证券代码：300737 证券简称：科顺股份 公告编号：2026-008 债券代码：123216 债券简称：科顺转债 科顺防水科技股份有限公司 关于 2026 年第一季度可转换公司债券转股情况的公告 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。 重要内容提示： 1、科顺转债（债券代码：123216）转股期限为 2024 年 2 月 19 日至 2029 年 8 月 3 日，转股价格为 6.67 元/股。 2、2026 年第一季度，共有 86 张"科顺转债"完成转股（票面 金额共计人民币 8,600.00 元），合计转为 1,285 股"科顺股份"股 票（股票代码：300737）。 3、截至 2026 年第一季度末，公司剩余可转债为 21,978,205 张， 剩余可转债票面总金额为人民币 2,197,820,500.00 元。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所 上市公司自律监管指引第 15 号——可转换公司债券》等有关规定， 科顺防水科技股份有限公司（以下简称"公司"）现将 2026 年第一 季度可转换公司债券（以下简称"可转债"）转股 ...

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector [2] Core Views - The report emphasizes the importance of focusing on high-performing stocks as the first quarter earnings report window approaches, particularly in the fiberglass sector, which is expected to see continued performance growth due to rising prices of electronic fabrics [8][10] - The report highlights the impact of rising crude oil prices on raw material costs, suggesting that companies with strong pricing power and the ability to pass on costs will perform better [9][13] - The report identifies potential investment opportunities in companies that are less affected by raw material price fluctuations, such as Qingniao Fire Protection and Rabbit Baby, as well as those in the waterproof and coating sectors that are implementing price increases [9][13] Summary by Sections Cement - The cement market is gradually recovering, with a national shipment rate of 39% as of March 27, 2026, reflecting a 7.5 percentage point increase from the previous month [26][28] - The average price of cement is approximately 345 RMB/ton, with slight increases in various regions due to rising transportation and production costs [26][34] - Recommended companies include Huaxin Cement and Conch Cement, with attention to Tapai Group and Tian Shan Shares [34] Glass - Float glass inventory has decreased slightly to approximately 6,512 million weight boxes, with a price increase to 1,196 RMB/ton [35] - The report notes that the supply of float glass is expected to contract further, leading to potential price stabilization [35] - Companies to watch include Qibin Group and Xinyi Glass, as the market may be nearing a price bottom [13] Fiberglass - The demand for electronic fabrics remains strong, with prices for 7628 electronic fabrics around 5.4-6 RMB/meter, and expectations for further price increases [11][35] - The report recommends China Jushi as a key player in the fiberglass sector, with additional attention to International Composite Materials and Longhai Shares [10][11] Carbon Fiber - Carbon fiber prices have stabilized, with new demand expected from the rapid development of commercial aerospace [11] - Companies like Zhongfu Shenying and Guangwei Composites are highlighted for their potential in high-end applications [11]

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector [2] Core Views - The construction materials sector is expected to benefit from a recovery in downstream demand, with a focus on high-quality stocks as the first quarter earnings report approaches [8][10] - The report highlights the impact of rising raw material costs due to increasing oil prices, suggesting that companies with the ability to pass on these costs will perform better [9][13] - The report emphasizes the importance of monitoring companies that are less affected by raw material price fluctuations and have stable growth prospects [9][13] Summary by Sections Market Overview - The construction materials sector has seen a decline of 0.53% this week, outperforming the CSI 300 index by 0.9 percentage points [20] - Year-to-date, the sector has decreased by 0.5%, outperforming the CSI 300 index by approximately 2.3 percentage points [20] Cement Sector - Cement demand is gradually recovering, with a national shipment rate of 39% as of March 27, 2026, an increase of 7.5 percentage points from the previous month [26][28] - The average price of cement is approximately 345 RMB/ton, with slight increases in various regions due to rising transportation and production costs [26][34] - Recommended companies include Huaxin Cement and Conch Cement, with attention on Tapai Group and Tian Shan Cement [34] Glass Sector - Float glass inventory has decreased to approximately 6,512 million weight boxes, a decline of 1.1% [35] - The average price of float glass is around 1,196 RMB/ton, reflecting a slight increase of 2 RMB/ton [35] - Companies to watch include Qibin Group and Xinyi Glass, as supply constraints may lead to price stabilization [35][39] Fiberglass Sector - The demand for electronic cloth remains strong, with prices for 7628 electronic cloth around 5.4-6 RMB/meter, and expectations for further price increases [10][35] - Recommended companies include China Jushi, with additional focus on International Composite Materials and Longhai Co., Ltd. [10] Carbon Fiber Sector - Carbon fiber prices have stabilized, with new demand from the commercial aerospace sector potentially driving future growth [11] - Companies to monitor include Zhongfu Shenying and Guangwei Composites [11]

