炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 卖卖卖！防水巨头，再度清仓式退出！ 来源：证券日报之声 本报记者 陈潇 1月20日晚间，防水巨头北京东方雨虹防水技术股份有限公司（以下简称"东方雨虹"）发布公告称，公 司已将剩余所持2840.51万股金科智慧服务集团股份有限公司（以下简称"金科服务"）股份，按照每股 6.67港元的要约价格全部转让予要约人，成交金额约1.89亿港元。交易完成后，东方雨虹不再持有金科 服务股份。 随着私有化要约条件全部达成，金科服务预计将于2026年2月20日正式告别资本市场。此次清仓，也意 味着东方雨虹在金科服务这一资产上实现退出。 值得注意的是，除出售金科服务股份外，近期，东方雨虹资产处置动作频繁，且部分资产以折价方式出 售，对公司业绩形成一定压力。 2025年12月9日，东方雨虹曾公告称，公司及下属子公司拟以1011.59万元的价格，出售位于北京市昌平 区英泽路8号院4号楼的一套商业用途不动产。 2026年1月17日，东方雨虹再次披露资产出售公告，拟出售公司及下属子公司通过购买取得并持有的部 分不动产，以及作为债权人取得的部分下游客户抵债资产。拟处置 ...

东方雨虹在公告中表示，因要约收购价格提高，此次交易预计将为公司2026年度带来约5151.14万元的 利润总额增量。 公告显示，东方雨虹此前通过司法拍卖方式取得金科服务3268万股股份，并以等额债权履行完毕全部拍 卖款项支付义务。此后，公司已通过二级市场累计出售金科服务股份427.49万股，成交金额约3014万港 元(未扣除交易税费)。在本次要约收购前，公司仍持有金科服务股份2840.51万股，占其已发行股份的 4.76%。 随着私有化要约条件全部达成，金科服务预计将于2026年2月20日正式告别资本市场。此次清仓，也意 味着东方雨虹在金科服务这一资产上实现退出。 1月20日晚间，防水巨头北京东方雨虹（002271）防水技术股份有限公司(以下简称"东方雨虹")发布公 告称，公司已将剩余所持2840.51万股金科智慧服务集团股份有限公司(以下简称"金科服务")股份，按照 每股6.67港元的要约价格全部转让予要约人，成交金额约1.89亿港元。交易完成后，东方雨虹不再持有 金科服务股份。 值得注意的是，除出售金科服务股份外，近期，东方雨虹资产处置动作频繁，且部分资产以折价方式出 售，对公司业绩形成一定压力。 202 ...

Group 1 - The renovation and building materials sector increased by 3.16% on January 20, with SanKeTree leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the renovation and building materials sector showed significant price increases, with SanKeTree rising by 10.00% to a closing price of 48.38 [1] Group 2 - The sector experienced a net inflow of 16.48 million yuan from main funds, while retail investors contributed a net inflow of 42.05 million yuan [2] - Major stocks like Beixin Building Materials and Weixing New Materials saw varying levels of net inflow and outflow from different investor types [3] - SanKeTree had a net inflow of 34.97 million yuan from main funds, despite a net outflow from retail investors [3]

Group 1 - The high dividend selection concept increased by 1.39%, ranking 10th among concept sectors, with 16 stocks rising, including Nanshan Aluminum, Dongfang Yuhong, and Lantian Gas, which rose by 7.49%, 7.03%, and 4.21% respectively [1][2] - The leading decliners in the high dividend selection sector included Action Education, Siwei Liekong, and Qianjiang Motorcycle, which fell by 2.62%, 1.43%, and 0.99% respectively [1][2] - The high dividend selection sector saw a net inflow of 388 million yuan from main funds, with 10 stocks receiving net inflows, and 6 stocks exceeding 30 million yuan in net inflow, led by Minsheng Bank with a net inflow of 115 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Fusenmei, COSCO Shipping, and Minsheng Bank, with net inflow ratios of 14.94%, 10.54%, and 9.95% respectively [3][4] - The high dividend selection concept's top stocks by net inflow included Minsheng Bank, COSCO Shipping, Dongfang Yuhong, and Nanshan Aluminum, with respective net inflows of 115.39 million yuan, 100.27 million yuan, 72.47 million yuan, and 43.30 million yuan [3][4] - The overall market performance showed various sectors with significant fluctuations, with epoxy propylene leading the gainers at 5.78% and military information technology declining by 3.29% [2]

