新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 | | | 1月27日上市公司盘后增持情况 | | --- | --- | --- | | 1 | 片仔癢 | 控股股东九龙江集团拟3亿元-5亿元增持公司股份 | | | | 1月27日上市公司盘后拟减持情况 | | 1 | 达意障 | 股东乐丰投资拟减持不超3%股份 | | 2 | 东方雨虹 | 控股股东李卫国拟减持不超3.00%股份 | | 3 | 视觉中国 | 实际控制人廖道训等拟合计减持不超过1.85%公司股份 | | 4 | 恒邦股份 | 股东恒邦集团及其一致行动人拟合计减持不超1%股份 | | 5 | 百达精工 | 股东杭州重湖拟合计减持不超2.00%股份 | | 6 | 傲农生物 | 股东拟合计减持不超1%股份 | | 7 | 复洁科技 | 实际控制人及其一致行动人拟减持不超过1% | | 8 | 索姜股份 | 股东高新投集团拟减持不超3%股份 | | | | 1月27日上市公司盘后增持情况 | | --- | --- | ...

交易行情显示，1月27日，东方雨虹收跌0.35%，收于16.85元/股，总市值402.5亿元。 北京商报讯（记者 马换换 李佳雪）1月27日晚间，东方雨虹（002271）披露公告称，公司控股股东、实 际控制人李卫国计划在公告披露之日起15个交易日后的3个月内（自2月26日至5月25日）以大宗交易和/ 或集中竞价交易方式减持公司股份不超过7166.08万股（占公司总股本比例不超过3%）。 公告显示，通过大宗交易方式减持公司股份不超过4777.39万股（占公司总股本比例不超过2%）；通过 集中竞价交易方式减持公司股份不超过2388.69万股（占公司总股本比例不超过1%）。拟减持的原因为 履行员工持股计划兜底承诺和偿还质押借款。 ...

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 证券代码：002271 证券简称：东方雨虹 公告编号：2026-005 北京东方雨虹防水技术股份有限公司 关于控股股东、实际控制人减持股份预披露公告 控股股东、实际控制人李卫国先生保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 持有北京东方雨虹防水技术股份有限公司（以下简称"本公司"或"公司"） 股份484,474,150股（占本公司总股本比例20.28%）的控股股东、实际控制人李 卫国先生计划在本公告披露之日起15个交易日后的3个月内（自2026年2月26日至 2026年5月25日，中国证监会、深圳证券交易所相关法律法规、规范性文件规定 不得进行减持的时间和情形除外）以大宗交易和/或集中竞价交易方式减持本公 司股份不超过71,660,800股（占本公司总股本比例不超过3.00%），其中通过大 宗交易方式减持本公司股份不超过47,773,900股（占本公司总股本比例不超过 2.00%）；其中通过集中竞价交易方式减持本公司股份不超过23,886,900股（占 本公司总股本比例不超过1.00%）。 ...

东方雨虹公告称，截至公告披露日，控股股东、实际控制人李卫国持有公司20.28%股份，其一致行动 人李兴国持股0.46%。李卫国计划自2026年2月26日至5月25日，以大宗交易和/或集中竞价交易方式减持 不超7166.08万股，即不超总股本3%，其中大宗交易减持不超4777.39万股（不超2%），集中竞价交易 减持不超2388.69万股（不超1%）。减持用于履行员工持股计划兜底承诺和偿还质押借款，本次减持不 会导致公司控制权变更。 ...

