Cement Industry - The short-term peak-shifting coordination strength in the cement industry is expected to remain high, supporting continuous price improvement [1] - The average price of cement per ton in April-May 2025 was 390 yuan, showing a year-on-year increase of 24 yuan (+6%) compared to the previous quarter [1] - Medium to long-term policies regarding carbon trading and capacity replacement are expected to drive the elimination of outdated capacity, optimizing the competitive landscape [1] - High dividend returns from some cement companies highlight their long-term investment value [1] Traditional Building Materials - The traditional building materials sector is experiencing continued pressure on downstream demand, leading to intensified market competition [2] - The glass fiber sector is seeing structural price increases due to strong demand from wind power and thermoplastics, although overall demand remains weak [2] - The demand for conventional electronic yarn is at historical low price levels, presenting potential opportunities for improvement [2] High-end Electronic Fabrics - The demand for Low Dk electronic fabrics is expected to remain high due to the surge in AI computing power, driving continuous growth in high-layer CPB demand [3] - Domestic companies are gradually breaking the overseas monopoly in Low Dk electronic fabrics, with some achieving small-scale production of second-generation products [3] - The demand for Low CTE electronic fabrics is also high, benefiting from innovations in advanced packaging technology [3] Mergers and Acquisitions - The new restructuring regulations released by the CSRC on May 16, 2025, are expected to stimulate market-driven mergers and acquisitions in the traditional building materials sector [4] - Companies are actively pursuing asset integration to drive transformation in a challenging demand environment [4] - The optimization mechanisms in the new regulations may accelerate industry consolidation [4] Overall Investment Opportunities - The cement sector is highlighted for its value recovery and long-term investment potential, particularly in regional cement leaders [5] - The high-end electronic fabric sector is recommended for investment, focusing on companies with strong expansion momentum [5] - The transformation prospects driven by asset integration in traditional building materials are also emphasized [5]

"反内卷"政策下，能源与材料有哪些投资机会？ 20250702 摘要 国家层面反内卷政策升级，旨在解决低价竞争和产能过剩问题，尤其针 对地方政府不规范行为，以提振工业企业盈利能力，截至 2025 年 6 月 PPI 已连续 33 个月负增长。 光伏产业面临严重产能过剩，需通过供给侧改革盘活市场，并作为中美 关税谈判筹码，通过价格调整避免低价倾销指控，改善产业链盈利状况， 关注硅料价格和股价变化。 光伏行业供给侧改革分两步走：划定落后产能并约束开工率，通过收储 或成立基金消化多晶硅库存，优先关注上游原材料如通威股份，下游组 建环节如晶澳科技、晶科能源。 建材领域反内卷政策执行效果显著，水泥行业预计有 3-4 亿吨熟料厂退 出市场，推荐海螺水泥、华新水泥等；玻璃行业头部企业减产，关注浮 法玻璃及光伏玻璃投资机会。 钢铁行业通过环保限产和落后产能退出优化供给，企业主动调节产量， 利润有望走阔，关注新钢股份、华菱钢铁等估值较低的板材类标的，以 及宝钢股份。 Q&A 反内卷政策的演化脉络是什么？ 反内卷政策最早在 2024 年 7 月 30 日的中央政治局会议上提出，当时强调行 业自律，防止内卷式恶性竞争，并畅通低效产 ...

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 industry investment rating is "Positive" and maintained [11] Core Insights - The report emphasizes the need to focus on the optimization of real estate policies in Guangzhou, which includes the cancellation of purchase restrictions and the reduction of down payment ratios and interest rates to stimulate housing consumption [6][20] - The report highlights a decline in cement shipments and an increase in glass inventory, indicating a weak demand in the real estate sector [7][24] - Recommendations include focusing on domestic substitution chains and African chains, with leading companies being the main investment theme for the year [9] Summary by Sections Real Estate Policy - Guangzhou plans to optimize real estate policies, including the cancellation of purchase restrictions and the reduction of down payment ratios and interest rates. The city aims to support housing consumption and urban renewal projects, with a fixed asset investment of 100 billion yuan for the renovation of urban villages and old communities by 2025 [6][20] Cement Market - In early June, the average shipment rate for cement companies in key regions was 45.5%, down approximately 2.3 percentage points month-on-month and 4.0 percentage points year-on-year. The average price of cement decreased by 0.9% month-on-month, reflecting weak demand [7][24][25] - The national average price of cement was 365.32 yuan per ton, a decrease of 3.23 yuan per ton month-on-month and a decrease of 29.03 yuan per ton year-on-year [25] Glass Market - The domestic float glass market showed a weak price trend, with a total inventory of 60.45 million weight boxes, an increase of 34,000 weight boxes week-on-week. The production capacity utilization rate was 81.56% [8][37] - The average price of glass was 71.15 yuan per weight box, down 0.44 yuan per weight box month-on-month and down 19.00 yuan per weight box year-on-year [37] Recommended Companies - For domestic substitution, companies such as China National Materials, Meijia Xincai, and Puyang Huicheng are recommended due to their strong positions in the market. For the African chain, Keda Manufacturing is highlighted as a leading player with advantages in production and branding [9] - The report also suggests focusing on companies with strong business models and growth potential, such as Sanke Tree and Rabbit Baby, which are expected to benefit from urban renewal policies [9]

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]