨虹深耕东南亚市场的重要举措之一，越南首家零售专卖店的开业标志着东方雨虹东南亚 战略布局迈入全新阶段。北京商报记者了解到，目前东方雨虹已在11个国家推进海外生产基地的落地。 对于未来海外业务推进计划，王文萍表示，今年下半年，东方雨虹将以"贸易+投资+并购"三线并进策略推进海外业务发展。在贸易方面，国际工程业务部 门负责"借船出海"的战略部署，主要通过与国内已有良好合作基础的中资总包企业合作，将产品和服务带向海外市场。在投资层面，制造集 ...

近日，北京连续极端强降雨造成重大灾害，多家企业宣布捐款捐物驰援受灾地区。众多企业迅速响应，纷纷伸出援手，资金、物资齐上阵。 小米公益基金会微博7月29日发文称，小米公益基金会为应对华北地区强降雨引发的洪涝和地质灾害，捐赠了500万元现金及35万元应急物资，用于支持过 渡安置、灾后重建工作以及提供灾区急需的紧急援助。此次捐赠的应急物资包括充电宝、对讲机、手电筒等，以满足受灾地区的紧急需求。 7月29日，新东方与东方甄选决定捐赠100万元现金以及50万元应急物资，用于北京及河北等受灾地区的应急救援。 此外，小米公益基金会还启动了应急物资政社协同保障机制，通过小米公益平台联合爱德基金会发起"共筑爱的安全家"项目，面向公众募集爱心善款，以 进一步支持灾区人民。 当日，字节跳动公益基金会宣布捐赠1000万元，将联合深圳壹基金公益基金会、北京平澜公益基金会、中国红十字基金会等多家公益机构，为京津冀等受 灾严重地区精准调配资源。除了提供卫生用品、生活安置、儿童物资等应急物资，还支持灾后益童乐园、益校计划等专项工作，助力受灾群众渡过难关， 重建家园。 同时，抖音、今日头条上线#抗击暴雨#专题，启动救灾捐赠功能。目前，字节跳动 ...

Core Viewpoint - The company, Oriental Yuhong, has been providing high-quality and comprehensive building material system solutions for major infrastructure projects both domestically and internationally since its establishment [1] Group 1 - The company's products and system services are widely applied in various fields, including residential buildings, high-speed railways, subways and urban railways, highways and urban bridges, airports, and water conservancy facilities [1] - The company is actively monitoring the progress of relevant projects to seize market opportunities [1] Group 2 - The company has contributed to significant projects such as comprehensive utility tunnels, affordable housing, industrial and warehouse logistics, old housing renovation, urban village transformation, and urban renewal [1]

在东方雨虹三十周年庆典上，在《新技术、新材料、新未来》主题分享中，东方雨虹制造集团副总裁兼 控股技术中心总监刘金景，以亲历者视角回溯东方雨虹科技征程关键阶段，系统介绍东方雨虹实力雄厚 的科研团队构成与持续创新发展轨迹，并重点介绍当前东方雨虹重点攻关和应用的十大关键技术领域。 2009年8月1日，这一天是研发的重要里程碑，技术中心大楼启用，此后，国家级企业技术中心、博士后 科研工作站、北美研发中心相继落成，这些不是招牌，是创新的平台，是从基础研究、技术突破、成果 转化到产业融合的全链条的创新平台！是"生产一代、推广一代，中试一代，开发和探索一代"的保障平 台，这是梦想燎原的沃土！ 今天，东方雨虹和北大强强联合组建先进防水材料全国重点实验室，就是要聚焦行业科学技术问题，就 是要突破技术难题，就是要打造先进防水材料领域科学研究阵地、技术创新高地和高层次人才培养基 地，这是梦想绽放的舞台！ 市场是技术创新的指挥棒，东方雨虹的创新来源于市场并服务于市场。机场、桥隧、地铁、管廊、核 电，学校、医院、工厂、居民建筑等，市场更加多元化、复杂化、国际化，好技术才有好材料，好材料 才有好未来。30年来我们不做一平米的非标产品，我 ...

Industry Overview - The liquid ammonia storage tank is a specialized equipment for storing and transporting liquid ammonia, with a history dating back to the late 19th century. Its development has been driven by advancements in chemical industry and increasing demand in agriculture, medicine, and food sectors [1][4][14] - The market size of China's liquid ammonia storage tank industry is projected to reach approximately 7.788 billion yuan in 2024, representing a year-on-year growth of 10.12% [1][14] - The first phase of the world's largest green hydrogen ammonia project, with an initial capacity of 320,000 tons, was officially put into operation on July 8, 2025. This project includes a milestone liquid ammonia storage tank project that is the first large-scale low-temperature tank for storing green ammonia globally [1][14] Industry Development Background - The demand for liquid ammonia has been increasing, with production expected to grow from 45.51 million tons in 2018 to 62.10 million tons in 2024, reflecting a compound annual growth rate of 5.32% [7] - The growth in liquid ammonia production has spurred the demand for specialized storage equipment, leading to rapid technological advancements in liquid ammonia storage tanks [7] Industry Chain - The upstream of the liquid ammonia storage tank industry includes raw materials and equipment, such as special steel, low-temperature alloys, insulation materials, sealing materials, and welding materials. The core equipment includes compressors, refrigeration units, and safety valves [10] - The midstream involves the production and manufacturing of liquid ammonia storage tanks, while the downstream applications span across chemical, construction, aerospace, biomedical, and environmental sectors [10] Industry Trends - The trend towards larger liquid ammonia storage tanks is driven by increasing production capacity and import/export demands. The industry is moving towards 50,000-ton capacity tanks to reduce land use and operational costs [22] - The integration of smart technologies, such as IoT sensors and AI monitoring systems, is enhancing safety and efficiency in the liquid ammonia storage tank sector [23] - The green transformation of liquid ammonia storage tanks is essential, focusing on low-energy, corrosion-resistant materials and the adoption of BOG recovery systems to minimize carbon emissions [24] Key Companies - Major companies in the liquid ammonia storage tank market include CIMC Enric, Blue Science and Technology, and various domestic manufacturers that dominate the mid to low-end market, while international brands focus on high-end large storage tanks [15][18][20]