Investment Rating - The report maintains an "Outperform" rating for the construction materials sector [2] Core Views - The continuous rise in crude oil prices has significantly impacted the cost structure of various segments within the construction materials industry, leading to increased pressure on companies to pass on these costs to consumers [7][17] - The report highlights that leading companies in the waterproofing and architectural coatings sectors have demonstrated the ability and willingness to raise prices in response to rising costs, indicating an improved competitive landscape [27][31] Summary by Sections 1. Impact of Rising Crude Oil Prices on Construction Materials - Crude oil prices have surged, with Brent crude reaching $117.45 per barrel, marking a 65.1% increase since March [7][17] - The waterproofing industry is particularly affected, with key raw materials like asphalt and polyether seeing price increases of 34% and 36% respectively, leading to a cost impact of 7.5% to 11.2% on companies [21][24] - In the architectural coatings sector, the main raw material, emulsion, has also seen significant price hikes, contributing to an overall cost increase of 8.6% [28][33] - The plastic pipe industry has experienced raw material price increases of 28% for PVC and 19% for PPR, resulting in a cost impact of approximately 20% and 13.7% respectively [34][36] - The float glass industry has faced rising costs due to increased prices of fuel oil and petroleum coke, with production costs exceeding those of natural gas [10][40] 2. Market Review - The construction materials sector has seen a decline of 6.86%, underperforming the CSI 300 index by 4.7 percentage points [41][43] - The cement and glass sectors both reported a 7.3% decline, while the fiberglass sector saw a 10.6% drop [41][42]

Core Insights - The report highlights that the rapid increase in costs is exceeding expectations, which is beneficial for leading companies in the building materials sector to pass on costs and gain market share [10][11] - The report suggests that the consumption building materials sector is seeing prices stabilize before volumes, indicating potential alpha opportunities in leading companies [25][26] Cost Increases and Market Dynamics - The Brent crude oil price has surged from $61 per barrel on January 1, 2026, to $117 per barrel by March 20, 2026, marking a 92% increase [10] - Key raw materials for waterproofing, coatings, and plastic pipes, which are by-products of oil processing, have seen significant price increases, with current prices compared to the beginning of the year showing increases of 16% for asphalt, 140% for acrylic, 21% for PPR, 26% for PVC, 31% for HDPE, and 32% for natural gas [10][11] - Leading companies are able to implement price increases more effectively due to their scale and cash flow advantages, which allows them to clear out smaller competitors [11][12] Consumption Building Materials - The consumption building materials sector is expected to see stable long-term demand, with an increasing concentration in the industry and significant growth potential for quality leading companies [25][26] - The report notes that the real estate sector is still in a downturn, but leading companies are showing resilience, with price increases in waterproofing and coatings becoming more widespread [25][26] Cement Market - The national cement market price has increased by 0.7% week-on-week, with the average price reaching 339 RMB per ton as of March 20, 2026 [25][26] - The report indicates that the cement industry is currently at a historical low in terms of valuation, suggesting potential for recovery [25][26] Glass Market - The report states that float glass prices are fluctuating, while photovoltaic glass transactions are stable [25][26] - The average price of float glass is reported at 1198 RMB per ton, with a year-on-year decrease of 8% [25][26] Fiberglass and Composite Materials - The fiberglass market is experiencing stable prices after recent increases, with electronic yarn prices also showing positive trends [25][26] - The report emphasizes the competitive advantage of leading companies in the fiberglass sector, such as China Jushi and Zhongcai Technology [27] Investment Recommendations - The report recommends focusing on leading companies such as Dongfang Yuhong, Sankeshu, China Liansu, and others for potential investment opportunities due to their strong market positions and ability to navigate cost pressures [12][25][26]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Consumption building materials have raised prices intensively, and the price transmission has entered the implementation stage. The profitability of leading companies is expected to gradually recover due to the clear pattern of consumption building materials and price - increasing opportunities provided by raw material price hikes [2][7] - After the release of the "15th Five - Year Plan Outline," attention should be paid to the capacity optimization of traditional building materials such as cement, glass, and fiberglass under anti - involution, as well as advanced new materials such as high - end electronic cloth fiberglass and heat - resistant ceramics [5][8] - The AI chain has a high prosperity and an obvious price - increasing trend. The fiberglass field is relatively favored, with electronic cloth entering the price - increasing cycle and roving having a good outlook in the first half of the year. Waterproofing in the second - hand housing transaction and new construction segments is also relatively favored. It is expected that the overall construction demand in 2026 may be similar to that in 2025, and more attention should be paid to individual stock opportunities in segmented fields. Commercial aerospace is in the stage from 0 to 1, with many domestic and foreign catalysts this year, and it still has a high long - term allocation value [5][8] 3. Summary by Directory 3.1 Consumption Building Materials Intensive Price Hikes, Price Transmission Enters the Implementation Stage - Waterproofing leaders raised prices again. From the beginning of 2026 to March 13th, the market price of East China SBS modified asphalt rose 33% to 4,650 yuan/ton. From March 11th to 12th, Orient Yuhong, Beixin Waterproofing, and Keshun Co., Ltd. successively issued new round price - adjustment letters [2][7] - Coating leaders raised prices collectively. From March 13th to 15th, Nippon, SKSHU, and Carpoly successively issued price - increase letters, covering interior and exterior wall latex paints, with a price - adjustment range of 5 - 15% [2][7] 3.2 Weekly Market Review - **Overall Index Performance**: From March 9th to 13th, 2026, the construction index rose 4.28%, and the building materials index rose 2.51%. Among various industry indices, the coal index had the highest increase, and the building index also had a relatively high increase [12][16] - **Sub - sector Performance in Construction**: The professional engineering and other index rose 6.32%, the infrastructure construction index rose 5.48%, etc. [14] - **Sub - sector Performance in Building Materials**: The cement index fell 0.29%, the glass fiber index fell 0.48%, etc. [18] - **Top Five Gainers and Losers in Building Materials**: The top five gainers included Yangzi New Materials with a weekly increase of 12.22% and China Energy Engineering with 29.41%. The top five losers included Yuexin Health with a weekly decline of 15.02% and Hongrun Construction with 7.85% [20] - **Top Five Gainers and Losers in Construction**: The top five gainers included China Energy Engineering with a weekly increase of 29.41%, and the top five losers included Hongrun Construction with a weekly decline of 7.85% [21] - **Infrastructure Public REITs Performance**: The average weekly increase of infrastructure public REITs was - 1.62%, with some products such as Huatai Jiangsu Expressway REIT rising 1.23% and some products such as Boshi Jinkai Industrial Park REIT falling 5.17% [22][23][24] 3.3 Aggregate Data Tracking - **Real Estate Data**: It includes national real estate new - start, construction, completion, and sales area cumulative year - on - year data, land transaction data (including total, residential, commercial, and industrial land), and real estate transaction data (including second - hand housing prices, listing volume, and 30 - large - city commercial housing transaction volume) [26][35][45] - **Social Financing Data**: It includes monthly new social financing, new RMB loans, new corporate bond financing, etc., as well as their year - on - year increase data [55][57][60] - **Infrastructure Investment Data**: It includes narrow and broad infrastructure cumulative year - on - year growth rates, as well as investment cumulative year - on - year growth rates in power, transportation, and water conservancy industries [64][66][68] - **New Contract Signing of Eight Major Construction Central Enterprises**: It shows the quarterly new contract signing amounts and year - on - year growth rates of eight major construction central enterprises from 2022Q1 to 2025Q4 [71] - **Special Bond Issuance**: It includes monthly new special bond issuance, replacement special bond issuance, and their cumulative issuance amounts [73][75][77] 3.4 High - Frequency Data Tracking - **Cement Data**: It includes the national PO42.5 cement average price, East China regional cement price, cement - coal price difference index, cement capacity utilization ratio, and cement production monthly year - on - year growth rate [84][85][91] - **Float Glass Data**: It includes glass spot price, futures price, inventory, and daily melting volume [92][94][98] - **Photovoltaic Glass Data**: It includes 2mm photovoltaic glass price, inventory, daily melting volume, and soda ash price [99][102][103] - **Fiberglass Data**: It includes the prices of SMC roving 2400tex, winding direct roving 2400tex, etc., and fiberglass inventory [106][107][116] - **Carbon Fiber Data**: It includes carbon fiber average price, raw silk price, inventory, production, capacity utilization rate, gross profit margin, cost, and gross profit [113][117][120] - **Magnesia and Alumina Prices**: It includes the ex - factory tax - included price of large - crystal electro - fused magnesia and alumina price [130][133] - **Upstream Raw Material Prices**: It includes asphalt, PVC, waste paper, HDPE, acrylic acid, and titanium dioxide prices [135][136][144] - **Physical Workload Data**: It includes high - machine rental rate and asphalt average capacity utilization rate [145][147]

