2025 年 7 月 29 日 行业研究 《价格法》修正草案征求意见，反内卷政策持续深化落实 ——建材、建筑及基建公募 REITs 周报（7 月 19 日-7 月 25 日） 要点 《价格法》修正草案征求意见，反内卷相关政策持续深化落实。24 年 7 月中央 政治局会议首次提出防止"内卷式"恶性竞争以来，相关政策持续深化落实。24 年 12 月中央经济工作会议亦提出综合整治"内卷式"竞争，规范地方政府和企 业行为；25 年 3 月政府工作报告指明要综合整治"内卷式"竞争；7 月 1 日中 财委第六次会议再次强调，依法依规治理企业低价无序竞争，引导企业提升产品 品质，推动落后产能有效退出；在 7 月 16 日-17 日中央企业负责人研讨班上， 国资委提出国资央企要超越内卷竞争维护产业价值；7 月 18 日国新办新闻发布 会上，工信部表示，近期将陆续发布新一轮钢铁、有色金属、石化、建材等十大 重点行业稳增长具体工作方案，推动重点行业着力调结构、优供给、淘汰落后产 能；在 7 月 23 日-24 日地方国资委负责人研讨班上，国资委强调要带头抵制"内 卷式"竞争，加强重组整合；7 月 24 日《中华人民共和国价格法修 ...

Government Guidance Funds - Hangzhou plans to establish a direct investment fund with a scale of 2 billion yuan, focusing on early-stage investments in technology startups, aiming to support at least 100 projects annually [5][6] - Fujian Province has launched a 1 billion yuan biopharmaceutical industry fund, targeting innovative drugs, vaccines, and medical devices [6] - Yunnan's new industry guidance fund has been established with a scale of 5 billion yuan, focusing on growth and mature non-listed enterprises [6] Market-oriented Funds - Suzhou Tai Meng No.1 Equity Investment Fund has completed registration with a total investment of 3.1 billion yuan, focusing on high-end manufacturing and health sectors [12] - Changshi Capital's hard technology phase III fund has raised 728 million yuan, targeting AI infrastructure and applications [12] - Shanghai Baoshan has launched a 500 million yuan AIC fund, focusing on new energy and high-end equipment manufacturing [13] Industry Funds - Guangzhou Baiyunshan Pharmaceutical Group plans to invest 1.4985 billion yuan in a biopharmaceutical fund, focusing on medical and healthcare sectors [16] - Shenhuo Co., Ltd. intends to invest 1.2 billion yuan in a high-quality industrial development fund, targeting new materials and intelligent manufacturing [17] - Guanghe Technology has committed 30 million yuan to a new industry fund focusing on AI and robotics [18]

证券代码：300737 证券简称：科顺股份 公告编号：2025-039 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 关于科顺转债 2025 年付息的公告 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"将于 2025 年 8 月 4 日按面值支付第二年利息， 每 10 张"科顺转债"（面值 1,000.00 元）利息为人民币 5.00 元（含 税）； 经中国证券监督管理委员会"证监许可〔2023〕1281 号"文同意 注册的批复，科顺防水科技股份有限公司（以下简称"公司"）于 2023 年 8 月 4 日向不特定对象发行了 2,198.00 万张可转换公司债券，每张 面值 100 元，发行总额 219,800.00 万元。经深圳证券交易所（以下简 称"深交所"）同意，公司 219,800.00 万元可转换公司债券于 2023 年 8 月 23 日起在深交所挂牌交易，债券简称"科顺转债"，债券代码 "123216"。 根据《科顺防水科技股份有限公司 ...

