Market Overview - The home goods sector experienced a decline of 0.74% on September 2, with Dongpeng Holdings leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the home goods sector included: - Zhongyuan Home (603709) with a closing price of 15.44, up 9.97% on a trading volume of 90,800 shares and a turnover of 136 million yuan [1] - Haotaitai (603848) closed at 24.80, up 3.77% with a trading volume of 48,300 shares and a turnover of 116 million yuan [1] - Seagull Home (002084) closed at 3.71, up 3.34% with a trading volume of 326,100 shares and a turnover of 118 million yuan [1] - Major decliners included: - Dongpeng Holdings (003012) closed at 6.98, down 5.29% with a trading volume of 227,700 shares and a turnover of 160 million yuan [2] - ST Yazhen (603389) closed at 24.68, down 5.00% with a trading volume of 36,100 shares and a turnover of 90.5 million yuan [2] - Meng Tian Home (603216) closed at 14.15, down 4.97% with a trading volume of 85,700 shares and a turnover of 122 million yuan [2] Capital Flow - The home goods sector saw a net outflow of 235 million yuan from institutional investors, while retail investors contributed a net inflow of 109 million yuan [2] - The capital flow for selected stocks showed: - Zhongyuan Home had a net inflow of 42.45 million yuan from institutional investors, but a net outflow of 16.45 million yuan from retail investors [3] - Haotaitai experienced a net inflow of 17.46 million yuan from institutional investors, with a net outflow of 1.07 million yuan from retail investors [3] - Jiayuan Technology (301193) had a net inflow of 29.46 million yuan from institutional investors, but a net outflow of 29.23 million yuan from retail investors [3]

财通证券发布研报称，地产政策放松后或提振购房信心，去库有望打通置换链条，建材需求可能迎来边 际改善。目前，"扩大内需"成为当前政策的聚焦点。内需板块韧性较强，从交易趋势来看，当前已逐步 趋向于防御性板块。 北京商报讯（记者 翟枫瑞）9月2日，装修建材板块午盘小幅下跌，以14596.87点收盘，跌幅为0.97%。 受板块影响，装修建材板块个股出现不同程度下跌。*ST亚振午盘以24.74元/股收盘，跌幅为4.77%，领 跌装修建材股。东鹏控股午盘以7.05元/股收盘，跌幅为4.34%，跌幅位列装修建材股第二。濮耐股份午 盘以6.08元/股收盘，跌幅为4.10%，跌幅位列装修建材股第三。除此之外，中源家居午盘以15.44元/股 收盘，涨幅为9.97%，领涨装修建材股。雅博股份午盘以1.99元/股收盘，涨幅为9.94%，涨幅位列装修 建材股第二。麒盛科技午盘以16.83元/股收盘，涨幅为3.57%，涨幅位列装修建材股第三。 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

证券研究报告 | 公司动态点评 2025 年 09 月 02 日 东鹏控股（003012.SZ） 深耕零售渠道，盈利及经营质量持续改善 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 7,773 | 6,469 | 6,152 | 6,485 | 7,042 | | 增长率 yoy（%） | 12.2 | -16.8 | -4.9 | 5.4 | 8.6 | | 归母净利润（百万元） | 720 | 328 | 426 | 512 | 626 | | 增长率 yoy（%） | 256.6 | -54.4 | 29.7 | 20.2 | 22.2 | | ROE（%） | 9.2 | 4.3 | 5.4 | 6.3 | 7.4 | | EPS 最新摊薄（元） | 0.62 | 0.28 | 0.37 | 0.44 | 0.54 | | P/E（倍） | 12.1 | 26.5 | 20.4 | 17.0 | 13.9 | | P/B（倍） | 1.1 | 1. ...

证券时报·数据宝统计，截至发稿，亚联机械收盘价为55.42元，下跌3.92%，本期筹码集中以来股价累 计上涨5.99%。具体到各交易日，4次上涨，4次下跌。 融资融券数据显示，该股最新（8月29日）两融余额为1.20亿元，其中，融资余额为1.20亿元，本期筹码 集中以来融资余额合计增加2782.84万元，增幅为30.29%。 公司发布的半年报数据显示，上半年公司共实现营业收入3.76亿元，同比下降15.01%，实现净利润 9835.44万元，同比增长20.41%，基本每股收益为1.1700元，加权平均净资产收益率9.26%。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 亚联机械9月1日披露，截至8月31日公司股东户数为7337户，较上期（8月20日）减少2512户，环比降幅 为25.51%。这已是该公司股东户数连续第4期下降。 （文章来源：证券时报网） ...

