Group 1 - On February 2, Keshun Co., Ltd. experienced a decline of 6.46% in stock price, with a trading volume of 294 million yuan. The margin trading data indicated a financing purchase amount of 29.66 million yuan and a net financing purchase of 12.23 million yuan for the day [1] - As of February 2, the total margin trading balance for Keshun Co., Ltd. was 239 million yuan, with the financing balance accounting for 3.23% of the circulating market value, indicating a high level compared to the past year [1] - The company’s main business includes the research, production, and sales of new building waterproof materials, with revenue composition as follows: waterproof membranes 51.11%, waterproof coatings 27.10%, waterproof engineering construction 17.31%, and others 4.49% [1] Group 2 - As of December 10, the number of shareholders for Keshun Co., Ltd. was 29,100, a decrease of 1.38% from the previous period, while the average circulating shares per person increased by 1.40% to 30,450 shares [2] - For the period from January to September 2025, Keshun Co., Ltd. reported an operating income of 4.703 billion yuan, a year-on-year decrease of 8.43%, and a net profit attributable to shareholders of 20.09 million yuan, down 84.08% year-on-year [2] Group 3 - Keshun Co., Ltd. has distributed a total of 692 million yuan in dividends since its A-share listing, with 536 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the sixth largest shareholder with 21.58 million shares, a new entry, while other institutional holdings showed changes in share quantities among the top ten shareholders [3]

Market Overview - The renovation and building materials sector experienced a decline of 4.35% on February 2, with Gu Di Technology leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable gainers included: - Huali Co., Ltd. (603038) with a closing price of 17.80, up 3.61% [1] - Yangzi New Materials (002652) at 4.01, up 1.78% [1] - Significant decliners included: - Gu Di Technology (002694) at 3.33, down 10.00% [2] - Fangda Group (000055) at 3.84, down 9.65% [2] - Luyang Energy-Saving (002088) at 12.25, down 7.76% [2] Trading Volume and Value - Huali Co., Ltd. had a trading volume of 151,500 shares and a transaction value of 274 million yuan [1] - Gu Di Technology recorded a trading volume of 93,800 shares with a transaction value of 31.23 million yuan [2] Capital Flow - The renovation and building materials sector saw a net outflow of 380 million yuan from institutional investors, while retail investors had a net inflow of 310 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Gu Di Technology had a net inflow of 3.05 million yuan from institutional investors but a net outflow of 3.73 million yuan from speculative funds [3] - Huali Co., Ltd. experienced a net inflow of 3.01 million yuan from institutional investors, while retail investors had a net outflow of 13.28 million yuan [3]

Group 1 - The core point of the news is that Keshun Co., Ltd. experienced a stock decline of 5.62%, with a current share price of 6.72 yuan, a trading volume of 10.18 million yuan, a turnover rate of 0.17%, and a total market capitalization of 7.459 billion yuan [1] - Keshun Co., Ltd. is located in Shunde District, Foshan City, Guangdong Province, and was established on October 10, 1996. The company was listed on January 25, 2018, and its main business involves the research, production, and sales of new building waterproof materials, as well as providing waterproof engineering construction services [1] - The revenue composition of Keshun Co., Ltd. includes waterproof membranes at 51.11%, waterproof coatings at 27.10%, waterproof engineering construction at 17.31%, other products at 2.61%, and seismic isolation products at 1.88% [1] Group 2 - Among the top ten circulating shareholders of Keshun Co., Ltd., a fund under the Fortune Fund ranks first. The Fortune Research Select Flexible Allocation Mixed A (000880) increased its holdings by 226,900 shares in the third quarter, holding a total of 17.6863 million shares, which accounts for 1.99% of the circulating shares. The estimated floating loss today is approximately 7.0745 million yuan [2] - The Fortune Research Select Flexible Allocation Mixed A (000880) was established on December 12, 2014, with a latest scale of 515 million yuan. Year-to-date returns are 11.2%, ranking 1207 out of 9000 in its category; the one-year return is 24.31%, ranking 4913 out of 8193; and since inception, the return is 219.6% [2]