Industry Investment Rating - The investment rating for the construction materials industry is "Outperform the Market" and is maintained [1] Core Views - The sentiment of "anti-involution" is rising, leading to significant price increases in cement, glass, and fiberglass commodities. The industry is expected to see a long-term trend improvement in fundamentals due to policy catalysts, as both prices and profitability are currently at the bottom [4] - Cement production capacity is anticipated to continue declining under the implementation of policies to limit overproduction, which will significantly enhance capacity utilization. A recovery in demand is expected in August, leading to gradual price increases [4] - The glass industry is experiencing price increases driven by environmental regulations, which will enhance standards and costs, accelerating the industry's cold repair progress [5] - The fiberglass sector is benefiting from demand driven by the AI industry, with a clear trend of volume and price increases expected [5] - The consumer building materials sector has reached a profitability bottom, with strong demands for price increases due to the "anti-involution" policies [5] Summary by Sections Industry Basic Situation - Closing point: 5007.18 - 52-week high: 5128.73 - 52-week low: 3435.69 [1] Recent Market Performance - The construction materials sector index increased by 8.20% in the past week, outperforming major indices such as the Shanghai Composite Index (1.67%) and the Shenzhen Component Index (2.33%) [6] Cement Market Insights - Cement prices are currently in a downtrend due to seasonal factors, with a 2.13% decrease in bagged P.O 42.5 ordinary cement prices week-on-week. The monthly production in June 2025 saw a year-on-year decline of 5.3% [8] Glass Market Insights - Glass prices increased by 0.76% this week, with futures closing at 1362 yuan/ton, primarily driven by "anti-involution" policies [12] Key Announcements - Tower Group reported a revenue of 2.056 billion yuan for the first half of 2025, a year-on-year increase of 4.05%, with a net profit of 435 million yuan, up 92.47% [16] - Puyang Co. signed a strategic cooperation framework agreement for 500,000 tons of active magnesium oxide orders from 2026 to 2028 [17]

Investment Rating - The industry rating is "Outperform the Market" [4][21]. Core Viewpoints - The cement industry is experiencing a recovery opportunity driven by the dual logic of "anti-involution" and "stabilizing growth" [1][10]. - The supply side is expected to improve as the industry collectively addresses overcapacity issues through policy guidance and collaboration among enterprises [2][8]. - The demand side is bolstered by significant infrastructure projects, such as the Yarlung Tsangpo River hydropower project, which is projected to generate substantial cement demand in Tibet [10][11]. Summary by Sections 1. Cement Industry - The cement industry is witnessing a phase of supply-side improvement due to the government's focus on preventing "involution" and the coordinated efforts of leading companies to reduce overproduction [2]. - By the end of 2023, the designed capacity for new dry-process cement clinker in China is 1.84 billion tons, while actual capacity exceeds 2.1 billion tons, resulting in an overproduction rate of over 14% [2]. - The implementation of policies such as the capacity replacement measures is expected to lead to a significant reduction in actual production capacity, with a net decrease of 12.1 million tons achieved by April 2025 [2]. 2. Demand Side - The Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to create a demand for 30-35 million tons of cement, significantly boosting the local market in Tibet [10]. - Infrastructure investment in water management has shown strong growth, with a cumulative year-on-year increase of 15.4% as of June 2025, indicating robust support for economic stability [11]. 3. Price and Profitability - The cement industry's profitability is expected to improve, with a projected profit of 15-20 billion yuan in the first quarter of 2025, a significant turnaround from a loss of 1.1 billion yuan in the previous year [7]. - The average price of cement in the first quarter of 2025 is 397 yuan per ton, reflecting a year-on-year increase of 9.3% due to lower coal prices and rising cement prices [7]. 4. Related Industries - The photovoltaic glass industry is facing challenges due to overcapacity and price competition, leading to a collective 30% production cut by major manufacturers [8]. - The waterproofing industry is also experiencing a collective price increase among leading companies to combat low-price competition and rising costs [9].

Core Viewpoint - The listing of companies in the paint industry has become a double-edged sword, often leading to decline rather than growth, with many once-prominent firms now struggling to survive [1][19][25] Group 1: Performance of Listed Paint Companies - Many listed paint companies have shown disappointing performance, with a notable decline in revenue and profitability [3][5][9] - Companies like Yushanshan and Jinlitai have faced severe operational challenges, including leadership instability and financial losses [5][9][15] - The overall trend indicates that the majority of listed paint companies are experiencing a downward trajectory, with only a few exceptions like Sanjiao Tree showing stable growth [1][19] Group 2: Historical Context and Challenges - Historical leaders in the paint industry, such as Xibei Chemical and Shuanghu, have seen their fortunes decline after decades of development, often becoming targets for capital manipulation [3][5][7] - The rapid expansion and subsequent failures of companies like Xibei Chemical highlight the risks associated with aggressive growth strategies [5][9] - The case of Tianjin Lighthouse illustrates how some companies have managed to survive through strategic acquisitions, while others have faded into obscurity [3][5] Group 3: Market Dynamics and Future Outlook - The paint industry is facing significant external pressures, including market downturns and declining demand, which are exacerbating the struggles of listed companies [11][15] - Companies like Aishichuangneng and Feilu are grappling with substantial losses and strategic uncertainties, indicating a broader industry malaise [11][13] - The overall sentiment suggests that the pursuit of listing may not be the panacea for growth, as many firms are finding that it can lead to increased pressure and potential decline [19][25]

