Core Viewpoint - The company is actively exploring a second growth curve and accelerating its strategic transformation by establishing an industrial merger and acquisition fund in collaboration with professional investment institutions [1][2]. Group 1 - The company approved the establishment of an industrial merger and acquisition fund with a total subscription scale of 481 million yuan, aiming to invest in cutting-edge technology fields such as new generation information technology, new materials, new technologies, and advanced manufacturing [1][2]. - The subsidiary Zhuhai Hengqin Yidong Investment Partnership (Limited Partnership) will contribute 240 million yuan of its own funds to the fund, partnering with related parties including Guangdong Shunde High-tech Venture Capital Management Co., Ltd. and Guangdong Shunde Science and Technology Innovation Management Group Co., Ltd. [1][2]. - The fund's objective is to promote industrial innovation, intelligent transformation, and quality improvement and efficiency enhancement within the company [2].

Core Viewpoint - Company plans to establish an industrial merger fund to explore investment opportunities amid performance pressure [1][2] Group 1: Company Financial Performance - Company has faced significant performance pressure in recent years, with revenues of 77.71 billion yuan in 2021, 76.61 billion yuan in 2023, and 79.44 billion yuan [2] - The net profit attributable to the parent company has declined sharply, from 6.73 billion yuan in 2021 to a loss of 3.38 billion yuan in 2023 [2] - In 2024, the company is expected to return to profitability with a net profit of 0.44 billion yuan, but in Q1 2025, both revenue and net profit decreased by 6.06% and 23.19%, respectively [3] Group 2: Stock Performance - The company's stock price has experienced a significant decline, dropping 72.7% from a peak of 20.77 yuan per share in May 2021 to 5.67 yuan per share by July 23, 2025 [3] - However, there has been a recent recovery in stock price, increasing by 19.12% from 4.76 yuan per share at the beginning of July 2025 [3] Group 3: Investment Fund Details - The company’s subsidiary plans to invest 240 million yuan in a new industrial merger fund, which has a total subscription scale of 481 million yuan [1] - The fund will focus on investments in cutting-edge technology fields such as new generation information technology, new materials, and advanced manufacturing [1] - The fund's establishment involves related party transactions, with the company's supervisor being the general manager of the investment partner [1]

关于科顺防水科技股份有限公司 国泰海通证券股份有限公司 与专业投资机构共同投资设立产业并购基金 暨关联交易的核查意见 国泰海通证券股份有限公司(以下简称"国泰海通"或"保荐人")作为科 顺防水科技股份有限公司(以下简称"科顺股份"或"公司")创业板向不特定 对象发行可转换公司债券的保荐人,根据《证券发行上市保荐业务管理办法》《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 2 号 -- 创业板上市公司规范运作》等法规和规范性文件要求,对科顺股份与专 业投资机构共同投资设立产业并购基金暨关联交易的事项进行审慎核查,核查情 况及具体核查意见如下: 一、与专业投资机构共同投资设立产业并购基金概述 (一) 本次交易的基本情况 科顺防水科技股份有限公司(以下简称"公司")第四届董事会第十五次会 议审议通过了《关于与专业投资机构共同投资设立产业并购基金暨关联交易的议 案》,为积极探索公司第二增长曲线,加快公司战略转型升级,进一步促进公司 的持续快速发展,同意子公司珠海横琴逸东投资合伙企业(有限合伙)(以下简 称"横琴逸东"）作为有限合伙人,以自有资金出资人民币 24,000.00 万元,与 专 ...

证券代码：300737 证券简称：科顺股份 公告编号：2025-037 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 第四届董事会第十五次会议决议公告 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。 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 三、备查文件目录 第四届董事会第十五次会议决议 一、会议召开情况 科顺防水科技股份有限公司（以下简称"公司"）第四届董事会 第十五次会议于 2025 年 7 月 23 日在公司会议室以现场和通讯方式 召开，会议通知已于 2025 年 7 月 22 日发出。本次会议应出席的董事 7 人，实际出席并参与表决的董事 7 人，会议由董事长陈伟忠先生主 持，公司监事和其他高级管理人员列席了会议。本次会议的召开符合 《中华人民共和国公司法》和《公司章程》的有关规定。 二、会议表决情况 经参会董事审议，依法表决，本次会议审议通过了以下议案： （一）审议通过《关于与专业投资机构共同投资设立产业并购基 金暨关联交易的议案》 议案内容： 为积极 ...