证券代码：002271 证券简称：东方雨虹 公告编号：2026-004 金科服务及要约人分别于 2025 年 11 月 18 日、2025 年 12 月 5 日及 2025 年 12 月 8 日发布联合公告，对要约收购条款进行修订，依据修订后的要约收购条 款，若金科服务退市条件达成，即金科服务股东会审议通过退市决议案且退市接 受条件（要约人总计获得不少于 90%无利害关系股份的有效接纳）获得满足，则 要约收购价格将由每股 6.67 港元提高至每股 8.69 港元，公司可就上述 28,405,100 股金科服务股份获得每股 2.02 港元的差额补足，预计补偿金额约为 57,378,302 港元（未扣除交易税费，具体金额以最终实际到账为准）。 一、交易概述 北京东方雨虹防水技术股份有限公司（以下简称"公司"）于 2025 年 6 月 25 日取得金科智慧服务集团股份有限公司（以下简称"金科服务"，股份代号： 9666.HK）H 股全流通股票（证券代码：299922）32,680,000 股，占其已发行股 份的 5.47%。前述股票系金科地产集团股份有限公司（以下简称"金科股份"） 持有并质押给公司，后根据金科股份 ...

Core Viewpoint - The launch of the hydrochloric acid concrete tank construction project by Mingxing Chemical, supported by Dongfang Yuhong's PCG multi-layer composite anti-corrosion system, enhances the safety and capacity release potential of chlorinated paraffin production, showcasing Dongfang Yuhong's technical strength in industrial anti-corrosion and its strategic layout in the "construction + industry" dual-track protection system [1][8]. Group 1 - The hydrochloric acid storage tanks require stringent anti-corrosion performance due to the corrosive nature of hydrochloric acid, impacting production safety and capacity release [3]. - Traditional fiberglass anti-corrosion systems face challenges such as temperature coefficient mismatch with concrete, leading to issues like hollowing, cracking, and peeling, which hinder chemical enterprises' capacity development [3]. - Dongfang Yuhong has developed the PCG multi-layer composite anti-corrosion system specifically for Mingxing Chemical, providing integrated protection from base treatment to surface coating, addressing the temperature adaptation challenges of traditional systems [3][6]. Group 2 - The collaboration exemplifies Dongfang Yuhong's development philosophy of "complementary advantages and strong alliances," as the company continues to diversify its product offerings and build a full industry chain service capability [5]. - The successful application of the PCG multi-layer composite anti-corrosion system in Mingxing Chemical's project reinforces Dongfang Yuhong's technical position in the industrial protection field and demonstrates its cross-scenario application capabilities [6]. - Under the protection of Dongfang Yuhong's anti-corrosion technology, Mingxing Chemical's hydrochloric acid concrete tank project is progressing smoothly, enhancing the market supply capacity of high-quality chemical products [8].