Investment Rating - The report maintains a positive outlook on the building materials sector, particularly highlighting the demand recovery driven by major infrastructure projects and policy support for supply-side reforms [2][10][25]. Core Insights - The demand for building materials is expected to improve due to the initiation of large-scale projects like the Tibet Yarlung Zangbo River hydropower station, which is projected to significantly increase cement demand [5][13]. - The report emphasizes the importance of supply-side policies aimed at curbing overproduction in the cement industry, which is anticipated to enhance price stability and profitability [10][23][25]. - The report identifies key players in the building materials sector, such as Hanhai Group, which is set to go public and is expected to capture a significant market share in the home hardware segment [3][7]. Summary by Sections 1. Company Overview - Hanhai Group's main business segments include home hardware and outdoor furniture, with home hardware expected to account for 85% of total revenue in 2024 [3]. - The company has a strong focus on R&D, holding 1,173 patents and receiving multiple international design awards, showcasing its innovation capabilities [4]. 2. Market and Channel Strategy - Hanhai Group has established a nationwide sales network with 359 distributors across 31 provinces and has developed an online platform to enhance market penetration [6]. - The company has successfully tapped into e-commerce platforms, with its products consistently ranking high in sales [6]. 3. Financial Performance - From 2022 to 2024, Hanhai Group's revenue is projected to grow from 1.62 billion to 2.857 billion yuan, reflecting a compound annual growth rate (CAGR) of 32.8% [7]. - The net profit attributable to shareholders is expected to increase from 206 million to 531 million yuan during the same period, with a CAGR of 60.7% [7]. 4. Future Outlook - Hanhai Group plans to raise 420 million yuan through its IPO to fund automation and R&D projects, aiming to solidify its market leadership [8]. - The report anticipates continued growth in the home hardware market and expansion into smart home solutions, alongside strengthening its international market presence [8]. 5. Cement Industry Insights - The cement sector is expected to benefit from supply-side reforms aimed at reducing overproduction, with policies already in place to support this transition [10][23]. - The report predicts that the overall capacity utilization in the cement industry could improve significantly, leading to better profitability for key players [25][26]. 6. Glass and Fiberglass Market - The report highlights a shift in the glass market, with inventory levels decreasing and price stabilization expected due to improved demand from downstream sectors [31][39]. - The fiberglass market is experiencing a divergence in performance between large and small manufacturers, with high-end products maintaining strong demand [41][42].

Group 1 - Multiple local government funds have been established focusing on sectors such as semiconductors, new materials, advanced manufacturing, medical and pharmaceutical, artificial intelligence, new consumption, high-end equipment manufacturing, new energy, and next-generation information technology [1][3][7] - The total scale of the newly established funds includes a 50 billion RMB fund in Guangxi, a 50 billion RMB fund in Yunnan, and a 10 billion RMB biopharmaceutical fund in Fujian [5][7][19] - Tianjin has introduced a policy allowing local government contributions to reach up to 80% for venture capital funds, emphasizing support for early-stage investments in hard technology [2][28][29] Group 2 - Shenhua Co. has invested 12 billion RMB in a high-quality industrial development fund, focusing on upstream and downstream industries in strategic emerging sectors [22][23] - Keshun Co. has participated in establishing a merger and acquisition fund with a total commitment of 4.81 billion RMB, targeting advanced manufacturing and new materials [24][25] - Sichuan's Bo Rui Rong Ben Fund aims to support technology companies in early to growth stages, with a total scale of 7 billion RMB [10][11] Group 3 - The establishment of the Guangxi Technology Achievement Transformation Fund aims to support seed to growth-stage technology companies, with a total scale of 20 billion RMB [8] - Chengdu has launched a future industry fund exceeding 100 billion RMB, focusing on nurturing future industries and facilitating capital connections [15][16][17] - The Longjiang Special Vehicle Investment Fund has been established with a total scale of 50 billion RMB, focusing on specialized vehicles and components [21]

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]