来源：环球网 2025年，中国家居行业处于市场端、消费端、政策端等多重变革交织的关键博弈场中，企业的每一次战 略选择都是一次关键"出牌"。为此，环球网策划"请出牌2026"系列访谈，对话家居行业领军者，解码 2025年出牌逻辑，探寻2026年王牌策略。本期对话东方雨虹民建集团，深度解码建筑建材系统服务商东 方雨虹如何以C端创新、服务升级、深化装企合作模式等创新战略，在存量时代重构增长曲线。 以"四维"组合拳直击痛点重塑行业信任 "2025年最显著的变化是，行业从规模扩张转向了品质竞争。"东方雨虹在复盘过去一年的市场表现时指 出，消费者需求已从简单的"基础满足"升级为对健康、环保、美学的多元追求，而传统维修市场长期存 在的"价格模糊、材料掺假、施工不精、售后缺位"等乱象，成为阻碍行业高质量发展的最大痛点。 面对这一挑战，东方雨虹打出了一套涵盖"产品、服务、渠道、数字化"的组合拳。在产品端，推出适配 老房翻新的产品系列，覆盖防水、瓷砖胶、美缝剂等品类，精准回应存量房升级需求；在服务端，全面 升级"雨虹服务"品牌，构建"诊断－报价－施工－验收－质保"全链路透明化体系，提供六大标准化双包 服务，以"持证上岗+全程透明 ...

以下文章来源于拾遗地 ，作者十一弟 拾遗地 . 我们是一家专注房地产业与财经领域的自媒体。 导语：还是A股市场的散户们接下了所有。 年初，在一场公开活动上，东方雨虹的老板李卫国，对着台下的湖南老乡，一番慷慨激昂—— "我来北京创业三十年了，本来要退休了，由于现在的经济环境，所以还要再干十年。" "湖南人到北京创业，应该尽可能搞内循环，你要吃饭，尽量吃湖南餐馆；你要买东西，尽可能 买湖南人的产品。" "东方雨虹特别欢迎湖南老乡成为我们的供应商、合伙人、承包商。" "你卖掉东方雨虹的产品，以我们湖南人的能力，理论上不会少于20亿，甚至30亿，应该有5% 以上的利润，能赚到1.5亿。" "从身价来计算，可以让15个湖南人成为千万富翁。" 三十年前，李卫国从体制内下海创业。 在创办东方雨虹之前，他曾在湖南的政府机关坐办公室，文笔和嘴皮子早就练出来了。 面对湖南老乡，这一通输出，有情怀、有理想，还画上了千万富翁的大饼，谁听了不心动。 跟着李老板卖防水，赚钱就这么容易，随随便便也能挣个千万身家。 在东方雨虹，李卫国表了决心，还要再干十年。 作为老板，他总是把规划放得很长远，想对外传递点信心。 但其实，李老板也就在去年才刚 ...

Group 1: Metal Sector - Shandong Gold - Shandong Gold's net profit forecast for 2026 is projected to reach CNY 108.14 billion, with a PE ratio of 25.21[10] - The company has a resource reserve of 2,058 tons and an equity reserve of 787 tons, indicating significant undervaluation potential[14] - The recovery of the Jiaoji Gold Mine is expected to contribute 10 tons of gold annually once fully operational[14] Group 2: Building Materials Sector - Oriental Yuhong - Oriental Yuhong's operating performance is expected to bottom out, with net profits projected at CNY 18 billion in 2025, increasing to CNY 29 billion by 2027[21] - The company plans to increase revenue through retail price hikes of 3-4% and overseas expansion, potentially adding CNY 25 billion in revenue from international operations[21] - The domestic construction materials market is expected to see a 47% decline in sales area compared to 2021, leading to significant supply exit in the sector[18] Group 3: Transportation Sector - ZTO Express - ZTO Express is expected to achieve a net profit of CNY 104.45 billion in 2026, with a PE ratio of 11.80[10] - The company has improved its cash flow, with cash reserves exceeding CNY 300 billion and a debt ratio below 30%[44] - The competitive landscape in the express delivery sector is stabilizing, with a focus on improving profitability and operational efficiency[43]