证券代码：300737 证券简称：科顺股份 公告编号：2025-038 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 关于与专业投资机构共同投资设立产业并购基金 暨关联交易的公告 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。 一、与专业投资机构共同投资设立产业并购基金概述 （一）本次交易的基本情况 科顺防水科技股份有限公司（以下简称"公司"）第四届董事会 第十五次会议审议通过了《关于与专业投资机构共同投资设立产业并 购基金暨关联交易的议案》，为积极探索公司第二增长曲线，加快公 司战略转型升级，进一步促进公司的持续快速发展，同意子公司珠海 横琴逸东投资合伙企业（有限合伙）（以下简称"横琴逸东"）作为 有限合伙人，以自有资金出资人民币 24,000.00 万元，与专业投资机 构暨公司关联方广东顺德高新创业投资管理有限公司（以下简称"高 新创投"）、广东顺德科创管理集团有限公司（以下简称"科创集团"） 共同设立产业并购基金。 本次产业并购基金总认缴规模为 4.81 亿元，主要拟通过直接或 间接的方式投资于新一代信息技术、新材料、新科技、先进 ...

Investment Rating - The report provides a comprehensive valuation table for various companies in the building materials industry, indicating a range of price-to-earnings (PE) and price-to-book (PB) ratios for 2025E and 2026E [1] Core Insights - The report highlights the expected growth in net profit for several companies, with notable increases such as 90 million CNY for Conch Cement in 2025E and 100 million CNY in 2026E, reflecting a strong market position [1] - The PE ratios for the companies vary significantly, with Conch Cement at 15.3 for 2025E and 13.8 for 2026E, while companies like Jidong Cement show a much higher PE of 37.2 for 2025E [1] - The report emphasizes the valuation metrics, with companies like China National Building Material having a low PB ratio of 0.34, indicating potential undervaluation [1] Summary by Category Cement - Conch Cement has a total market value of 138.1 billion CNY, with projected net profits of 90 million CNY in 2025E and 100 million CNY in 2026E, and a PE of 15.3 for 2025E [1] - Huaxin Cement is valued at 31.9 billion CNY, with net profits expected to reach 25 million CNY in 2025E and 30 million CNY in 2026E, showing a PE of 12.7 for 2025E [1] - Other notable companies include Tianshan Shares with a market value of 43.1 billion CNY and projected net profits of 15 million CNY in 2025E [1] Consumer Building Materials - Rabbit Baby is projected to have net profits of 7.5 million CNY in 2025E and 8.5 million CNY in 2026E, with a PE of 11.2 for 2025E [1] - China Liansu is valued at 14.5 billion CNY, with expected net profits of 22 million CNY in 2025E and 24 million CNY in 2026E, showing a low PE of 6.6 for 2025E [1] Glass and Fiberglass - Shandong Pharmaceutical Glass has a market value of 15.1 billion CNY, with projected net profits of 10.5 million CNY in 2025E and 11.5 million CNY in 2026E, and a PE of 14.3 for 2025E [1] - China Jushi is valued at 51.5 billion CNY, with net profits expected to reach 35 million CNY in 2025E and 40 million CNY in 2026E, showing a PE of 14.7 for 2025E [1] New Materials - Zhongfu Shenying has a market value of 19.3 billion CNY, with projected net profits of 0.5 million CNY in 2025E and 1.5 million CNY in 2026E, reflecting a very high PE of 385.0 for 2025E [1] - Jilin Carbon Valley is valued at 8.5 billion CNY, with expected net profits of 1 million CNY in 2025E and 1.3 million CNY in 2026E, showing a PE of 85.0 for 2025E [1]

