Investment Rating - The report maintains a positive outlook on the PCB upstream new materials, particularly in the fields of electronic cloth and copper foil [2][14]. Core Insights - The report highlights the shift in Nvidia's GB200NVLink design to high-layer, high-frequency low-dielectric PCBs, which is expected to catalyze demand for upstream new materials in AI applications [2][14]. - The report emphasizes the ongoing price increases in the waterproof industry, with major companies like Keshun and Dongfang Yuhong announcing price hikes, reflecting a consensus among industry leaders to combat excessive competition [3][15]. - The report notes the potential for local manufacturing growth in Africa, particularly through companies like Keda Manufacturing, which is integrating into local economies by producing tiles and sanitary ware [4][16]. Summary by Sections 1. Weekly Discussion - The report continues to explore the potential of PCB upstream new materials, focusing on electronic cloth and copper foil, with a significant gap in expectations for high-end copper foil materials [2][14]. 2. Industry Price Changes - The report details the recent price adjustments in the waterproof sector, with companies implementing price increases ranging from 2% to 13% across various product categories [3][15]. - It also provides insights into the cement sector, noting a national average price of 349 RMB/t, a year-on-year decrease of 41 RMB, and an average shipment rate of 43.2% [5][17]. 3. Market Performance - The report indicates that the construction materials index increased by 3.91% this week, with notable performances in glass manufacturing and fiberglass sectors [23][27]. - It highlights the average price of float glass at 1201.02 RMB/ton, with a slight increase of 0.13% compared to the previous week [5][17]. 4. National Subsidy Tracking - The report discusses the government's initiatives to boost consumption, including the organization of new energy vehicle promotions and the issuance of funds for trade-in programs [6][18]. 5. Important Changes - The report notes significant developments, including the central government's emphasis on regulating low-price competition and the announcement of price adjustments by leading waterproof companies [7][22].

Industry Overview - Waterproof membranes are essential functional materials in the construction industry, comprising a significant part of the building materials industry. They mainly include SBS/APP modified bitumen waterproof membranes, self-adhesive membranes, and polymer waterproof membranes. Among these, polymer waterproof membranes are rapidly increasing their market share due to their durability, corrosion resistance, environmental friendliness, and ease of construction [1][18] - The market demand for polymer waterproof membranes has seen explosive growth due to accelerated urbanization and continuous investment in infrastructure. The market size for polymer waterproof membranes in China is projected to reach approximately 21.808 billion yuan in 2024 [1][18] Market Dynamics - The production of waterproof materials in China has maintained a steady growth rate of around 10% since 2015, with a significant increase in 2020 due to heightened demand. In 2023, the production of waterproof materials reached 5.81 billion square meters, a year-on-year increase of 19.16%. The production is expected to further increase to approximately 6.525 billion square meters in 2024 [14][15] - The polymer waterproof membrane market is expected to continue growing, supported by government policies favoring green building materials and increasing environmental regulations [1][18] Competitive Landscape - The market for polymer waterproof membranes in China is characterized by low concentration and a large number of companies. Major domestic players include Oriental Yuhong, Beixin Waterproof, and Kairun Building Materials, among others. There are also many small and medium-sized enterprises with varying product quality [21][22] - The competitive landscape is evolving, with larger companies expanding and smaller firms facing pressure, potentially leading to increased market concentration in the future [21] Industry Development Trends - The polymer waterproof membrane industry is expected to accelerate its focus on environmental sustainability, emphasizing the development and application of solvent-free and low-VOC materials. Traditional materials will gradually be replaced by recyclable high polymer materials [27] - Future advancements will focus on enhancing performance, including weather resistance, puncture resistance, and lifespan. Innovations such as self-healing materials and specialized membranes for unique applications will drive the industry towards high-end and professional development [28] - The integration of smart technologies in production and application processes is anticipated, with IoT and AI optimizing quality control and enabling real-time monitoring of material performance [29] - The industry will also prioritize ease of construction, developing products that reduce reliance on skilled labor and streamline installation processes [30]