Core Insights - The construction materials industry is currently at a low valuation level, with a focus on urban renewal and related opportunities. The allocation ratio for construction materials in Q4 2025 is 0.72%, an increase of 0.11 percentage points from Q3 2025, indicating significant potential for valuation recovery [6][15]. Group 1: Urban Renewal and Market Dynamics - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued a notice on January 20, 2026, to support urban renewal actions, providing specific operational guidelines for the "14th Five-Year Plan" urban renewal strategy. This includes a focus on "two renewals and two new projects," emphasizing the construction of underground pipelines and comprehensive utility tunnels [24]. - Companies involved in urban renewal and the renovation of old neighborhoods, such as Dongfang Yuhong, Keshun Co., Sankeshu, Weixing New Materials, and China Liansu, are recommended for attention [24]. Group 2: Construction Materials Sector Overview - The construction materials sector is experiencing a recovery in profitability, with expectations for continued improvement in 2026. The supply-side adjustments and structural changes in demand are expected to support this recovery [37]. - The cement market saw a 0.8% decrease in prices week-on-week, with the national average price at 345 RMB/ton as of January 30, 2026. The industry is currently at a historical low valuation, with companies like Huaxin Cement, Conch Cement, and Shafeng Cement recommended for investment [6][38]. Group 3: Key Company Developments - Keshun Co. established a semiconductor company to explore a second growth curve, focusing on integrated circuit chips and related technologies [20]. - Weixing New Materials plans to acquire an 88.26% stake in Beijing Songtiancheng Technology Co., enhancing its capabilities in municipal pipeline systems and expanding its market reach [23]. - Leading companies in the construction materials sector, such as Sankeshu and Huaxin Cement, are expected to report significant profit growth in 2025, driven by strong operational resilience and strategic adjustments [25][27].

Investment Rating - The report highlights a positive investment outlook for Keda Manufacturing and recommends Shengfeng Cement as a key stock for February [2][12]. Core Insights - Keda Manufacturing's acquisition of the remaining 51.55% stake in Tefu International is viewed positively, with projected revenues of 8.187 billion yuan and net profits of 1.474 billion yuan by 2025 [2]. - Shengfeng Cement is favored due to its resilient business model, low production costs, and significant investments in new economic projects exceeding 1.9 billion yuan [2]. - The report emphasizes the potential for price increases in traditional electronic fabrics and related materials, driven by AI demand and copper price fluctuations [3][15]. - The trend towards space photovoltaic energy is highlighted, with a focus on UTG and TCO glass as essential materials for future energy solutions [4][14]. Summary by Sections Weekly Discussion - Keda Manufacturing's stock resumption is positively received, and the acquisition strengthens its strategic partnerships [2]. - Shengfeng Cement is recommended for its stable core business and cash flow from new investments [2]. Market Performance - The construction materials index showed a mixed performance, with glass manufacturing and fiberglass sectors performing well, while cement manufacturing faced slight declines [19][21]. Price Changes in Construction Materials - National average cement price decreased to 345 yuan/ton, with a slight increase in sales rates [16]. - Float glass prices increased to 1,144.80 yuan/ton, reflecting a 0.53% rise, while inventory levels decreased slightly [16][39]. Important Changes - Several companies released performance forecasts, and Keda Manufacturing announced a capital increase plan for the acquisition of Tefu International [6].

