Group 1 - The building materials sector experienced a significant upward trend, with Jinju Group rising over 10% [1] - Dongfang Yuhong saw an increase of more than 7% [1] - Other companies such as China Jushi, Tubao, Beixin Building Materials, and Yaopi Glass also followed the upward trend [1]

Core Viewpoint - Oriental Yuhong's stock price has seen a significant increase, rising 5.85% on January 22, with a cumulative increase of 11.64% over three consecutive days, indicating strong market interest and performance [1]. Company Overview - Beijing Oriental Yuhong Waterproof Technology Co., Ltd. was established on March 30, 1998, and listed on September 10, 2008. The company specializes in the research, production, sales of waterproof materials, and waterproof engineering construction [1]. - The revenue composition of the company includes: waterproof membranes (40.63%), coatings (29.08%), mortar powder (14.71%), other main revenues (8.39%), engineering construction (6.26%), and others (0.94%) [1]. Fund Holdings - Agricultural Bank of China Asset Management has a fund that heavily invests in Oriental Yuhong. The fund, named Agricultural Bank of China Ruiyun Gain 6-Month Holding Mixed A (017624), held 14,100 shares, accounting for 0.39% of the fund's net value, ranking as the tenth largest holding [2]. - The fund has generated a floating profit of approximately 13,000 yuan today, with a total floating profit of 23,100 yuan during the three-day increase [2]. Fund Manager Performance - The fund manager Liu Shasha has a tenure of 11 years and 146 days, with a total fund asset size of 1.206 billion yuan and a best return of 31.67% during her tenure [3]. - Manager Qian Daqian has a tenure of 3 years and 33 days, managing assets of 1.704 billion yuan, with a best return of 50.57% [3]. - Manager Pu Tianrui has a shorter tenure of 80 days, overseeing assets of 1.409 billion yuan, with a best return of 1.41% [3].

Investment Rating - The report maintains a positive outlook on the building materials industry, indicating a "Look Forward" investment rating [3][4]. Core Insights - The real estate sector has experienced a downturn for five consecutive years, but there are emerging positive signals that warrant attention. The building materials industry has faced pressures such as declining demand, credit risk expansion, cost disturbances, and intensified competition [4][5]. - Over the past five years, the industry has undergone significant capacity clearance, with a cumulative decline of 38% in waterproof materials production from 2021 to 2024. In contrast, the top three companies in this sector have seen a revenue decline of only 20.9%, indicating a rapid increase in industry concentration [4][5]. - Strategic transformations have been completed by several leading building materials companies, enhancing their competitive positions and adapting to market changes. Companies like Dongfang Yuhong and Keshun have successfully restructured their channels and expanded into new markets [6]. - There is an anticipated surge in renovation demand due to the aging housing stock, with a significant portion of homes being over 20 years old. The report predicts that by 2025, second-hand housing transactions will account for 70% of the market, which will likely stimulate renovation activities [7][9]. - Policy adjustments have been noted, with government signals indicating support for the real estate sector, including tax incentives for housing transactions. This is expected to positively influence market sentiment and investment in the building materials sector [9]. Summary by Sections Industry Overview - The building materials industry has faced five years of challenges, but recent developments suggest a potential recovery. The report emphasizes the importance of viewing the industry from a long-term perspective [4][5]. Capacity and Production - The report highlights a significant reduction in production capacity across various segments, including a 38% decline in waterproof materials and a 1.6 billion ton reduction in cement capacity, which has alleviated supply pressures [4][5]. Strategic Transformations - Notable companies have successfully navigated strategic transformations, with improvements in asset quality and revenue growth. For instance, Dongfang Yuhong has seen a substantial increase in retail business revenue [6]. Demand Dynamics - The report anticipates a shift in demand dynamics, particularly in the renovation market, driven by an aging housing stock and changing consumer preferences. This is expected to lead to increased demand for building materials [7]. Policy Environment - Recent policy changes are viewed as supportive of the real estate market, with indications of government backing for housing transactions and urban renewal initiatives [9]. Investment Recommendations - The report suggests focusing on core consumer building materials stocks, particularly those positioned to benefit from anticipated increases in construction activity and renovation demand [9].

