| 股东 | 是否为控股股东 | 本次解除质 | 占其所持 | 占公司总 | | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 或第一大股东及 | 押股份数量 | 股份比例 | 股本比例 | | | | | | | | | 其一致行动人 | （股） | | | | | | | | | | 李卫国 | 是 | 1,000,000 | 0.20% | 0.04% | 2023 | 年 6 月 | 19 日 | 2025 年 9 月 23 | 日 | 国泰海通证券 股份有限公司 | 证券代码：002271 证券简称：东方雨虹 公告编号：2025-089 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 ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - In August, new construction and completion in the real estate sector continued to hit bottom, with ongoing pressure on sales volume and prices. The new construction area from January to August decreased by 19.5% year-on-year, with a 20.3% decline in August alone. Cement production also saw a year-on-year decline of 4.8% from January to August, with a 6.2% drop in August [5][6] - The report recommends focusing on special fabrics and the African supply chain, with leading companies in the existing market being the main investment theme for the year [2][9] Summary by Sections Real Estate Market - The real estate market continues to face downward pressure on sales volume and prices, with national commodity housing sales amount and area decreasing by 7.3% and 4.7% year-on-year respectively from January to August. The decline in sales accelerated in August, with sales amount and area down by 14.0% and 10.6% respectively [6][7] Cement Market - Cement shipments showed a slight recovery in September, with an average shipment rate of approximately 48%, up by 1.6 percentage points month-on-month but down by 0.6 percentage points year-on-year. The average price of cement increased by 0.5% month-on-month as companies pushed for price increases to enhance profitability [7][24] Glass Market - The domestic float glass market experienced mixed price movements, with slight improvements in shipments but overall cautious price adjustments. The inventory levels remain high, and the market sentiment is generally cautious, with production capacity pressures persisting [8][40] Recommended Companies - The report recommends focusing on leading companies in special fabrics such as China National Materials Technology and in the African supply chain like Huaxin Cement and Keda Manufacturing. These companies are expected to benefit from domestic demand recovery and overseas expansion [9][10]

证券代码：002271 证券简称：东方雨虹 公告编号：2025-088 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 | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 累计被 | 合计占 | 合计占 | 已质押股 | | 未质押股份 | | | 股东 | 持股数量 | 持股 | 质押股 | 其所持 | 公司总 | 份限售和 | 占已质 | 限售和冻结 | 占未质 | | 名称 | （股） | 比例 | 份数量 | 股份比 | 股本比 | 冻结、标记 | 押股份 | 合计数量 | 押股份 | | | | | （股） | 例 | 例 | 合计数量 | 比例 | （股） | 比例 | | | | | | | | （股） | | | | | 李卫国及 | | | | | | | | | | | 其一致行 | 501,627,005 | 21.00% | 243,272 | 48.50% | 10.18% | 243,272,1 ...

9月22日，东方雨虹大宗交易成交181.35万股，成交额2123.61万元，占当日总成交额的4.74%，成交价 11.71元，较市场收盘价12.33元折价5.03%。 | 权益类证券大宗交易(协议交易) | | | | | | 回 下载 | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交含额 买方营业部 | 卖方营业部 | | | | | (元) | (万股/万份) | (万元) | | | 2025-09-22 | 002271 | 东方雨虹 | 11.71 | 94.70 | 1,108.9 西南证券股份有限 | 广发证券股份有限 | | | | | | | 公司上海徐汇区田 | 公司北京阜成门南 | | | | | | | 林东路证券营业部 | 大街证券营业部 | | 2025-09-22 | 002271 | 东方雨虹 | 11.71 | 41.25 | 483.04 西南证券股份有限 | 广发证券股份有限 | | | | | | | 公司上海徐汇区田 | 公司北京皇成门南 | | | ...

