北京商报讯2月26日，装修建材板块小幅下跌，以18668.49点收盘，跌幅为0.85%。受板块影响，装修建 材板块个股出现不同程度下跌。顶固集创以32.59元/股收盘，跌幅为8.46%，领跌装修建材股。科顺股 份以7.71元/股收盘，跌幅为5.86%，跌幅位列装修建材股第二。尚品宅配以14.08元/股收盘，跌幅为 3.89%，跌幅位列装修建材股第三。除此之外，悦心健康以5.80元/股收盘，涨幅为10.06%，领涨装修建 材股。雅博股份以2.48元/股收盘，涨幅为6.44%，涨幅位列装修建材股第二。*ST松发以104.85元/股收 盘，涨幅为5.00%，涨幅位列装修建材股第三。 中国银河在研报中表示，中长期来看，存量房翻新、旧改以及城市更新将成为消费建材需求托底主力。 近年消费建材龙头企业加速调整销售策略，零售业务规模不断扩大，随着城市发展向存量提质增效转 型，龙头企业市占率有望不断提升。 （文章来源：北京商报） ...

北京商报讯（记者 翟枫瑞）2月25日，装修建材板块增长，以18828.69点收盘，涨幅为2.12%。在板块 带动下，多只装修建材股股价实现增长。科顺股份以8.19元/股收盘，涨幅为14.23%，领涨装修建材 股。美克家居以2.85元/股收盘，涨幅为10.04%，涨幅位列装修建材股第二。东方雨虹以18.75元/股收 盘，涨幅为9.08%，涨幅位列装修建材股第三。除此之外，悦心健康以5.27元/股收盘，跌幅为7.22%， 领跌装修建材股。森鹰窗业以36.43元/股收盘，跌幅为3.24%，跌幅位列装修建材股第二。好莱客以 15.06元/股收盘，跌幅为2.59%，跌幅位列装修建材股第三。 华福证券在研报中表示，在反内卷加速供给侧改革预期下，建材产能周期有望迎来拐点。预期来看，利 率下行有利购房意愿修复，收储及城改有助购房能力修复，购房意愿及能力边际修复预期预计推动房地 产市场基本面企稳概率增加，亦有望推动地产后周期需求修复。 ...

午后商业航天概念持续走高，航天发展封涨停，此前再升科技涨停，科顺股份、星环科技涨超10%，神 剑股份、航天宏图、亚光科技、超捷股份跟涨。 ...

【天风建筑建材 & 新材料】周观点 20260223 节前1-2周涨幅较好的主线为：①AI 算力相关电子材料主线，以特种电子布为核心的玻纤领涨建材板块；PCB 基材、半导体封装材料、液冷相关标的领涨新材料板块；②AI + 建筑主线，VR/AR 应用、算力 + 工程咨询设计相 关标的领涨建筑板块；③外围市场 PCB 核心基材、半导体设备/材料主线领涨。 下周重点关注： 1、科技主线持续回归，核心推荐【电子布】赛道：①供需格局持续失衡，行业整体供需缺口约 20%，26 年 1 月 起全品类电子布均出现供应紧张，企业在手订单已达 2 个月水平，预计26 年全年将维持供应偏紧格局；②产能供 给刚性收缩，普通电子布产能向高端转移带来60% 产能损失，全品类供给持续收缩；③涨价节奏加快、弹性充 足，25 年电子布行业普遍提价 4-5 次，26 年 已提价10%，高端 DK 布、Q 布、CTE布价格仍处上行通道；④扩产 瓶颈短期无法突破，高端产品生产依赖的丰田高端织布机交付周期长达 1-2 年，但需关注池窑法突破（单个池窑 年产3000吨VS坩埚36吨）带来的供应增加（29年有可能供过于求）；⑤库存与需求端共振，CCL及电 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][9]. Core Insights - The company is poised for growth, with strong pricing power and an improving industry landscape. It has been restructuring its revenue sources, significantly increasing the share of non-residential and overseas income [5][8]. - The waterproofing industry has undergone significant changes over the past five years, with a shift in demand structure and an increase in market concentration. The company is expected to benefit from these trends [8][43]. - The company's financial performance is projected to recover, with expected revenue growth and improved profit margins in the coming years [6][10]. Summary by Sections Company Overview - Established in 1996, the company specializes in comprehensive waterproofing solutions, covering various sectors including construction waterproofing, civil materials, and energy solutions. It has participated in major national projects [18]. - The company has a stable governance structure, with concentrated ownership among key stakeholders [20]. Industry Changes - The demand structure in the waterproofing industry has shifted, with non-residential applications gaining importance and the share of second-hand housing transactions increasing significantly [44][50]. - The industry has seen a significant reduction in competition, with market consolidation occurring faster than in other segments of the real estate chain [54]. Financial Performance and Forecast - Revenue is expected to recover from a projected decline in 2025, with estimates of 6.22 billion yuan in 2025, followed by growth to 6.67 billion yuan in 2026 and 7.16 billion yuan in 2027 [6][10]. - The gross margin is anticipated to improve, with a forecasted increase to 28.1% in 2026 and 29.7% in 2027, reflecting the company's focus on high-margin products [6][10]. Investment Analysis - The company's valuation is currently below that of comparable companies in the consumer building materials sector, suggesting potential for upside as the market recovers [9][10]. - The report highlights the company's strong pricing power and willingness to increase prices, which could enhance profitability as market conditions improve [8][11].