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [6]. Core Insights - The report highlights a focus on balancing investments in emerging growth sectors and traditional dividend-paying sectors, anticipating a recovery in investment in early 2026, particularly in infrastructure and real estate [1]. - It emphasizes the potential for a spring rally in the market, driven by supportive real estate policies and opportunities in technology and overseas markets, particularly in AI applications and related materials [1]. - The report suggests that the construction and building materials sectors are under pressure, with significant declines in real estate sales and new construction, but sees potential in segments like building coatings and pipe materials due to a shift towards renovation in the existing housing market [2]. Summary by Sections Infrastructure and Real Estate Investment - In 2025, cumulative year-on-year investment in infrastructure (excluding power, heat, gas, and water supply) decreased by 2.2%, real estate by 17.2%, and manufacturing by 0.6% [1]. - The report notes a continued decline in real estate transactions, with a year-on-year decrease of 8.7% in sales area and a 20.4% drop in new construction area [2]. Cement Industry - The cement production in 2025 was 1.693 billion tons, down 6.9% year-on-year, with an average price of 360 RMB per ton in December, reflecting a 15.6% decrease year-on-year [3]. - The report indicates that the pressure on costs is easing due to increased efforts in staggered kiln shutdowns, leading to a slowdown in price declines [3]. Glass Industry - The flat glass production in 2025 was 976 million weight cases, down 3.0% year-on-year, with a significant price drop of 20.9% year-on-year [4]. - The report notes an acceleration in cold repairs in the glass industry, which is expected to stabilize prices [4]. Stock Recommendations - The report recommends several stocks with "Buy" ratings, including: - Yaxiang Integration (603929 CH) with a target price of 235.62 RMB - China National Materials (600970 CH) with a target price of 14.64 RMB - Sichuan Road and Bridge (600039 CH) with a target price of 13.48 RMB - Precision Steel Structure (600496 CH) with a target price of 5.75 RMB - Oriental Yuhong (002271 CH) with a target price of 17.19 RMB - Kaisheng Technology (600552 CH) with a target price of 16.94 RMB - China Jushi (600176 CH) with a target price of 20.80 RMB - Huaxin Cement (600801 CH) with a target price of 26.70 RMB - China Nuclear Engineering (601611 CH) with a target price of 18.21 RMB [8][29].

Group 1 - The construction materials sector is experiencing a significant upward trend, with multiple companies reaching their daily price limits [1] - Jiuding New Materials has achieved a consecutive two-day limit increase, indicating strong market performance [1] - Other companies such as Hanjian Heshan, Zhite New Materials, and several others including Conch Cement, Oriental Yuhong, Sankeshu, Beixin Building Materials, and Weixing New Materials are also showing positive price movements [1]

Group 1 - The construction materials sector is experiencing a significant upward trend, with multiple companies reaching new highs [1] - Zhizhi New Materials has hit the daily limit up of 20%, marking a record high [1] - Other companies such as Jiuding New Materials and Hanjian Heshan have also seen consecutive gains, with Hanjian Heshan hitting the daily limit up [1] Group 2 - Companies like Conch Cement, Oriental Yuhong, Sankeshu, Beixin Building Materials, and Weixing New Materials are also witnessing increases in their stock prices [1]

来源：中国能源网 中邮证券近日发布建材行业周报：年末全国市场逐步进入淡季，整体来看，全国需求仍呈现下滑态势， 房建市场持续疲弱，基建需求在政策驱动下呈现区域分化明显，民用市场相对需求刚性。从中期维度来 看，水泥行业产能有望在限制超产政策下产能持续下降，产能利用率从而大幅提升带来利润弹性。关 注：海螺水泥、华新建材。 以下为研究报告摘要： 消费建材：行业目前盈利已触底，价格经历多年竞争目前已无向下空间，此次借助反内卷政策行业对提 价及盈利改善诉求强烈，25年防水、涂料、石膏板等多品类持续发布提价函，行业盈利有望触底26年可 期待龙头企业的盈利改善。关注：东方雨虹、三棵树、北新建材、兔宝宝。 上周行情回顾 过去一周（01.12–01.18）主要指数涨跌幅情况：申万建筑材料行业指数（-0.67%），上证指数 （-0.45%），深证成指（+1.14%），创业板指（+1.00%），沪深300（-0.57%）。在申万31个一级子行 业指数中，建筑材料涨跌幅排名居第18位。 风险提示： 反内卷政策落地不及预期，地产及基建需求超预期下行风险。（中邮证券 赵洋） 投资要点 水泥：年末全国市场逐步进入淡季，整体来看，全国需求仍呈 ...