行 业 报 告 行业点评 《农村公路条例》公布，乡村基建持续推进 强于大市( 维持) 行情走势图 相关研究报告 【平安证券】行业动态跟踪报告*建材*雅下水电项目 开工，利好西藏水泥企业——建材洞察系列之三*强 于大市20250721 【平安证券】行业半年度策略报告*建材*格局逐步优 化，期待"止跌回稳" ——建材行业2025年中期策略报 告*强于大市20250629 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 事项： 据新华社7月22日消息，国务院总理李强日前签署国务院令，公布《农村公路 条例》，自2025年9月15日起施行。 平安观点： 研 究 报 告 技术等级要求的公路。意味着待升级改造的农村公路有12.5万公里。根 据《2024年交通运输行业发展统计公报》，2024年全年新改建农村公路 里程达16.41万公里；另据交通运输部数据显示，今年1-5月全国农村公 路完成固定资产投资1311.6亿元，完成新改建农 ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The report highlights the continuous upgrade of special fabrics and the focus on the promotion of anti-involution policies in the construction materials sector [6] - The glass fiber industry is expected to perform well, with a focus on construction materials and anti-involution measures [2] - The report anticipates that the anti-involution policies will lead to structural adjustments and the elimination of backward production capacity in key industries, including construction materials [6][7] Summary by Sections Basic Situation - Cement prices continue to decline, with a national average shipment rate of approximately 45.5%, a 2.4 percentage point increase month-on-month but a 0.5 percentage point decrease year-on-year [8] - The average price of cement nationwide is 348.87 yuan/ton, down 3.87 yuan/ton month-on-month and down 46.29 yuan/ton year-on-year [24] - Glass prices are showing slight increases, with a national average price of 69.59 yuan per weight box, up 0.14 yuan per weight box month-on-month but down 11.89 yuan year-on-year [37] Recommendations - The report recommends focusing on special fabrics and the African supply chain, with key players such as China National Materials Technology benefiting from domestic substitution in special glass fiber fabrics [10] - It also suggests paying attention to companies like Huaxin Cement and Western Cement, which are expected to benefit from the structural optimization of demand in the construction materials sector [10] - The report emphasizes the importance of existing leading companies in the construction materials sector as a main line for investment throughout the year [2][10]

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Views - The real estate beta factors are more positive, suggesting proactive positioning in retail building materials to seize opportunities [10] - Attention is drawn to the cement industry's bottom improvement, with price increases during the off-season stabilizing profits and indicating bottom signals [11] - It is recommended to focus on the allocation value of high-dividend stocks [12] - The mid-term strategy for 2025 emphasizes domestic demand supporting the economy, with structural opportunities emerging [14] Summary by Sections Market Performance - The report covers market performance from July 14 to July 18, 2025, but specific details are not provided in the extracted content [15] Price Changes in Building Materials - Cement prices showed stability in the Beijing-Tianjin-Hebei region, with some slight increases in the East China market driven by emotional factors [35] - The Central China market experienced a decrease in inventory, while the South China market remained flexible with stable prices [36] - The Northeast market focused on just-in-time purchasing, and the Southwest region saw stable prices with slight increases in specific areas [36] Key Company Tracking and Industry News - The report includes various announcements from companies such as Honghe Technology and Haicui New Materials regarding shareholding changes and acquisitions [75] - Industry news highlights include measures to optimize real estate development in Changsha and the promotion of housing security initiatives [77] - The report notes a rebound in real estate and new urbanization concept stocks, with various companies experiencing significant stock price increases [77]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The establishment of China Yajiang Group marks the orderly advancement of major engineering projects, with significant investment opportunities in geotechnical engineering and civil explosives [1][8] - The demand for civil explosives is expected to concentrate further, benefiting companies like Guangdong Hongda and Xuefeng Technology [1] - The traditional industry is experiencing a "anti-involution" trend, with recommendations for cement leaders such as Conch Cement and Huaxin Cement [1][9] - Domestic substitution is gaining momentum, with recommendations for companies like Maijia Xincai and Songjing Co., which are expected to benefit from tariff relief and increased shipping demand [1][10] Summary by Sections 1. Market Trends - In the 29th week, new housing and second-hand housing market transaction volumes showed a downward trend, with new housing transaction area in 30 major cities down by 25% year-on-year [2][23] - The average price of cement in the national market is 356 RMB/ton, continuing to decline with a drop of 1% [3][27] 2. Investment Opportunities - Major water conservancy and hydropower projects are expected to generate substantial demand for engineering, building materials, and civil explosives, with total investment in the Yarlung Hydropower Project estimated at approximately 1.2 trillion RMB [8] - The civil explosives industry is undergoing consolidation, with the Ministry of Industry and Information Technology aiming to reduce the number of production enterprises to 50 by 2025 [8] 3. Cement Industry Analysis - Cement prices are under downward pressure, particularly in East and Southwest China, with average shipment rates around 43.2% [3][27] - The cement market is expected to continue experiencing price fluctuations due to weak overall demand and high inventory levels [27][54] 4. Recommendations - Recommended companies include Conch Cement, Huaxin Cement, and companies in the waterproofing sector like Dongfang Yuhong and Keshun Co. [1][9] - For domestic substitution, companies like Maijia Xincai and Songjing Co. are highlighted for their growth potential in the ship coating sector [1][10]