近日，东方雨虹与华能（上海）清洁能源开发有限公司正式签署战略合作协议。双方将聚焦清洁能源项 目建设、绿色建材应用、技术联合开发三大核心领域，构建全方位协同合作体系，开启"建材+能源"跨 界融合新阶段。 作为建筑建材系统服务商，东方雨虹始终以技术创新驱动绿色转型，深耕绿色建材研发与应用，已构建 起覆盖防水、防火、防腐、保温、新能源配套材料等多品类的全域绿色产品矩阵。目前，东方雨虹绿色 产品斩获多项权威认证，多款核心产品顺利通过法国A+、德国EC1PLUS等国际认证，其中臻·植本防水 涂料更摘得美国USDA生物基标签认证，从源头构建起绿色品质护城河。 据悉，双方将建立常态化交流机制，充分整合各自产业优势，探索"能源+建材"协同发展新路径。重点 围绕清洁能源项目绿色建材标准化应用、低碳技术联合攻关、行业趋势研判等方向深化协作，助力绿色 建材产业规模扩容。 依托先进防水材料国家重点实验室等高端创新平台，东方雨虹整合上下游产研学资源，研发推出成熟的 光伏防水一体化解决方案，成功服务于上海特斯拉超级工厂、腾讯怀来数据中心等多个标杆项目。数据 显示，截至2024年底，东方雨虹光伏总装机容量已突破100兆瓦；2025年，其多 ...

Summary of the Conference Call on the Real Estate Supply Chain Industry Overview - The real estate supply chain, particularly in the consumer building materials sector, has undergone significant changes over the past four years, with a turning point expected in Q3 2025 when leading companies will see revenue and profit growth year-on-year in Q4 2025, indicating independent growth through strategies like stock renovation, channel expansion, and internationalization despite ongoing industry pressures [1][2] Key Points and Arguments - **Supply Side Changes**: - Companies are enhancing profits through asset impairment, while many peers are exiting or transforming their businesses. The consumer building materials sector is currently undervalued, with most leading companies emerging from difficulties, and a growth trend expected to continue into 2026 [3] - The competition among leading companies is slowing, with strategies such as channel expansion and product diversification being employed to seek new growth points. Price increases in coatings and waterproof materials are anticipated in 2025, with gypsum board also expected to see price hikes in 2026, reflecting a trend of compromise and coexistence among leading firms [4] - **Impact of Urban Renewal Policies**: - Urban renewal policies are significantly boosting the building materials industry, with measures aimed at accelerating the transformation of the stock market to address challenges posed by a declining new housing market. By the end of 2024, there will be approximately 420 million housing units and over 50 billion square meters of total construction area in urban and rural areas, providing substantial demand support for the building materials sector [5] - **Performance in Specific Segments**: - The coatings sector has seen multiple price increases since 2021, with another expected in Q1 2025. Waterproof materials are also set for price hikes in mid-2025, while gypsum board has already undergone several price adjustments. These price changes indicate a shift in demand from the supply side, with these segments stabilizing prices and gradually restoring profitability during a demand downturn [6] - **Revenue Structure Adjustment and Cost Reduction**: - Building materials companies are shifting from reliance on large B clients (real estate bulk purchases) to small B and C end customers (retail market), improving gross margins through channel adjustments and product upgrades. Cost reduction and efficiency measures are expected to show results post-2025, with a notable decrease in expense ratios and improved financial conditions [7] Additional Important Insights - **Current Valuation of the Consumer Building Materials Sector**: - The sector is currently undervalued, showing signs of recovery after several years of adjustment. Leading companies are expected to continue this growth trend into 2026, with ongoing cost reduction measures and diminishing historical issues impacting financial reports, making it a favorable investment opportunity [8] - **Market Expectations and Demand Characteristics**: - Market expectations for the consumer building materials sector are low, with overall demand recovery anticipated to take time. However, there are signs of stabilization and differentiation, such as leading coatings companies exploring the second-hand housing market and non-housing demand growth in sectors like pipes and waterproof materials [9][10] - **Price Elasticity and Supply Structure Expectations**: - Current profit forecasts and valuations for companies have not fully reflected price elasticity. The supply structure has undergone deep adjustments, with small capacities exiting the market, leading to a concentration of market share among companies with brand, channel, and resource advantages, enhancing their pricing power and management capabilities [11] - **Investment Recommendations**: - Investors are advised to focus on companies such as Three Trees, Oriental Yuhong, Henkel Group, and Rabbit Baby, as well as Beixin Building Materials, Weixing New Materials, China Liansu, and ASEAN Holdings, which are decoupling from real estate and transitioning towards C-end and small B clients, with many beginning to expand internationally [12] - **Future Industry Outlook**: - Companies in the industry are making significant efforts to adapt to the current environment, including international expansion, product category diversification, and exploring structural opportunities in the second-hand housing market. While high expectations for rapid demand recovery are tempered, there is confidence that more companies will find recovery opportunities over time, with more sub-sectors expected to stabilize in 2026 [13]