Investment Rating - The report maintains a "Recommendation" rating for the building materials industry [2] Core Views - The real estate policy continues to stabilize, which is expected to support the recovery of leading companies in the consumption building materials sector [14][15] - The cement market is experiencing continued low demand and overall price decline, with a national average shipment rate of 43.4% [11][21] - The float glass market is facing price declines and weak supply-demand support, with a current average price of 1174 RMB/ton [12][21] - The fiberglass market shows stable pricing for alkali-free roving, while electronic yarn prices remain steady [13] Summary by Sections Industry Dynamics - The cement market saw a price drop of 1.1% this week, with significant declines in various regions, while some areas like Jilin and Henan experienced slight price increases [11][21] - The float glass market's average price decreased by 7.14 RMB/ton, with a total production of 1.0909 million tons this week, reflecting a year-on-year decline of 8.2% [12][21] - The fiberglass market remains stable, with prices for alkali-free roving around 3500-3600 RMB/ton, while electronic yarn prices are expected to remain stable due to tight supply [13] Consumption Building Materials - The real estate policy is expected to drive demand for high-quality building materials, with the "Good House" national standard promoting industry transformation [14][15] - The report highlights the potential for recovery in the consumption building materials sector, particularly for leading companies [15] Recommended Stocks - Key recommended stocks include Weixing New Materials, Keda Manufacturing, Mona Lisa, Beixin Building Materials, Keshun Co., Dongpeng Holdings, with a focus on companies like China National Materials and Tianan New Materials [16][18]

证券代码：300737 证券简称：科顺股份 公告编号：2025-036 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 2025 年第二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公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 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 6.72 元/股。 2、2025 年第二季度，共有 10 张"科顺转债"完成转股（票面 金额共计人民币 1,000.00 元），合计转为 142 股"科顺股份"股票 （股票代码：300737）。 3、截至2025年第二季度末，公司剩余可转债为21,978,419张， 剩余可转债票面总金额为人民币 2,197,841,900.00 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 2025 年第二 ...

Core Viewpoint - Recent price increases by waterproof building material companies signal a collective response to rising costs and intense competition in the industry, marking a "counter-involution" movement [2][5]. Price Adjustments - Companies such as Beijing Oriental Yuhong Waterproof Technology Co., Ltd. and Keshun Waterproof Technology Co., Ltd. announced price hikes for various waterproof products, effective July 1, 2025, with increases ranging from 1% to 13% [3][4]. - Specific products affected include waterproof coatings, tile adhesives, and membrane materials, with the highest increase for waterproof coatings reaching 13% [3][4]. Industry Context - The waterproof industry has faced continuous pressure from fluctuating raw material prices and rising transportation costs, leading to compressed profit margins [5]. - For instance, Oriental Yuhong reported a gross margin of 25.80% in 2024, down 1.89 percentage points year-on-year, and a net margin of only 0.27%, a decline of 6.70 percentage points compared to the previous year [5]. Long-term Implications - Industry leaders emphasize the need to break the cycle of low-price competition, which can disrupt market order and compromise product quality [5]. - The recent price adjustments are seen as a necessary step to foster a healthier, sustainable development trajectory for the industry, moving towards higher quality and added value [5].

Core Viewpoint - The credit rating agency maintains the long-term credit rating of Keshun Waterproof Technology Co., Ltd. at AA, with a stable outlook, despite challenges in the waterproof materials industry due to reduced downstream demand and increased competition [1][3]. Company Overview - Keshun Waterproof Technology Co., Ltd. is a leading manufacturer and seller of waterproof materials in China, with a production capacity of 317 million square meters of waterproof membranes and 500,000 tons of waterproof coatings as of the end of 2024 [4][10]. - The company has a strong brand recognition and technical advantage, being ranked second among the top 500 preferred suppliers in the waterproof materials category by the China Real Estate Association for 12 consecutive years [21][22]. Financial Performance - In 2024, the company achieved an operating revenue of 6.829 billion yuan, with a profit of 55 million yuan, marking a turnaround from previous losses [10][11]. - The company's total assets reached 14.044 billion yuan, with total liabilities of 5.769 billion yuan, resulting in a debt-to-asset ratio of 64.55% [6][11]. - The company has a significant short-term debt burden, with short-term liabilities accounting for 54.53% of total debt [6]. Industry Analysis - The waterproof materials industry is facing a downturn in demand due to a decline in housing construction area, which fell by 12.7% year-on-year in 2024 [19]. - The industry is experiencing increased concentration as smaller companies exit the market, leading to a more competitive landscape for larger firms [4][20]. - The price of upstream raw materials, particularly asphalt, has been on a downward trend, which may positively impact the profit margins of waterproof material manufacturers [17][20]. Future Outlook - The company is expected to maintain its leading position in the industry by capturing market share from smaller competitors that are exiting the market [4][20]. - The introduction of new regulations aimed at improving the quality of waterproofing in construction is anticipated to boost future demand for high-quality waterproof materials [20]. - The company plans to enhance its production capacity through investment projects, which are expected to significantly increase output once operational [4][10].