Investment Rating - The report maintains a positive outlook on the construction materials industry, indicating a recovery in the consumption segment and a price increase cycle for fiberglass products [1][5][7]. Core Insights - The construction materials sector is showing signs of recovery, with the fundamentals entering a positive phase, particularly in real estate sales and construction starts [1][20][21]. - A price increase cycle for fiberglass products is anticipated, driven by supply-demand dynamics and market conditions [2][6][7]. - The cement industry is entering a peak season with price increases observed in various regions, supported by policy measures aimed at limiting overproduction [4][27][28]. Summary by Sections Construction Materials - The consumption construction materials sector is stabilizing, with expectations of improved revenue performance starting in Q3 2025 due to lower revenue baselines and reduced price competition [1][20][21]. - Companies like Hanhigh Group and Sankeshu are already showing growth, with expectations for Dongfang Yuhong to follow suit [1][15]. Fiberglass - The fiberglass market is experiencing a price increase cycle, with major companies discussing price hikes for various products, including low dielectric fabrics [2][6]. - The supply-demand balance is shifting positively, with larger manufacturers maintaining good inventory control while smaller producers are adjusting prices upward [6][7]. Cement - The cement market is witnessing a slight price increase, with specific regions like Jiangsu and Anhui implementing price hikes [4][27]. - The report highlights the potential for growth in the cement sector due to policy support and overseas expansion opportunities [27][28]. Investment Recommendations - Companies such as China Jushi, Zhongcai Technology, and Feilihua are highlighted for their strong market positions and growth potential in the fiberglass and construction materials sectors [10][12][18]. - Huaxin Cement is noted for its overseas expansion and profitability, particularly from its Nigerian operations, which are expected to contribute significantly to future earnings [31][33].

Core Viewpoint - The major shareholder and actual controller of Dongfang Yuhong, Li Weiguo, along with his associate Li Xingguo, reduced their stake in the company by 23.887 million shares, representing 1% of the total share capital, primarily to repay debts [1] Summary by Relevant Sections - **Shareholding Reduction Details** - Li Weiguo has been reducing his holdings almost daily since September 10, with specific reductions including 2.3 million shares on September 10, approximately 7.57 million shares on September 11 (including 4.57 million via block trading and 2.99 million through competitive bidding), 2.2971 million shares on September 12, 2.9 million shares on September 16 (800,000 via block trading and 2.1 million through competitive bidding), 4.55 million shares on September 17 (3.55 million via block trading and 1 million through competitive bidding), and 4.27 million shares on September 18 (4.17 million via block trading and 100,000 through competitive bidding) [1] - **Transaction Breakdown** - Out of the total reduction, 15.39 million shares (0.6443%) were sold through block trading, while 8.497037 million shares (0.3557%) were sold through competitive bidding [1] - **Post-Transaction Shareholding** - Following this equity change, the shareholding ratio of Li Weiguo and his associates decreased from 22% to 21%, with the reduction plan not yet fully completed [1]