Investment Rating - The report assigns an "Accumulate" rating for the building materials industry [5] Core Insights - The report emphasizes the expectation of price increases post-Spring Festival and the potential catalyst from the real estate sector. It highlights that the consumption building materials sector may begin to show fundamentals independent of real estate from 2025-2026, with a focus on the resilience of the real estate market after the Spring Festival [2][7] - The report recommends leading companies in the consumption building materials sector that have independent growth logic and sufficient dividend valuation support, particularly in the waterproof materials sub-sector [5][7] Summary by Sections Building Materials Industry Investment Strategy - The consumption building materials sector is anticipated to benefit from potential macroeconomic improvements, with a focus on the resilience of the real estate market post-Spring Festival. The report highlights the importance of observing second-hand housing transactions for signs of market recovery [7] - Recommended companies include Oriental Yuhong, Beixin Building Materials, Weixing New Materials, and others that are expected to perform well due to their growth strategies and market positions [7] Market Review - From February 2 to February 6, 2026, the building materials sector increased by 0.70%, with specific segments like glass manufacturing rising by 5.32% [10] - The report notes significant individual stock movements, with companies like Hanjian Heshan and Jinjing Technology showing notable weekly gains [17] Cement Industry - The national cement market price decreased by 1% week-on-week, with significant price drops in regions like Henan and Hubei. The average shipment rate for cement companies fell by approximately 8 percentage points [24][25] - The report anticipates a stabilization in cement prices as the market enters a holiday period, with a focus on the execution of production restrictions in 2026 [7][24] Glass Industry - The average price of domestic float glass increased to 1154.49 RMB/ton, reflecting a week-on-week rise of 9.69 RMB/ton. However, demand is expected to weaken as downstream processing plants shut down for the holiday [42] - The report recommends leading companies in the glass sector, including Fuyao Glass and Xinyi Glass, due to their strong market positions and dividend yields [42][43] Fiberglass Industry - The report indicates that the fiberglass market is experiencing price increases, particularly in the electronic yarn segment, driven by tight supply and steady demand [55] - Recommended companies in this sector include China Jushi and Zhongcai Technology, which are expected to benefit from structural demand upgrades [55]

联合〔2026〕939 号 联合资信评估股份有限公司关于科顺防水科技股份有限公司 表 1 截至本公告出具日公司委托联合资信进行信用评级的存续期内公开发行债券情况 | 债券代码 | 债券简称 | 上次主体 | 上次债项 | 上次评级 | 债券余额 | 下一回售日 | 到期兑付日 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 评级结果 | 评级结果 | 时间 | （亿元） | | | | 123216.SZ | 科顺转债 | AA/稳定 | AA/稳定 | 2025/06/24 | 21.9782 | -- | 2029/08/04 | | 资料来源：公开资料，联合资信整理 | | | | | | | | 公司于 2026 年 1 月 30 日发布《科顺防水科技股份有限公司 2025 年度业绩预告》，经公司财务 部门初步测算，预计 2025 年归属于上市公司股东的净利润亏损 3.80 亿元至 5.70 亿元，扣除非经常 性损益后的净利润亏损 4.60 亿元至 6.90 亿元。根据公司披露的业绩变动原因，2025 年受市场需求 缓慢复苏且公司主动 ...