Core Insights - The construction materials industry is currently at a low valuation level, with a focus on urban renewal and related opportunities. The allocation ratio for construction materials in Q4 2025 is 0.72%, an increase of 0.11 percentage points from Q3 2025, indicating significant potential for valuation recovery [6][15]. Group 1: Urban Renewal and Market Dynamics - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued a notice on January 20, 2026, to support urban renewal actions, providing specific operational guidelines for the "14th Five-Year Plan" urban renewal strategy. This includes a focus on "two renewals and two new projects," emphasizing the construction of underground pipelines and comprehensive utility tunnels [24]. - Companies involved in urban renewal and the renovation of old neighborhoods, such as Dongfang Yuhong, Keshun Co., Sankeshu, Weixing New Materials, and China Liansu, are recommended for attention [24]. Group 2: Construction Materials Sector Overview - The construction materials sector is experiencing a recovery in profitability, with expectations for continued improvement in 2026. The supply-side adjustments and structural changes in demand are expected to support this recovery [37]. - The cement market saw a 0.8% decrease in prices week-on-week, with the national average price at 345 RMB/ton as of January 30, 2026. The industry is currently at a historical low valuation, with companies like Huaxin Cement, Conch Cement, and Shafeng Cement recommended for investment [6][38]. Group 3: Key Company Developments - Keshun Co. established a semiconductor company to explore a second growth curve, focusing on integrated circuit chips and related technologies [20]. - Weixing New Materials plans to acquire an 88.26% stake in Beijing Songtiancheng Technology Co., enhancing its capabilities in municipal pipeline systems and expanding its market reach [23]. - Leading companies in the construction materials sector, such as Sankeshu and Huaxin Cement, are expected to report significant profit growth in 2025, driven by strong operational resilience and strategic adjustments [25][27].

Investment Rating - The report highlights a positive investment outlook for Keda Manufacturing and recommends Shengfeng Cement as a key stock for February [2][12]. Core Insights - Keda Manufacturing's acquisition of the remaining 51.55% stake in Tefu International is viewed positively, with projected revenues of 8.187 billion yuan and net profits of 1.474 billion yuan by 2025 [2]. - Shengfeng Cement is favored due to its resilient business model, low production costs, and significant investments in new economic projects exceeding 1.9 billion yuan [2]. - The report emphasizes the potential for price increases in traditional electronic fabrics and related materials, driven by AI demand and copper price fluctuations [3][15]. - The trend towards space photovoltaic energy is highlighted, with a focus on UTG and TCO glass as essential materials for future energy solutions [4][14]. Summary by Sections Weekly Discussion - Keda Manufacturing's stock resumption is positively received, and the acquisition strengthens its strategic partnerships [2]. - Shengfeng Cement is recommended for its stable core business and cash flow from new investments [2]. Market Performance - The construction materials index showed a mixed performance, with glass manufacturing and fiberglass sectors performing well, while cement manufacturing faced slight declines [19][21]. Price Changes in Construction Materials - National average cement price decreased to 345 yuan/ton, with a slight increase in sales rates [16]. - Float glass prices increased to 1,144.80 yuan/ton, reflecting a 0.53% rise, while inventory levels decreased slightly [16][39]. Important Changes - Several companies released performance forecasts, and Keda Manufacturing announced a capital increase plan for the acquisition of Tefu International [6].

在建筑建材行业告别增量扩张、迈入存量深耕与价值重构的深度调整期，东方雨虹砂浆粉料业务逆势突 围实现跨越式增长。数据显示，该业务以五年超30倍的增速迅猛发展，2025年总产销量突破1200万吨， 累计产销量超3000万吨，以14.71%的营收占比（据2025年半年报）稳居集团第二大业务板块，不仅为 东方雨虹从防水企业向建筑建材系统服务商转型提供核心支撑，更以全产业链布局、一体化运营及技术 创新优势，重塑了砂浆粉料行业的竞争格局。 东方雨虹砂粉业务的崛起，并非偶然的市场机遇捕捉，而是源于十年磨一剑的战略定力与前瞻布局。早 在2010年，东方雨虹便创立"华砂"品牌。东方雨虹沉心打磨技术工艺、探索多元应用场景，完成了从实 验室研发到市场落地的全链条技术储备。2017年，针对砂石市场资源紧缺、原料价格波动等行业痛点， 东方雨虹布局上游砂矿领域，迈出全产业链构建的关键一步；2021年，砂粉业务升格为集团一级子集 团，正式进入规模化扩张阶段；2025年，东方雨虹成立涂料砂粉科技集团，推出"墙面基材+饰面层"一 体化解决方案，实现业务生态的迭代升级。这套立足长期价值的战略规划，让东方雨虹在行业周期波动 中始终掌握主动权，为砂 ...

