Investment Rating - Industry Rating: Recommended [4] Core Viewpoints - The construction materials sector is experiencing a favorable investment moment due to the "anti-involution" trend and the arrival of peak season, leading to accelerated self-discipline in the cement industry. Recommended stocks include Huaxin Cement and Conch Cement, among others [1][5] - The cement market price is stabilizing at 364.15 CNY/ton, with an average shipment rate of 45.7% in key regions. The price is expected to maintain a steady upward trend [2][22] - The photovoltaic glass industry is witnessing price increases at the bottom level, with mainstream order prices for 2.0mm coated panels rising to approximately 11 CNY/sqm, reflecting a 2.33% increase [2][75] - The real estate market shows signs of marginal improvement, with new home transaction areas in 30 major cities reaching 154.48 million sqm, a 24.22% increase from the previous week [3][18] Summary by Sections Cement Industry - The national cement market price is 364.15 CNY/ton, showing stability amid tight funding and adverse weather conditions affecting demand recovery. The average shipment rate in key regions is around 45.7% [2][22] - Regions like Jiangsu and Anhui are seeing price increases of 20-30 CNY/ton, while areas like Fujian are experiencing price declines of 10-50 CNY/ton due to weak demand [22][48] Photovoltaic Glass - The market for photovoltaic glass is showing positive trading activity, with prices for 2.0mm coated panels increasing by 2.33% to around 11 CNY/sqm. The inventory levels are decreasing, indicating a tightening supply [75][76] Real Estate Market - The transaction volume for new homes in 30 major cities has improved, with a total area of 154.48 million sqm sold, reflecting a 24.22% week-on-week increase. The second-hand housing market also shows a 9% increase in transaction volume [3][18] Recommended Stocks - Recommended stocks include Huaxin Cement, Conch Cement, and others in the cement sector, as well as companies like Dongfang Yuhong and Keshun Co., which are benefiting from price increases in waterproofing products [1][5] - In the photovoltaic glass sector, stocks such as Qibin Group and Fuyao Glass are highlighted for their potential gains from price increases [1][5]

Core Viewpoint - The stock performance of Keshun Co., Ltd. (300737) is influenced by multiple factors including macroeconomic conditions, industry cycles, and market sentiment, with varying impacts across different industries and companies [1] Group 1: Company Performance - The company remains focused on its core business development, continuously enhancing its core competitiveness through technological innovation and market expansion [1] - The current operational status of the company is stable, with a clear strategic layout and management's confidence in long-term development [1] Group 2: Investor Guidance - Investors are encouraged to pay more attention to the company's fundamentals and long-term value rather than short-term market fluctuations [1] - Specific operational data should be referenced from the company's periodic reports [1]

Group 1 - The company, Keshun Co., Ltd. (stock code: 300737), reported that as of August 8, 2025, the total number of shareholders is 34,018 [1]

Investment Rating - The report maintains a positive outlook on the building materials industry, particularly in AI materials and traditional building materials entering a price increase season [1][3]. Core Insights - The AI materials market continues to expand, driven by the anticipation of mass production in the AI industry chain, which is expected to boost demand for related products [2][3]. - The construction materials sector is showing signs of recovery, with consumption fundamentals expected to improve in the second half of 2025 [10][24]. - The cement industry is entering a peak season, with price increases already observed in the Yangtze River Delta region [30][33]. Summary by Sections AI Materials - The M9 production for switches is expected to ramp up ahead of schedule, with core Q fabric suppliers also increasing production capacity [2]. - The demand for low dielectric fabrics is anticipated to rise alongside the production of GB200 and GB300 cabinets [2][3]. - The overall production ramp-up is seen as a key support for market trends [2]. Cement Industry - The opening of major infrastructure projects in Xinjiang and Tibet is expected to enhance market confidence and drive demand for cement [8][30]. - The cement market has seen a slight price increase, with certain regions experiencing price hikes of 10-30 RMB per ton [33][34]. - The report highlights a potential supply reduction in the North China region due to planned production cuts for air quality improvement [32][33]. Building Materials - The report notes a significant policy shift in Beijing aimed at stimulating the real estate market, which is expected to positively impact consumption building materials [10][24]. - Companies in the consumption building materials sector are beginning to stabilize their earnings, with expectations of improved profitability in the coming quarters [25][26]. - The report emphasizes the importance of cost management and pricing strategies among leading companies in the sector [25][26]. Glass Industry - The float glass market is currently facing price pressures, with average prices declining [41][42]. - Environmental regulations are tightening, which may lead to increased costs for glass manufacturers [42][43]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market challenges, with a focus on profitability in their automotive glass segment [44].