Summary of Conference Call Notes Industry Overview - The real estate and building materials sector experienced a significant increase, primarily driven by market rumors regarding policy relaxation in Shanghai and expectations of more substantial policy measures to follow [1][2] Core Insights and Arguments - A reassessment of the real estate and related sectors is deemed necessary at this juncture [2] - Key points highlighted in the commentary from "Qiushi" include: 1. Recognition of real estate as a significant financial asset, central to household wealth [3] 2. The need for comprehensive policy measures rather than incremental adjustments, indicating potential for new expectations regarding policy strength and breadth [3] - Statistical data from the National Bureau of Statistics indicates a decline in real estate investment by 17% year-on-year, new construction down by 20%, completions down by 18%, sales area down by 9%, and sales revenue down by 13% [3] - Despite the overall decline in data, the marginal negative impact on the building materials industry has noticeably weakened [3] - The fundamental investment logic in the building materials sector is centered on "supply-side improvement" preceding "demand-side recovery" [3] - Under the "anti-involution" policy direction, price coordination in industries like cement is beginning to show results, with profit levels continuing to recover [3] - The consumer building materials sector, including waterproofing and coatings, is entering the final phase of clearing out excess, with an improved competitive landscape and positive changes in gross margins and expense ratios for leading companies in specific segments [3] Recommendations - Recommended to focus on high-credit, high-quality real estate developers benefiting from policy rumors, such as China Merchants Shekou and Binjiang Group [4] - Suggested to pay attention to leading companies in the real estate supply chain that are expected to benefit from anticipated demand recovery, including Oriental Yuhong, Beixin Building Materials, Sankeshu, and Tubao [4]

志特新材涨停创新高，九鼎新材2连板，海螺水泥、东方雨虹、三棵树、北新建材、伟星新材跟涨。 (本文来自第一财经) ...

Core Viewpoint - Beijing Oriental Yuhong Waterproof Technology Co., Ltd. has fully divested its remaining 28.4051 million shares in Jinke Smart Service Group Co., Ltd. at a price of HKD 6.67 per share, totaling approximately HKD 189 million, marking a complete exit from this investment [1][5]. Group 1: Share Sale and Financial Impact - The sale of shares is expected to contribute approximately CNY 51.5114 million to the company's profit for the fiscal year 2026 due to the increased offer price [1][5]. - Prior to this transaction, the company had acquired 32.68 million shares of Jinke Smart through judicial auction and had sold 4.2749 million shares in the secondary market for approximately HKD 30.14 million [1][5]. - Following the completion of the privatization offer, Jinke Smart is expected to officially exit the capital market on February 20, 2026 [1][5]. Group 2: Asset Disposal Activities - Recently, the company has been actively disposing of assets, with some sold at discounted prices, which has exerted pressure on its financial performance [2][6]. - On December 9, 2025, the company announced the sale of a commercial property in Beijing for CNY 10.1159 million [2][6]. - On January 17, 2026, the company disclosed plans to sell various properties, including five shops in Beijing, three shops in Shanghai, four residential units in Anhui, and 29 office spaces in Harbin, with an expected loss of CNY 29.0368 million from these transactions [2][6]. Group 3: Financial Performance Overview - The company has faced significant performance pressure in recent years, with net profit peaking at over CNY 4.2 billion in 2021, followed by a continuous decline [3][7]. - In 2024, the company reported a net profit of CNY 108 million, with impairment losses being a major factor affecting performance [3][7]. - Although there were signs of recovery in the first three quarters of 2025, impairment pressures continue to challenge the company's operational performance [3][7].

Group 1 - The core point of the news is that Beijing Oriental Yuhong Waterproof Technology Co., Ltd. has fully transferred its remaining 28.4051 million shares of Jinke Smart Service Group at a price of HKD 6.67 per share, totaling approximately HKD 189 million, and will no longer hold any shares in Jinke Service [1] - The transaction is expected to bring an incremental profit of approximately CNY 51.5114 million to the company in the fiscal year 2026 due to the increased offer price [1] - Following the completion of the privatization offer, Jinke Service is expected to officially exit the capital market on February 20, 2026, marking Oriental Yuhong's exit from this asset [1] Group 2 - Recently, Oriental Yuhong has been actively disposing of assets, with some sold at a discount, which is putting pressure on the company's performance [1] - The company announced plans to sell a commercial property in Beijing for CNY 10.1159 million and is also looking to dispose of several other properties, expecting to incur an asset disposal loss of CNY 29.0368 million from these transactions [2] - Cumulatively, the expected asset disposal losses have reached CNY 38.3966 million, accounting for over 10% of the company's audited net profit for the most recent fiscal year [2] Group 3 - In recent years, Oriental Yuhong has faced significant pressure on its performance, with net profit peaking at over CNY 4.2 billion in 2021, followed by a continuous decline [3] - In 2024, the company reported a net profit of CNY 108 million, with impairment losses being a major factor affecting performance [3] - Although there were signs of recovery in the first three quarters of 2025, impairment pressures continue to pose significant challenges to operational performance [3]

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]