表 1 截至本公告出具日公司委托联合资信进行信用评级的存续期内公开发行债券情况 | 债券代码 | 债券简称 | 上次主体 | 上次债项 | 上次评级 | 债券余额 | 下一回售日 | 到期兑付日 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 评级结果 | 评级结果 | 时间 | （亿元） | | | | 123216.SZ | 科顺转债 | AA/稳定 | AA/稳定 | 2025/06/24 | 21.9782 | -- | 2029/08/04 | | 资料来源：公开资料，联合资信整理 | | | | | | | | 联合〔2026〕939 号 联合资信评估股份有限公司关于科顺防水科技股份有限公司 2025 年度业绩预亏的关注公告 受科顺防水科技股份有限公司（以下简称"公司"）委托，联合资信评估股份有限公司（以下 简称"联合资信"）对公司主体及相关债项进行了信用评级。除评级委托关系外，联合资信、评级 人员与公司不存在任何影响评级行为独立、客观、公正的关联关系。 根据联合资信最近的评级结果，公司个体信用等级为 aa，无外部支持调整项，公司 ...

Summary of Conference Call Notes Industry and Company Involved - The notes primarily focus on the **electronic fabric** industry and **real estate** market, with specific mentions of companies such as **China Jushi**, **Keshun Co., Ltd.**, **Sankeshu**, **Rabbit Baby**, **Hankao Group**, **Beixin Building Materials**, **Weixing New Materials**, **Oriental Yuhong**, **Qingniao Fire Protection**, **Qiba Group**, and **Xinyi Glass**. Key Points and Arguments 1. **Price Increase in Electronic Fabric** The price of 7628 electronic fabric has increased again, with international composite materials rising by **0.5-0.6 yuan/meter**. The supply-demand dynamics in the industry continue to improve, leading to a tight supply of traditional electronic yarn and fabric, alongside a strong demand for mid-to-high-end products. This trend supports a continued price increase, and the outlook for the fiberglass sector is positive for **2026** [1][1][1]. 2. **Stable Demand in Fiberglass Sector** The demand in sectors such as wind power and thermoplastics remains stable, and the expected impact of new supply in **2026** is limited. The supply-demand balance is anticipated to improve marginally, with a strong recommendation for **China Jushi** and suggestions to pay attention to **International Composite Materials**, **Changhai Co.**, and **China National Materials Technology** [1][1][1]. 3. **Real Estate Market Recovery** In January **2026**, the transaction volume of second-hand houses in major cities (Beijing, Shanghai, Guangzhou, Shenzhen) has collectively rebounded, with a **16% month-on-month increase** and a **33% year-on-year increase** in transaction area. The growth in first-tier cities exceeds **20%** year-on-year, supported by ongoing real estate policy adjustments that help stabilize the market [2][2][2]. 4. **Price Recovery in Construction Materials** The real estate downturn has accelerated the clearing of supply in the construction materials industry, leading to a rebound in prices for certain products. Several leading companies have begun to report profit recovery after strategic adjustments over the past 2-3 years. Recommended companies for stable growth include **Sankeshu** and **Rabbit Baby**, with additional attention to **Hankao Group**, **Beixin Building Materials**, **Weixing New Materials**, **Oriental Yuhong**, **Keshun Co.**, and **Qingniao Fire Protection** [2][2][2]. 5. **Opportunities in Float Glass Industry** The float glass industry is facing challenges, with two new cold repair lines added this week, reducing production capacity to approximately **14.9 million tons/day**. The industry is currently experiencing losses, and the pressure from inventory accumulation during the traditional Chinese New Year may accelerate the exit of production capacity. The glass sector is expected to stabilize, with recommendations to focus on **Qiba Group** and **Xinyi Glass** [2][2][2]. Other Important but Potentially Overlooked Content - The overall sentiment in the electronic fabric and construction materials sectors indicates a positive outlook for **2026**, with price increases and demand stability being key themes. - The recovery in the real estate market is seen as a potential catalyst for related industries, suggesting a broader economic recovery may be on the horizon. - The mention of specific companies provides actionable insights for investors looking to capitalize on emerging trends in these sectors [1][2][2].

Core Viewpoint - The company faces challenges in its performance primarily due to the slow recovery of demand in the construction waterproofing industry, proactive optimization of its business structure to reduce the proportion of risky operations, and the prudent decision to make impairment provisions [2] Group 1: Company Performance - The company is experiencing performance challenges linked to the slow recovery in the construction waterproofing sector [2] - Management is committed to diligent governance and risk control measures under the leadership of the board [2] - The company is focused on high-quality development strategies, emphasizing retail, construction, and overseas market expansion [2] Group 2: Risk Management and Investor Relations - The company is enhancing accounts receivable management and cost control to improve operational quality [2] - There is a strong emphasis on valuing shareholder opinions, with efforts to maintain investor rights through standardized operations and continuous improvement [2]