Summary of the Conference Call for Dongfang Yuhong (20260129) Industry Overview - **Real Estate Policy Shift and Industry Consolidation**: The national policy support has increased, accelerating the consolidation in the waterproofing industry. Dongfang Yuhong's market share has risen from 16% in 2019 to 22% in 2024, indicating a clear trend towards higher industry concentration, suggesting an inflection point for the industry [2][3]. Company Performance and Strategy - **Business Structure Optimization and Cash Flow Improvement**: Dongfang Yuhong is actively adjusting its business structure, with channel revenue accounting for 8% and retail for 37%. The rapid growth of the sand powder business has reduced reliance on the real estate sector, optimizing cash flow and enhancing overall operational quality [2][3]. - **Significant Domestic Business Transformation**: The company has shifted from a reliance on engineering to a dual model of engineering and retail, with retail nearing 40% and channel revenue at 84%. This transformation has expanded market share through category expansion and channel penetration, alongside the launch of a C-end service platform to increase customer loyalty [2][3][15]. - **Rapid Growth in Sand Powder Business**: The production capacity of sand powder has significantly increased from 1.8 million tons to 12 million tons, now accounting for 15% of total revenue. The company has improved delivery efficiency by acquiring mines and establishing production bases, enhancing cost barriers with a gross margin exceeding the overall gross margin [2][17]. Financial Performance - **Revenue and Profit Recovery**: In Q3 2025, the company's revenue grew by 8.5% year-on-year, marking the first positive growth after seven consecutive quarters of decline. Profit margins are under pressure due to lower overall gross margins and the ongoing overseas investment phase, but the decline in profits is narrowing, indicating signs of recovery [3][24]. - **Cash Flow and Debt Management**: The operating cash flow turned positive in the first three quarters of 2025, with a debt ratio of approximately 50%, remaining low compared to peers. Accounts receivable decreased significantly, reflecting effective execution of strategies to reduce reliance on real estate and direct sales [3][21]. International Expansion - **Steady Overseas Market Expansion**: Dongfang Yuhong is expanding internationally through trade, investment, and acquisitions, having entered over 150 countries. Although short-term effects are difficult to assess, the strategy is clear and cautious, with no major risks reported [2][7]. - **Investment and Expansion Strategy**: The company has accelerated overseas investments since 2024, focusing on regions with significant capacity gaps and strong future demand. This includes establishing production bases in the U.S., Malaysia, and Canada, and acquiring local companies to enhance market presence [8][12][14]. Competitive Advantages - **Strong Market Position in the Waterproofing Industry**: Dongfang Yuhong has a significant competitive advantage with a rising market share and healthy financial indicators. The company has effectively navigated the downturn in the industry and is positioned to benefit from price increases and stabilization in new real estate projects [5][26]. Risks and Challenges - **Management of Governance Risks**: The control risk associated with the major shareholder has decreased, with a reduction in pledged shares and financing balances. This indicates that governance risks are relatively manageable and the company has passed the most challenging phase [25]. Future Outlook - **Profitability Forecast and Valuation**: The company is expected to benefit from industry recovery and improved operational quality. A target PE ratio of 30 times for 2026 is suggested, with adjustments for annual impairment losses, indicating a reasonable valuation compared to peers [26].