Core Viewpoint - Dongpeng Holdings has shown a significant increase in stock price and trading activity, indicating positive market sentiment and potential growth opportunities in the building materials sector [1][2]. Group 1: Stock Performance - As of September 1, Dongpeng Holdings' stock price rose by 2.09% to 7.33 CNY per share, with a total market capitalization of 8.481 billion CNY [1]. - The stock has increased by 15.12% year-to-date, with notable gains of 14.53% over the last five trading days, 23.40% over the last 20 days, and 25.95% over the last 60 days [1]. - The company has appeared on the trading leaderboard once this year, with a net buy of 3.4919 million CNY on August 28 [1]. Group 2: Financial Performance - For the first half of 2025, Dongpeng Holdings reported a revenue of 2.934 billion CNY, a year-on-year decrease of 5.18%, while the net profit attributable to shareholders increased by 3.85% to 219 million CNY [2]. - The company has distributed a total of 1.331 billion CNY in dividends since its A-share listing, with 744 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, Dongpeng Holdings had 27,800 shareholders, a decrease of 0.40% from the previous period, with an average of 41,196 shares held per shareholder, an increase of 0.37% [2]. - The sixth largest shareholder, Hong Kong Central Clearing Limited, increased its holdings by 4.3828 million shares to 23.3987 million shares [3].

东鹏控股今日上涨5.77%，全天换手率5.86%，成交额4.89亿元，振幅16.22%。龙虎榜数据显示，机构净 买入1028.43万元，深股通净卖出802.75万元，营业部席位合计净买入123.51万元。 深交所公开信息显示，当日该股因日振幅值达16.22%上榜，机构专用席位净买入1028.43万元，深股通 净卖出802.75万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交1.51亿元，其中，买入成交额为7732.71 万元，卖出成交额为7383.52万元，合计净买入349.19万元。 具体来看，今日上榜的营业部中，共有4家机构专用席位现身，即买二、买三、卖二、卖三，合计买入 金额3240.45万元，卖出金额2212.02万元，合计净买入1028.43万元，深股通为第一大买入营业部及第一 大卖出营业部，买入金额为2669.81万元，卖出金额为3472.56万元，合计净卖出802.75万元。 资金流向方面，今日该股主力资金净流入768.29万元，其中，特大单净流入129.24万元，大单资金净流 入639.05万元。近5日主力资金净流入4249.67万元。（数据宝） 东鹏控股8月28日交易公开信息 ...

Group 1 - The home goods sector increased by 0.07% on August 28, with Longzhu Technology leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] - Longzhu Technology's stock price rose by 11.56% to 14.57, with a trading volume of 127,500 shares and a transaction value of 178 million yuan [1] Group 2 - The home goods sector saw a net outflow of 79.73 million yuan from main funds, while retail investors contributed a net inflow of 147 million yuan [2] - The stock prices of several companies in the home goods sector experienced declines, with Yuma Technology falling by 6.36% to 16.48 and Tianan New Materials down by 4.90% to 10.49 [2] - The trading volume and transaction values for various companies in the sector varied, with notable declines in stocks like ST Yazhen and Zhang Xiaoqin [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company is expected to achieve a revenue of 2.9 billion yuan in the first half of 2025, a decrease of 5% year-on-year, while the net profit attributable to shareholders is projected to be 220 million yuan, an increase of 4% year-on-year [2][4]. - The second quarter revenue is anticipated to be 1.9 billion yuan, down 7% year-on-year, with a net profit of 250 million yuan, up 12% year-on-year [2][4]. - The company is expected to achieve net profits of approximately 470 million yuan and 580 million yuan in 2025 and 2026, respectively, corresponding to valuations of 16 and 13 times [6]. Financial Performance - The company reported a gross margin of approximately 30.3% in the first half of the year, with a slight year-on-year decline in tile gross margin to 31.5% and an increase in sanitary ware gross margin to 22.4% [11]. - The net profit margin for the first half of the year was approximately 7.5%, an increase of 0.6 percentage points year-on-year, with the second quarter net profit margin reaching 12.8%, up 2.2 percentage points year-on-year [11]. - The cash flow from operating activities for the first half of the year was 440 million yuan, an increase of 210 million yuan year-on-year, indicating improved operational quality and collection capabilities [11]. Market Dynamics - The company has seen a 5.9% year-on-year increase in revenue from the retail channel for tiles, with high-value product revenue growing by 19.5% [11]. - The company has opened 133 new stores and upgraded 168 existing ones, indicating a focus on expanding its retail presence [11]. - The supply exit in the tile industry is significant, with a projected 12% year-on-year decline in ceramic tile production in 2024, leading to a reduction in the number of enterprises in the industry [11].

据证券之星公开数据整理，近期东鹏控股（003012）发布2025年中报。截至本报告期末，公司营业总收 入29.34亿元，同比下降5.18%，归母净利润2.19亿元，同比上升3.85%。按单季度数据看，第二季度营 业总收入19.39亿元，同比下降6.86%，第二季度归母净利润2.49亿元，同比上升12.18%。本报告期东鹏 控股公司应收账款体量较大，当期应收账款占最新年报归母净利润比达280.78%。 本次财报公布的各项数据指标表现一般。其中，毛利率30.33%，同比减0.83%，净利率7.45%，同比增 9.95%，销售费用、管理费用、财务费用总计4.45亿元，三费占营收比15.16%，同比减7.01%，每股净资 产6.48元，同比增0.37%，每股经营性现金流0.38元，同比增95.67%，每股收益0.19元，同比增5.56% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 30.94亿 | 29.34 Z | -5.18% | | 归母净利润(元) | 2.11亿 | 2.19亿 | 3.85% | | 扣非 ...