Investment Rating - The report gives an "Overweight" rating for the construction materials industry, indicating that it is expected to outperform the overall market [2][11]. Core Insights - The consumer building materials sector is experiencing a strong price increase, with significant price hikes announced by major companies in the waterproofing and coating industries [4]. - The core contradiction for the consumer building materials sector in 2026 will be price transmission and profit improvement, driven by rising international oil prices affecting raw material costs [4]. - Demand recovery is supported by the traditional peak construction season and active second-hand housing market, which provides a favorable environment for companies to pass on costs [4]. - The report highlights three major changes in demand: increased importance of non-housing scenarios, a significant rise in second-hand housing transactions, and the anticipated growth of stock renovations [4]. - The report emphasizes the importance of industry structure and company willingness to raise prices, with a focus on the waterproofing sector as a key area for investment [4]. Summary by Sections Price Increases - In March, the consumer building materials sector saw a strong rhythm of price increases, with companies like Nippon Paint and Sanke announced price hikes ranging from 3% to 15% for various products [4][5]. - Major companies such as Dongfang Yuhong and Keshun Co. have also announced price increases for waterproofing materials and coatings, indicating a trend of price adjustments across the sector [5]. Demand and Market Dynamics - The report notes that the waterproofing industry has undergone significant changes in demand structure and industry dynamics over the past five years, leading to improved industry concentration [4]. - The report suggests that the construction materials sector will benefit from increased demand due to the seasonal uptick in construction activities and renovations [4]. Investment Recommendations - The report recommends focusing on the waterproofing sector, specifically highlighting companies like Keshun Co. and Dongfang Yuhong as key investment opportunities [4]. - Other companies such as Hanhigh Group, Sanke, and Weixing New Materials are also recommended for their strong cash flow and stable performance [4].

Investment Rating - The report rates the construction materials industry as "Overweight" [2] Core Insights - The consumer building materials sector is experiencing strong price increases, with significant price hikes announced by major companies in the waterproofing and coatings industries [4] - The core contradiction for the consumer building materials sector in 2026 will be price transmission and profit improvement, driven by rising international oil prices affecting raw material costs [4] - Demand recovery is supported by the traditional peak construction season and active second-hand housing market, which aids companies in passing on costs [4] - The report highlights three major changes in demand: increased importance of non-housing scenarios, a significant rise in second-hand home transactions, and the anticipated growth of stock renovations [4] - The report emphasizes the importance of industry structure and company willingness to raise prices, with a focus on the waterproofing sector [4] Summary by Sections Price Increases - In March, the consumer building materials sector saw strong price increases, with companies like Nippon Paint and Skshu Paint announcing price hikes of 3-10% and 5-15% respectively [4][5] - Major companies in the waterproofing sector, such as Oriental Yuhong and Keshun, have also announced price increases for various products [5] Demand and Supply Dynamics - The report notes that the demand for building materials is expected to rise due to the peak construction season and increased activity in the real estate market [4] - The report suggests that the supply side has been constrained due to capacity reductions in cement and glass, which may lead to further price increases [4] Investment Recommendations - The report recommends focusing on the waterproofing sector, specifically companies like Keshun and Oriental Yuhong, which have demonstrated strong growth potential [4] - Other recommended companies include Hanhigh Group, Sanke Tree, and Weixing New Materials, which have stable cash flows and performance [4][6]