Core Viewpoint - The renovation and building materials sector experienced a slight increase, closing at 18,076.57 points with a growth rate of 0.91%, driven by several stocks in the sector showing positive performance [1]. Group 1: Stock Performance - Keshun Co. closed at 7.61 CNY per share, leading the sector with a growth rate of 13.58% [1]. - Dongfang Yuhong closed at 17.95 CNY per share, with a growth rate of 7.87%, ranking second in the sector [1]. - Sankeshu closed at 57.88 CNY per share, achieving a growth rate of 7.58%, ranking third in the sector [1]. - Kangxin New Materials closed at 3.81 CNY per share, leading the decline with a drop of 8.19% [1]. - Xiong Plastic Technology closed at 10.38 CNY per share, with a decline of 3.98%, ranking second in losses [1]. - Mona Lisa closed at 16.46 CNY per share, with a decline of 3.23%, ranking third in losses [1]. Group 2: Market Outlook - China Galaxy's research report indicates that both consumption and investment are working together to expand domestic demand, with consumption upgrades driving the high-quality transformation of building materials [1]. - The Central Economic Work Conference mentioned plans to "deeply implement special actions to boost consumption" by 2026, which aligns with the 14th Five-Year Plan's suggestion to "remove unreasonable restrictions on consumption" [1]. - It is anticipated that by 2026, housing purchase restrictions in various regions will gradually be relaxed, enhancing expectations for a recovery in the home decoration market and boosting demand for building materials [1].

Core Viewpoint - The renovation and building materials sector experienced a significant increase of 3.24% on January 29, with Keshun Co., Ltd. leading the gains. The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1]. Group 1: Stock Performance - Keshun Co., Ltd. (300737) closed at 7.61, up 13.58%, with a trading volume of 942,800 shares and a transaction value of 700 million yuan [1]. - Dongfang Yuhong (002271) closed at 17.95, up 7.87%, with a trading volume of 951,200 shares and a transaction value of 1.684 billion yuan [1]. - Sankeshu (603737) closed at 57.88, up 7.58%, with a trading volume of 108,600 shares and a transaction value of 620 million yuan [1]. - Jianlang Hardware (002791) closed at 24.27, up 6.92%, with a trading volume of 1,227,300 shares and a transaction value of 548 million yuan [1]. - Other notable stocks include Tubaobao (002043) at 16.68, up 6.45%, and Weixing New Materials (002372) at 12.51, up 4.86% [1]. Group 2: Capital Flow - The renovation and building materials sector saw a net inflow of 141 million yuan from institutional investors, while retail investors experienced a net outflow of 54.71 million yuan [2]. - The main capital inflow was observed in Dongfang Yuhong, with a net inflow of 134 million yuan, while Keshun Co., Ltd. had a net inflow of approximately 87.29 million yuan [3]. - Other companies like Wanlishi (002785) and Weixing New Materials (002372) also saw significant net inflows of 39.40 million yuan and 37.56 million yuan, respectively [3].

日前，2026东方雨虹"华砂丨无忧地坪"启动大会暨启航赋能计划培训活动在广州花都工厂圆满落幕。本 次大会以"无忧同行 共赴新程"为主题，聚焦新服务、新系统、新技术的深度赋能，持续深化"材料+智 能装备+全链路服务"产业新生态，为地坪行业高质量发展注入新动能。来自全国各区域的近百位区域 总经理、技术工程师及核心合作伙伴齐聚一堂，围绕新时代背景下无忧地坪体系的发展格局与未来趋 势，深入探讨华砂无忧地坪高质量发展的新路径、新举措。 据悉，华砂无忧地坪启动仪式的举办，恰逢东方雨虹涂料砂粉业务多点突破的关键阶段。近期，东方雨 虹涂料砂粉业务相继实现年产规模化突破、自有矿山扩容、产业链布局升级等多个重要成果，为无忧地 坪模式的推广奠定了坚实基础。前不久，东方雨虹董事长李卫国在涂料砂粉科技集团2026年工作部署大 会上表示，要瞄准百亿千亿级市场机遇，贯彻涂料与砂粉双主业协同发展，全力将建筑涂料打造为东方 雨虹第三增长曲线。 东方雨虹涂料砂粉科技集团总裁吴良凯在大会致辞中指出，华砂无忧地坪的正式启动，是东方雨虹涂料 砂粉业务战略升级的重要里程碑。他强调，依托全产业链整合优势与集团化平台支撑，东方雨虹将 以"快速行动、专注当下 ...