科顺防水科技股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 (2024 年度) 债券受托管理人 国泰海通证券股份有限公司 GUOTAI HAITONG SECURITIES CO., LTD. (中国(上海)自由贸易试验区商城路 618 号) 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》(以下简称"《管理办法》") 《科顺防水科技股份有限公司创业板向不特定对象发行可转换公司债券之债券 受托管理协议》（以下简称"《受托管理协议》"）《科顺防水科技股份有限公 司创业板向不特定对象发行可转换公司债券募集说明书》(以下简称"《募集说 明书》"）《科顺防水科技股份有限公司 2024年年度报告》等相关公开信息披 露文件、第三方中介机构出具的专业意见等,由本次债券受托管理人国泰海通证 券股份有限公司（以下简称"国泰海通"）编制。 证券代码:300737 债券代码: 123216 证券简称:科顺股份 债券简称:科顺转债 本报告不构成对投资者进行或不进行某项行为的推荐意见,投资者应对相关 事宜做出独立判断,而不应将本报告中的任何内容据以作为国泰海通所作的承诺 或声明。在任何情况下,投资者依 ...

科顺防水科技股份有限公司 可转换公司债券 2025 年跟踪评级报告 | 专业 | | --- | | == 尽 | | 真 诚 | | 服 务 | www.lhratings.com 1 联合〔2025〕5318 号 联合资信评估股份有限公司通过对科顺防水科技股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持科顺 防水科技股份有限公司主体长期信用等级为 AA，维持"科顺转债" 信用等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十四日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受科顺防水科技股份有限公司（以下简称"该 公司"）委托所出具，除 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 个别及连带法律责任。 证券代码:300737 证券简称:科顺股份 公告编号:2025-035 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 关于控股股东、实际控制人及其一致行动人 部分股份质押及解除质押的公告 截至公告披露日，控股股东、实际控制人及其一致行动人所持质 押股份情况如下： 科顺防水科技股份有限公司（以下简称"公司"）近日接到控 股股东、实际控制人陈伟忠先生、阮宜宝女士及其一致行动人陈作 留先生、陈智忠先生、陈华忠先生的通知，获悉陈伟忠先生、阮宜 宝女士、陈华忠先生将其所持有本公司的部分股份办理了质押及解 除质押业务，陈作留先生和陈智忠先生将其所持有本公司的部分股 份办理了解除质押业务。具体情况如下： | | 持股数量 | 持股比例 | 本次质押前 | 本次质押后 | 占其所 持股份 | 占公司 总股本 | 已质押股份情况 | | 未质押股份情况 | 占未质 | | --- | --- | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains a recommendation for the building materials industry [2] Core Views - The real estate chain is stabilizing due to continued policy support, and industrial transformation is aiding fundamental recovery [1] - The cement market is experiencing weak demand and price fluctuations, while the float glass market is seeing price declines and weak shipments [1][12][13] - The consumption building materials sector is benefiting from ongoing "good housing" construction initiatives, with leading companies in sub-sectors maintaining their advantages [15][16] Summary by Sections 1. Weekly Core Views - Cement Industry: Demand remains poor, with prices continuing to decline. The national average cement price fell by 0.9% week-on-week, with significant price drops in regions like North China and South China [12][22] - Float Glass Industry: Prices are declining, with the national average price at 1200 RMB/ton, down 7.14 RMB/ton from the previous week. The market is facing weak demand and cautious purchasing behavior [13] - Fiberglass Industry: The price of non-alkali roving remains stable, while electronic yarn prices are seeing slight increases due to tight supply [14] - Consumption Building Materials: The government is emphasizing affordable housing and youth apartment supply, which is expected to boost demand for consumption building materials [15][16] 2. Industry Dynamics - Macro: The e-commerce logistics index in May rose to 111.6 points, indicating a steady increase in supply and demand [20] - Real Estate: Policies are being implemented to enhance community services and support flexible employment in housing funds [20] - Infrastructure: Investment in railway and civil aviation construction is expected to grow, with significant projects planned for unconventional water development [21] 3. Recommended Stocks - Weixing New Materials: Transitioning to a system integration service provider with a focus on risk control and sustainable growth [17] - Mona Lisa: Aiming for high-end market positioning with continuous improvement in operational quality [18] - Keshun Co.: Expected recovery in profitability as the waterproofing industry consolidates [19] - North New Materials: Expanding globally with a focus on gypsum board and related products [19] - Dongpeng Holdings: Diversifying product offerings to meet comprehensive consumer needs [19]