Summary of Conference Call on Building Materials Industry Industry Overview - The building materials industry is showing signs of recovery, with significant increases in second-hand housing transaction volumes in early 2026 compared to the same period in 2025, indicating a rebound in market demand [1][3] - The real estate sector's contribution to cement demand has decreased to 18.9%, while the industrial glass sector's share has risen to 41.3%, suggesting a reduced sensitivity of traditional building materials to real estate demand [1][5] Key Points and Arguments - **Market Recovery Indicators**: - Core area housing prices in Beijing, Shanghai, and Shenzhen are recovering despite minimal policy changes, indicating an increased probability of the industry hitting a natural bottom [1][4] - The seasonal effect from March to April, traditionally a peak period for real estate, is expected to further enhance market sentiment [3] - **Supply Chain Dynamics**: - New construction starts have seen a significant decline, surpassing historical levels, leading to a contraction in capital expenditures in the building materials sector [1][8] - The waterproofing sector is experiencing the most severe supply-side clearing, with a high exit rate of companies and significant revenue declines among major players [2][7] - **Future Outlook**: - The building materials sector is at the beginning of a new cycle, with expectations of profitability bottoming out and stabilizing from 2026 onwards [2][12] - The industry has been in a downturn for five years, nearing a bottoming window, with historical data suggesting that real estate downturns typically last 4-7 years [5][8] Additional Important Insights - **Investment Opportunities**: - Focus on leading companies like 东方雨虹 (Dongfang Yuhong) and 科顺股份 (Keshun) for potential recovery opportunities, as well as undervalued stocks like 北新建材 (Beixin Building Materials) [2][11] - The waterproofing sector is highlighted as having the highest probability of recovery due to the severe supply-side clearing [10] - **Sector-Specific Trends**: - The engineering pipeline sector has maintained stable production levels, showing resilience compared to the more volatile waterproofing sector [9] - The waterproofing industry has seen a cumulative revenue decline of approximately 38% since 2021, reflecting significant profitability pressures [8] - **Strategic Recommendations**: - Investors are advised to avoid premature selling, as the cyclical nature of the market suggests that profitability will continue to improve with changing expectations [12]

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector, indicating a positive outlook compared to the broader market [2] Core Views - A new round of urban renewal is beginning, which is expected to provide significant opportunities in the consumer building materials sector, effectively countering the decline in new housing market demand [8] - The report highlights that after a prolonged downturn in the real estate sector, profitability in various segments of the construction supply chain is starting to recover, particularly for leading companies that have undergone strategic adjustments [8] - The report emphasizes the potential for price increases in certain segments, such as waterproofing and coatings, as companies respond to improved market conditions [8] Summary by Sections Cement - The cement market is entering a seasonal downturn, with demand expected to decline. The average shipment rate for major regions has dropped to 29%, a decrease of approximately 10 percentage points [27][34] - The national average price for cement remains stable at around 353 RMB per ton, with minor fluctuations observed in specific regions [28][34] - The report suggests that after the Spring Festival, demand may recover as new key projects are expected to commence, potentially stabilizing prices [34] Glass - The glass market is also experiencing a decline in demand, with production capacity decreasing to approximately 14.95 million tons, the lowest in recent years [53] - The average price for float glass has increased slightly to 1,139 RMB per ton, with inventory levels decreasing [38] - The report indicates that the glass industry is facing profitability challenges, leading to accelerated production line cold repairs, which may help stabilize the market [53] Fiberglass - The fiberglass market is seeing stable pricing for both roving and electronic fabrics, with the price of 7628 electronic fabric currently at approximately 4.4-4.85 RMB per meter [55] - The report anticipates continued high demand for electronic fabrics, supported by structural adjustments and a shortage of high-end products [55] - Key recommendations include focusing on leading companies like China Jushi, with additional attention on International Composite Materials and Zhongcai Technology [55] Carbon Fiber - Carbon fiber prices are expected to remain stable in the short term, with the rapid development of commercial aerospace potentially driving new demand [55] - The report notes that the current price stability is a necessary step for increased market penetration, with significant growth expected in the aerospace sector [55] Consumer Building Materials - The report highlights the resilience of consumer building materials, with leading companies like Sanke Tree and Rabbit Baby showing strong growth potential as they emerge from profitability challenges [8] - The urban renewal initiative is expected to create substantial market opportunities, particularly for high-quality consumer building materials [8]