Core Viewpoint - The company's stock performance is influenced by multiple factors including macroeconomic conditions, industry cycles, and market sentiment, leading to differing market performances across various industries and companies [1] Group 1 - The company emphasizes its focus on core business development through technological innovation and market expansion to continuously enhance its core competitiveness [1] - The current operational status of the company is stable, with a clear strategic layout and management's confidence in long-term development [1] - Investors are encouraged to pay more attention to the company's fundamentals and long-term value rather than short-term market fluctuations [1]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights a significant increase in fixed asset investment in water and electricity sectors, with a focus on regional infrastructure [1][3] - The cement market remains stable, while glass prices are experiencing fluctuations due to competitive dynamics [2] - The real estate market shows a decline in transaction volumes for both new and second-hand homes [3][21] - The report emphasizes the ongoing demand for construction materials driven by major national projects and infrastructure investments [7][8] Summary by Sections Investment Recommendations - Recommended stocks include strong performers like "Three Trees" and high-dividend stocks such as "Weixing New Materials" and "Rabbit Baby" [1] - Cement leaders like "Huaxin Cement" and "Conch Cement" are recommended due to their cost and scale advantages [7] - The report suggests focusing on companies benefiting from major engineering projects, such as "China Power Construction" and "China Energy Construction" [8] Market Trends - The national cement price is reported at 340.33 CNY/ton, showing stability despite low demand [2] - The average price of float glass has decreased to 1235.66 CNY/ton, reflecting a 3.08% decline from the previous week [2][73] - The report notes a 1.6% year-on-year increase in fixed asset investment, with infrastructure investment growing by 3.2% [3][6] Real Estate Market - New home transaction volume in 30 major cities decreased by 12% year-on-year, with a significant 44.7% drop from the previous week [3][21] - Second-hand home transactions in 15 monitored cities showed a slight decline of 1.7% year-on-year [3][21] Sector Performance - The report indicates a robust performance in the industrial sector, with a 9.0% year-on-year increase in industrial investment [6] - The water and electricity sectors are highlighted for their strong investment growth, with electricity supply investment up by 21.5% [6]

Core Viewpoint - The company Keshun Co., Ltd. (stock code: 300737) has launched a new high-end waterproof product line called "Cuiyou," featuring a cutting-edge waterproof coating specifically designed for long-term immersion environments, addressing the common issue of leakage in pools and water features [1][8]. Product Features - The Cuiyou ultra-durable colored elastic waterproof coating is developed with four core technologies to provide robust protection for water pools, swimming pools, landscape pools, and drinking water pools, effectively eliminating leakage issues [1][8]. - The product meets three national standards: GB/T 23445-2009 for polymer cement waterproof coatings, JC 1066-2008 for harmful substance limits in building waterproof coatings, and GB/T 17219-1998 for safety evaluation standards of materials used in drinking water supply [3][4]. Performance Characteristics - The coating exhibits exceptional water resistance, maintaining integrity after 14 days of continuous immersion and lasting over five years in long-term immersion environments without peeling or flaking [3][8]. - It has a high elongation rate exceeding 200%, providing excellent flexibility to adapt to temperature changes and minor structural shifts, effectively preventing cracks and leaks [3][8]. - The product is environmentally friendly, using a low-odor water-based formula that has passed multiple international and national environmental certifications, ensuring safety for use in swimming pools and other water features [4][8]. Application and Market Response - The unique sea blue color of the coating allows for visible application, reducing the risk of hidden leaks caused by missed spots during application, ensuring a complete waterproof layer [6][8]. - The launch of the Cuiyou ultra-durable waterproof coating has quickly gained popularity in the market, with increasing adoption among villa owners, high-end apartment residents, and hotel swimming pools, providing a reliable solution to leakage problems [8].

证券日报网讯科顺股份（300737）8月12日在互动平台回答投资者提问时表示，截至2025年7月31日，公 司股东总数为34，153户。 ...

格隆汇8月12日丨科顺股份(300737.SZ)在投资者互动平台表示，公司目前未参与雅下水电站项目，未来 如有合作将依规披露。作为国内领先的防水系统服务商，主营防水材料和减震隔震产品，请投资者理性 投资，注意风险。 ...

证券日报网讯科顺股份（300737）8月6日在互动平台回答投资者提问时表示，截至2025年7月18日，公 司股东总数为33459户。 ...