Investment Rating - The investment rating for the building materials industry is "Positive" (maintained) [1] Core Viewpoints - The building materials sector is driven by dual forces of policy and demand, with a focus on high-performance new materials supporting green construction and renovation [3] - The new materials industry in China is expected to grow from a value of 6.8 trillion yuan in 2022 to 10 trillion yuan by 2025, with 30 sub-industries transitioning to high value-added products [3] - The report highlights specific companies to invest in, including Sankeshu (channel expansion), Dongfang Yuhong (waterproofing leader), Weixing New Materials (high-quality operations), and Jianlang Hardware [3] - The cement sector is expected to benefit from energy-saving and carbon reduction initiatives, with a target to control cement clinker capacity at around 1.8 billion tons by the end of 2025 [3] Market Performance - The building materials index increased by 0.43% in the week from September 15 to September 19, outperforming the CSI 300 index by 0.88 percentage points [4][13] - Over the past three months, the building materials index has risen by 19.82%, while the CSI 300 index has increased by 14.18%, indicating a 5.64 percentage point outperformance [4][13] - In the past year, the building materials index has grown by 43.00%, compared to a 34.31% increase in the CSI 300 index, resulting in an 8.69 percentage point outperformance [4][13] Cement Sector Insights - As of September 19, the average price of P.O42.5 bulk cement in China was 279.00 yuan/ton, reflecting a 1.44% increase from the previous period [6][24] - The clinker inventory ratio reached 65.11%, up by 2.52 percentage points [6][24] - Regional price variations were noted, with increases in East China (+2.04%) and South China (+1.72%), while North China saw a decrease of 1.01% [24] Glass Sector Insights - The average price of float glass as of September 19 was 1208.98 yuan/ton, with a slight increase of 0.55% [6][76] - The inventory of float glass decreased by 29,000 weight boxes, a decline of 0.53% [6][78] - The price of photovoltaic glass remained stable at 125.00 yuan/weight box [6][80] Fiberglass Sector Insights - The price of non-alkali 2400tex direct yarn ranged from 3400 to 4000 yuan/ton, with variations based on specific product types [6][5] - The market for fiberglass is showing stability, with flexible pricing strategies being employed by some manufacturers [6][5] Consumer Building Materials Insights - As of September 19, the price of asphalt was stable at 4570 yuan/ton, while the price of titanium dioxide decreased by 0.38% to 13000 yuan/ton [6][5] - The report indicates that raw material prices for consumer building materials are experiencing slight fluctuations [6][5]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [2]. Core Insights - The construction materials sector is expected to benefit from price increases in cement and electronic fabrics, with significant opportunities in the African cement market [1][5]. - The report highlights a shift from "demand expansion" to "price elasticity" in the industry, driven by scarcity and high barriers to entry [5]. - The report emphasizes the importance of focusing on high-quality companies within the sector, particularly those with strong brand recognition and operational leverage [5]. Summary by Sections Industry Overview - The total market capitalization of the construction materials industry is 874.92 billion yuan, with a circulating market value of 823.62 billion yuan [2]. - Key companies in the sector include Beixin Building Materials, Conch Cement, and China Jushi, all rated as "Buy" [4]. Market Trends - National cement production from January to August 2025 was 1.105 billion tons, a decrease of 4.8% year-on-year, with August production at 148 million tons, down 6.2% year-on-year [5]. - The report notes a price increase in cement in various regions, with Yunnan province planning to raise prices by 100 yuan/ton and Shaanxi province by 70 yuan/ton [5]. Company Recommendations - The report recommends focusing on companies like China National Materials and Huaxin Cement, which are expected to perform well due to their overseas growth and undervaluation [5]. - It also suggests monitoring the waterproofing industry, which is showing signs of recovery in demand and profitability [5]. Price Movements - The national cement market price increased by 0.5% week-on-week, with price hikes observed in regions such as Jiangxi, Guangxi, and Sichuan [33]. - The average cement shipment rate across key regions was approximately 48%, with a slight increase of 2 percentage points [33].

Core Viewpoints - The report maintains a positive outlook on the building materials industry, indicating a potential stabilization in the supply chain due to ongoing anti-involution efforts [1][4]. Industry Analysis - The anti-involution movement is expected to continue impacting the real estate supply chain, with the photovoltaic industry leading the way through a combination of gradual policy adjustments and market-oriented measures [6]. - Recent government initiatives aim to address issues such as chaotic competition and unreasonable procurement practices, which are anticipated to enhance market efficiency and fair competition within the building materials sector [6]. - The cement industry is experiencing improved supply-demand dynamics, with various regions implementing staggered production schedules to stabilize prices. For instance, companies in Jiangxi, Sichuan, and other provinces are reducing output significantly during peak season [6]. - Investment recommendations highlight the cement sector's attractive dividend yield and the expectation of price recovery, with specific companies like Conch Cement and Huaxin Cement being emphasized for potential investment [6]. Investment Recommendations - The report suggests actively monitoring the cement sector due to its favorable fundamentals, with a focus on companies such as Conch Cement and Huaxin Cement, while also considering related photovoltaic industry stocks like Qibin Group [6]. - The consumer building materials sector is expected to see a reversal of its current challenges, with anticipated stabilization in demand and pricing, leading to improved performance for companies like Sangke Tree and Rabbit Baby [6].

Core Viewpoint - Dongfang Yuhong announced that neither the company nor its wholly-owned and controlling subsidiaries have any overdue external guarantees, litigation-related guarantees, or losses incurred due to being ruled against in guarantees [2] Group 1 - The company confirmed the absence of overdue external guarantees [2] - There are no ongoing litigations related to guarantees [2] - The company has not incurred any losses from being ruled against in guarantee-related cases [2]