Investment Rating - The report maintains a positive outlook on energy engineering and energy materials, suggesting potential for revaluation in the sector [2][13]. Core Insights - The transition of engineering companies from traditional construction to renewable energy infrastructure is significantly altering revenue structures. For instance, China Energy Engineering's renewable energy business revenue is projected to exceed 32% by the first half of 2025, up from 22.7% in 2022. The total new contracts signed in 2025 are expected to reach 1.45 trillion yuan, with renewable energy contracts accounting for over 40% [2][13]. - The business model is shifting towards integrated investment, construction, and operation. Companies like North International and China Power Construction are leading examples, with projects such as the Croatian wind farm demonstrating this model. The average project size in renewable energy has increased to 360 million yuan, compared to 220 million yuan in 2021 [3][14]. - The international expansion of energy engineering is becoming a hallmark of Chinese infrastructure. For example, China Energy Engineering's overseas revenue share is projected to be 15% in the first half of 2025, up from 12.8% in 2022 [4][15]. Summary by Sections Weekly Discussion - The report emphasizes the ongoing transformation in energy engineering and materials, highlighting the structural changes in revenue and order composition within companies like China Energy Engineering [2][13]. Cycle Linkage - The report provides insights into various materials, noting that the national average price of cement is 337 yuan per ton, down 60 yuan year-on-year, with an average shipment rate of 24.7% [5][17]. - The average price of float glass is reported at 1177.42 yuan per ton, reflecting a slight increase, while the inventory days for monitored provinces have decreased [5][17]. Market Performance - The construction materials index has shown a decline of 1.33%, with specific segments like glass manufacturing and cement showing varied performance [20][21]. Price Changes in Construction Materials - Cement prices have seen a slight decrease, with regional variations noted, while float glass prices have been supported by rising costs, particularly due to geopolitical events affecting energy prices [30][40].

Core Insights - The report highlights that the escalation of the US-Iran conflict has led to a surge in oil prices, which in turn has caused a price increase in various construction materials. Brent crude oil prices have risen by 64.6% since the beginning of the year, reaching $101 per barrel, the highest since the Russia-Ukraine conflict in 2022 [12][13] - The report suggests that the construction materials sector is experiencing a price recovery, with leading companies benefiting from improved pricing power and a consensus on price increases within the industry [13][14] Group 1: Impact of US-Iran Conflict - The US-Iran conflict has resulted in the temporary closure of the Strait of Hormuz, disrupting oil supply chains and causing significant price increases in raw materials such as natural gas (up 41%), asphalt (up 9.3%), and acrylic acid (up 134.8%) [12][13] - Leading companies in the construction materials sector are expected to have better pricing power due to rising raw material costs, which can enhance their profit margins [13][14] Group 2: Construction Materials Market Trends - The report indicates that the construction materials market is witnessing a price recovery, with companies like Sanhe Tree, Rabbit Baby, and Oriental Yuhong being highlighted as key players to watch [12][14] - The cement market has seen a slight decrease in prices, with a 0.3% drop reported recently. The average price of cement is currently 337 RMB per ton, which is down 1.00 RMB from the previous period [22][23] - The glass market is showing stable price trends, with float glass prices increasing by 1.4% recently, while photovoltaic glass trading remains steady [27][28] Group 3: Financial Performance and Valuation - The report provides a detailed financial analysis of key companies in the construction materials sector, indicating that many leading firms are expected to see improved earnings as market conditions stabilize [5][22] - The valuation of the construction materials sector is currently at historical lows, suggesting potential investment opportunities as the market begins to recover [22][23] Group 4: Consumer Construction Materials - The consumer construction materials segment is showing signs of recovery, with leading companies demonstrating resilience in their operations despite ongoing challenges in the real estate market [22][23] - The report notes that the long-term demand for consumer construction materials remains stable, supported by the renovation of existing properties and an increase in market concentration among leading firms [22][23]