Group 1 - The company, Keshun Co., Ltd., expects a net profit loss of approximately 380 million to 570 million yuan for the fiscal year 2025, compared to a profit of 44.071 million yuan in the same period last year [1] - The company has conducted thorough impairment testing on risk customers, long-aged receivables, certain idle fixed assets, housing assets, and inventory, in accordance with prudence principles and accounting standards [1] - The estimated impact of credit and asset impairment losses is around 750 million yuan [1]

证券代码：300737 证券简称：科顺股份 公告编号：2026-007 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 2025 年度业绩预告 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。 一、本期业绩预计情况 1.业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2.业绩预告情况：预计净利润为负值 | 项 | 目 | | 本报告期 | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司股东的净利润 | | 亏损：38,000 | 万元–57,000 | 万元 | 盈利：4,407.10 | 万元 | | 扣除非经常性损益后的净利润 | | 亏损：46,000 | 万元–69,000 | 万元 | 亏损：25,299.84 | 万元 | 二、与会计师事务所沟通情况 本次业绩预告由公司财务部门预测，未经会计师事务所预审计。 公司就本次业绩预告有关事项与会计师事务所进行了预沟通，双方在 本次业绩预告方面不存在重大分歧。 三、业绩变动 ...

1月30日，据企查查，近日，广东科顺半导体有限责任公司成立，注册资本5300万元，经营范围包含集 成电路芯片及产品销售；半导体器件专用设备销售；人工智能应用软件开发；人工智能基础软件开发； 物联网技术研发等。企查查股权穿透显示，该公司由科顺股份、马鞍山基明私募基金管理有限公司共同 持股，其中，科顺股份持股98%，马鞍山基明私募基金管理有限公司持股2%。 ...

| 序号 | | | 股东名称 | 持股比例 ⇒ | | --- | --- | --- | --- | --- | | | + | CKS BIN | 科顺防水科技股份有限公司 | 98.00% | | | | | 科顺股份（300737.SZ） 国 大股东 | | | 2 | | 基明 | 马鞍山基明私募基金管理有限公司 | 2.00% | | | | 私募 | 私募基金管理人 | | 企查查APP显示，近日，广东科顺半导体有限责任公司成立，注册资本5300万元，经营范围包含：集成电路芯片及产品销售；半导体器件专用设备销售；人 工智能应用软件开发；人工智能基础软件开发；物联网技术研发等。企查查股权穿透显示，该公司由科顺股份（300737）等共同持股。 | 上一篇 全国企业信用查询 | 东科顺半导体有限责任公司 | | ×) 查一下 | | --- | --- | --- | --- | | 基本信息 6 | 法律诉讼 | 经营风险 | 经营信息 | | 法定代表人 | 李文东 | 登记状态 | 存续(在营、开业、? | | | | 注册资本 | 5300万元 | | 组织机构代码 | MAK6PMJD-2 ...

Core Viewpoint - The renovation and building materials sector experienced a slight increase, closing at 18,076.57 points with a growth rate of 0.91%, driven by several stocks in the sector showing positive performance [1]. Group 1: Stock Performance - Keshun Co. closed at 7.61 CNY per share, leading the sector with a growth rate of 13.58% [1]. - Dongfang Yuhong closed at 17.95 CNY per share, with a growth rate of 7.87%, ranking second in the sector [1]. - Sankeshu closed at 57.88 CNY per share, achieving a growth rate of 7.58%, ranking third in the sector [1]. - Kangxin New Materials closed at 3.81 CNY per share, leading the decline with a drop of 8.19% [1]. - Xiong Plastic Technology closed at 10.38 CNY per share, with a decline of 3.98%, ranking second in losses [1]. - Mona Lisa closed at 16.46 CNY per share, with a decline of 3.23%, ranking third in losses [1]. Group 2: Market Outlook - China Galaxy's research report indicates that both consumption and investment are working together to expand domestic demand, with consumption upgrades driving the high-quality transformation of building materials [1]. - The Central Economic Work Conference mentioned plans to "deeply implement special actions to boost consumption" by 2026, which aligns with the 14th Five-Year Plan's suggestion to "remove unreasonable restrictions on consumption" [1]. - It is anticipated that by 2026, housing purchase restrictions in various regions will gradually be relaxed, enhancing expectations for a recovery in the home decoration market and boosting demand for building materials [1].