Core Viewpoint - The cement-based crystalline waterproofing materials have gained widespread application in China since the late 1980s, supported by national standards and policies, and are expected to see increasing acceptance due to their unique advantages in waterproofing performance and construction processes [1][7]. Industry Overview - Cement-based crystalline waterproofing materials are rigid waterproof materials made from silicate cement and quartz sand, which penetrate various active chemical substances to form insoluble crystals that block capillary pores in concrete, enhancing its density and waterproofing [3][4]. - The market size for cement-based crystalline waterproofing materials in China showed an upward trend from 2020 to 2021, but experienced a 4.8% decline in 2022 due to the ongoing adjustment in the real estate market. However, demand began to recover in 2023, with a projected market size of 9.66 billion yuan in 2024, reflecting a 3.8% year-on-year increase [1][7]. Industry Policies - Recent national policies, such as the "Implementation Plan for High-Quality Development of the Green Building Materials Industry" released in December 2023, emphasize the need for enhanced supervision and quality control in the waterproofing materials sector, which will help standardize the industry [5]. - The "2024-2025 Energy Saving and Carbon Reduction Action Plan" aims to regulate production capacity and output in the building materials industry, benefiting the supply of cement-based crystalline waterproofing materials [5]. Industry Chain - The upstream of the industry includes raw materials like silicate cement and quartz sand, while the midstream involves the production of waterproofing materials. The downstream applications span construction, roads, water conservancy projects, and industrial sectors [6]. Competitive Landscape - The industry is characterized by a "leading enterprises dominate, while small and medium-sized enterprises differentiate" structure, with major players leveraging their full-chain advantages, while smaller firms seek survival in niche markets [7][8]. Development Trends - The application scenarios for cement-based crystalline waterproofing materials are expanding beyond traditional residential buildings to include underground comprehensive pipe corridors, sponge city construction, and major engineering projects, driven by infrastructure development and urbanization [10]. - The industry is moving towards brand and standardization, with smaller firms lacking core technology and quality control being gradually eliminated, while leading companies capture more market share through customized solutions and lifecycle services [11]. - There is a shift towards green and low-carbon production methods in response to stricter environmental policies, with companies adopting clean production technologies to reduce carbon emissions and waste [12].