Core Viewpoint - The company emphasizes the importance of long-termism and ESG (Environmental, Social, Governance) principles as essential for sustainable growth and resilience in the building materials industry, especially during cyclical fluctuations [1][5]. Group 1: Company Development and Strategy - Since its establishment in 1995, the company has adhered to a strict quality management system, ensuring that it does not produce non-standard products, which has helped it secure a significant market share in China [2][4]. - The company has evolved from a waterproof supplier for the Beijing Olympic venues to a global building materials service provider, operating in over 150 countries and regions [1][2]. - The strategic focus includes deepening its core waterproof business, expanding into sand powder as a second growth engine, exploring new applications in pipe industry and maintenance, accelerating localization of production, and targeting both lower-tier markets and consumer brands [4][5]. Group 2: ESG Commitment and Sustainable Development - The company has been a pioneer in ESG practices, having published its ESG report for 17 consecutive years, integrating ESG principles into its entire supply chain [5][7]. - In terms of environmental initiatives, the company has implemented distributed photovoltaic systems across 25 production bases, reducing carbon emissions by 38,600 tons annually, and has developed numerous green products that have received extensive environmental certifications [5][7]. - The company promotes social value by sharing knowledge through initiatives like the "Rainhong Academy" and participating in international projects that align Chinese construction standards with local needs, thereby enhancing sustainable construction practices [7]. Group 3: Future Outlook - The company aims to redefine the industry through resilience and long-term strategies, with a clear path to transition from a Chinese brand to a global brand, leveraging its core waterproof business and expanding into related sectors [5][7].

Core Viewpoint - The listing of companies in the paint industry has become a double-edged sword, often leading to decline rather than growth, with many once-prominent firms now struggling to survive [1][19][25] Group 1: Performance of Listed Paint Companies - Many listed paint companies have shown disappointing performance, with a notable decline in revenue and profitability [3][5][9] - Companies like Yushanshan and Jinlitai have faced severe operational challenges, including leadership instability and financial losses [5][9][15] - The overall trend indicates that the majority of listed paint companies are experiencing a downward trajectory, with only a few exceptions like Sanjiao Tree showing stable growth [1][19] Group 2: Historical Context and Challenges - Historical leaders in the paint industry, such as Xibei Chemical and Shuanghu, have seen their fortunes decline after decades of development, often becoming targets for capital manipulation [3][5][7] - The rapid expansion and subsequent failures of companies like Xibei Chemical highlight the risks associated with aggressive growth strategies [5][9] - The case of Tianjin Lighthouse illustrates how some companies have managed to survive through strategic acquisitions, while others have faded into obscurity [3][5] Group 3: Market Dynamics and Future Outlook - The paint industry is facing significant external pressures, including market downturns and declining demand, which are exacerbating the struggles of listed companies [11][15] - Companies like Aishichuangneng and Feilu are grappling with substantial losses and strategic uncertainties, indicating a broader industry malaise [11][13] - The overall sentiment suggests that the pursuit of listing may not be the panacea for growth, as many firms are finding that it can lead to increased pressure and potential decline [19][25]

Investment Rating - The investment rating for the construction materials industry is "Positive" (maintained) [1] Core Views - The construction materials index increased by 8.20% in the week from July 21 to July 25, 2025, outperforming the CSI 300 index by 6.51 percentage points [4][13] - The construction materials sector has shown strong performance over the past three months, with an increase of 16.12%, and over the past year, it has risen by 28.09%, both outperforming the CSI 300 index [4][13] - The report highlights significant investment opportunities in the construction materials sector, particularly due to the commencement of major projects like the Yarlung Tsangpo River downstream hydropower project, which is expected to boost demand for related construction materials [3] Summary by Sections Market Overview - The construction materials index has outperformed the CSI 300 index by 6.51 percentage points this week, with a year-to-date increase of 28.09% compared to the CSI 300's 21.06% [4][13] - The average PE ratio for the construction materials sector is 29.88 times, ranking it 17th lowest among all A-share industries, while the PB ratio is 1.28 times, ranking it 7th lowest [20][23] Cement Sector - As of July 25, 2025, the average price of P.O 42.5 bulk cement is 275.19 RMB per ton, reflecting a 2.02% decrease from the previous period [25][27] - The clinker inventory ratio has increased to 69.07%, up by 1.83 percentage points [26] Glass Sector - The spot price of float glass has risen to 1255.79 RMB per ton, an increase of 3.41% [78] - The inventory of float glass has decreased by 4.05%, with a total of 53.34 million weight boxes as of July 25, 2025 [80][81] - The price of photovoltaic glass has slightly decreased to 115.63 RMB per weight box, down by 0.34% [85]