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].

证券研究报告|行业研究周报 [Table_Date] 2025 年 09 月 28 日 [Table_Title] 稳增长方案发布，重点关注行业供给优化 [Table_Title2] 建筑材料 [Table_Summary] ►本周受益标的：（1）工信部等 6 部门联合发布《方案》，反 内卷下水泥行业自律加速，推荐华新水泥、海螺水泥等，上峰 水泥等受益；行业"反内卷"同步推进，光伏玻璃行业底部提 价，推荐旗滨集团，福莱特、信义光能等受益；防水顺应倡议 产品提价，推荐东方雨虹、科顺股份等；（2）龙头受益消防新 国标，消防机器人商业化助新成长，推荐消防报警龙头青鸟消 防；（3）受益于特种电子布超高景气，推荐中国巨石、中材科 技、国际复材等受益。（4）推荐经营韧性超预期，个股α强的 三棵树，推荐估值低位且具备高分红的伟星新材、兔宝宝等。 ►反内卷效果显现，水泥、玻璃价格趋势好转。（1）水泥： 本周全国水泥市场价格环比大幅攀升，涨幅为 1.5%。九月 底，受降雨和台风天气影响，水泥市场需求出现阶段性减 弱，全国重点地区水泥企业平均出货率环比下降约 2pct。 （2）浮法玻璃：本周国内浮法玻璃均价 1224.74 元/ ...

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]

证券代码：002271 证券简称：东方雨虹 公告编号：2025-091 北京东方雨虹防水技术股份有限公司 关于公司控股股东部分股份 解除质押的公告 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、股东部分股份解除质押基本情况 北京东方雨虹防水技术股份有限公司（以下简称"公司"）近日接到公司控股股东、实际控制人李卫国先 生函告，获悉李卫国先生所持有本公司的部分股份办理了解除质押手续，具体事项如下： ■ 注：上表中若出现相关数据合计数与各分项数值之和不相等系由四舍五入造成。 登录新浪财经APP 搜索【信披】查看更多考评等级 如上表所示，李卫国先生及其一致行动人李兴国先生合计持有本公司股份497,983,505股，占公司总股本 的20.85%，完成本次部分股份解除质押后，累计质押所持公司股份为240,042,198股，占公司总股本的 10.05%，占其所持公司股份的48.20%。 三、其他说明 1、李卫国先生及其一致行动人李兴国先生目前不存在通过非经营性资金占用、违规担保等侵害上市公 司利益的情形。 2、李卫国先生看好公司长期发展，本次股份解除质押事项目前不存在 ...