文/梧桐小编 北京中评正信资产评估有限公司及丁颖、红叶: 根据《中华人民共和国证券法》有关规定,我局对你们执行的北京东方雨虹防水技术股份有限公司(以下简称东方雨虹)债务重组涉及的房地产资产评估项目(中 评正信评报字〔2024〕236号)进行了检查。经查,你们在执业中存在以下问题: 1.资产评估基准日至资产评估报告日之间出售房产的成交价与评估价存在差异,你们未说明评估价不予调整的原因并分析合理性。 2.市场法评估房产的修正因素考虑不全面,部分因素修正系数取值不合理。一是部分待估房产未对面积因素之外的其他因素进行修正。二是未考虑宽深比、层 高、成新率、权益状况等修正因素。三是"面积因素修正系数"标准不统一。 3.《资产评估说明》中未见地价定义、利用状况和规划条件等重要事项说明,待估土地使用权容积率设定依据不充分。 4.市场法评估土地使用权的可比案例选取和修正系数取值不合理。一是可比案例与待估土地使用权的容积率、土地使用年限等因素存在较大差异,案例选取不 恰当。二是待估土地使用权"剩余使用年限修正系数"存在误算,"容积率修正系数"取值错误。 5.工作底稿记录不规范。一是未分析和说明待估土地使用权形状评估判断为"较规 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the construction materials industry, particularly focusing on the demand for consumer building materials and the electronic cloth sector. The demand structure is shifting, with significant growth in the renovation of second-hand homes, indicating potential stability in the industry. The expected transaction area for second-hand homes in 2025 is projected to reach 600-700 million square meters, nearing the scale of the new housing market, suggesting substantial potential in the existing market [1][2]. Key Insights and Arguments - **Supply-Side Dynamics**: The construction materials industry has experienced a supply-side contraction, with most categories seeing a cumulative decline in production and sales of about 30% since 2021, while prices have only dropped by 15%. Leading companies like Oriental Yuhong have consolidated their market positions through economies of scale [1][4]. - **Performance of Leading Companies**: Companies such as Oriental Yuhong, Sankeshu, and others have shown strong performance, emerging from operational lows and demonstrating clear growth inflection points. For instance, Oriental Yuhong is expected to see significant cash flow improvement starting in 2024, with a projected revenue turnaround in Q3 2025 and an anticipated growth of over 30% in 2026 [5][6]. - **Electronic Cloth Market**: The electronic cloth segment is highlighted as having the highest probability of price increases within the fiberglass sector. The year 2026 is anticipated to be a pivotal year for Q cloth applications, with large-scale applications of second-generation cloth expected. Companies like China National Materials possess comprehensive technology that will enhance their performance amid industry upgrades [10][14]. - **Profitability Trends in Fiberglass Industry**: The fiberglass industry is currently at a historical low in unit profitability, with leading companies still profitable while smaller firms struggle. Demand growth is expected to be around 4-5% in 2026, with supply growth below 4%, indicating a potential upward trend in raw sand prices [9]. Additional Important Points - **Investment Opportunities**: The call emphasizes the importance of focusing on companies that have emerged from operational lows and show clear growth potential, particularly in the waterproof materials segment, which is expected to yield better investment returns [7]. - **Market Supply Constraints**: The supply of weaving machines is limited, with the only global supplier, Toyota, experiencing a significant reduction in production efficiency for thin cloth. This constraint is expected to impact the ordinary electronic cloth market, leading to a sustained price increase trend [12][13]. - **Future Projections**: The ordinary electronic cloth market is projected to experience a supply-demand gap in 2026, with inventory levels dropping significantly, indicating a potential for continued price increases. The PCB market is also expected to see slight growth, further supporting price increases in ordinary electronic cloth [11]. - **Recommended Companies**: The call suggests focusing on companies like China National Materials, China Jushi, and International Composites, which are positioned well to benefit from the anticipated market dynamics and price increases [14].

Core Viewpoint - Oriental Yuhong is undergoing a significant asset disposal process to alleviate liquidity pressure and reduce debt levels during its transition period, with a total of 70 properties disposed of since late October 2025, resulting in an average asset disposal loss of 44.6% [1][5][17]. Asset Disposal - Oriental Yuhong has publicly announced the disposal of 70 properties with a cumulative transaction amount of 94 million yuan since late October 2025, averaging a loss of 44.6% on these disposals [1][5][17]. - The company sold 28.405 million shares of Jinke Service at a price of 6.67 HKD per share to Boyu Capital, totaling approximately 189 million HKD [2][15]. - The asset disposals include various properties such as residential, commercial, hotels, and office spaces, with significant losses reported on many transactions [5][18]. Financial Impact - The total cash generated from asset disposals amounts to 290 million yuan, with a net loss of 35.42 million yuan after accounting for the sales of stocks and other compensations [5][17]. - The properties disposed of in Beijing account for about half of the total number and transaction amount, indicating a concentrated effort in that market [5][17]. Debt and Restructuring - Oriental Yuhong has received a total of 3.26 billion yuan in debt compensation through various real estate assets, primarily from major real estate companies [19]. - The company has engaged in debt restructuring agreements to address triangular debt issues with partners, including Greenland Holdings and Deaiwei (China) Co., Ltd. [19][20]. Business Transformation - The company is shifting its business model by increasing the revenue share from retail channels while maintaining its engineering channel position, and expanding into overseas markets [3][14]. - Oriental Yuhong has initiated a strategic transformation focusing on diversifying its business beyond traditional waterproofing materials, including the development of a mortar powder business as a second growth curve [20][21]. Performance Metrics - For the first three quarters of 2025, Oriental Yuhong reported revenues of 20.6 billion yuan, a year-on-year decline of 5.1%, and a net profit of 790 million yuan, down 37.4% [22].